It's called Lore, and is described as "next-gen version control for everyone". From the announcement:

Unlike other version control solutions that optimize for source code or binary assets, Lore delivers high performance, reliability, and practical collaborative workflows for both, empowering developers and artists to work seamlessly together.

Built for unprecedented scalability, Lore is designed to handle massive datasets, distributed repositories, and teams of any size. It is particularly well-suited for projects that combine code with large binary assets for game development, media production, and other content-rich work.

In essence, this feels a lot like Epic's answer to Perforce. It is centralized and designed to work efficiently with large binary files, but it's free and open source.

As of right now, there is only a library, server, CLI, and a handful of SDKs available. An early version of the desktop client is available, but it's not yet open source and doesn't really seem ready for prime time. A full desktop client and Unreal Engine plugin are planned for 2027.