The global head of the private equity group at Cerberus Capital, Robert Warden, stepped back earlier this year from the leadership role, sources told Buyouts.
He was succeeded in the role by Michael Sanford, who joined the firm in 2006, prior to which he worked at Blackstone Group in the restructuring advisory group.
It’s not clear if Warden has left the firm, or why he stepped back from leadership. He is no longer listed on the firm’s website. Warden worked at Cerberus from 2003 to 2012, and then left to join Pamplona Capital. He rejoined Cerberus in 2018. He could not be reached for comment.
One source said Sanford was the sole presenter for the private equity group at Cerberus’s recent annual meeting. A Cerberus spokesperson declined to comment.
Private equity is among several strategies at Cerberus, which also raises funds for credit and real estate investments. The firm has made around $16 billion across 75 private equity investments, according to its website.
The firm targets companies with opportunities for operational and strategic change, according to the firm’s Form ADV. It makes control and minority investments, along with structured equity and structured debt, asset purchases and platform investments across several industries, the ADV said.
The firm, formed by Stephen Feinberg and William Richter in 1992, closed its prior global multi-strategy fund, which includes private equity — Cerberus Institutional Partners VI — on $4 billion in 2017. Feinberg is the principal owner of the management company, according to the Form ADV.
It was reportedly targeting up to $3 billion for its seventh multi-strategy fund as of 2020, though it’s not clear how much that pool closed on. The gross asset value of Fund VII was about $461 million, the Form ADV said. As of January 1, the firm managed about $81.2 billion, the ADV said.
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