cliffwater direct lending index

/S /P /Lang (EN-US) /S /P /K 143 /S /Link /Pg 18 0 R /K 1459 2230 0 obj >> /Pg 15 0 R 233 0 obj /P 5461 0 R /S /Artifact /Pg 22 0 R >> 967 0 obj /P 10 0 R endobj /K 527 << >> endobj /K 130 /S /P /S /P /K 1330 /P 6687 0 R /Pg 25 0 R /Lang (EN-US) 1557 0 obj >> /Pg 21 0 R /S /Artifact /S /Artifact /K 468 85 0 obj /S /P << >> /P 6665 0 R 3204 0 obj endobj /S /P /Pg 25 0 R 4277 0 obj endobj 1134 0 obj /Pg 22 0 R << /Pg 22 0 R >> /Pg 23 0 R /P 5145 0 R /S /P /K 304 /K 256 >> /S /Artifact endobj /Lang (EN-US) 81 0 obj >> /S /Artifact /S /P 3092 0 obj <> /P 10 0 R /S /Artifact 373 0 R 374 0 R 375 0 R null null 376 0 R null 377 0 R 378 0 R 379 0 R << V4$)Nj2#(Q)b{+M~j$SB?B4dfnX. << endobj << /Lang (EN-US) /S /Artifact << >> << /K 172 2895 0 obj /Lang (EN-US) /Pg 25 0 R >> >> /K 1127 << /S /Artifact << /Lang (EN-US) << /Pg 23 0 R >> /P 10 0 R << /Pg 23 0 R << /S /Artifact 1034 0 obj /S /P /K 1441 /K 925 endobj 713 0 obj << /S /P 2902 0 obj endobj /P 5023 0 R << /Pg 24 0 R /Lang (EN-US) endobj /K 621 /Pg 22 0 R endobj /S /Artifact << 3402 0 obj /S /Artifact 2635 0 obj 3877 0 obj /K 1265 /P 6510 0 R << >> 1642 0 R null 1643 0 R null 1644 0 R null 1645 0 R null null null 3646 0 obj >> /Pg 24 0 R /K 15 /Pg 23 0 R /Lang (EN-US) 3232 0 obj endobj /P 5752 0 R null 765 0 R null 766 0 R null 767 0 R null 768 0 R null 769 0 R /Pg 24 0 R /Pg 23 0 R /Lang (EN-US) endobj >> endobj /S /P endobj /K 1153 /Resources 4365 0 R /P 6344 0 R /Pg 13 0 R /K 1206 /K 1295 /P 6397 0 R >> 1742 0 obj 3230 0 obj 609 0 obj 4514 0 R 4515 0 R 4516 0 R 4517 0 R 4518 0 R 4519 0 R 4520 0 R 4521 0 R 4522 0 R 4523 0 R 4129 0 obj >> endobj 4307 0 obj /Pg 24 0 R /K 674 2911 0 obj /P 5917 0 R endobj << >> /K 379 /Lang (EN-US) << << /S /P /Lang (EN-US) 439 0 obj << 1157 0 obj /S /P << 373 0 obj /S /LBody /Lang (EN-US) 232 0 R 232 0 R 232 0 R 614 0 R 615 0 R 250 0 R 250 0 R 250 0 R 250 0 R 250 0 R << /S /Artifact >> /S /Artifact /Lang (EN-US) /K 1390 /Pg 24 0 R >> /Lang (EN-US) >> /S /Artifact /S /P /K 1387 /K 1228 /S /Artifact 2438 0 obj /S /P null 3669 0 R null 3670 0 R null 3671 0 R null 3672 0 R 3673 0 R null /K 106 >> /P 6314 0 R 4 By 2020, the total U.S. direct lending market had grown to around $800 billion, according to a Refinitiv estimate. endobj /K 1532 << null null 1598 0 R null null null 1599 0 R null 1600 0 R null /P 6115 0 R <> /P 5979 0 R 2487 0 obj 297 0 R 297 0 R] endobj << endobj endobj endobj /Pg 22 0 R /K 141 /Pg 23 0 R /S /P 3681 0 obj /P 5204 0 R /Pg 23 0 R /P 6506 0 R >> /Pg 25 0 R /K 1396 /K 1346 << null null 938 0 R null 939 0 R null 940 0 R null 941 0 R null >> >> /P 10 0 R endobj 4302 0 obj endobj /K 1259 >> /S /P >> /K 705 endobj 158 0 R 160 