FundWatch Briefing - Dec. 5th, 2025

TOP HIGHLIGHTS

Sculptor Real Estate Fund V reached its $4.6 billion hard cap at final close, blowing past its $3 billion target. The New York-based opportunistic equity real estate manager also secured an additional $825 million in co-investment capital, bringing total capital raised to $5.4 billion. The fund focuses on opportunistic equity real estate investments globally. Business Wire has more here.

WindRose Health Investors Fund VII closed at $2.6 billion, nearly doubling the size of its $1.4 billion predecessor and hitting its hard cap in just six months. The New York-based healthcare private equity firm attracted commitments from pensions, insurance companies, foundations, and family offices across the Americas, Europe, the Middle East, and Asia. The fund is targeting 11–13 investments and expects to close on its first two acquisitions by year-end. PR Newswire has more here.

Blue Owl Digital Infrastructure Trust held a first close at $1.7 billion and began operations on December 1. The New York-based alternative asset manager's non-traded REIT focuses on data center investments, building on its acquisition of IPI Partners last year. Blue Owl raised $4.3 billion across its evergreen non-traded products from October through early December. Bloomberg has more here.

PRIVATE EQUITY

OceanSound Partners Fund III is targeting $2 billion with a $2.9 billion hard cap, according to pension documents. The New York-based PE firm focuses on technology and technology-enabled services companies serving government and enterprise markets. Fund III launched in the summer and is expected to hold a first close imminently—just over a year after closing its $1.49 billion predecessor fund. Buyouts Insider has more here.

Truelink Capital Fund II is targeting $1.5 billion for its sophomore buyout fund, with a first (and possibly final) close expected in Q1 2026. The Los Angeles-based PE firm, which spun out from Platinum Equity in 2022, focuses on business services and industrials in the middle market. Buyouts Insider has more here.

VENTURE CAPITAL

Nexus Venture Partners Fund VIII closed at $700 million, with the Delaware-headquartered firm splitting capital between US-based AI startups and India-focused consumer, fintech, and digital infrastructure companies. Nexus maintains offices in Menlo Park, Mumbai, and Bengaluru and has operated as a single integrated US–India fund since its founding in 2006. US portfolio companies include Postman, Apollo, MinIO, and Firecrawl. TechCrunch has more here.

CREDIT FUNDS

SL Green Opportunistic Debt Fund held its final close at more than $1.3 billion, exceeding the fund's $1.0 billion target. Manhattan's largest office landlord launched the fund in 2024 to capitalize on dislocation between improving leasing fundamentals and early-stage debt capital markets recovery. The New York-based REIT secured commitments from institutional investors across North America, Europe, Asia, and the Middle East, plus additional sidecar and separate account capital. GlobeNewswire has more here.

Two Sigma Investments raised $1.1 billion across three new hedge fund launches this year as assets hit a record $70 billion. The New York-based quant manager debuted the Titan multistrategy fund (over $1 billion as of May), the Aurora equity market-neutral fund ($70 million), and the Beacon tax-aware long/short fund ($54 million). The flagship Absolute Return Enhanced fund gained about 13% through November. Hedge Week has more here.

Callodine Specialty Income Fund (CALIX) launched as a closed-end interval fund providing access to private credit strategies across asset-based lending, life sciences finance, direct lending, real estate lending, high yield debt, and income-generating equity. The Boston-based asset manager also acquired a majority stake in Corrum Capital Management, a Charlotte and London-based firm with approximately $1.4 billion in assets focused on sports, music, entertainment, and aviation finance. Altswire has more here.

REAL ESTATE

Nuveen Real Estate U.S. Strategic Debt Fund closed at $650 million, exceeding its $500 million target. The TIAA investment arm's final close attracted commitments for its US real estate debt strategy. Pensions & Investments has more here.

Asana Partners Fund IV is raising $1.5 billion in equity for its closed-end, value-added retail fund. The Charlotte-based firm focuses on street-front retail properties in high-growth urban and infill neighborhood locations across the United States. Texas TRS committed $125 million and Michigan ORS committed $75 million in September. Asana Partners Fund III, its predecessor, also raised $1.5 billion. IREI has more here.

Moses Hershko Development Fund launched targeting $200–350 million for a Miami waterfront luxury residential development. The fund features a $100,000 minimum investment, 70/30 equity split, and 8% compounded annual return. The first project includes three branded buildings with a hotel component in partnership with architect Kobi Karp. The Real Deal has more here.

Enclave Real IncomePlus Fund launched as a $200 million open-ended fund focused on stabilized multifamily assets. The Fargo-based manager's fund is designed to deliver regular income, tax efficiency, and long-term stability. Business Wire has more here.

Broad Creek Capital BCC Multifamily Advantage Fund I held its first close targeting $150 million for US value-add multifamily investments. The Washington, DC-based firm completed an off-market acquisition of Loft One35, a 298-unit community in Charlotte, for $94 million. The fund is anchored by municipal institutions and family offices and is targeting a second close in early 2026. MultifamilyBiz has more here.

INFRASTRUCTURE

Blue Owl Digital Infrastructure Trust held its first close at $1.7 billion for data center investments. The New York-based alternative asset manager's non-traded REIT began operations December 1, building on Blue Owl's $7 billion Digital Infrastructure Fund III that closed in May and its recent $7 billion Meta Hyperion data center joint venture. Bloomberg has more here.

OTHER NOTABLE

Willow Wealth launched evergreen funds from Carlyle, Goldman Sachs Asset Management, and StepStone on its platform. The New York-based private markets platform (formerly Yieldstreet) now offers direct access to three funds totaling $11.7 billion in AUM: Carlyle Tactical Private Credit Fund, StepStone Private Markets, and Goldman Sachs Real Estate Diversified Income Fund. The funds provide immediate exposure to fully deployed portfolios with periodic liquidity. Business Wire has more here.

GreenLight Fund Third National Fund closed at a record $30 million, twice the size of its second national fund. The Boston-based nonprofit network, which matches communities' unmet needs with evidence-based social innovations, secured backing from MacKenzie Scott, Bank of America, Goldman Sachs, NFL, Bain Capital, Truist Foundation, Deloitte, and 40+ national investors. GreenLight launched in Miami and Dallas in 2025, bringing its total to 15 locations. PR Newswire has more here.