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2023-01-04

Blackstone University of California BREIT

The terms Blackstone offered the University of California in its BREIT fund are comparable with what Warren Buffett secured when he put $5 billion into Goldman Sachs in the 2008 financial crisis

The extra $4 billion means BREIT is even further away from running out of cash to finance withdrawals. 

A run on the bank was already far off—thanks to monthly and quarterly limits on overall withdrawals and more than $20 billion of cash, easy-to-sell investments and loan facilities—and is now even more unlikely.

The trouble for BREIT’s other investors is that none of this solves the original problem of too many people wanting their money back. 

James Mackintosh WSJ 4 January 2023

https://www.wsj.com/articles/blackstones-hefty-concession-is-a-warning-to-investors-11672840068


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