Toronto’s Financial District on Dec 2, 2022.Fred Lum/the Globe and Mail
Hazelview Investments, a private money manager that specializes in commercial real estate, is experiencing a surge of investor requests to cash out of its Four Quadrant fund – a common problem for private investment managers as interest rates rise.
In a memo to clients obtained by The Globe and Mail, Toronto-based Hazelview said investors have requested $188-million in redemptions this quarter, amounting to 16 per cent of the fund’s $1.2-billion in assets under management. Hazelview currently limits redemptions to roughly 5 per cent of the fund each quarter, which means a number of investors will get only some of their money out, and will have to try again for the rest next quarter.
The Four Quadrant fund, which Hazelview has managed for 12 years, offers investors exposure to a mix of private and