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...Blackstone’s flagship property fund failed to generate enough cash to cover its dividend last year, putting strain on a vehicle the private capital group views as a beachhead in the retail investor marketplace...
...“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...
...The wave of redemptions reflects a tougher environment for active fund managers, who charge investors a fee in return for selecting a portfolio of stocks....
...Investors in KKR’s fund were “evenly split across Asia, the Middle East, Europe and North America”, Luboff said....
...Continuation funds can also be controversial with LPs, because they have to decide whether to lock up capital with a VC for another lengthy period or cash out potentially at a discount....
...credit hedge fund Beach Point....
...private equity fund, one of the largest buyout funds of all time....
...In late December 2022 and January 2023, Blackstone received a $4.5bn investment from UC that helped Breit meet a spate of redemption requests from other investors and shore up its liquidity....
...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...
...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....
...majority stake to private equity 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...
...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....
...For retail investors, that is a lesson worth pondering....
...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....
...Chris Rossbach, a fund manager at J Stern & Co, said it had voted in favour of Disney’s board recommendations....
...Blackstone Group has raised $1.3bn for a private equity fund tailored to wealthy individual clients, signalling a revival of momentum in its efforts to reach investors beyond its base of institutions such...
...The hedge fund manager getting all the attention, of course, is Nelson Peltz, the octogenarian co-founder of Trian Fund Management....
...The fund is withholding support for Peltz and Jay Rasulo, a former chief financial officer at Disney for whom Peltz is also seeking a board seat, according to a disclosure on its website....
...But the direct lending funds they manage may begin to post lower returns, investors said....
...AllianceBernstein has launched five new exchange traded funds, including a buffered ETF, bringing the company’s year-old line-up to 12 ETFs....
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