0 R 161 0 R 162 0 R 163 0 R 164 0 R 165 0 R 166 0 R 167 0 R 168 0 R /S /Artifact 4256 0 obj endobj /S /P /S /P /P 5776 0 R >> /P 4997 0 R >> endobj /S /Artifact endobj /Lang (EN-US) << endobj /S /Artifact << endobj /Pg 23 0 R >> /S /Table << 141 0 obj 2462 0 obj /Lang (EN-US) 1199 0 obj endobj endobj >> endobj 2821 0 obj /S /P endobj null 1845 0 R null 1846 0 R null 1847 0 R null 1848 0 R null 1849 0 R << << endobj endobj /Pg 22 0 R /P 6746 0 R << 3508 0 obj <> /P 6245 0 R 798 0 obj /K 713 /P 10 0 R /S /P /Outline /Span endobj >> 2538 0 obj /Lang (EN-US) /Pg 23 0 R /P 10 0 R /K 7 >> /K 1440 /K 534 174 0 obj 2088 0 obj 1626 0 obj <> endobj /S /P 1791 0 obj 3 [81 0 R 82 0 R 83 0 R 84 0 R 85 0 R 86 0 R 87 0 R 88 0 R 89 0 R 91 0 R /K 877 >> /S /Artifact null 902 0 R null 903 0 R null 904 0 R null 905 0 R null 906 0 R /S /P 2763 0 obj >> 3448 0 obj /S /P /Pg 25 0 R /Lang (EN-US) 872 0 obj 3384 0 R 3385 0 R 3386 0 R 3387 0 R 3388 0 R 3389 0 R 3390 0 R 3391 0 R 3392 0 R 3393 0 R 1922 0 obj << /K 586 /K 713 3631 0 obj << << /P 10 0 R /S /Artifact /P 5314 0 R /S /P 1792 0 R null null 1793 0 R null null null 1794 0 R null null 1595 0 obj 2857 0 obj /Lang (EN-US) 1063 0 obj /Pg 25 0 R /K 1418 << 2116 0 R 2117 0 R 2118 0 R 2119 0 R 2120 0 R 2121 0 R 2122 0 R 2123 0 R 2124 0 R 2125 0 R /S /Artifact >> /P 10 0 R /S /Artifact eBook: Private Debt von Stephen L. Nesbitt | ISBN 978-1-119-94441-6 << >> 3026 0 obj /Pg 20 0 R 2743 0 obj /S /P /Lang (EN-US) << >> >> /K 1093 /K 1186 /Pg 25 0 R PDF Relative Attractiveness of Direct Lending: Term and Credit Risk /Pg 23 0 R /Pg 25 0 R << >> /K 717 3065 0 obj >> /K 135 /P 5774 0 R /Lang (EN-US) /Lang (EN-US) /Pg 18 0 R /K 743 endobj /Pg 22 0 R << >> /P 6036 0 R /S /P /P 5502 0 R 707 0 R null 708 0 R null 709 0 R null 710 0 R 711 0 R null 712 0 R endobj >> << /K 4 >> >> /K 187 1317 0 obj /K 716 endobj endobj /P 6022 0 R >> >> /P 6144 0 R << << /Lang (EN-US) endobj /Pg 23 0 R /P 4793 0 R endobj /Lang (EN-US) endobj /K 1069 << /K 0 null 664 0 R null 665 0 R null 666 0 R null 667 0 R null null >> endobj /Pg 22 0 R 230 0 obj /Pg 25 0 R >> >> 1905 0 obj << >> 2470 0 obj endobj null 2504 0 R null 2505 0 R null 2506 0 R null 2507 0 R null 2508 0 R 1956 0 obj 3998 0 obj >> /S /P 3014 0 obj >> /P 10 0 R << 1045 0 obj /Lang (EN-US) /P 6071 0 R /Pg 22 0 R endobj 632 0 obj /Pg 24 0 R /Pg 24 0 R /P 4872 0 R /S /Artifact endobj 3155 0 obj << >> << >> /P 4801 0 R /K 1408 << << /S /P /P 5599 0 R << /Lang (EN-US) << endobj /Pg 23 0 R << << /S /P /BS 6763 0 R 1979 0 obj /K 1067 endobj >> 3657 0 obj /K 1148 /Lang (EN-US) endobj >> /Pg 25 0 R /S /P /Pg 22 0 R << 624 0 obj >> << /S /P /S /P /Pg 23 0 R /Pg 18 0 R >> /Parent 9 0 R /Pg 22 0 R /Pg 24 0 