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Don't Buy Yesterday's Portfolio
In private markets, the question isn't whether an asset is good or bad. It's whether it was acquired in 2022 or 2026.
Jun 7
•
Leyla Kunimoto
36
6
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
23
4
UNREAL Gains
Part 1: The Mark-Up Machine (or How to Turn Discounts Into Returns)
May 14
•
Leyla Kunimoto
59
3
3
When the Music Stops
Why Private Credit Evergreens Can Handle Redemptions (And Private Equity Can't)
May 7
•
Leyla Kunimoto
56
6
1
The Equity Cushion Illusion
Why LTV is an incomplete measure of risk in private credit
Apr 23
•
Leyla Kunimoto
58
9
5
Beware of AAR
When IRR is looking worn and tired, there's always AAR
Apr 12
•
Leyla Kunimoto
55
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
The Prisoner's Dilemma: Semi-Liquid Edition
There is only one rational move for advisers
Mar 25
•
Leyla Kunimoto
45
18
2
Carlyle Engineers Liquidity; Private Credit Gates Multiply; and CRE Gets a Second Look
🗞️ Sunday digest: private markets insights 3/22
Mar 22
•
Leyla Kunimoto
37
1
1
The Pawn Shop: Repo and Sale/Buyback Borrowings
What they are, and how two funds (BCRED and CCLFX) actually use them
Mar 19
•
Leyla Kunimoto
36
1
What Will Liquidity Cost You When Barbarians Shut the Gates?
A deep dive into OBDC II’s tender offer and what investors actually pay for liquidity.
Mar 12
•
Leyla Kunimoto
37
6
2
K-Shaped PE, Private Credit Gates, and $0.58 Recovery on a AAA Bond
🗞️ Sunday digest: private markets insights 3/8
Mar 8
•
Leyla Kunimoto
40
7
2
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