When banks pulled back from lending after 2008, the gap didn’t stay empty for long. Someone else stepped in, and that market is now worth nearly $2 trillion. Where that money came from, who’s holding the risk, and what happens when investors want it back are questions most people in that market still can’t fully answer.

In this episode, Leyla Kunimoto, an investor and founder of the newsletter Accredited Investor Insights, has spent years examining private credit funds from the outside. She comes at this from the one angle the industry rarely accounts for: the person writing the check.

Some of what she found while digging into these funds is still surprising, including the same loan being valued differently across multiple funds, with no requirement to reconcile the differences. And what investors are rarely told when these products are offered through a financial advisor.

Views expressed in this video are the opinions of the host and guest and do not necessarily reflect the views of The Epoch Times.