The Illinois Municipal Retirement Fund (IMRF) has committed up to $125 million to Blue Owl Real Estate Fund VII, according to a statement. IMRF has made aggregate commitments to Blue Owl of $275 million.
Blue Owl Real Estate Fund VII, a vehicle of Blue Owl Capital, is a closed-end, value-added fund with a focus on investing in industrial assets in Canada and the United States. It has a fundraising goal of $6.5 billion. Its predecessor, Blue Owl Real Estate Fund VI, closed with $5.2 billion in equity, surpassing its initial target by $1.6 billion.
IMRF, a public pension fund, had $55.2 billion in total assets under management, as of March 31, 2025. As of Dec. 31, 2024, it had $4.7 billion in total real estate assets with a 9.5 percent real estate allocation target.
