Deals
Cerberus Is Seeking More Than $500 Million for Rental Homes
- Money would be for an evergreen single-family residential fund
- Cerberus has plans to boost holdings to more than 40,000 homes
Photographer: Jacob Kepler/Bloomberg
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Cerberus Capital Management is seeking to raise more than $500 million to buy single-family rental homes amid surging institutional interest in the asset class, according to people familiar with the company’s plans.
Unlike traditional real estate funds, which call for managers to return money to investors after a set period of time, Cerberus is raising an evergreen fund without a target date for returning capital, said one of the people, who asked not to be identified because the plans aren’t public. A spokesman for Cerberus declined to comment.