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...The deficit underscores risks for tens of thousands of individual investors who have ploughed money into the unlisted property fund, Blackstone’s first product for wealthy retail investors....
...“For a lot of LPs [limited partners] that are overallocated to private equity or having liquidity issues, getting cash at hand through secondary sales is a sure thing,” said an executive at a public fund...
...Two of the UK’s biggest star fund managers suffered £2.2bn in outflows last year after investors fled the underperforming funds in favour of cheap passive equity offerings and high-yielding cash products...
...Venture capitalists are under increasing pressure to return capital to their own backers — institutional investors, foundations and pension funds, known as limited partners [LPs] — as it has become more...
...Investors in KKR’s fund were “evenly split across Asia, the Middle East, Europe and North America”, Luboff said....
...The firms draw up “whitelists” of approved lenders to stop potentially troublesome credit investors from using a position in the companies’ debt to steer the business’s strategy....
..., one of the largest buyout funds of all time....
...But as the fund lost value last year, Blackstone’s liability to UC has grown to $560mn....
...Concord, which is controlled by investor Alchemy Copyrights and is ultimately majority owned by US pension fund Michigan Retirement, has been an acquirer of music rights and companies....
...This led shareholders to decide against the continuance of the fund in a vote last year, sparking a strategic review by a new board and ultimately Thursday’s agreement to sell the fund to US rival Concord...
...It plans to raise $300bn in new assets by 2026 among dozens of funds....
...Wealthy individual investors also poured more than $8bn into Blackstone’s funds, including $2.7bn for a recently launched private equity fund targeting so-called retail investors....
...Making private equity-style buyouts available to smaller investors has obvious attractions. It is a new source of funds....
...The property fund said in a letter to investors that it honoured all redemption requests last month, meaning any investor looking to pull their money received all of their requested cash back....
...Large investors, including Vanguard and BlackRock, backed Disney in a blow to Peltz’s Trian Partners....
...Blackwells issued a presentation this week estimating that ValueAct, which has been a supportive investor of Disney, has made up to an estimated $95mn in fees from managing pension funds of company employees...
...BREIT, Blackstone’s hyped retail property fund, had to restrict investors from cashing out shares for several quarters, per the limits of its investment agreement....
...Consultancy Bain & Co has warned of a “towering backlog” of companies that must be sold so cash can be returned to investors such as public pension funds which have become overexposed to unlisted investments...
...“We would acknowledge that this is not going to be some sort of a V-shaped recovery. There are going to be plenty of troubled deals in the market,” added Gray....
...Competitors such as Apollo Global, KKR, Carlyle Group and Brookfield have all designed similar funds for rich individual investors....
...The hedge fund manager getting all the attention, of course, is Nelson Peltz, the octogenarian co-founder of Trian Fund Management....
...And Peltz could also provide “assurance to other investors that the board is properly engaged this time around”....
...But Iger has added large investors to his list of supporters....
...AllianceBernstein has launched five new exchange traded funds, including a buffered ETF, bringing the company’s year-old line-up to 12 ETFs....
...But the direct lending funds they manage may begin to post lower returns, investors said....
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