cliffwater direct lending index

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>> endobj 1252 0 obj endobj 371 0 obj /Pg 13 0 R endobj endobj >> 386 0 obj /K 104 /K 1125 /Lang (EN-US) << 532 0 R null 533 0 R 534 0 R 535 0 R 180 0 R 181 0 R 182 0 R 183 0 R 184 0 R /K 1447 /Pg 23 0 R /Pg 24 0 R << <> endobj >> 884 0 obj 2784 0 obj /K 657 /Lang (EN-US) << /S /Artifact /Lang (EN-US) >> >> 2800 0 obj /Pg 24 0 R /K 1518 /Pg 22 0 R /K 1470 endobj /P 5677 0 R /Pg 25 0 R /S /P /S /Artifact 602 0 obj 3284 0 R 3285 0 R 3286 0 R 3287 0 R 3288 0 R 3289 0 R 3290 0 R 3291 0 R 3292 0 R 3293 0 R >> endobj /S /P 1901 0 obj << /S /Artifact /Pg 23 0 R << 2346 0 obj << /K 206 3124 0 obj 4275 0 obj endobj /K 1153 << >> /Pg 25 0 R /K 1170 /S /P >> << 1715 0 obj << endobj >> endobj /K 1278 endobj /K 1237 << >> endobj /Pg 23 0 R /K 72 endobj endobj 1531 0 obj 1465 0 R 1466 0 R 1467 0 R 1468 0 R 1469 0 R 1470 0 R 1471 0 R 1472 0 R 1473 0 R 1474 0 R 1556 0 obj 1650 0 obj endobj 2091 0 obj /Lang (EN-US) /P 5872 0 R endobj /Pg 23 0 R 2474 0 obj 396 0 obj endobj /Pg 24 0 R /S /Artifact /S /P >> /Pg 17 0 R endobj /Pg 22 0 R >> endobj /S /Artifact /Pg 25 0 R /S /Artifact 2067 0 obj /S /P endobj << endobj <> 4201 0 obj /Pg 25 0 R << 3501 0 obj /S /Artifact 3288 0 obj 2260 0 obj /Pg 13 0 R /P 4770 0 R /Lang (EN-US) /P 5406 0 R << >> 2036 0 obj << /S /P /Lang (EN-US) /S /P /K 1482 /Lang (EN-US) >> endobj 1563 0 obj >> endobj endobj /Lang (EN-US) /K 532 4058 0 obj 413 0 obj /K 466 /Pg 25 0 R /S /Artifact 3419 0 obj >> endobj >> /Lang (EN-US) /Annots [4335 0 R 4336 0 R 4337 0 R 4338 0 R] Private Debt - Cliffwater Direct Lending Index, 3rd Quarter 2022 Download Access Webcasts Latest Asset Allocation Report Jan 16, 2023 2023 Asset Allocation Report Download View Asset Allocation Research Latest CDLI Index Report Dec 06, 2022 Q3 Report on U.S. << >> /S /Artifact endobj /Lang (EN-US) << /P 5801 0 R /S /P /Pg 23 0 R /Pg 21 0 R endobj 67 0 R 68 0 R 69 0 R 70 0 R 71 0 R 72 0 R 73 0 R 74 0 R 75 0 R 76 0 R /P 5980 0 R /Pg 18 0 R << /S /P /P 10 0 R /K 1173 /S /P /S /P /Lang (EN-US) 1770 0 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R null 858 0 R null 859 0 R << endobj /Pg 25 0 R >> >> 195 0 obj /S /Artifact << /Pg 18 0 R /K 636 /S /P >> endobj Cliffwater produces in-depth research on the BDC space and found that, in calendar-year 2022, BDCs were down 8.6 percent, while the aggregate bond index was down 13.4 percent and stocks were down 18.0 percent. /Lang (EN-US) endobj endobj << 2 Annualized volatility and return based on the period between 2005 and 2022. /Pg 25 0 R /Pg 25 0 R << /S /Artifact >> /S /Artifact 3468 0 obj << >> /P 5573 0 R /S /Artifact /Pg 25 0 R 2600 0 obj /Lang (EN-US) 541 0 obj << /K 1389 << /S /Table >> >> endobj /K 1106 >> 3755 0 obj << endobj 3133 0 obj /S /P <> 578 0 obj >> >> /P 5344 0 R endobj /Pg 24 0 R /P 5905 0 R 3824 0 obj endobj /Lang (EN-US) endobj /K 188 >> /K 278 << endobj /Tabs /S >> >> endobj >> /P 10 0 R << /S /Link << /K 1449 >> /Pg 23 0 R endobj >> 2023 0 obj /P 5791 0 R /Lang (EN-US) /S /P /Pg 16 0 R 1624 0 obj << /S /P /Pg 25 0 R << >> /S /Artifact 3063 0 obj /S /Artifact 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market share at the large end of the market; Cliffwater issues its latest return forecasts; and caution surrounds real estate. /Pg 24 0 R >> /Pg 22 0 R >> >> endobj /K 782 null null 3750 0 R null null null 3751 0 R null 3752 0 R null /K 68 1959 0 obj << 897 0 obj >> /Pg 22 0 R >> >> endobj >> /Type /Annot >> /Pg 23 0 R 1858 0 obj 200 0 obj >> 3257 0 obj >> /S /P endobj /K 125 /Lang (EN-US) /Pg 22 0 R 3913 0 obj endobj /P 5795 0 R /Lang (EN-US) /Pg 24 0 R /Lang (EN-US) /Pg 14 0 R >> 3294 0 R 3295 0 R 3296 0 R 3297 0 R 3298 0 R 3299 0 R 3300 0 R 3301 0 R 3302 0 R 3303 0 R endobj >> endobj /Lang (EN-US) /K 1372 3174 0 obj /K 1352 /Lang (EN-US) /S /Artifact << << 1920 0 obj 752 0 R null null null 753 0 R null 754 0 R null 755 0 R null /Pg 22 0 R >> /K 642 /K 918 243 0 obj >> 4118 0 obj endobj /Pg 17 0 R >> 1211 0 obj /K 1361 /P 5894 0 R /P 6707 0 R endobj 2574 0 obj >> >> /S /P 1162 0 obj >> endobj /Pg 23 0 R /S /P << /K 68 2703 0 obj /P 5901 0 R >> endobj /K 794 1650 0 R null 1651 0 R 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4677 0 R endobj endobj /K 10 << 488 0 obj endobj endobj << /K 1378 /S /Artifact /S /P endobj /S /Artifact 1675 0 obj /Lang (EN-US) /Lang (EN-US) /S /P /S /P /Pg 23 0 R /K 283 /S /P 3416 0 obj 868 0 obj 673 0 obj /Pg 24 0 R >> /S /P endobj /S /P >> /Pg 24 0 R /P 5127 0 R << << >> /S /P endobj /K 5 << /S /P /S /P 1774 0 obj 4204 0 R 4205 0 R 4206 0 R 4207 0 R 4208 0 R 4209 0 R 4210 0 R 4211 0 R 4212 0 R 4213 0 R /S /Artifact /K 1547 /K 680 endobj /Lang (EN-US) /Pg 25 0 R /Pg 22 0 R /Lang (EN-US) 2979 0 obj << << 1877 0 R null 1878 0 R null null null 1879 0 R null null null /Pg 24 0 R /Lang (EN-US) /K 94 endobj /K 493 << /K 1172 endobj /S /P /K 1548 2661 0 obj /Lang (EN-US) >> /Pg 25 0 R /Pg 24 0 R >> /Pg 18 0 R endobj 2636 0 obj /Pg 13 0 R /P 5219 0 R endobj /S /P /P 4707 0 R /P 4636 0 R << /Pg 24 0 R /Lang (EN-US) /K 806 2246 0 obj >> /Pg 18 0 R << 2771 0 R null null null 2772 0 R null null null 2773 0 R null /Pg 25 0 R >> /Pg 22 0 R /S /P endobj /P 5802 0 R 2557 0 obj /Pg 24 0 R 3524 0 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4238 0 R 4239 0 R 4240 0 R 4241 0 R 4242 0 R 4243 0 R endobj << /S /P << /S /P >> /P 6748 0 R /K 612 /S /Artifact /S /P /S /P /S /Artifact >> /K 23 /P 4667 0 R 2293 0 R 2294 0 R 2295 0 R 2296 0 R 2297 0 R 2298 0 R 2299 0 R 2300 0 R 2301 0 R 2302 0 R 3534 0 obj /Pg 24 0 R << /Lang (EN-US) 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 /Pg 23 0 R endobj /K 33 1625 0 obj /Lang (EN-US) >> endobj 2996 0 obj /Lang (EN-US) << >> << /S /Artifact /Pg 25 0 R /S /Artifact <> << /Pg 23 0 R endobj >> /P 5085 0 R /P 6041 0 R << /S /P Recent Developments /K 457 /Lang (EN-US) /Pg 24 0 R /K 11 /P 6668 0 R null 2580 0 R null 2581 0 R 2582 0 R null 2583 0 R null 2584 0 R null >> /K 