Cerberus Newest Fund Down 1%?

According to Bloomberg, Cerberus Capital Management LP's newest fund is down 1% since inception in November 2006.  The $7.5 billion Cerberus Institutional Partners Series Four lost $32 million on $3.3 billion in investments through March 31, according to a copy of the investor presentation that Bloomberg News obtained.  Although this only includes results through March 31, I am going to have to call them out on that one.  There is no way that fund is only down 1%, given that it has huge stakes in Chrysler and GMAC, both of which are teetering on the brink of bankruptcy.  Let me be clear that I have absolutely no inside knowledge of the situation.  I barely have any outside knowledge.  I only know what I read in the financial press.  I know, for example that Cerberus led a group of investors that paid $7.4 billion for a 51% stake in GMAC in 2006.  I also know that GMAC completed a very complicated $60 billion restructuring to avert bankruptcy on June 4th due to its ailing ResCap mortgage unit that is bleeding cash.  I'm thinking, maybe, just maybe, they've lost a bit more than $32 million on just the GMAC investment?  Call me a crazy skeptic....