Congratulations. You’ve worked hard and made some money, and now you have access to a new class of investments. But when the velvet rope opens up, it can also close behind you.
On 1 December, investors in the $69bn nontraded Blackstone Real Estate Income Trust, known as BREIT, were informed that their requests to take cash out of it had been limited. That highlighted the double-edged sword many relatively well-heeled investors are facing as they try to diversify their portfolios in a complex, rising-rate environment.
