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Cerberus Is Seeking More Than $500M For Rental Homes

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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.

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