Ignite LP: Cracking the Code of Accredited Investing with Leyla Kunimoto | Ep212

Leyla Kunimoto is the co-founder of Accredited Investor Insights, a platform demystifying private placements, venture funds, and commercial real estate for LPs and high-net-worth investors. She writes for a cross-section of the ecosystem—limited partners, fund managers, RIAs, and wealth advisors—focused on cutting through jargon to what actually drives outcomes.

With thousands of conversations across LPs and GPs and a personal investing journey that started at 19, Leyla distills the messy reality of private markets into practical signal. She launched Accredited Investor Insights in early 2024 to share hard-won lessons and patterns others can use.

She offers insights into information asymmetry, accredited-investor access (and the likelihood of a knowledge test), how alternatives may creep into 401(k)s via target-date funds, the promise and potholes of secondaries and tokenization, the illiquidity tax LPs underestimate, and what the next decade holds as mega-managers court retail capital.

In this episode, she discusses why retail LPs struggle to do “real” diligence, when concentration beats diversification (and when it wrecks you), why secondary liquidity for $50k stakes remains broken, and how better GP reporting separates luck from skill.

In Today’s Episode We Discuss:

00:01 Welcome & what Accredited Investor Insights does

00:31 Leyla’s path: public to private markets

02:18 The “real estate gateway” to alternatives

04:24 Why accreditation limits exist

05:36 The likely future: a knowledge-based accreditation test

06:28 Alternatives inside retirement accounts (via target-date funds)

08:59 Why $50k secondaries rarely clear

10:17 Tokenizing LP interests: promise vs. verification

14:54 Misconceptions to unlearn about private markets

16:57 Illiquidity explained (vs. REITs)

21:03 The retail LP diligence gap

25:42 Concentration vs. diversification: earning the right to concentrate

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