Hazelview Investments, a private money manager that specializes in commercial real estate, is halting redemptions on its $1.3-billion Four Quadrant fund for the second time in a year.in the fourth quarter of 2023, but the hope was that the freeze would be temporary as higher interest rates that have rocked the commercial real estate market started falling, making it easier to sell private assets.
“Due to the continued stagnation in private market transaction volumes, rendering the sale of private assets impractical, we have made the difficult decision to suspend 4Q redemptions,” Hazelview wrote in a memo to investors, referring to the Four Quadrant fund. Although the portfolio has some public equities it could sell to fund redemptions, management believes it is best for investors to use this capital to help finish development projects.