ISQ Infrastructure IV Closes at $10B; TowerBrook VII Hits $2.7B

I Squared Capital reportedly wrapped up the first close of ISQ Global Infrastructure Fund IV at $10B in total commitments. According to Dakota data, allocators included the New York City Police Pension Fund, Fairfax County Educational Employees' Supplementary Retirement System, and the New York City Fire Department Pension Fund. The firm's credit strategy is also in market: ISQ Growth Markets Infrastructure Fund II, which has a $1.5B target and $2.5B hard cap and focuses on senior secured and subordinated investments in sponsor-backed infrastructure, is expected to reach a final close in the coming months.

In other GP fundraising news, TowerBrook Capital Partners reportedly marked the first close of TowerBrook Investors VII at $2.7B, with a second close planned for late June; the fund has a $4B target. According to Dakota data, the Washington State Investment Board committed $400M and Mass PRIM committed $200M. Founders Fund also closed its latest growth-stage vehicle, Founders Fund Growth IV, at $6B including $1.5B in GP commitments, with the remaining $4.5B from outside investors.

Blue Owl Capital secured $11B in new capital commitments in the first quarter. During its earnings conference call, the firm flagged near-term fundraising softness amid market uncertainty but disclosed plans for an initial close in the second half of 2026 for Blue Owl Digital Infrastructure Fund IV, the follow-up to the $7B Fund III. Blue Owl also expects to wrap up capital raising for Blue Owl GP Stakes VI, which has raised $10B including co-investment to date.

On the allocator side, the Chicago Teachers' Pension Fundreissued an RFP for general investment consulting services after its board voted to rescind its selection of Verus Advisory following Cerity Partners' acquisition of the firm, citing concerns about private equity ownership conflicts. The Kern County Employees' Retirement Association approved a commitment of up to $125M to HBC Financing Partners Fund, a US real estate debt vehicle, alongside a series of real estate portfolio adjustments; the Houston Police Officers' Pension System approved a $60M commitment to Ares Pathfinder Fund III, which targets private asset-based credit; and in a first-time consultant search, the North Texas Municipal Water District issued an RFP for discretionary investment consultant services covering its retirement and OPEB plans.

Read on for all the day’s fundraising news headlines.

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