Just after lunch on a Tuesday in March 2019, a top-ranking Blackstone Inc. executive emailed Morgan Stanley’s Pawan Passi, seeking help to start exiting one of the investing giant’s most lucrative real estate bets ever.
The very minute Passi got the message, he called a hedge fund, which spent the next two hours wagering against the shares of Invitation Homes Inc. After US markets closed, Morgan Stanley offered Blackstone its bid for a block of stock and won the mandate.