Leyla
@LeylaKuni
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Co-founder: @accreditedLP | Writing about private markets from the Limited Partner POV. 8,000+ subscribers to our newsletter - why aren't you one? ⬇️
Knee Deep in a PPM
Joined May 2022
Well, one thing that wasn’t on my BINGO card this year was appearing in the Wall Street Journal. The piece explores how Vanguard and other retail giants are embracing high-fee private market funds, just as some of us are learning the hard way what that really means.
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🧬 Calidi Biotherapeutics $CLDI: Establishes Scientific Advisory Board to Advance RedTail Platform and CLD-401 @CalidiBio has formed a Scientific Advisory Board (SAB) featuring world leaders in oncology, virotherapy, and gene-based medicine, including former Pfizer $PFE CMO Dr.
redchip.com
SAN DIEGO, Oct. 22, 2025 (GLOBE NEWSWIRE) -- Calidi Biotherapeutics, Inc. (NYSE American: CLDI) (“Calidi” or the “Company”), a clinical-stage biotechnology company pioneering…
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You know the saying: when investing in private markets, pick the jockey, not the horse. I finally figured out why: sometimes you can't tell the horse's color, and you must trust the jockey's word on its speed.
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we are going to hear another round of private credit guys tell us it's not their cockroach, aren't we?
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Highly transparent schedule of holdings -- (I'm being sarcastic, forgive me)
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Continued: Q3 Earnings Strategy: Trading Semiconductors, Biotechs, and the Magnificent 7 with @DirexionLETFs *Sponsored
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It's another cockroach all right, but - this is not a private credit cockroach, technically. - nor is it a BSL cockroach 🥁 It's a private placement junk bond cockroach The Bloomberg headline is a bit misleading: yes, "bonds sank", but only to $.99 and $.98 of par
$1 Billion In Bonds Crash as Company is Accused of Fraud, Sparking Same Private Debt Fear. EquipmentShare rents construction equipment with smart tracking tech Bloomberg reports that Romulus Capital co-founder Neil Chheda, an early investor with a 23% stake, was kicked off
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“Billy, this here is called a crypto-collateralized security. It’s like a mortgage-backed security, but with fartcoin as collateral. The defect is you’ll can’t foreclose on a wallet if the guy forgets his seed phrase”
BREAKING: JPMorgan to allow crypto as collateral
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Let me tell you guys a nighttime story. Today I spent 4 hours looking at a brand-name semi-liquid fund that raised $5B from retail investors in 2024. I'm 90% confident I'm the only person who's ever looked at their financials, other than the Big 4 accounting associate who
The lack of details in reporting isnt due opacity it is a direct consequence of the design and objective of those funds, which is the illusion of simplicity. Let me explain: Managers have sold to retail the concept of making access to complex stuff simple, essentially making
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The days of high returns may be over, but the fundraising is not. Random sampling of $$ raised through 2Q25 - Cliffwater Corp Lending Fund: $4.6B - GS Private Credit Corp: $2.2B - Blue Owl Credit Income Corp: $3.5B - Ares Strategic Income Fund: $2.5B - BCRED: $5.9B
Blackstone’s Jon Gray says that the days of high returns in private credit are over
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This guest post dives into: ✅ What real operational value creation looks like ✅ How to review case studies ✅ How to assess a GP’s ability to work with management teams 📌 you'll find a downloadable list of DD questions at the end: https://t.co/UWfz2BHGkR
accreditedinsight.com
Look beyond the track record — guest post by Romain Bégramian
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Track records are not a reliable shortcut: Fund II has about a 50% chance of landing in the same performance quartile as Fund I. For you, LP, the key is identifying which GP has exceptional operational capabilities (👉shocker: 99% of GPs claim to have them) How?? ⤵️
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Curious how welfare can potentially outpace a working salary? Let's do the math for a hypothetical family of 5 (1 adult, 4 kids) in a high-cost city like Seattle, using real 2025 data: 1. Housing Voucher (5-BR): ~$56,600/year (Based on FY2025 HUD FMR for Seattle-Bellevue at
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You want to find a manager who creates operational value. What the track record shows you is realized IRR and TVPI --- neither of which tell you how much value was created on the portfolio company level. What makes things worse:
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What private equity funds are supposed to do: 1. buy companies 2. improve them operationally 3. sell them for more 💰 Let's talk about how to pick fund managers:
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Finance people, I need a book recommendation. I know close to nothing about the Savings and Loan Crisis. I’d like an accurate description of events, well-written. TIA!!
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How IRR can be gamed (j/k, nobody would ever game IRR, right?): https://t.co/dqbcF9NgFC
accreditedinsight.com
Understanding the flaws in IRR - and the metrics that give investors the full picture
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I'm far from an expert on VC, but it appears there is quite a lot of capital flooding that space (it's unevenly distributed) - large funds can't place money fast enough - smaller funds are having a hard time raising - yet first time founders are getting funded a lot of $$
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💫 The Edge Nobody Talks About is Looking Beyond The Line Everyone’s chasing data. We’re chasing energy. Numbers can tell you what should happen — but not what a player feels. They can’t measure birthdays, redemption games, heartbreaks, first starts after loss, or nights when
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LP asking why IRR says 20% when there haven’t been any distributions
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Just a PSA, guys, but if a proforma is missing debt service amount on a deal with 75% leverage, that’s your sign to ask a lot of questions about debt coverage.
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