In the case of unlisted property trusts back in the early eighties, many unlisted trusts collapsed when panicking unitholders were all rushing for the exit door (to have their trust units cashed out). Liquidity maintained by the fund manager was insufficient to cope with the redemption requests, and few prospective unitholders could be persuaded or were brave enough to invest and provide the liquidity.
The other major problem was the valuation of the property assets (apartments, units, land awaiting development, offices, warehouses etc..) It was common knowledge at the time for the fund manager to produce its internal valuation, and to shop for a firm of valuer happy to put its signature to the predetermined value.
You do need to be careful when investing in unlisted securities especially where valuation of underlying assets cannot be verified or cross checked to a market price. Transparency is critical.
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