Mark Higgins, CFA, and Leyla Kunimoto: Cracks in Private Markets and the Risks of Semi-Liquid Funds

What is really happening beneath the surface of private markets? In this episode of the Enterprising Investor, host Mike Wallberg, CFA, speaks with returning guest, Mark Higgins, CFA, author of Investing in US Financial History, and Leyla Kunimoto, founder of Accredited Investor Insights, about emerging stress in private credit and private equity. They explore investor outflows from semi-liquid funds, the mechanics and risks of NAV-based valuation, and the growing disconnect between market narratives and underlying realities. Drawing on both current market developments and historical cycles, Kunimoto and Higgins unpack what these trends could mean for liquidity, pricing, and investor outcomes. Whether you are an institutional allocator or an individual investor, this conversation offers a clear-eyed look at the risks and complexities shaping today's private markets. Listen now to gain timely insights and practical perspectives.

You can listen to Mark Higgins, CFA, and Leyla Kunimoto: Cracks in Private Markets and the Risks of Semi-Liquid Funds online on Radio and Podcast. Open the player on this page to stream the available audio.

Mark Higgins, CFA, and Leyla Kunimoto: Cracks in Private Markets and the Risks of Semi-Liquid Funds is an episode from CFA Institute Take 15 Podcast Series by CFA Institute.

This episode is 35:59 long.

This episode was published on Apr 10, 2026.

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