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Fidelity has jumped into private commercial real estate (CRE). This FIDELITY CORE REAL ESTATE FUND fund requires investor accreditation, $25K initial minimum, +$5K additional monthly additions, ER 1.0% plus 12.5% of performance over +5%.
Fund will not be listed or traded on exchanges.
After 3 years of operations, quarterly redemptions up to 5% of fund assets allowed at the option of Fidelity.
It is suggested as an addition to traditional 60-40 stock-bond portfolios.
Note that Blackstone BREIT and Starwood SREIT have been in the news due to reaching their quarterly 5% redemption limits.
TIAA Real Estate Account VA QREARX is different in that it its Liquidity Guarantee (from TIAA) allows quarterly redemptions of any amount.
Listed real estate funds behave differently due to their leverage and market factors. Examples include VNQ, XLRE, FRESX, and hybrid FRIFX. Fidelity also has multi-asset FMSDX that combines stocks-bonds-alternatives.
An interesting time for Fidelity to enter private CRE area.
May be @TheShadow can find more information on its filing.