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In this episode, Jack sits down with Leyla Kunimoto, founder of Accredited Investor Insights, to discuss her journey into private markets and the ongoing "democratization" of alternative assets. The conversation explores the rise of "evergreen" or semi-liquid structures, which allow retail investors to bypass the traditional "J curve" by deploying capital almost immediately. Leyla provides a detailed look at the current wave of redemption requests hitting major private credit funds like Cliffwater and Blackstone, explaining the mechanics of 5% quarterly caps used to prevent the fire selling of assets. She further breaks down the risks associated with Collateralized Loan Obligations (CLOs) and the rise of "shadow defaults" through payment-in-kind (PIK) interest toggles. The interview highlights why Leyla currently prefers publicly traded Business Development Companies (BDCs) over private ones, noting the potential arbitrage available when public shares trade at a significant discount to their net asset value. Finally, Leyla shares why she is far more bearish on private equity than private credit, citing the asset class's extreme opaqueness and junior position in the capital stack. Recorded March 29, 2026.
Accredited Insight:
Cliffwater Part 1: https://www.accreditedinsight.com/p/cliffwater-corporate-lending-fund
Cliffwater Redemptions: https://www.accreditedinsight.com/p/cliffwater-corporate-lending-fund-d4c
Follow Leyla Kunimoto on LinkedIn https://www.linkedin.com/in/lkunimoto/
Follow Leyla Kunimoto on X https://x.com/LeylaKuni
Follow Jack Farley on X https://x.com/jackfarley96
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