‘Phantom liquidity’ spooks evergreen investors

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Photo: Behnam Mohsenzadeh on Unsplash
Investors in evergreen funds apparently did not fully grasp what they were getting into when they entrusted their capital to these “semi-liquid” vehicles investing in private markets. After Blue Owl, two large private credit funds managed by Blackstone and Blackrock were hit last week with a surge in redemption requests.

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