Access to private markets has expanded in recent years thanks to semi-liquid or evergreen funds, products designed to appeal to the retail market by resolving some of the friction associated with standard private markets offerings. However, at times of volatility semi-liquid funds have had to limit redemptions due to a surge in withdrawal requests, as was the case with the high-profile Blackstone $61bn Real Estate Income Trust in late 2022. Most semi-liquid funds feature redemption gates, which limit the amount investors are allowed to redeem in a given period so managers do not have...
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