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WVB All Markets Fund: the 0.10% Fund That Costs 3.40%
Inside Wellington × Blackstone × Vanguard's New Interval Fund
Jul 25
•
Leyla Kunimoto
71
7
5
The Agricultural Revolution in Private Markets
How fund managers stopped hunting returns and started farming assets
Jul 19
•
Leyla Kunimoto
58
1
2
The Quarter the Marks Moved
Why Private Credit Funds Repriced Their Portfolios in Q1 2026
Jun 25
•
Leyla Kunimoto
39
4
2
Apollo Diversified Real Estate Fund: What Changed While You Weren't Looking
The fund is now $3.3B (down from $3.7B), and the mandate is quite different
Jun 13
•
Leyla Kunimoto
56
5
1
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
41
6
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
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
57
8
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
Mar 25
•
Leyla Kunimoto
45
18
2
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