(Bloomberg) -- Cerberus Capital Management is launching its first dedicated private equity fund as investors pour cash into the asset class.

The New York-based firm is seeking about $3 billion for the fund, according to people with knowledge of the matter, who asked not to be identified because the information isn’t public. The firm has already secured some commitments from investors, the people said.

The effort marks a departure for Cerberus, which has historically invested in private equity through multistrategy funds, and comes at an opportune time. Investors have become optimistic about the return potential for the asset class and that’s helped firms gather $432 billion last year.

A Cerberus representative declined to comment.

The firm’s multistrategy funds typically have mandates giving them the flexibility to invest across assets that also include nonperforming loans, mortgage securities and distressed debt. Cerberus collected $4 billion for the sixth version of its flagship fund in 2017. Last month, it raised $5.1 billion for its first dedicated nonperforming loan fund.

Founded in 1992 by Steve Feinberg and William Richter, Cerberus has $39 billion under management across credit, private equity and real estate, according to its website. The firm’s high-profile pre-crisis deals include investments in Chrysler and GMAC, the former financing arm of General Motors, while current holdings include Avon Products Inc. and supermarket chain Albertsons Cos.

To contact the reporter on this story: Gillian Tan in New York at gtan129@bloomberg.net

To contact the editors responsible for this story: Alan Goldstein at agoldstein5@bloomberg.net, Josh Friedman, Dan Reichl

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