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Private Equity’s Bad Bank Problem: Who Sets the Price?
Partners Group’s evergreen fund restructuring separates legacy assets from new investments. But without a market-based transfer price, what does the…
20 hrs ago
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Leyla Kunimoto
44
1
1
Follow the Breadcrumbs: Who Owns the Risk in Project Jupiter?
Tracing Project Jupiter's financing through Oracle, Blue Owl, Apollo and the funds that may hold pieces of it.
Oct 5
•
Leyla Kunimoto
60
4
3
NAV Loans: Follow the Leverage
An update on NAV financing: the market doubled, banks took over, and your semi-liquid fund might already have one.
Sep 24
•
Leyla Kunimoto
40
1
The Harrison Street Real Estate Fund Liquidity Squeeze
A $1.4 billion fund, a 15-quarter redemption queue, and the first interval fund auction
Sep 20
•
Leyla Kunimoto
39
6
1
The Seed Portfolio Trade
Or how evergreen PE generates massive early IRRs
Sep 17
•
Leyla Kunimoto
36
6
2
WVB All Markets Fund: the 0.10% Fund That Costs 3.40%
Inside Wellington × Blackstone × Vanguard's New Interval Fund
Jul 25
•
Leyla Kunimoto
72
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
7
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
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