Cerberus Capital Management has raised around $ 2.8 billion for a new real estate fund – exceeding its target of $ 2 billion.

The fund, known as Cerberus Institutional Real Estate Partners, will focus on “opportunistic” investing, according to a statement. This means examining direct assets as well as entities with significant real estate exposure and debt, including nonperforming or defaulting loans.

The company has not given many details on how it will invest this money or what assets or debt opportunities it is targeting. But its launch comes at a time when investors have yet to see the opportunities for large-scale distress that have been predicted in the wake of the pandemic. The apocalyptic projections on fire sales, meanwhile, have yet to materialize.

American private equity funds had more than $ 250 billion to spend on commercial real estate loans from March 23, according to Preqin. About $ 76 billion of this amount was intended for troubled debt.

“There are market disruptions and macro trends that create compelling opportunities on our vast platform,” Lee Millstein, president of Cerberus Global Investments and its global real estate manager, said in a statement.

Cerberus is a prolific investor in NPLs or Defaulted Loans. Since 1998, it has invested about $ 21.3 billion in equity in nearly 250 non-performing loan deals, according to its website.

The company is also banking on logistics and industrial investments, one of the hottest sectors of the industry during the pandemic. A subsidiary of Cerberus and Stonemont Financial Group recently formed a joint venture to acquire as much as $ 1 billion in industrial real estate.

A Cerberus entity and Highgate also recently acquired six hospitality portfolios from Colony Capital, according to a press release. In total, the company’s real estate platform manages around $ 26 billion in assets.