If you see deal pitches advertising “tax depreciation” you should 🏃‍♂️

Due Diligence in Private Markets Fund Manager Evaluation

So what do you (as a limited partner) control?
Sponsor and fund selection. Here’s how to do due diligence on one:

www.accreditedinsight.com/p/due-dilige...

Invest in private markets and wondering if you can lose money?

✅ Yes, you can experience a total loss

✅ Yes, it's likely more prevalent in private vs public markets

❌No shortage of volunteers to manage your money.

❓Do returns compensate for the risk ❓

💸 How Carried Interest Works, Part 3

This is the third in a multi-part thread 🧵 series on how GPs and LPs split profits.

This one focuses on American vs. European waterfalls.

Please share if you find this valuable 🙏🙏🙏

Private Credit in the News BlackRock's Tentative Acquisition | The Economist's Take on PC

Full story here: www.accreditedinsight.com/p/private-cr...

Nothing is stopping this train: BalckRock is under tentative agreement to purchase HPS Investment Partners, a $150B AUM private credit firm.
The untapped frontier for further growth: packaging it up in a pretty (liquid) wrapper and offering private credit to retail investors.

Happy Thanksgiving!

Today I’m thankful that I don’t have to cook a turkey (we are going to relatives for dinner)
Happy Thanksgiving! 🦃

Accredited Investor Insights | Substack Empowering investors with in-depth analysis and educational content to navigate both private and public markets with confidence. Click to read Accredited Investor Insights, a Substack publication with...

The chart was compiled by a superstar TX lender, James Eng. Don't miss his guest post on our newsletter: www.accreditedinsight.com

This chart shows the impact of cap rate expansion on multifamily property valuations.
Example: A Class B property that was worth $22.2M at the peak in 2021-2022 is now worth as little as $18.1M (assuming NOI remained the same)

Ever find yourself in need of a video summary? Here's how I summarized a 45 minute video in 5 bullet points (took me 2 minutes):

➡️ go to tactiq dot io to transcribe a video from a YT link
➡️copy the output to chatGPT and ask to summarize.

It's all free, btw.

And new supply (not broken down by market, unfortunately)

Rent growth by market, from Yardi

Need s u b s t a c k reccos. Please drop your favorites in comments. Compiling a list

Shadow Anchored Retail Deal Is Value-Add a Necessary Component? A Case Study

🔔 Every week, we publish one free article: a case study based on deals we see, or a short piece on something that caught our attention in the world of private placement. This week's case study is linked below www.accreditedinsight.com/p/shadow-anc...

Spoiler alert: one of the most boring Deal or No Deal stories I wrote up.
But if you invest in retail, you'll want to read it.
We’ll discuss why it’s important to evaluate these three things:
1. Location and market demographics.
2. Tenant quality and lease terms.
3. Financial assumptions.

There is no rational explanation to have children. I’m serious: they are expensive, life-altering, they scream for years and will ruin every nice thing you own.

It’s only after you become a parent that it all starts making sense — turn your brain off and just do it.

A decent LP deal (after a loooooong stretch) landed in my inbox:

Grocery-shadowed retail, major market, entry cap rate around 7%, attractive assumable loan (fixed, low rate, amortizing), decent promote over 8% pref (and pref should be paid current with cash flow), reasonable fees.

BA analysts showing incredible depth of perception

Im starting to think the original account is satire.

Resi brokers be like:
“Irreplaceable location. Own a piece of Seattle history”

There is a concept of tourism in investing: "locals" live and breathe the asset class for decades, "tourists" are simply passing by. Guess who typically gets taken to the cleaners?

Kayne Anderson BDC (KBDC) Disciplined BDC with Over 100% Cash Coverage and Buybacks

www.accreditedinsight.com/p/kayne-ande...

Interest coverage ratio shows how easily a company can covers its debt obligations - the higher the better.

This is one of the metrics we look at when analyzing private credit funds.

In today’s article, we discuss the outlier on the left - $KBDC

I do like a good visual.

One shortcoming of showing this in the format presented is the relative scale of two circles: it’s not easily discernible, and makes it hard to tell that there is a staggering $1.7 trillion deficit

This is wild. How old is the app?

To all you haters of baggy pants:

Today I was mistaken for an undergrad student by 2 freshmen doing a class project on college campus.

Why? I was wearing baggy jeans and generally looked like a homeless person.

I graduated ~20 yrs ago.

This is called positive reinforcement

Elon Musk backs Howard Lutnick as agent for ‘change’ at US Treasury Tesla boss publicly lobbies Trump to choose Cantor Fitzgerald boss over Scott Bessent in key economic role

Elon Musk backs Howard Lutnick as agent for ‘change’ at US Treasury

www.ft.com/content/ce143f05-aaa1-4a...

Industrial CRE report: we are starting to inch toward equilibrium

What's better: distribution yield of 10.1% or 11% for a private credit fund?

Trick question. The right answer: "It depends"

Example: these 👇are two public BDCs (business development companies), we compared data for the last twelve months (LTM).