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Cerberus Capital Investors Reportedly Want Money Back
Cerberus Capital Investors Reportedly Want Money Back
8/28/2009 6:42 PM ET
Private equity investment firm Cerberus Capital Management L.P. investors overwhelmingly demanded their money back out of the firm's core hedge funds, the Wall Street Journal reported on Friday.
Investors are asking for the return of more than $5.5 billion, or almost 71% of the fund assets, the WSJ said citing people familiar with the matter. The pullout would leave the fund with only $2.2 billion in assets.
The New York-based firm faced strong criticism from investors after making some bad calls, including the investment in Chrysler that filed for bankruptcy later, and which saw the funds decline 24.5% last year.
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