cliffwater direct lending index

/S /P >> << >> /Lang (EN-US) /K 1167 << /K 480 endobj << << /S /Artifact /Pg 22 0 R null null 2540 0 R null 2541 0 R null 2542 0 R null 2543 0 R null >> /S /P /K 1146 /S /Artifact endobj 87 0 R 88 0 R 89 0 R 90 0 R 91 0 R 92 0 R 93 0 R 94 0 R 95 0 R 96 0 R << /K 904 >> /Lang (EN-US) 2017 0 obj /S /Artifact << >> /S /P 3227 0 obj >> /S /Artifact /Pg 23 0 R 2888 0 obj << >> /P 4864 0 R >> 523 0 obj endobj << /Lang (EN-US) /Lang (EN-US) 652 0 obj /Pg 23 0 R /Lang (EN-US) endobj /Lang (EN-US) /Pg 23 0 R /K 78 /P 6365 0 R 2909 0 obj 3670 0 obj <> endobj /Pg 13 0 R /S /Artifact 2090 0 obj >> >> << 3870 0 obj endobj /Pg 24 0 R /P 6740 0 R /Pg 26 0 R /P 6593 0 R << /Pg 14 0 R /S /P /S /Artifact /K [39 4680 0 R] /Lang (EN-US) /P 33 0 R /S /P endobj /S /P /Lang (EN-US) <> << /K 1369 endobj /S /Sect /Pg 23 0 R endobj endobj << << /Pg 25 0 R /K 801 endobj /S /Artifact endobj 222 0 obj /K 1358 endobj endobj 772 0 obj /P 6188 0 R /S /Link << endobj << endobj << endobj 81 0 obj /K 1464 482 0 R null 483 0 R 484 0 R 485 0 R null 486 0 R null 487 0 R 488 0 R /K 1220 /S /Artifact /Lang (EN-US) /K 922 /Pg 22 0 R << >> endobj >> /S /P /K 610 /P 4964 0 R endobj << /K 1319 << 210 0 obj >> endobj 537 0 obj /Lang (EN-US) endobj /S /P endobj Loans are made or arranged pursuant to a California Financing Law license. /S /P endobj /S /P >> 2871 0 obj 2245 0 obj << << /Pg 23 0 R 1997 0 obj /K 81 << endobj /S /P 1382 0 obj /K 584 endobj /K 1305 /K 1100 endobj 3601 0 obj /Pg 13 0 R >> << /Pg 25 0 R /Pg 25 0 R /Lang (EN-US) >> >> /P 10 0 R << >> >> << /Pg 22 0 R /S /Artifact endobj /Pg 23 0 R /K 6 3772 0 R null 3773 0 R null null null 3774 0 R null null null /K 125 endobj >> >> endobj /K 337 << /Pg 23 0 R >> /P 5353 0 R << 1798 0 obj /P 6110 0 R >> endobj /S /P /Lang (EN-US) /S /Artifact >> /Pg 25 0 R >> /Pg 18 0 R << << /Lang (EN-US) /K 1265 /P 10 0 R <> /S /P /Pg 22 0 R >> 2399 0 obj /S /Artifact /K 1544 << /StructParents 2 /Lang (EN-US) endobj << null 3434 0 R null 3435 0 R null 3436 0 R null 3437 0 R null 3438 0 R /P 6484 0 R >> /S /Artifact /S /P << /K 1497 endobj /P 4812 0 R endobj << /Pg 22 0 R 4136 0 obj Cliffwater Funds: An authority on Private Debt CCLFX CELFX /Pg 23 0 R >> /Pg 15 0 R /Lang (EN-US) 261 0 R null null null 232 0 R 232 0 R 232 0 R 232 0 R 232 0 R 232 0 R 1575 0 obj /K 1542 /P 4866 0 R /K 68 /S /LBody /P 5403 0 R << endobj /K 462 /Pg 23 0 R 3867 0 obj /S /P >> /K 1419 /S /P >> << /K 1026 /K 720 /P 6205 0 R << << 4126 0 obj /Pg 24 0 R /P 5147 0 R Regime Change: The Role of Private Equity in