Blackstone fails to stem property fund withdrawals as profits fall

Blackstone has failed to stem redemption requests from its $69bn real estate investment fund, which limited withdrawals at the end of last year as investors rushed to pull cash from the world’s largest alternative asset manager.

Jonathan Gray, president of Blackstone, said in an interview with the Financial Times that it was “a little early” to say redemption requests were slowing at the fund, called Blackstone Real Estate Income Trust, or Breit.