Leyla Kunimoto: Private Markets from the LP Seat

💥 Are We in a Venture Capital Bubble? LP Insider Reveals the Truth! 💥 In this episode of Nothing Ventured, host Aarish Shah sits down with Leyla Kunimoto, Seattle-based LP voice and co-founder of Accredited Investor Insights, for a brutally honest look inside the private markets. Leila pulls back the curtain on what most investors get wrong about venture capital — why it’s not about quick cash flow, but about betting on bold ideas and world-changing stories. 🔥 What you’ll hear: The real risks behind private equity and continuation vehicles Why the U.S. still lacks regulatory standards for asset valuations How to spot when the market’s in a bubble — or quietly deflating The one thing that makes LPs actually pay attention: surgical precision in your thesis If you want to understand where venture capital is headed — and how LPs really think — this is the episode you can’t afford to miss. Timestamps: 00:00:00 - Introduction and Guest Introduction 00:00:31 - Overview of Today's Episode 00:01:28 - The Bubble in Private Markets 00:02:05 - Podcast Engagement Request 00:02:27 - Guest Welcome and Clarification 00:03:42 - Insights from an LP's Perspective 00:04:33 - Mispricing Risk in Private Markets 00:05:45 - VC's Unique Position in Private Markets 00:07:08 - The Push for DPI and Cash Flow 00:09:10 - Challenges for Smaller Investors in VC 00:11:09 - The Middle Market Squeeze 00:13:45 - Advantages of Larger VC Funds 00:15:09 - The Dilemma of Fund Size and Stage Focus 00:17:02 - Potential Solutions for Liquidity 00:19:02 - Continuation Vehicles and Their Impact 00:21:04 - LP Checklist for Continuation Vehicles 00:24:24 - Lack of Regulation in Asset Valuation 00:27:03 - Concerns with Continuation Vehicles 00:29:37 - The Future of the Bubble 00:33:01 - The Role of Private Credit 00:35:36 - The Impact of Interest Rates 00:37:19 - Potential for a Market Correction 00:39:39 - Differences from the 2008 Financial Crisis 00:41:45 - Lack of Transparency in Private Markets 00:44:19 - Default Rates in Private Equity and Credit 00:45:18 - What Gets Funded in 2025 00:47:08 - Importance of a Surgical Thesis 00:49:01 - Fund Manager and Thesis Fit 00:50:03 - Importance of Access in VC Find Leyla Kunimoto online at: LinkedIn: https://www.linkedin.com/in/lkunimoto/ Twitter: https://x.com/LeylaKuni Accredited Investor Insights: https://www.accreditedinsight.com/ This episode is sponsored by EmergeOne, fractional CFOs for venture backed tech startups from Seed to Series B. Get in touch at https://emergeone.co.uk/contact-us/ or join the CFO team at https://emergeone.co.uk/join-the-cfo-team/ Sign up for EmergeOne’s weekly newsletter, Off Balance at https://off-balance.beehiiv.com/subscribe Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.