Blackstone maintained limits on investors’ ability to cash out of a huge property fund in February even as their redemption requests slowed, the fund manager said in an update on the vehicle.
The $71bn Blackstone Real Estate Income Trust has become a barometer of the health of the commercial property market and a driver of asset and fee growth at Blackstone, the world’s largest private equity firm.
Blackstone first raised “gates” on the fund in December as investors clamoured to exit. In January redemption requests rose to a record $5.3bn, with Blackstone fulfilling just a quarter of that amount.
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