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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
39
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
53
9
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
48
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
44
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
12
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
How to Read Notes to Financial Statements: CRDEX Case Study, Part 1
How to Read Notes to Financial Statements (Without Crying)
Feb 15
•
Leyla Kunimoto
20
11
1
Inside Apollo Asset-Backed Credit Company LLC (ABC)
The structure, the fees, what's inside and how the money is made
Feb 11
•
Leyla Kunimoto
20
1
Reverse-Engineering Valuation and the Capital Stack
An LP’s guide to reading between the lines on a preferred equity deal
Feb 1
•
Leyla Kunimoto
35
3
3
Inside Coller Private Credit Secondaries (CollerCredit)
Fees, holdings, and why private credit secondaries are only getting started
Jan 29
•
Leyla Kunimoto
25
8
3
Inside Carlyle AlpInvest Private Markets Fund (CAPM)
What's inside, how the money is made, and what it'll cost ya
Jan 18
•
Leyla Kunimoto
12
9
1
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