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20-Year Funds | Subprime by Another Name | CRE Absorption Leaders
🗞️ Sunday digest: private markets insights 5/31
May 31
•
Leyla Kunimoto
37
1
1
When the Denominator Wins
UNREAL Gains, Part 2: how mature evergreen secondaries funds slowly outgrow the mechanism that built their track records
May 28
•
Leyla Kunimoto
22
2
Is There Any Magic in $OZ?
Investors should be careful not to let the tax tail wag the dog.
May 24
•
Leyla Kunimoto
and
Paul Drake
40
4
Welcome to the Land of OZ
Where ~$100B in deferred gains faces a ~$20B tax bill in 7 months
May 23
•
Leyla Kunimoto
3
The Discount Capture Machine: Inside Coller’s PE Secondaries Fund (C-SPEF)
The early years of evergreen secondaries can look extraordinary, this is a look inside one
May 21
•
Leyla Kunimoto
46
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
55
6
UNREAL Gains
Part 1: The Mark-Up Machine (or How to Turn Discounts Into Returns)
May 14
•
Leyla Kunimoto
59
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
57
9
3
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
59
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
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