the'Traditional' Portfolio /Pg 25 0 R >> /S /P <> /S /P endobj >> /S /P /Pg 24 0 R /S /P /S /P >> /Pg 25 0 R endobj /S /Artifact /S /P 576 0 obj /K 283 /S /Artifact /K 1327 >> /K 844 3021 0 obj /S /P 2405 0 obj /S /P /K 1293 << << endobj >> << /S /P << << /K 10 /Pg 18 0 R endobj << >> /Lang (EN-US) /K 60 1148 0 R 1149 0 R 1150 0 R 1151 0 R 1152 0 R 1153 0 R 1154 0 R 1155 0 R 1156 0 R 1157 0 R /Pg 25 0 R /K 1275 >> /Pg 24 0 R 1483 0 obj << /K 608 214 0 obj /P 6229 0 R 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/Artifact endobj /Pg 23 0 R 2916 0 obj endobj /Pg 25 0 R /K 177 >> endobj 1929 0 R null 1930 0 R null 1931 0 R null 1932 0 R null 1933 0 R 1934 0 R /Lang (EN-US) /Pg 15 0 R /Pg 24 0 R 286 0 obj << /K 1509 /S /Artifact /K 1494 22 3184 0 obj endobj /Pg 24 0 R /K 1532 >> /Pg 23 0 R << 2592 0 obj /Pg 25 0 R >> /S /Artifact /Lang (EN-US) /Pg 23 0 R /S /P << /A 4457 0 R endobj /K 1180 endobj 1305 0 obj endobj /P 4641 0 R /S /Artifact >> endobj /Lang (EN-US) /Pg 24 0 R >> 4274 0 obj 3415 0 obj /S /P >> >> << /Pg 23 0 R 1701 0 obj /P 5551 0 R >> /S /P >> << /K 98 /Pg 22 0 R /S /P /K 32 null null null 2599 0 R null null null 2600 0 R null 2601 0 R /K 1385 /T () /K 1334 /Pg 22 0 R /K 5 /K 635 4081 0 obj << /Lang (EN-US) 107 0 obj 1954 0 obj endobj /P 5047 0 R >> 33 /S /Artifact /P 5217 0 R 3920 0 obj >> >> /S /P /Pg 23 0 R /Pg 25 0 R /Lang (EN-US) endobj /Lang (EN-US) << 2369 0 obj /S /P /K 284 endobj /Pg 23 0 R /K 1479 endobj /K 688 /S /Artifact /S /P endobj /S /Artifact 1343 0 obj /S /P /Pg 24 0 R /S /Artifact 4289 0 obj /Lang (EN-US) << /Lang (EN-US) << /K 1075 /Pg 23 0 R /P 10 0 R /P 5357 0 R >> /P 4861 0 R /S /Artifact << /Type /Pages 4304 0 R 4305 0 R 4306 0 R 4307 0 R 4308 0 R 4309 0 R 4310 0 R 4311 0 R 4312 0 R 4313 0 R endobj /K 1008 >> /P 6467 0 R /S /P /Lang (EN-US) endobj /Pg 23 0 R 2015 0 obj /Lang (EN-US) /P 5770 0 R 466 0 obj endobj 2100 0 obj /Pg 25 0 R 3760 0 obj 458 0 obj /P 4764 0 R 2589 0 obj >> /Lang (EN-US) /Pg 23 0 R /Lang (EN-US) >> 2193 0 obj 118 0 obj << endobj << >> /K 566 908 0 obj /P 10 0 R /Pg 25 0 R endobj /K 503 endobj >> << endobj /Pg 23 0 R 1337 0 obj /K 17 << /Pg 22 0 R >> 2138 0 obj >> << 3060 0 obj null null 1058 0 R null 1059 0 R null 1060 0 R null 1061 0 R null /K 26 /S /Artifact << << 629 0 obj endobj 1775 0 obj /K 966 10 [null 305 0 R null 616 0 R null null 617 0 R null null 618 0 R endobj /K 689 << /Pg 24 0 R 4328 0 obj /K 140 /S /Artifact 753 0 obj /K 1186 << 74 0 obj << /Pg 22 0 R /P 5765 0 R /S /Artifact /K 651 /P 6627 0 R >> 915 0 R null 916 0 R null 917 0 R null 