FundWatch Briefing - Dec. 12th, 2025

Blue Owl Capital is raising Blue Owl Real Estate Fund VII, a closed-end, value-added fund targeting $6.5 billion. New York-based Blue Owl's seventh real estate fund received a $100 million commitment from Kansas Public Employees Retirement System (KPERS), following prior commitments from Pennsylvania SERS and Oregon State Treasury. The fund will invest in industrial, office, and retail assets, building on Fund VI which raised nearly $5.2 billion. IREI has more here.

Sculptor Capital closed Sculptor Real Estate Fund V at $4.6 billion, exceeding its $3 billion target by $1.6 billion. New York-based Sculptor, now owned by Rithm Capital, raised its largest real estate fund to date. The fund also includes $825 million of co-investment capital and will target value-based, opportunistic investments across hospitality, gaming, digital infrastructure, healthcare, and logistics. Commercial Observer has more here.

Cabot Properties is raising Cabot Industrial Value Fund VIII, a closed-end, value-added fund focused on industrial assets in North America and Europe. Boston-based Cabot received a $125 million commitment from Teachers' Retirement System of Louisiana (TRSL). Predecessor Fund VII raised nearly $1.6 billion in 2024. IREI has more here.

SL Green Realty Corp closed the SLG Opportunistic Debt Fund with capital commitments exceeding $1.3 billion, surpassing its $1 billion target. Manhattan's largest office landlord launched the fund in 2024 to capitalize on dislocation between improving leasing fundamentals and recovering debt capital markets. The New York-based REIT will target high-quality office assets in New York City. Connect CRE has more here.

NeighborWorks Capital and National Equity Fund closed their inaugural LIHTC equity fund at $110.4 million. Chicago-based NEF and NeighborWorks Capital partnered to create the fund exclusively for NeighborWorks America network members, channeling low-income housing tax credit equity to community-driven nonprofits addressing the affordable housing crisis. PRNewswire has more here.

Housing Accelerator Fund reached $100 million in capital for its Bay Area Housing Innovation Fund, doubling its initial raise. The San Francisco-based nonprofit aims to demonstrate whether innovative financing can reduce affordable housing costs in the Bay Area. The Registry has more here.

Cloud Capital received a $50 million initial commitment from Ohio Police & Fire (OP&F) pension fund for Cloud Capital Fund I, the firm's open-end core-plus data center strategy. Washington, D.C.-based Cloud Capital targets wholesale data centers in top U.S. and European markets, leveraging its affiliation with CloudHQ, a leading data center developer and operator. IREI has more here.

Oak Hill Advisors announced the final close of its OHA Senior Private Lending Fund (OLEND) at $17.7 billion in total available capital. New York-based OHA, a subsidiary of T. Rowe Price, closed its first dedicated senior private lending strategy—one of the largest private credit fund closes of the year. The fund targets senior secured loans to middle-market and large corporate borrowers. Quiver Quant has more here.

TPG closed TPG AG Credit Solutions Fund III at $6.2 billion, well above its $4.5 billion target. Fort Worth-based TPG doubled the size of its predecessor fund with a strategy focused on originating bespoke financing solutions for private equity-backed companies. The fund targets both public and private firms facing refinancing needs amid elevated rates. P&I has more here.

Balance Point Capital completed closings for its eighth and ninth funds, raising over $880 million combined. Westport-based Balance Point, a lower middle market lender, strengthened its position as a leading private credit platform with the two funds focused on senior secured loans to sponsor-backed and non-sponsor businesses. PRNewswire has more here.

Monroe Capital launched Monroe Capital Enhanced Corporate Lending Fund (MLEND), a perpetual-life, non-traded business development company. Chicago-based Monroe, one of the most active lower middle market lenders, designed MLEND to provide retail investors access to its direct lending strategy targeting senior secured loans to lower middle market companies. IREI has more here.

Peninsula Capital Partners closed Peninsula Fund VIII at $400 million in September 2025 and announced its first deployment with an investment in Marcus Thomas, a marketing communications agency. Detroit-based Peninsula structured a combination of subordinated debt and common equity. PE Professional has more here.

Integrity Growth Partners announced an oversubscribed close at $220 million, exceeding its $200 million target. Los Angeles-based IGP focuses on founder-owned, growth-stage technology companies. Limited partners include StepStone Group, Oxford Financial Group, and Olympus Ventures. Business Wire has more here.

Tiger Global launched Private Investment Partners 17, targeting a raise between $2 billion and $3 billion. New York-based Tiger, the firm that helped fuel the 2020-2021 VC boom, is returning to its concentrated, high-conviction roots with a more disciplined approach. The fund size represents a significant pullback from its pandemic-era megafunds. CNBC has more here.

ALM Ventures announced the launch of ALM Ventures Fund I, a $100 million early-stage fund dedicated to humanoid robots, embodied AI, and spatial intelligence. Mountain View-based ALM has already made ten investments during fund formation, targeting seed and pre-seed companies building concentrated early ownership in robotics and AI. AI Journ has more here.

Brainworks Ventures launched a $50 million AI-native fund targeting a first close of $15 million by Q1 2026. San Francisco-based Brainworks, led by DARPA alumnus Dr. Phillip Alvelda, is designed for what the firm calls "the new mathematics of AI-native companies." SV Daily has more here.

Lulu Cheng Meservey raised $40 million for a venture capital fund through her advisory firm Rostra. Washington-based Meservey, who has worked with clients like Ramp and Safe Superintelligence, emphasizes storytelling as alpha—backing founders who can take their message directly to market. The Information has more here.

Factorial Capital closed its $25 million Fund II, continuing its thesis of backing technical founders who code. New York-based Factorial invests at the angel, pre-seed, and seed stages in companies building at the frontier of AI and newly possible technology. GamesBeat has more here.

Ares Management raised $3.2 billion for its debut credit secondaries fund. Los Angeles-based Ares enters the growing credit secondaries market with its first dedicated vehicle as LPs and GPs increasingly seek liquidity solutions in private credit portfolios. Secondary Link has more here.

NewView Capital is targeting $400 million for NewView Capital Fund IV, its latest venture secondaries strategy. Burlingame-based NewView arrives in market as venture secondaries heat up, with overallocated LPs seeking distributions to replenish capital stocks. Buyouts Insider has more here.

North Sky Capital is back fundraising for a new sustainability-focused secondaries fund, targeting $250 million. Minneapolis-based North Sky, an impact investor, will target energy transition and sustainability themes with its latest vehicle, building on its prior Clean Growth Fund VI which also raised $250 million. AltAssets has more here.

BlackRock and HPS are planning to launch a suite of five to seven new private market funds—potentially dubbed the "H Series"—targeting retail investors following BlackRock's $12 billion acquisition of HPS Investment Partners. The funds are expected to debut in 2026. Bloomberg has more here.

Willow Wealth expanded its private markets platform with evergreen funds from Carlyle, Goldman Sachs Asset Management, and StepStone. The U.S.-based wealth platform now offers accredited investors access to fully deployed portfolios in private credit, private equity, and secondaries. Pulse2 has more here.