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Private Equity Wants Your Financial Advisor, Private Credit Wants More Time, and CRE Wants a Miracle
🗞️ Sunday digest: private markets insights 5/17
May 17
•
Leyla Kunimoto
51
5
UNREAL Gains
Part 1: The Mark-Up Machine (or How to Turn Discounts Into Returns)
May 14
•
Leyla Kunimoto
56
3
3
SREIT: What Happens When You Buy at the Peak?
How an $11 billion fundraising boom became a 48-month redemption crisis
May 10
•
Leyla Kunimoto
56
9
2
When the Music Stops
Why Private Credit Evergreens Can Handle Redemptions (And Private Equity Can't)
May 7
•
Leyla Kunimoto
56
6
1
Software Isn’t Dead, PIK Is Fine, and the Best-Performing Cities
🗞️ Sunday digest: private markets insights 5/3
May 3
•
Leyla Kunimoto
57
3
April 2026
BCRED: High Yield Now, NAV Erosion Later
10% yield works (because half the money never leaves)
Apr 30
•
Leyla Kunimoto
58
3
Loan Gone Bad: BCRED's Medallia Problem
A $1 billion loan, a 30% markdown. What does it mean for NAV?
Apr 26
•
Leyla Kunimoto
56
1
The Equity Cushion Illusion
Why LTV is an incomplete measure of risk in private credit
Apr 23
•
Leyla Kunimoto
58
9
5
PE Fundraising 📉, PC Redemption Wave, and Record Vacancy
🗞️ Sunday digest: private markets insights 4/19
Apr 19
•
Leyla Kunimoto
52
4
1
Variant Alternative Income Fund (NICHX): Positive Returns, Shrinking NAV
How distributions and write-downs explain the paradox (and what to watch for)
Apr 16
•
Leyla Kunimoto
42
1
1
Beware of AAR
When IRR is looking worn and tired, there's always AAR
Apr 12
•
Leyla Kunimoto
55
3
JPM Private Markets Fund: Losing Money on Operations, Up 74%
How a $1.4 billion fund generates double-digit returns without a single profitable quarter
Apr 8
•
Leyla Kunimoto
56
9
3
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