Until recently, funds that imposed redemption "gates" on their investors were those who had suffered a substantial mismatch between the illiquidity of their investments and the liquidity preference of their investors (which tends to be instantaneous), usually as a result of some exogenous event such as Brexit, or a media report sparking investor fears. As a result, over the past 4 years we had seen a procession of prominent funds gating investors, starting with the junk bond fiasco at Third Avenue which led to a premature end for the asset manager, then the three largest UK property funds suddenly froze over $12 ... (full story)