918 0 R null 919 0 R 920 0 R /Pg 25 0 R << >> /Pg 25 0 R >> Opportunities in Corporate Direct Lending", 2019. << << 205 0 R 206 0 R 208 0 R 209 0 R 210 0 R null null 564 0 R null null 3134 0 obj >> endobj /Pg 23 0 R /Pg 22 0 R /P 5085 0 R endobj >> endobj >> /K 1087 endobj /Rotate 0 >> /K 135 2968 0 obj /P 6098 0 R endobj >> << >> /Pg 23 0 R /P 5809 0 R endobj `-F%HrI, Survey of Corporate Pension Disclosures for Fiscal Years Ending 2003. endobj endobj >> 777 0 obj /S /Artifact 1572 0 obj /P 5529 0 R >> /Lang (EN-US) << <> /Pg 22 0 R endobj /Pg 15 0 R << << /K 1259 /Lang (EN-US) /S /P /StructParents 3 1509 0 obj /Pg 22 0 R endobj >> 3892 0 R null 3893 0 R null 3894 0 R 326 0 R 3895 0 R 3896 0 R 3897 0 R 3898 0 R null 1943 0 R null 1944 0 R null 1945 0 R 1946 0 R null 1947 0 R null >> /S /P /Pg 25 0 R /K 1346 /S /Artifact /K 857 /K 1212 /Pg 15 0 R 2618 0 obj /K 64 2466 0 obj /K 6 /P 6016 0 R 3488 0 R null 3489 0 R null 3490 0 R null 3491 0 R null 3492 0 R null 3817 0 obj << endobj >> << << endobj /P 6585 0 R 3066 0 obj /P 5837 0 R /K 365 << /Pg 24 0 R endobj /P 6571 0 R endobj /S /Artifact /CropBox [0 0 612 792] /P 4844 0 R >> /K 914 endobj >> >> /K 606 /P 6263 0 R /P 10 0 R /P 6705 0 R /S /Artifact >> /P 6348 0 R 690 0 obj 619 0 obj << /S /Figure endobj /P 111 0 R /S /P /S /P >> << endobj /K 1251 endobj >> /Pg 22 0 R << << Direct Lending) endobj /S /Artifact /P 10 0 R << /S /Link 1031 0 obj << /K 1079 /S /P endobj 3984 0 obj /Lang (EN-US) << << /S /P /S /Artifact /K 1443 /K 1204 endobj FOR SALE! endobj endobj <> 1333 0 obj /K 1472 1218 0 obj /S /P << /K 1115 /Lang (EN-US) >> /Lang (EN-US) 1106 0 obj /P 5090 0 R /P 6398 0 R << /P 5365 0 R /P 5231 0 R /Pg 24 0 R /Pg 25 0 R /S /Artifact /S /P << /K 1477 <> /Lang (EN-US) 1539 0 obj /Lang (EN-US) /Pg 24 0 R /Pg 25 0 R /P 4926 0 R endobj <> /K 1295 >> endobj /Pg 25 0 R 260 0 obj /Pg 24 0 R << /K 1414 endobj << /Pg 24 0 R 1469 0 obj /S /Artifact /Lang (EN-US) >> 2997 0 obj /S /P >> << endobj /S /P /S /Artifact /S /P /S /Artifact /K 355 /S /Artifact 4285 0 obj /P 6165 0 R /K 1453 /S /P /S /P >> /K 1230 << /S /P /S /Artifact endobj /S /P 77 0 R 79 0 R 80 0 R null null null null 419 0 R 73 0 R 51 0 R /S /P endobj /K 740 /Lang (EN-US) endobj /Lang (EN-US) /Lang (EN-US) >> /P 5705 0 R << /S /Artifact 110 0 obj /Pg 22 0 R /K 1510 /K 978 /S /Artifact 226 0 obj 844 0 obj /K 482 1640 0 obj /K 977 /Lang (EN-US) << endobj /K 1217 /K 244 2108 0 obj /K 111 << endobj endobj /S /Artifact >> >> /P 5870 0 R 965 0 obj endobj <> /S /P endobj /K 239 3464 0 obj /K [441 0 R 442 0 R] /S /P /Lang (EN-US) 45 0 obj 1757 0 obj /P 6377 0 R /P 5597 0 R /P 6012 0 R /Pg 23 0 R /Lang (EN-US) >> << >> >> /Lang (EN-US) /Pg 22 0 R /K 23 /S /P <> endobj /P 33 0 R /P 5418 0 R In high inflation periods, for example, PE has generated returns in excess of about 6% above public stocks. /Pg 23 0 R << null null null 2953 0 R null 2954 0 R null 2955 0 R null 2956 0 R << >> 3205 0 obj /Lang (EN-US) >> /K 1523 /Lang (EN-US) endobj endobj /K 81 3424 0 obj /S /Artifact >> 1140 0 obj 1819 0 obj /Pg 22 0 R /Lang (EN-US) >> /K 10 endobj /Lang (EN-US) /S /Artifact 453 0 obj <> << endobj /Lang (EN-US) /K 1063 << >> 413 0 obj >> /K 1537 << endobj >> /K 1400 >> endobj >> null 569 0 R null 570 0 R 571 0 R null null 572 0 R null 573 0 R /P 6141 0 R 3987 0 obj 1233 0 obj endobj /S /P >> 2861 0 obj /S /P /Kids [13 0 R 14 0 R 15 0 R 16 0 R 17 0 R] /Pg 25 0 R endobj >> /P 4954 0 R /K 1402 /Pg 22 0 R /S /LBody /Contents 4376 0 R endobj /S /Artifact /Lang (EN-US) /S /Artifact >> /P 10 0 R /Pg 24 0 R << /S /P /K 1379 << /Pg 19 0 R >> /P 6402 0 R /K 1273 endobj /S /Artifact 2023 0 obj /S /P /Pg 23 0 R null 672 0 R null 673 0 R null 674 0 R 675 0 R null 676 0 R null << << /K 1406 >> endobj /Lang (EN-US) << >> /K 597 /S /Artifact /S /Artifact >> /K 1156 /K 11 /Pg 23 0 R /K 63 /K 431 /K 670 /S /P /Pg 22 0 R << 3353 0 obj 1601 0 obj /P 5426 0 R /S /P /InlineShape /Figure /Pg 23 0 R /Pg 25 0 R 85 0 obj /Pg 23 0 R 3361 0 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/Artifact endobj 2425 0 obj null 1842 0 R null null null 1843 0 R null null null 1844 0 R >> endobj >> << >> 2666 0 obj >> >> >> >> /Pg 25 0 R /Pg 22 0 R >> /P 6414 0 R /S /P 1682 0 obj endobj 3483 0 obj /S /Artifact /K 104 << << /Lang (EN-US) >> /Lang (EN-US) >> 3044 0 obj /Lang (EN-US) >> >> 1054 0 obj 2868 0 obj 1267 0 obj /Pg 23 0 R /Lang (EN-US) 1345 0 obj >> << << endobj >> /P 5381 0 R /S /Artifact /S /Artifact 2 Demand for capital from >> /P 4865 0 R 3518 0 R null 3519 0 R null 3520 0 R null 3521 0 R null 3522 0 R null /S /Artifact /K 113 3004 0 obj /S /Artifact <> /Lang (EN-US) /K 56 /S /P >> /P 5254 0 R /Pg 25 0 R null null null null null null null null null null >> /Pg 17 0 R /Pg 22 0 R << /S /Artifact endobj endobj 4545 0 R] 741 0 obj /Pg 23 0 R /S /P /Pg 22 0 R /Lang (EN-US) 1762 0 obj << 266 0 obj >> >> 3413 0 obj >> /S /P /Parent 8 0 R /Pg 22 0 R endobj 2256 0 obj << << >> 4180 0 obj /K 511 1721 0 R null 1722 0 R null 1723 0 R null 1724 0 R 1725 0 R null 1726 0 R /Lang 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0 R << /K 376 /P 10 0 R /Pg 24 0 R endobj << >> endobj endobj << << endobj /K 1017 /Pg 22 0 R endobj /S /P Index data stretches back to September of 2004. /Pg 23 0 R /Pg 23 0 R /Pg 22 0 R /Pg 23 0 R endobj >> >> 3681 0 obj /K 56 << V4$)Nj2#(Q)b{+M~j$SB?B4dfnX. endobj 4037 0 obj >> /S /P >> >> /K 1509 endobj 2829 0 obj /K 167 << >> endobj 1290 0 obj << /Pg 24 0 R endobj 3847 0 obj << /S /Artifact /Pg 24 0 R /K 1301 1498 0 obj /S /P endobj /A 6764 0 R /K 1311 << << /Pg 17 0 R /S /P /P 5306 0 R >> 2224 0 obj /Pg 24 0 R 2611 0 R null null null 2612 0 R null 2613 0 R null 2614 0 R null << 1296 0 obj >> /Lang (EN-US) /S /P endobj /Pg 22 0 R << /K 445 /K 1499 << << /Pg 21 0 R /S /Artifact endobj 1669 0 obj /S /P 1117 0 obj 2272 0 obj /P 5414 0 R /Pg 23 0 R /K 169 << << /Lang (EN-US) null 1984 0 R null 1985 0 R null 1986 0 R null null null 1987 0 R /S /P /K 1 /Pg 25 0 R endobj endobj /Pg 22 0 R /Lang (EN-US) /S /P /K 16 /Lang (EN-US) /K 1365 /K 979 >> /S /Artifact /Pg 24 0 R >> << endobj >> 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null 4056 0 obj >> 225 0 obj endobj /P 6081 0 R /S /P Why Private Credit? - Stellus Capital Management, LLC endobj << /Lang (EN-US) /K 18 endobj The Private Credit Opportunity Part 1 | Canterbury Consulting 4238 0 obj /Lang (EN-US) /K 140 1562 0 obj endobj /Pg 23 0 R endobj /K 1237 Not surprisingly, some managers have produced better outcomes than others, and by wide margins. /S /Artifact << /S /P >> /Pg 23 0 R /Lang (EN-US) endobj << /K 131 /K 956 /K 1406 endobj <> << 3543 0 obj /S /P 3648 0 obj /S /Artifact /S /P << /Pg 23 0 R endobj 4236 0 obj endobj /Pg 22 0 R 972 0 obj /Lang (EN-US) /P 6463 0 R /S /Artifact endobj /K 1528 1750 0 obj /Pg 22 0 R /Pg 22 0 R /S /P 2208 0 obj << >> << endobj /K 126 1877 0 obj 2301 0 obj 1941 0 obj << /Pg 19 0 R /Lang (EN-US) << >> endobj /Pg 18 0 R << << << <> endobj << >> endobj /Lang (EN-US) 2340 0 obj /K 510 /P 4714 0 R >> /P 5277 0 R >> /K 1154 /K 1441 /S /P endobj << >> /Lang (EN-US) /K 15 /S /P /S /Figure 1938 0 obj >> 238 0 obj endobj /P 6126 0 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"Direct Lending" is proxied by the Cliffwater Direct Lending Index - Senior (CDLI-S) which uses Current Yield as of June 30, 2021 in place of Yield to Worst. /K 1360 endobj >> >> 3495 0 obj null 3857 0 R null null null 3858 0 R null null null 3859 0 R 3336 0 obj endobj /Lang (EN-US) /P 10 0 R endobj 674 0 obj /Lang (EN-US) /K 1261 /Lang (EN-US) /Lang (EN-US) 1055 0 obj /Pg 25 0 R >> /Rotate 0 /S /P /Pg 22 0 R /P 6704 0 R endobj The Cliffwater Direct Lending Index, or CDLI, is an asset-weighted