The newly formed entity reports zero investors and zero dollars raised so far, suggesting fundraising has not yet meaningfully begun.

July 28, 2026

A newly formed Luxembourg investment vehicle tied to Blue Owl, a large alternative asset management firm, has notified the Securities and Exchange Commission of its intent to raise capital for a European real estate strategy, though the entity reports that it has not yet sold any securities or accepted any investors.

The entity, Blue Owl Real Estate European Net Lease (EUR U) Feeder SCSp, is organized as a Luxembourg limited partnership and is based in Bertrange, Luxembourg. It was formed this year and is structured as a feeder vehicle, meaning it is designed to funnel investor capital into a larger underlying fund rather than to hold assets directly itself. Its name suggests the underlying strategy centers on net lease real estate, a form of commercial property investing in which tenants typically cover most property-related expenses, with a Euro-denominated share class pointing to a focus on European assets.

No Investors or Sales Yet

According to the notice, the vehicle has not yet made any sales, and the first sale of securities has yet to occur. As of the notice date:

• Zero investors had put money into the offering
• The total amount sold stood at zero dollars
• The overall size of the offering was left open-ended, with no cap set on the ultimate raise

A Layered Corporate Structure

The notice lists several related entities tied to the vehicle, reflecting a structure common among institutional real estate funds:

• Blue Owl Real Estate European NL GP S.a.r.l. — Bertrange, Luxembourg
• Blue Owl Real Estate Capital LLC — Chicago, Illinois
• Blue Owl Real Estate European Net Lease GP LP — New York, New York

All three are identified as promoters of the offering. Two individuals, Marc Zahr in Chicago and Michael Reiter in Short Hills, New Jersey, are named as executive officers connected to the vehicle.

Exemptions and Terms

The fund intends to rely on an exemption from full securities registration under federal rules governing private placements, along with exclusions from registration as an investment company that are commonly used by private funds sold only to sophisticated or institutional investors. The notice indicates the vehicle does not plan for the offering to remain open for more than a year, and that the offering is not connected to any merger or acquisition transaction.

Notably, the minimum investment accepted from an outside investor is listed as zero dollars, and no sales commissions, finders fees, or broker-dealer compensation had been reported as of the notice date. No proceeds have yet been directed toward payments to the executive officers, directors, or promoters named in the notice.

Fees Disclosed Only in Confidential Materials

The notice includes a general disclosure that the general partner overseeing the vehicle is entitled to a carried interest, a share of investment profits common in private fund structures, and that the investment manager is entitled to a separate management fee. Neither figure is disclosed in the notice itself; both are described as being detailed in the fund’s confidential offering materials, which are not made public.

The notice was signed on July 28, 2026, by Denise Brenner, whose listed title, corporate assistant secretary of the general partner of the general partner of the issuer, reflects the multi-tiered structure typical of institutional real estate investment vehicles.

Because the vehicle has just been formed and has not yet accepted any investor capital, it remains unclear from this notice alone how much money Blue Owl ultimately intends to raise for the strategy or when meaningful fundraising activity might begin.