Cerberus raising funds to buy distressed assets

Reuters- Private equity firm Cerberus Capital Management is starting a new fund to invest in assets it thinks have been driven down too low by the credit crisis, Chairman John Snow told Reuters on Thursday.

The decision by Cerberus to wade more heavily into the market for distressed assets follows similar moves by a growing number of its rivals, including Apollo and Blackstone.

The Cerberus fund will focus on international assets, with only a small percentage likely to be devoted to the United States, Snow said. The former U.S. Treasury Secretary declined to give a target size for the fund.

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