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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.