Cerberus Capital Management, L.P. is an American global alternative investment firm with assets across credit, private equity, and real estate strategies.The Economic Times."HDFC Capital, Cerberus set to pair up for $1 billion real estate investment fund"Leaders Magazine. "Providing Economic Opportunity: An Interview with The Honorable Dan Quayle, Chairman, Cerberus Global Investments, LLC" . The firm is based in New York City, and run by Steve Feinberg, who co-founded Cerberus in 1992, with William L. Richter, who serves as a senior managing director. The firm has offices in the United States, Europe and Asia.BusinessWeek. "What's Bigger Than Cisco, Coke, Or McDonald's?" . Cerberus has around US$70 billion under management in funds and accounts, as of July 2026.
In 2019, Cerberus ranked as the 25th-largest U.S. defense contractor, receiving approximately $1.9 billion in federal contract awards.
History Cerberus is named after the three-headed dog that guards the gates of the Underworld in Greek mythology. Feinberg has stated that while the Cerberus name seemed like a good idea at the time, he later regretted naming the company after the mythological beast.
Dan Quayle, former Vice President of the United States 1989–1993, who served under President George H. W. Bush, joined Cerberus in 1999 and is chairman of the company's Global Investments Division."Leadership," Cerberus Capital Management. Retrieved November 16, 2017.
Cerberus has grown to include 11 offices in nine countries. Cerberus's largest locations include New York City, Chicago, and Boise, Idaho.
The firm is active in private equity investment, lending, specialty finance, real estate investment, and securities trading. The firm's current investment portfolio includes more than 40 companies around the world with an average hold time of more than five years.
Cerberus founder Steve Feinberg joined the second Donald Trump administration where he became deputy secretary of defense, the second-highest ranking position in the Pentagon. Feinberg filed paperwork saying he divested from Cerberus, but the paperwork included a clause showing he retains a financial relationship with the firm. After Feinberg took his position at Pentagon, the Pentagon contracted with at least four firms owned by Cerberus.
Transactions and initiatives
In the summer of 2007, Cerberus agreed to buy United Rentals, the world's largest equipment rental company that was traded on the NYSE. After the credit markets began to tighten in August, Cerberus decided not to make the acquisition, agreeing to pay United Rentals a $100 million "reverse termination fee" that the parties had negotiated and included in their agreement. United Rentals sued in the Delaware Court of Chancery for specific performance (i.e., a court mandate that Cerberus complete the deal). Cerberus cited the clear language contained in the deal agreement that capped its liability for not completing the transaction at $100 million. After a two-day trial, Delaware Chancellor William B. Chandler, III, ruled in favor of Cerberus, writing in his ruling that "URI knew or should have known what Cerberus' understanding of the merger agreement was."Wall Street Journal LawBlog. "Chancellor Chandler Hands Cerberus a Big Win" . In a public statement, Cerberus said it was "gratified" by the court's ruling and was "pleased that the court chose to decide the case on the merits and confirm that Cerberus acted in accordance with its rights and obligations."The New York Times DealBook. "Judge Rules Against United Rentals in Deal Lawsuit" . On March 10, 2010, Cerberus entered into a financing deal with GeoEye in which the firm would provide the satellite imagery company funds of up to $215 million.Reuters. "GeoEye in financing deal with Cerberus; shares rise" .Seeking Alpha. "GeoEye: Insiders Prep for Mega-Growth" . In March 2010, Cerberus was the lead investor that gained an ownership stake in Panavision as part of a debt restructuring agreement with shareholder MacAndrews & Forbes, the holding company of billionaire Ronald Perelman.Los Angeles Times. "Creditors set to gain Panavision" . In March 2010, Cerberus agreed to buy New England's largest community-based healthcare system, the not-for-profit Caritas Christi Health Care, for $246 million, then withdrew its non-profit registration and changed its name to Steward Health Care that November. This ultimately led to the company being a direct cause of two local hospitals closing due to buying the land underneath under a different company (Medical Properties Trust) and funneled over $50 million to their investors. One of the two hospitals that was closed is Nashoba Valley Medical Center. They ultimately charged so much for the land of the hospitals that they had to close in 2024. This is still going on as of March 2025 to other hospitals, acquiring the land underneath hospitals the same way and extricating every penny they can from the hospital in "rent". On April 12, 2010, Cerberus acquired private government services contractor DynCorp International for approximately $1 billion and the assumption of $500 million of debt.Wall Street Journal. "Cerberus to Acquire DynCorp for About $1 Billion" . The company was sold. In June 2010, Cerberus agreed to sell Talecris to Spain's Grifols S.A. The transaction closed on June 1, 2011 at a value of $4.2 billion.Wall Street Journal. "Pit Bulls: Cerberus Makes a Killing Again" . On November 19, 2010, Cerberus and Drago Capital acquired a real estate portfolio of 97 bank branches from Spain's fourth largest financial group, Caja Madrid, in a 25-year leaseback transaction.Private Equity Wire. "Drago and Cerberus acquire 97 bank branches from Caja Madrid" . On March 17, 2011, Cerberus acquired the senior bank debt and completed a debt restructuring of Maxim Office Park, a one million square foot office and logistics complex located between Glasgow and Edinburgh, Scotland.PropertyWeek.com. "Cerberus completes Maxim deal" . On March 31, 2011, Cerberus acquired a real estate portfolio consisting of 45 Metro Cash & Carry properties in Germany from the three major shareholders of Metro AG.PropertyEU. "Cerberus bags EUR 1b portfolio from Metro shareholders" . On May 16, 2011, Cerberus completed the acquisition of Silverleaf Resorts, for $2.50 in cash per share.BusinessWeek. . On May 16, 2011, an affiliate of Cerberus agreed to acquire the U.S.