Cerberus has more than $20 billion in assets under management and makes investments on behalf of investors including pension plans for teachers and other municipal workers.
The California State Teachers Retirement System had been re-evaluating its investment in Cerberus following the Newtown shooting.
CalSTRS spokesman Michael Sicilia told NBC News Tuesday that the fund made initial investments of $600 million in Cerberus in 2003 and 2007. It owns an approximately 2.4 percent stake in Freedom Group as part of that investment, he said.
Sicilia said the large teachers' pension fund had committed in 2008 to start looking at its investments through the lens of environmental, social and other criteria.
Now, he said, the company was looking back at investments made before the 2008 decision, such as the Cerberus investment.
"I think going forward CalSTRS will work to ensure that all investments are taking in account these important considerations," he said.
Separately, Dick's Sporting Goods said Tuesday that it would temporary stop selling guns at a store near Newtown and suspend the sale of "modern sporting rifles" for all stores nationwide.
The company did not immediately respond to repeated requests to clarify what specific guns it would not sell or how long the suspension would last.
"We are extremely saddened by the unspeakable tragedy that occurred last week in Newtown, Conn., and our hearts go out to the victims and their families, and to the entire community," Dick's said in a statement.
Politicians and thought leaders across the nation seem to be re-evaluating their stances on gun ownership in the wake of the Newtown tragedy and other mass shootings in Colorado, Arizona and elsewhere.
President Barack Obama said Sunday that he would lead an effort to prevent tragedies such as the one in Newtown, and other traditionally pro-gun Democrats seem willing to rethink the nation's gun laws. (Read More: Time for Tougher Gun Laws: Sen. Manchin, NRA Member.)
Others, such as New York Mayor Michael Bloomberg, an Independent, have been more forceful in calling for major changes to prevent gun violence.
Still, Second Amendment rights are held dear to many Americans, and not all politicians or corporations appeared to be ready for any immediate changes.
Wal-Mart spokesman Kory Lundberg said Tuesday that the major retailer had no immediate plans to change its sales strategy.
"We don't sell guns online and we have made no change to the assortment of guns we sell in our stores," Lundberg wrote in an e-mail.