After three years of negative returns, a $3.6B private real estate fund listed on the New York Stock Exchange this week, giving frustrated investors a long-awaited exit. 
The Bluerock Total Income+ Real Estate Fund launched in 2012 and invests in other private real estate funds. Its public listing was closely watched as a test of how private fund managers value their holdings versus what public markets are willing to pay.
The results were brutal.
New York-based alternative asset manager Bluerock pegged the fund’s net asset value at $25.52 per share ahead of its market debut. Within minutes of opening for trading, the fund…