The Merced County (Calif.) Employees Retirement Association (MCERA) has committed $8 million to Blue Owl Real Estate Fund VII, according to meeting materials.
Blue Owl Real Estate Fund VII, a vehicle of Blue Owl Capital, is a closed-end, value-added fund with a fundraising target of $6.5 billion. The fund focuses on investing in industrial assets, with some allocations to office and retail properties, in Canada and the United States. Montana Board of Investments committed $215 million to this fund in August. Blue Owl Real Estate Fund VI, its predecessor, closed with $5.2 billion in total equity, more than its initial target of $5 billion.
MCERA, a public pension fund, had $1.4 billion in total assets under management, as of July 31, 2025. As of then, it had a 6 percent real estate allocation target with $79.8 million in total real estate assets.
