Blackstone’s Investors Want Their Money Back!

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Stephen Schwarzman and Jonathan Gray of Blackstone have built the best fundraising machine on Wall Street, but now, the billionaire pair are in an unfamiliar position — having to return cash to clients who are asking for their money back.

Blackstone’s stock price fell last week after it limited withdrawals from its $125bn real estate investment fund BREIT, after a surge of redemption requests.

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