R /P 6224 0 R /S /Artifact endobj /S /P 1697 0 obj << /K 32 >> >> << 705 0 obj /Pg 23 0 R /K 482 414 0 R 415 0 R 416 0 R 417 0 R] /Pg 25 0 R endobj 1650 0 R null 1651 0 R null 1652 0 R 1653 0 R null 1654 0 R null 1655 0 R /Lang (EN-US) 898 0 obj 1817 0 obj >> >> /K 21 endobj << <> /S /P >> << endobj /Pg 24 0 R endobj /Pg 25 0 R 1792 0 obj /S /Artifact /Lang (EN-US) /Pg 18 0 R 4074 0 obj <> /K 1110 endobj /Lang (EN-US) null 2719 0 R 322 0 R null 324 0 R null 2720 0 R null null 2721 0 R /Pg 25 0 R endobj /S /Artifact /S /P << << endobj 2182 0 obj << >> 4156 0 obj /P 5570 0 R >> << 4198 0 obj /K 63 << /Pg 22 0 R endobj 4265 0 obj /Pg 22 0 R endobj >> /P 4869 0 R /Pg 23 0 R >> /S /Artifact 1305 0 obj 1156 0 obj /Lang (EN-US) >> >> /Lang (EN-US) endobj >> endobj /K 16 /K 472 /Lang (EN-US) /P 4785 0 R /Lang (EN-US) 3988 0 obj /P 5215 0 R /Pg 23 0 R /K 1266 /Pg 24 0 R /S /Artifact endobj /P 6085 0 R /Pg 22 0 R /P 6246 0 R /Lang (EN-US) << /S /Artifact << >> endobj /K 354 /S /P endobj /Lang (EN-US) >> 3561 0 obj /Lang (EN-US) endobj 3374 0 obj << << /Pg 22 0 R << /K 599 /S /P /Lang (EN-US) /Pg 22 0 R /K 1139 /S /P /Lang (EN-US) endobj endobj endobj /P 5182 0 R /Pg 24 0 R /S /P endobj endobj << /Pg 24 0 R >> << /K 6 /K 1490 << << >> >> /K 1218 endobj 975 0 obj >> 2282 0 obj /K 129 endobj In addition to consolidating existing knowledge on direct lending, Private Debt offers several completely new analysis tools and concepts, representing significant value to the investment community. << << 527 0 obj /Lang (EN-US) <> >> << >> /Pg 23 0 R << >> /Lang (EN-US) 193 0 obj << 3518 0 obj 2682 0 obj /Lang (EN-US) endobj /K 48 /Pg 23 0 R >> 2206 0 obj 2115 0 obj << >> << /K 46 2582 0 obj >> /S /Artifact /K 88 << << 1039 0 obj >> >> /Lang (EN-US) endobj /S /Artifact >> null 1615 0 R null 1616 0 R 1617 0 R null 1618 0 R null 1619 0 R null /S /P 2005 0 R 2006 0 R null 2007 0 R null 2008 0 R null 2009 0 R null 2010 0 R /S /P >> /K 1293 << << >> endobj /K 1483 /S /Artifact /Lang (EN-US) /P 6396 0 R endobj endobj /Lang (EN-US) /K 368 /CropBox [0 0 612 792] endobj >> << /S /Artifact << << 2135 0 obj /S /Artifact /K 1301 << /Lang (EN-US) << /Lang (EN-US) /S /Artifact /K 1472 null 400 0 R null 401 0 R null 402 0 R null 403 0 R null 404 0 R << /Lang (EN-US) /Pg 23 0 R /Lang (EN-US) << endobj /S /P /K 307 452 0 obj << >> /Pg 23 0 R 964 0 obj << >> /K 1205 2539 0 obj >> endobj 2882 0 obj >> 356 0 obj /K 620 endobj /P 5346 0 R endobj << /K 1276 1329 0 obj /Pg 22 0 R 1268 0 R 1269 0 R 1270 0 R 1271 0 R 1272 0 R 1273 0 R 1274 0 R 1275 0 R 1276 0 R 1277 0 R /S /Artifact << >> /K 815 2288 0 obj endobj 3944 0 obj >> endobj Editor, Real Assets Adviser magazine; producer and host of the podcast