LW

[LW @VirtuousHomie]

@LeylaKuni I agree with the issue. But this is incredibly misleading. Cash out and remaining value includes distributions.
95%+ of those funds have already been liquidated. https://t.co/yJohUX3iDi

[Leyla @LeylaKuni]

23.5% of this fund-of-funds (Cliffwater’s Cascade Private Capital Fund, CPEFX) is invested in - drumroll, please —

Other funds-of-funds.

Which makes it a fund-of-funds-of-funds (!!)

The largest position (19%) is an investment in one such fund-of-funds, Pathway Select Fund LP.

For this Pathway fund, CPEFX is the largest shareholder ($525M fund, CPEFX total commitment is $300M)

What’s inside? No idea.

Nearly every asset in this fund is a Regulation D vehicle, which means there are no public filings.

Interestingly, the underlying investments have investor qualification requirements, but the Cliffwater fund itself does not — a truly “democratized” offering (one just needs to find a large enough RIA, as firm minimum is $25M)

How did the fund generate a 30%+ return last year, and what will it cost you to invest??

Read the case study here. It’s a good one (if I say so myself): https://t.co/bI48g1eWjE

[LW @VirtuousHomie]

@NickNemo17 Look at FSKs valuation of ATX Networks and compare it to Goldman’s valuation.

[LW @VirtuousHomie]

@HighyieldHarry Also consider 93m pik loan to ATX Networks which FSK refuses to mark down. FSK has it near par while Goldman Sachs BDC inc. has it at 28%. FSK would record an unrealized loss of ~60m. Especially weird because KKR has people on ATX board.

[LW @VirtuousHomie]

@JulianKlymochko FSK now marks it at 78 as well.

[LW @VirtuousHomie]

@charlesmurray @JonahDispatch @rickhess99 @grok what is the obvious fix here?

[LW @VirtuousHomie]

@Jason McBrides on north Lamar 💯

[LW @VirtuousHomie]

@Jason La Mancha. It’s a Hidden gem!

[LW @VirtuousHomie]

@lexfridman But Lex, there is no love like that of Christ

[LW @VirtuousHomie]

@X Could we get background play for video audio. So that if someone posts a interview to x, I can leave the app while still listening

[LW @VirtuousHomie]

@lexfridman You will only find rest in Christ.

[LW @VirtuousHomie]

@DanThomasESPN Would UEFA ever play champions league as a long tournament after the completion of domestic leagues? Is it not weird playing multiple competitions at the same time?

[LW @VirtuousHomie]

@lexfridman https://t.co/QwcJVdfOBh

[LW @VirtuousHomie]

It’s called soccer #HookEm #ThisIsTexas @TexasFootball @TexasLonghorns

[LW @VirtuousHomie]

That line was awesome!!! 😩 #HookEm #AllGasNoBreaks @TexasFootball @TexasLonghorns

[LW @VirtuousHomie]

That line was awesome!!! 😩 #HookEm #AllGasNoBreaks @TexasFootball @TexasLonghorns

[LW @VirtuousHomie]

#SMILE for the horns #HookEm @TexasFootball

[LW @VirtuousHomie]

Daddy Sark @TexasFootball @TexasLonghorns #HookEm

[LW @VirtuousHomie]

Daddy Quinn #hookem #TexasSports @TexasFootball @TexasLonghorns @QuinnEwers

[LW @VirtuousHomie]

Kansas mid no cap @nelkboys #TexasFootball #AllGasNoBrakes #HookEm @TexasFootball @TexasLonghorns