Ohio Police & Fire Pension Fund has approved a $85m (€73.2m) commitment to Blue Owl Capital’s latest net lease real estate fund, establishing a first-time real estate relationship with the manager.
The pension fund said it has committed the capital to Blue Owl Real Estate Fund VII, a value-add fund series with “a track record of success and a defined strategy”.
As previously reported, Fund VII is seeking to raise $6.5bn to invest in the US and Canada.
Fund VII targets net internal rate of returns of 12% to 14% with net multiples of 1.5x to 1.7x. The fund will mainly target industrial assets, alongside some office and retail.
According to sources, the fund has the flexibility to commit 20% to 30% of its capital to data centres.
The commitment to Fund VII marks the Ohio Police & Fire Pension Fund’s first real estate investment approved in 2025, a year in which it set a total real estate pacing target between $230m and $280m to target non-core strategies.
The pension fund’s existing real estate portfolio is valued at $1.93bn, representing 9.3% of its total assets, against a target allocation of 12%.
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