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Is Partners Group Private Equity (Master Fund) Showing Its Age?
Private equity evergreen funds don't get sick.
7 hrs ago
33
2
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
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
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
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
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
57
11
3
Cliffwater's Cascade Private Capital Fund (CPEFX)
23.5% of the portfolio is effectively a fund-of-funds-of-funds (you read that right)
Mar 28
•
Leyla Kunimoto
50
3
Where $47M in NOI Meets $42M in Interest Expense
Inside Fundrise’s largest JV: negative cash flow, thin debt coverage, and the assumptions behind a $560M valuation
Mar 21
•
Leyla Kunimoto
46
10
4
Cliffwater Corporate Lending Fund (CCLFX) Faces Redemptions
A closer look at the fund’s off-balance-sheet CLOs, $11B in unfunded commitments, and regulatory limits (and what it all means)
Mar 15
•
Leyla Kunimoto
50
10
1
Blue Owl Technology Income Corp (OTIC) Deep Dive
What's inside, what to watch, and how the money is made
Feb 28
•
Leyla Kunimoto
45
13
2
How to Read Financial Statements of a Private Credit Fund, a CRDEX Case Study, Part 2
How to Read Financial Statements (and Why You Can’t Afford Not To)
Feb 18
•
Leyla Kunimoto
16
2
2
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