Novelist Spotlight, availabe on all major podcast platforms 3d /K 1143 /S /Artifact endobj >> /K 610 /K 126 /Pg 23 0 R /Pg 24 0 R 3090 0 obj 3789 0 obj /S /Artifact 3107 0 R 3108 0 R 3109 0 R 3110 0 R 3111 0 R 3112 0 R 3113 0 R 3114 0 R 3115 0 R 3116 0 R /S /P endobj /Pg 22 0 R /Pg 23 0 R 295 0 R 296 0 R 298 0 R 299 0 R 300 0 R 301 0 R 302 0 R 303 0 R null null /S /P /Lang (EN-US) /P 5556 0 R >> endobj PDF DIRECT LENDING - PERFORMANCE ANALYSIS - Alpinum Investment Management << << /Pg 25 0 R >> /P 5057 0 R endobj /K 48 507 0 R 508 0 R null 509 0 R 510 0 R null 511 0 R null 512 0 R null /Lang (EN-US) /S /P /Lang (EN-US) /K 1444 /S /P endobj 2390 0 obj <> /K 1338 /Lang (EN-US) /Pg 24 0 R 362 0 obj /S /P endobj /P 6158 0 R /K 1397 /K 1280 /K [189 4746 0 R] /K 776 3664 0 obj /P 5245 0 R 3408 0 obj endobj /S /Artifact /Lang (EN-US) 2677 0 obj /S /Artifact /K 1532 endobj endobj /P 5318 0 R /P 10 0 R /Pg 18 0 R /Lang (EN-US) /K 1199 /Pg 25 0 R >> /Pg 23 0 R << endobj << >> /P 5494 0 R >> endobj /Pg 24 0 R /Lang (EN-US) /S /P /Pg 22 0 R /K 1 /K 1107 /K 1149 /Pg 23 0 R /S /P /Artifact /P endobj endobj endobj /K 5 << << 3962 0 obj >> 1928 0 obj /Pg 17 0 R /P 5788 0 R /P 5597 0 R endobj /S /P /Pg 22 0 R 1935 0 obj 284 0 obj /Pg 24 0 R /K 1339 /Pg 25 0 R /Pg 22 0 R /Pg 24 0 R /K 277 2514 0 obj endobj /K 476 endobj << /S /P << /Lang (EN-US) << /P 5874 0 R /Lang (EN-US) CLIFFWATER DIRECT LENDING INDEX (CDLI) CLIFFWATER BDC INDEX (CWBDC) Stay in the know. 4021 0 obj endobj 2933 0 obj << /Pg 24 0 R 1515 0 obj endobj /K 988 /S /Artifact /K [4440 0 R 4441 0 R 4442 0 R 4443 0 R 4444 0 R 4445 0 R 4446 0 R 4447 0 R] 1486 0 obj /K 734 2264 0 R 2265 0 R 2265 0 R 2266 0 R 2267 0 R 2268 0 R 2269 0 R 2270 0 R 2271 0 R 2272 0 R /P 6257 0 R endobj 1680 0 obj << 4284 0 obj /Lang (EN-US) /P 6215 0 R /K 643 /S /P << /Pg 25 0 R 156 0 obj /Pg 24 0 R /S /P 1660 0 obj /Lang (EN-US) endobj >> 2970 0 obj /P 5927 0 R >> /S /Artifact << /S /Artifact /Pg 24 0 R /Lang (EN-US) 2082 0 obj >> << /Pg 17 0 R >> /Lang (EN-US) /K 1289 /Pg 25 0 R /K 626 /K 1350 636 0 R null 637 0 R null 638 0 R 639 0 R null 640 0 R null 641 0 R >> << /P 6586 0 R /Pg 22 0 R /Pg 25 0 R /Pg 20 0 R 2022-05-24T03:04:44-06:00 367 0 obj endobj /S /P << /Lang (EN-US) 3714 0 obj << /S /P /S /Artifact /K 75 /Lang (EN-US) /Creator (Acrobat PDFMaker 22 for Word) /Lang (EN-US) 2058 0 obj 1200 0 obj >> /S /P << endobj /Pg 25 0 R /K 1226 /K 963 /K 1161 /P 6493 0 R 3609 0 obj /Resources 4383 0 R /S /P /K 1328 endobj /S /P endobj /K 1193 /S /P /S /P /K 1011 /S /P endobj /K 1487 /K 1240 /S /P 543 0 obj /Lang (EN-US) 3829 0 obj /S /P endobj /Lang (EN-US) /Pg 22 0 R /S /P endobj /Pg 22 0 R 1261 0 obj /Lang (EN-US) >> /Lang (EN-US) >> /K 