Launches & Closures Hedge Funds

Cerberus shops new mortgage fund

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Cerberus Capital Management is trying to entice investors with a new mortgage hedge fund, Cerberus Mortgage Opportunities, even as it continues to liquidate assets remaining in its distressed hedge funds, according to individuals familiar with its plans.

The firm managed $7.447 billion on July 1, up slightly from $7.417 on January 1. Previously, Cerberus told AR that its hedge fund assets totaled $7.07 billion on July 1 and $7.7 billion on January 1, indicating a drop of $630 million. After the initial publication of this story with the headline “Cerberus drops $630 million, shops new mortgage fund,”