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  "documentTitle": "2023 global pe report   roadshow deck",
  "authorId": "Bain",
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  "notes": "Includes a case study on Blackstone's BREIT fund and a comparative table of liquidity terms across asset classes.",
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      "kind": "callout",
      "text": "Liquidity is one of the biggest challenges GPs face in structuring investments for individuals.",
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      "text": "In courting the retail market, Blackstone's BREIT fund made no secret of what the rules were around redemptions. The fund's redemption limits of 2% of net asset value per month (5% per quarter) were designed to give individuals enough flexibility to access their principal when needed, despite relative illiquidity of the fund's assets. Amid market jitters in late 2022, however, investors began to ask for their money back, threatening what amounted to a run on the bank. Blackstone had to enforce the redemption limits, raising concerns that the episode would slow down its retail strategy.",
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      "text": "BREIT got a huge vote of confidence in January 2023 when the University of California pledged $4 billion to the fund. But the incident still stands as a prime example of how differently individuals view liquidity. Unlike institutional limited partners with virtually unlimited staying power, individuals are used to getting money out when they need it. They also aren't particularly sympathetic to the fund's broader cash flow concerns. This is unfamiliar terrain for fund managers, who can just pick up the phone and call limited partners when problems arise. That isn't possible with a relatively anonymous group of individual investors numbering in the tens or hundreds of thousands.",
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      "text": "Liquidity is one of the biggest challenges GPs face in structuring investments for individuals. Some large product managers have developed funds that offer investors intermittent liquidity (see Figure 4). But even these structures pose significant challenges in managing investor expectations. And they create operational burdens not posed by closed-end funds.",
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      "kind": "source-note",
      "text": "Sources: Company websites; SEC filings",
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      "text": "Table comparing liquidity terms (Valuation frequency, Repurchase frequency, Early repurchase fee, Repurchase limit) for Real estate, Alternative credit, Private equity, and Infrastructure funds.",
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      "text": "Global Private Equity Report 2023",
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      "kind": "title",
      "text": "Figure 4: Alternative managers have developed products across asset classes that provide some level of liquidity to investors",
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