Blackstone clients asked to pull $4.5bn from a closely followed real estate fund in March, even as the firm’s executives were promoting investment opportunities in the sector that they said would arise from US economic turbulence.
Withdrawal requests at the $70bn fund, called Blackstone Real Estate Income Trust, or Breit, rose 15 per cent in March after the collapse of Silicon Valley Bank, to $4.5bn. It was the fifth straight month that the firm has limited redemptions.
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