-based global billing and payments unit of 3i Infotech Ltd. for $137 million.Wall Street Journal. . On October 4, 2011, Cerberus and Garanti Securities announced the formation of a joint initiative to pursue investments in Turkey with an initial commitment of $400 million.WSJ Deal Journal. "Cerberus Wants A Bite Of Turkey" . On October 19, 2011, J.P. Morgan Worldwide Securities Services announced that it was selected by Cerberus to provide fund administration and related securities services for Cerberus's investment funds.J.P. Morgan Press Release. "Cerberus Appoints J.P. Morgan as Administrator for its Investment Fund" . On October 27, 2011, Cerberus and Chatham Lodging Trust closed their purchase of Innkeepers USA Trust for $1.02 billion. Innkeepers operates hotels, including the Marriott, Hyatt, Hilton, and other brands.WSJ Deal Journal. "Court Fight Behind Them, Cerberus Clinches Its Innkeepers Deal" . On December 22, 2011, Covis Pharma, a specialty pharmaceutical company owned by affiliates of Cerberus, announced that it had agreed to acquire full commercial rights for Fortaz (ceftazidime), Zinacef (cefuroxime), Lanoxin (digoxin), Parnate (tranylcypromine sulfate), and Zantac injection (ranitidine hydrochloride) in the United States and Puerto Rico from GlaxoSmithKline.PR Newswire. "Covis Pharma to Acquire U.S. Rights from GlaxoSmithKline for Fortaz®, Zinacef®, Lanoxin®, Parnate®, and Zantac® Injection" . On January 18, 2012, RG Steel, LLC announced that affiliates of Cerberus committed new capital to the company.RG Steel Press Release. "http://www.rg-steel.com/news/pressreleases/RG%20Steel%20Strengthens%20Liquidity%20with%20New%20Capital%20from%20Cerberus%20Capital%20Management%20and%20The%20Renco%20Group%201-18-12.pdf" . On March 8, 2012, an affiliate of Cerberus closed its acquisition of a controlling interest in AT&T Advertising Solutions and AT&T Interactive, which were combined into a new entity YP Holdings LLC. AT&T received approximately $750 million in cash, a $200 million note and a 47-percent equity interest in YP Holdings LLC. David Krantz, former CEO and president of AT&T Interactive, was named CEO of YP.YP Press Release. "YP LAUNCHES TODAY AS NORTH AMERICA'S LEADING LOCAL SEARCH, MEDIA AND ADVERTISING COMPANY" .AT&T Press Release. .Bloomberg TV. "AT&T to Sell Most of Yellow Pages to Cerberus" .AT&T Press Release. . On May 31, 2012, Cerberus completed the sale of textile company Guilford Mills to Lear Corporation.MarketWatch.com. "Cerberus Completes Sale of Guilford Mills" On December 18, 2012, the company announced that it would divest its assets in Remington Outdoor Company, formerly Freedom Group. However, as of September 24, 2013, it had not sold any of the Remington Outdoor Company. In January 2013, it announced a deal to acquire 877 stores in the Albertsons, Acme, Jewel-Osco, Shaw's, and Star Market chains from SuperValu for $100 million and assumption of $3.2 billion of SuperValu debt. September 16, 2013, Cerberus closed Accurate Metal Solutions (AMS). Over 400 employees were laid off. On March 6, 2014, Cerberus announced a definitive merger agreement with already owned Albertsons and Safeway. On November 13, 2015, Cerberus agreed a deal to buy £13 billion ($16.5 billion) of subprime mortgages from UK Asset Resolution (UKAR). On December 17, 2015, Cerberus announced a $605 million strategic partnership with Avon Products, Inc. According to terms of the agreement, Cerberus will buy 80% of Avon North America. In addition, the investment will result in a nearly 17% stake in Avon Products, Inc.Wall Street Journal. "Cerberus Strikes Deal to Buy Into Avon" . On January 26, 2016, Keane, a well completion services company owned by Cerberus, agreed to acquire the majority of Canada-based Trican Well Services Ltd.'s U.S. assets for $247 million. On May 27, 2016, Cerberus sold its 57% stake in Blue Bird Corporation, an independent designer and manufacturer of school buses, to an affiliate of American Securities. On June 23, 2016, General Electric announced a sale of its consumer finance business, GE Money Bank, to an affiliate of Cerberus. On July 1, 2016, Cerberus acquired auto parts supplier ABC Group. On December 7, 2016, Staples, Inc. and Cerberus announced they had entered into an agreement in relation to the sale of a controlling interest in Staples' European operations to a Cerberus affiliate. In February 2018, Cerberus acquired HSH Nordbank. On November 1, 2018, Cerberus announced the acquisition of SGI Frontier Capital, a private equity firm focused on emerging markets, founded by Gabriel Schulze. In October 2019, Cerberus acquired Stratolaunch Systems, an aerospace company formed by Microsoft co-founder Paul G. Allen in 2011 that has built the world's largest airplane (by wingspan): the Stratolaunch[Exclusive: Buyer of Paul Allen's Stratolaunch space venture is secretive Trump ally], Geekwire, December 11, 2019, accessed December 12, 2019. After the acquisition, Stratolaunch is now focusing on offering high-speed flight test services. In March 2020, Cerberus faced backlash after threatening to close the unprofitable Easton Hospital in Lehigh Valley, Pennsylvania, amid the coronavirus pandemic. In October 2021, Cerberus sold the securitization fund manager Haya Titulización to Beka Finance. In November 2022, Cerberus acquired the Agila Subic Shipyard ahead of an impending return of more frequent visits by U.S. Navy vessels to the area of Central Luzon in the Philippines, amid rising tensions with China.