index of 11,884 directly originated middle market loans totaling $264 billion as of September 30, 2022. << CLIFFWATER DIRECT LENDING INDEX (CDLI) CLIFFWATER BDC INDEX (CWBDC) Stay in the know. /K 50 >> /S /P /Pg 22 0 R /K 442 >> << /Pg 22 0 R endobj /S /P /Pg 24 0 R /Pg 23 0 R /P 4934 0 R << endobj 3324 0 obj >> /K 1339 2781 0 obj endobj /Lang (EN-US) 2879 0 obj /S /Artifact /S /Artifact D:20220524090108 /Lang (EN-US) 2326 0 obj << /K 968 /S /Artifact << >> /Lang (EN-US) /P 4834 0 R 2635 0 obj /Lang (EN-US) endobj 1026 0 obj /Pg 22 0 R /K 38 525 0 obj 1350 0 obj /S /Artifact << >> /Pg 25 0 R /P 4901 0 R /Pg 23 0 R /P 10 0 R /Pg 23 0 R null null null 422 0 R null null null 423 0 R null null /Lang (EN-US) 4248 0 obj 1477 0 obj /K 1141 /P 6356 0 R /P 5625 0 R /S /Artifact /P 6716 0 R >> /S /P /Pg 24 0 R /K 911 /Pg 22 0 R >> /P 6076 0 R >> << /Pg 24 0 R /P 6214 0 R << << /Lang (EN-US) /Pg 22 0 R /Pg 24 0 R /Lang (EN-US) /Lang (EN-US) << /Pg 22 0 R /Lang (EN-US) /K 331 /P 5106 0 R /P 4997 0 R >> /S /P >> 874 0 obj endobj /Pg 24 0 R /S /P /Pg 24 0 R 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 endobj >> >> null 2930 0 R null 2931 0 R null 2932 0 R null 2933 0 R null 2934 0 R >> << /K 139 >> /K 929 /P 5739 0 R /K 549 3539 0 obj 3498 0 obj endobj 4296 0 obj /S /P /S /P /S /P /S /P /K 826 1899 0 obj /Pg 22 0 R << /S /P >> << /K 1276 /S /Artifact /S /P endobj /Pg 23 0 R /Pg 22 0 R >> /Pg 23 0 R << /K 764 /Pg 24 0 R /Pg 22 0 R /S /P 1332 0 obj CHAPTER 13 Selecting Direct Lending Managers - O'Reilly Online Learning /S /Artifact /P 5275 0 R /S /P /P 4403 0 R 3750 0 obj endobj /S /P >> << >> /Lang (EN-US) << /K 1193 /K 766 endobj /Lang (EN-US) >> /P 5580 0 R endobj << /K 719 >> >> /S /Artifact endobj /Pg 24 0 R /K 1325 >> 3457 0 obj /P 6312 0 R /K 310 >> /Lang (EN-US) /K 1216 /Pg 23 0 R 3639 0 obj << endobj /Pg 24 0 R /K 1113 endobj << << /S /P endobj >> /Pg 24 0 R /S /P >> 2117 0 obj << 3145 0 obj /Pg 23 0 R >> /S /Artifact << /S /Artifact << /Pg 23 0 R /S /P /K 867 /Lang (EN-US) Middle-market direct lending has evolved over the last 20 years, and many institutional investors increasingly view it as a strategic portfolio allocation. /Pg 25 0 R /Pg 25 0 R /P 5664 0 R /S /P >> >> /Lang (EN-US) << /Lang (EN-US) /Pg 22 0 R /Pg 16 0 R /S /Artifact << >> /Pg 23 0 R /K 1548 3668 0 obj 1353 0 obj >> 1345 0 R 1346 0 R 1347 0 R 1348 0 R 1349 0 R 1350 0 R 1351 0 R 1352 0 R 1353 0 R 1354 0 R /P 5238 0 R >> endobj /Pg 23 0 R /P 4886 0 R /Pg 24 0 R /Pg 23 0 R /Pg 23 0 R /K 1461 /S /P /K 1279 endobj endobj endobj endobj /Pg 23 0 R