The Private Credit “Magic” Is Gone | Leyla Kunimoto on Redemptions in Semi-liquid Credit Vehicles скачать в хорошем качестве

The Private Credit “Magic” Is Gone | Leyla Kunimoto on Redemptions in Semi-liquid Credit Vehicles

This episode is brought to you by the Pictet AI Enhanced International Equity ETF ($PQNT): https://etf.am.pictet.com/pqnt/?utm_c... Learn More about Pictet AI Enhanced US Equity ETF: https://etf.am.pictet.com/pqus/ 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/c... Cliffwater Redemptions: https://www.accreditedinsight.com/p/c... Follow Leyla Kunimoto on LinkedIn   / lkunimoto   Follow Leyla Kunimoto on X https://x.com/LeylaKuni Follow Jack Farley on X https://x.com/jackfarley96 Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Timestamps 00:00 Intro 00:24 Pictet $PQNT $PQUS Preroll 00:50 From Endowments to Wealth Managers: Private Credit's Journey 14:00 Cliffwater 27:34 Pictet $PQNT $PQUS Midroll 29:25 CLO (Collateralized Loan Obligations) Role in Private Credit 33:00 Public BDCs (Business Development Companies) vs. Private 39:00 "Looking at Alt Managers Equity" 42:20 Blue Owl & OBDC II 47:00 Ares & Apollo 55:00 Regulatory Cap on Leverage 1:09:00 The Other Side 1:23:00 "I'm Far More Worried About Private Equity Than Private Credit" 1:24:50 Pictet $PQNT $PQUS Endroll #privatecredit #privateequity #apollo #ares #blackstone #blackrock #finance #monetarymatters #podcast #stocks #economy