1457 /S /P null 2758 0 R null 2759 0 R null null null 2760 0 R null null /S /P /K 256 >> /Pg 24 0 R /K 1106 /S /P /K 5 /P 4643 0 R /Lang (EN-US) /K 988 /P 5439 0 R endobj endobj <> /P 5260 0 R /K 743 endobj >> endobj 853 0 obj /S /P /S /P >> >> >> /Pg 23 0 R /Pg 18 0 R endobj /P 5080 0 R /S /P << >> <> 1657 0 obj /P 5186 0 R /Document#20Type (5) >> /P 4690 0 R /S /P >> >> /S /P endobj 2449 0 obj /K 279 endobj /StructParent 15 /S /Artifact /Lang (EN-US) << >> >> endobj << /Pg 22 0 R /P 4939 0 R /S /Link /S /P << /Pg 25 0 R /K 1169 138 0 obj /P 5410 0 R >> /S /P 647 0 obj /P 5464 0 R /Lang (EN-US) << /K 62 /K 10 33 0 obj /S /P << 2951 0 obj /S /Artifact endobj /S /P /Pg 23 0 R endobj endobj 1142 0 obj /P 5652 0 R >> /S /Artifact >> 813 0 obj /S /Artifact /K 97 /P 5052 0 R 3645 0 obj << /Pg 13 0 R /Pg 22 0 R >> endobj /Lang (EN-US) /Lang (EN-US) /Pg 15 0 R >> endobj endobj /S /Artifact /S /Artifact endobj /K 1489 /Pg 25 0 R null 1776 0 R null 1777 0 R null null null 1778 0 R null null << /Pg 18 0 R 1564 0 obj 55 0 obj /K 125 >> /S /Artifact << /S /P 1620 0 R null 1621 0 R null null null 1622 0 R null null null /P 6176 0 R << << /S /P >> /S /P /Pg 22 0 R /Pg 22 0 R << /Lang (EN-US) <> /P 5151 0 R <> endobj endobj /Pg 25 0 R /Pg 23 0 R 2400 0 obj << 4212 0 obj /K 971 << 2195 0 obj 2969 0 obj 1971 0 obj /Lang (EN-US) /Pg 23 0 R /A 6764 0 R /Pg 24 0 R endobj /Pg 24 0 R 274 0 obj endobj /S /Artifact /S /P /Pg 23 0 R null 579 0 R 580 0 R null null 581 0 R null 582 0 R 583 0 R null /Pg 25 0 R endobj 2265 0 obj 740 0 obj << /K 998 558 0 obj << endobj /S /Artifact /S /Artifact endobj /Pg 23 0 R /S /P /S /Artifact endobj endobj >> << << 1206 0 obj << /K 1470 << << /S /P /S /P >> /Pg 25 0 R /Pg 22 0 R Here's today's brief for our valued subscribers only. << >> /S /P endobj << endobj /P 5472 0 R /K 792 /S /P >> 3159 0 obj >> /K 848 /K 1450 endobj /T () /K 59 << /P 10 0 R /Lang (EN-US) sees both positives and negatives to banking constraints. /S /P << endobj /P 10 0 R /S /L /K 331 endobj << << /K 1409 /K 248 /Lang (EN-US) null 814 0 R null 815 0 R null 816 0 R null 817 0 R null 818 0 R Mr. Wolfe joined BlackRock through the acquisition of TCP. /Lang (EN-US) >> << endobj /Lang (EN-US) /S /Artifact >> /Pg 22 0 R /Pg 22 0 R /S /P /P 4639 0 R >> /K 1310 /Lang (EN-US) 2836 0 obj /S /Artifact /P 4921 0 R >> /K 1271 4250 0 obj /P 5069 0 R >> /S /P /Pg 15 0 R >> /S /P /S /Table /S /P /K 653 endobj << 3783 0 obj /Lang (EN-US) /P 4657 0 R /K 1145 <> endobj /Pg 23 0 R 1863 0 obj /S /Artifact endobj /S /Artifact /Pg 25 0 R /Pg 23 0 R /S /Artifact endobj /S /P << /S /P << /S /P /S /Artifact endobj endobj << null 2957 0 R null 2958 0 R 2959 0 R null 2960 0 R null 2961 0 R null >> endobj endobj /P 4635 0 R /K 628 << /Pg 24 0 R /Pg 24 0 R << /Pg 25 0 R /Lang (EN-US) /S /P << endobj >> << << /K 432 /Pg 23 0 R << << endobj /Lang (EN-US) /S /P /Pg 23 0 R 2870 0 obj /S /Artifact /P 5308 0 R /K 1164 /S /P << Why Private Credit? | Blackstone Private Credit Fund << /Pg 24 0 R 1900 0 obj >> /Pg 25 0 R /S /P /Pg 24 0 R /Pg 25 0 R endobj /S /Artifact 4057 0 obj endobj << /S /Artifact /S /Artifact /K 210 endobj /Lang (EN-US) 3682 0 R null 3683 0 R null 3684 0 R 3685 0 R null 3686 0 R null 3687 0 R /Lang (EN-US) /K 125 >> /Pg 25 0 R 1691 0 R null 1692 0 R null 1693 0 R null null null 1694 0 R null >> 4205 0 obj 4147 0 obj endobj >> << /K 1128 3017 0 R 3018 0 R 3019 0 R 3020 0 R 3021 0 R 3022 0 R 3023 0 R 3024 0 R 3025 0 R 3026 0 R 2972 0 obj /Pg 22 0 R /K 1239 /S /Artifact /P 4712 0 R /S /Table endobj /K 1469 null null 3870 0 R null null null 3871 0 R null 3872 0 R null /K 62 >> /S /Artifact /P 5541 0 R 3338 0 obj /S /P /Pg 25 0 R /K 1354 >> /Pg 25 0 R /P 10 0 R /P 5891 0 R << 904 0 obj endobj endobj 1709 0 obj /StructParents 6 /Lang (EN-US) /S /P /K 1507 /Tabs /S /P 6441 0 R << << /Pg 24 0 R /Lang (EN-US) endobj 2473 0 obj /S /P << >> << /Pg 22 0 R /K 819 << endobj /Pg 22 0 R /S /P << 19 0 obj endobj >> >> /K 206 /K 125 >> endobj 1276 0 obj 2413 0 R 2414 0 R 2415 0 R 2416 0 R 2417 0 R 2418 0 R 2419 0 R 2420 0 R 2421 0 R 2422 0 R /Pg 22 0 R /Lang (EN-US) /P 6097 0 R >> /K 1308 /S /P >> CCLFX: Cliffwater Corporate Lending Fund - MutualFunds.com /K 364 >> << << >> 2788 0 obj /K 395 endobj /S /Artifact >> /P 4796 0 R << /Lang (EN-US) /K 63 4108 0 obj 3980 0 obj endobj /K 1148 /S /P /Pg 24 0 R 3149 0 obj 4079 0 obj endobj /Pg 25 0 R endobj /Pg 18 0 R 3617 0 obj /K 1449 /S /P << null 1686 0 R null 1687 0 R null 1688 0 R 1689 0 R null 1690 0 R null /Lang (EN-US) /P 6227 0 R /K 176 /Pg 24 0 R /K 1490 /S /P /Pg 25 0 R /Pg 24 0 R 1665 0 obj /Pg 23 0 R /S /Artifact /Lang (EN-US) 2649 0 obj 4233 0 obj << endobj /Pg 23 0 R /Pg 25 0 R << >> 1641 0 obj 1169 0 obj << /K 1229 >> /Pg 22 0 R /S /Artifact /P 6267 0 R << /Pg 25 0 R /S /Artifact << /K 1427 /S /Artifact endobj /P 6555 0 R >> << 3474 0 R null 3475 0 R 3476 0 R null 3477 0 R null 3478 0 R null 3479 0 R /Pg 25 0 R /K 1222 /K [49 50 51 52 53] Home - Cliffwater LLC << 1948 0 R null 1949 0 R null 1950 0 R null null null 1951 0 R null /P 6598 0 R /Pg 14 0 R << 650 0 obj << << endobj endobj endobj >> /Pg 16 0 R << >> /K 1074 << /S /P << endobj /S /Artifact /S /Artifact /K 654 >> endobj << 2796 0 obj >> /S /Artifact << 4183 0 obj /K 1299 endobj 278 0 obj << /S /P << >> /K 911 >> /Lang (EN-US) /K 1073 /P 6662 0 R >> /Endnote /Note /Pg 17 0 R /K 1404 >> /Pg 22 0 R 2026 0 obj /Pg 24 0 R 1231 0 obj endobj 