Bundles of real estate and other private assets are easy to buy and hard to sell. Make sure you know how you’ll get out before you get in.

If your financial advisers haven’t yet tried to sell you any “alternative” investments, they might soon. Flogging these assets that aren’t listed on a stock exchange—bundles of real estate, buyout deals, private debt and so on—is one of Wall Street’s biggest obsessions.

Getting in is easier than ever. But I doubt most buyers understand how hard getting out can be.

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