Blue Owl Real Estate Capital has raised $7.94bn (€6.84bn) in capital commitments for its latest net lease fund as of August 2026.
According to a board meeting document prepared by investment consultant Townsend for the Orange County Employees Retirement System (OCERS), Blue Owl is seeking to reach an upgraded hard cap of $9bn for the Blue Owl Real Estate Fund VII.
Blue Owl’s original target was $6.5bn with a hard cap of $7.5bn.
OCERS approved a $75m commitment to the fund, establishing a new manager relationship with Blue Owl.
Townsend said in the document that because its clients collectively exceeded a $750m commitment threshold, OCERS will receive a discounted 1% management fee.
Blue Owl has also extended first-close fee terms to all Townsend clients regardless of timing, allowing the pension fund to pay fees based on invested capital rather than committed capital.
Blue Owl did not respond to a request for comment.
OCERS also made a $75m commitment to Tallvine Mid-Market Infrastructure Fund I, a North American infrastructure fund targeting $1.5bn with a $2.5bn hard cap.
The pension fund also committed $80m to LS Power VI, an energy infrastructure fund.
A previous version of this story incorrectly stated that Blue Owl Real Estate Fund VII was approaching its $9bn fundraising target. Blue Owl originally set a $6.5bn target with a $7.5bn hard cap, which was subsequently raised to $9bn to accommodate strong investor demand.
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