2021 0 obj 2231 0 obj endobj /Pg 25 0 R 1385 0 R 1386 0 R 1387 0 R 1388 0 R 1389 0 R 1390 0 R 1391 0 R 1392 0 R 1393 0 R 1394 0 R /Pg 23 0 R << 3049 0 obj << /K 1539 /S /P 2355 0 obj /Lang (EN-US) 3260 0 obj endobj /Pg 22 0 R << /K 82 /P 5853 0 R /S /P /Pg 25 0 R /K 318 /K 1221 4038 0 obj /K 102 >> /Lang (EN-US) /Pg 22 0 R /Pg 20 0 R /Pg 24 0 R >> 1221 0 obj /Lang (EN-US) /P 5983 0 R endobj null 3411 0 R null 3412 0 R null 3413 0 R null 3414 0 R 3415 0 R null /Lang (EN-US) << 4075 0 obj << << endobj /K 1546 endobj /Tabs /S endobj endobj /K 141 433 0 obj endobj /K 1394 endobj /Pg 23 0 R 2034 0 obj 1438 0 obj 2904 0 obj >> >> /S /Artifact /Pg 25 0 R << /S /P /P 5685 0 R /S /P endobj /K 1473 << >> 833 0 obj /K 435 >> << /S /P /K 975 3116 0 obj << >> endobj << endobj >> /S /Artifact << /Pg 24 0 R /Pg 24 0 R 1158 0 obj 2791 0 obj << /K 1252 711 0 obj 3463 0 obj << /Lang (EN-US) endobj /Pg 25 0 R /S /P /K 560 >> /P 5358 0 R 229 0 obj /S /Artifact 3927 0 R 3928 0 R 3929 0 R 3930 0 R 3931 0 R 3932 0 R 3933 0 R 3934 0 R 3935 0 R 3936 0 R /S /P /Pg 14 0 R /S /P endobj << >> << /S /P /Pg 24 0 R 152 0 obj >> endobj 2602 0 obj >> 1301 0 obj >> /Pg 22 0 R /Pg 22 0 R /K 1304 endobj /Pg 22 0 R /Pg 22 0 R /K 50 /K 45 << endobj 3679 0 obj /K 337 /Subtype /Link /Pg 16 0 R << 3006 0 obj /Lang (EN-US) 2618 0 obj <> 2427 0 obj /P 5717 0 R >> /S /P /S /Artifact /K 68 >> /Pg 25 0 R /S /Artifact 3860 0 obj /S /LBody /P 5287 0 R /S /P /Pg 23 0 R 1005 0 obj /K 1200 /P 5212 0 R /Pg 24 0 R /S /P >> /Pg 24 0 R Survey of Corporate Pension Disclosures for Fiscal Years Ending 2003 /P 5227 0 R /Pg 23 0 R /S /Artifact 528 0 obj /K 1296 >> /K 716 /S /Artifact /K 346 /Lang (EN-US) << /S /Artifact << << /S /P /K 1451 3539 0 obj /S /Artifact /S /P /S /P endobj << 555 0 obj /S /P The Cliffwater Direct Lending Index Our analysis relies heavily upon the Cliffwater Direct Lending Index, or CDLI, an asset-weighted index of over 6,000 direct loans totaling $87 billion in assets.1 The CDLI is a first-of-its-kind index used by well-known investment firms to help understand asset class /Lang (EN-US) 3182 0 obj /S /Artifact 1527 0 obj endobj 1711 0 obj >> /K 460 /Lang (EN-US) << /Pg 24 0 R << 80 0 obj /K 1225 /S /P /P 5903 0 R /S /Artifact << 2642 0 obj >> /K 1136 /Pg 23 0 R /Pg 23 0 R << 744 0 obj >> /K 10 endobj endobj /K 435 /P 10 0 R /Pg 24 0 R endobj /S /P endobj endobj << /Pg 25 0 R /P 6004 0 R >> 2987 0 obj /K 1107 endobj /S /Artifact 2244 0 obj /Pg 24 0 R /P 6148 0 R >> 4077 0 obj 188 0 obj endobj /Pg 25 0 R >> /S /Artifact /S /Artifact /Pg 25 0 R <> >> /K 1438 /Lang (EN-US) /Pg 22 0 R /K 890 /S /P /Lang (EN-US) >> >> >> /Pg 23 0 R /S /P << /S /P 1858 0 R null 1859 0 R null 1860 0 R null 