In a move that will provide relief to some cash-strapped institutional investors, real-estate private-equity giant Westbrook Partners is letting its investors shrink forward commitments by 10%.
Westbrook is making its offer to investors in its eighth fund, Westbrook Real Estate Fund 8. The fund, which closed in 2008, has commitments of $2.5 billion from pension funds and other institutions, but has yet to make any investments. If some investors elect not to take the full reduction, others will be able to shrink promises by more than 10%. Investors won't have to pay any fees to reduce commitments.
Wall Street Journal