KKR has become the latest investment manager to limit withdrawals from a property fund, following rival Blackstone Group in imposing curbs after a surge in redemption requests from clients.
The $1.5bn KKR Real Estate Select Trust fund disclosed in a filing that it fulfilled just 62 per cent of investors’ requests for the quarter ended December 1. Investors had sought to redeem the equivalent of 8.1 per cent of its overall net assets, breaching a 5 per cent quarterly limit the fund places on redemptions, KKR said.
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