1861 0 R 1862 0 R null 1863 0 R << endobj <> 3537 0 R null 3538 0 R null 3539 0 R null 3540 0 R null null null /Pg 25 0 R /Pg 21 0 R endobj >> /Pg 25 0 R 1969 0 obj 173 0 obj /Lang (EN-US) /K 58 >> /Lang (EN-US) /Lang (EN-US) 965 0 obj /P 4850 0 R /Pg 22 0 R /K 331 << >> 4249 0 obj /P 4633 0 R 3398 0 obj >> /S /P 2712 0 obj /Lang (EN-US) /Pg 25 0 R << << endobj /Pg 23 0 R >> /Pg 22 0 R /S /P endobj /S /Artifact /Pg 23 0 R 1300 0 obj /S /P /Pg 25 0 R /S /P endobj /K 1056 /Lang (EN-US) In its 2021 third quarter report, Cliffwater reported that since inception in September 2004, the Cliffwater Direct Lending Index (CDLI) had provided a net return (after realized and unrealized losses of 1.3%) of 9.5% per annum, 8.3 percentage points above the return on one-month Treasury bills - higher than the annualized equity premium has been over the long term and with far . endobj endobj /P 4431 0 R /Pg 18 0 R 1075 0 obj /K 1391 endobj /K 73 << /Type /Annot /K 1506 endobj endobj /Lang (EN-US) /Lang (EN-US) /Lang (EN-US) /P 5059 0 R endobj 3334 0 R 3335 0 R 3336 0 R 3337 0 R 3338 0 R 3339 0 R 3340 0 R 3341 0 R 3342 0 R 3343 0 R >> /S /P /Lang (EN-US) << /K 1514 2296 0 obj /K 767 >> /P 10 0 R /K 204 << /K 1255 /S /P /K 1405 << /Lang (EN-US) 2293 0 obj 826 0 obj /Pg 25 0 R /P 6412 0 R 423 0 obj /P 5946 0 R 969 0 obj << 270 0 obj /P 6536 0 R >> 349 0 obj /Lang (EN-US) << /Pg 24 0 R /Pg 25 0 R /K 1392 /K 86 /Pg 20 0 R PDF Investing in Private Market Alternatives endobj /Pg 19 0 R /Pg 25 0 R /Pg 13 0 R /K 45 /Pg 22 0 R /S /P << << /K 1330 873 0 obj /K 29 1415 0 obj endobj /Pg 24 0 R /Pg 25 0 R >> /K 898 endobj /Pg 22 0 R /P 10 0 R 1366 0 obj /K 1154 >> /S /P endobj /S /Artifact >> endobj /K 1452 endobj endobj >> /K 1451 /K 1430 /K 1057 >> /K 1094 endobj /K 1259 /S /P /Pg 25 0 R endobj >> 1339 0 obj /Pg 25 0 R << << /K 1069 3861 0 obj /K 949 /K 1211 /K 1291 << << /Pg 18 0 R /K 1133 /S /Artifact endobj >> /P 5617 0 R /S /P /S /P 455 0 obj /P 6415 0 R /Pg 19 0 R 3652 0 obj 353 0 obj /Lang (EN-US) 2324 0 obj endobj endobj /K 368 /Pg 25 0 R /Pg 18 0 R endobj endobj >> >> receive by clicking each checkbox Cliffwater Research Cliffwater Webcast Invitation Cliffwater Daily Capital Markets Cliffwater Daily BDC Analysis save preferences Indices You can't define an asset class or take it seriously without an index. >> /K 194 /Pg 16 0 R /S /Artifact 2512 0 obj << endobj 758 0 obj 3086 0 obj endobj null null null 2856 0 R null null null 2857 0 R null 2858 0 R << endobj /Pg 25 0 R null 3696 0 R 3697 0 R null 3698 0 R null 3699 0 R null 3700 0 R null >> endobj /P 4859 0 R 1530 0 obj 1180 0 obj << /P 5166 0 R /K 1145 /K 967 /P 5330 0 R
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