1165 << /K 1363 /Lang (EN-US) /Pg 24 0 R >> << 1239 0 obj << /Lang (EN-US) /Pg 19 0 R /Lang (EN-US) /K 750 /K 1357 endobj endobj << << >> /P 10 0 R /Pg 24 0 R endobj /Pg 25 0 R >> /S /P endobj 2357 0 obj /Lang (EN-US) endobj endobj endobj /Lang (EN-US) /Lang (EN-US) >> /Pg 16 0 R /K 47 /K 803 << 587 0 obj /Pg 22 0 R /S /P endobj /K 1188 << /Lang (EN-US) >> endobj 3969 0 obj <> /S /Artifact /K 907 endobj endobj endobj endobj /Pg 17 0 R >> /S /Artifact /Pg 25 0 R /S /P 3910 0 obj >> 1137 0 obj /Pg 24 0 R /Pg 25 0 R >> /Pg 18 0 R /Lang (EN-US) endobj endobj 2877 0 obj << /Lang (EN-US) /S /P /Lang (EN-US) 1596 0 obj << /S /Artifact 2378 0 obj >> /Pg 22 0 R endobj endobj endobj /S /Artifact /K 1410 <> 3926 0 obj endobj /Pg 25 0 R /Lang (EN-US) /P 4697 0 R >> /S /Artifact 2398 0 obj /S /Artifact 858 0 obj /K 1475 3961 0 obj /Pg 22 0 R /K 975 /P 10 0 R endobj /Lang (EN-US) endobj << /K 1459 /S /Artifact /Pg 23 0 R >> /K 1328 >> /Lang (EN-US) /K 1248 << >> /Lang (EN-US) << 4314 0 obj /Lang (EN-US) 1035 0 R null 1036 0 R null 1037 0 R null 1038 0 R null 1039 0 R 1040 0 R << endobj /P 4838 0 R /Lang (EN-US) endobj /K 387 endobj endobj endobj >> /P 4809 0 R >> endobj /Lang (EN-US) << << /S /P /Lang (EN-US) >> /K 1338 << /Lang (EN-US) << >> /Lang (EN-US) >> >> << >> /S /Artifact endobj /K 1313 << >> >> /S /Artifact >> 2554 0 obj /Pg 18 0 R <> /S /P 803 0 obj /Pg 24 0 R /K 1352 endobj /P 5379 0 R /P 5142 0 R /P 6513 0 R /Lang (EN-US) << << /S /Artifact Stephen L. Nesbitt, "Private Debt. endobj endobj /P 6307 0 R /K 1424 /Pg 22 0 R /Pg 24 0 R /Pg 22 0 R >> /S /P 4037 0 obj /Pg 24 0 R << /S /Artifact /Lang (EN-US) /K 190 >> >> 2077 0 obj << /S /Artifact /K 1065 /S /Artifact << << /S /Artifact /S /P <> /K 815 /Pg 23 0 R /S /P /S /P >> /K 707 /Pg 24 0 R >> 3165 0 obj /S /Artifact endobj Cliffwater Corporate Lending Fund CCLFX provides all investors access to a private debt portfolio with the attractive pricing and quality of institutional caliber in corporate lending. 4320 0 obj >> /K 206 /S /Artifact /S /P >> 196 0 obj /K 489 << endobj /K 674 /K 1417 /Lang (EN-US) >> << /Lang (EN-US) >> 620 0 obj 1 The Cliffwater Direct Lending Index (the "CDLI") seeks to measure the unlevered, gross of fees performance of U.S. middle mar ket corporate loans, as represented by the underlying assets of Business Development Companies ("BDCs"), including both exchange-traded and unlisted BDCs, subject to certain eligibility requirements. /Lang (EN-US) << /Lang (EN-US) 981 0 obj /Lang (EN-US) /P 4692 0 R >> 849 0 R null 850 0 R null 851 0 R null 852 0 R null 853 0 R null /K 109 endobj /P 5343 0 R 1324 0 obj << /Lang (EN-US) << /K 826 2997 0 R 2998 0 R 2999 0 R 3000 0 R 3001 0 R 3002 0 R 3003 0 R 3004 0 R 3005 0 R 3006 0 R << /K 1240 /Lang (EN-US) /P 6276 0 R << /S /P /K 1408 2481 0 obj /S /P endobj /T () /S /Artifact /K 1067 /Pg 16 0 R /K 29 /Pg 24 0 R /Pg 18 0 R /Lang (EN-US) /Pg 22 0 R /K 518 /Pg 18 0 R endobj endobj /Pg 23 0 R 16 0 obj 3793 0 obj 1654 0 obj endobj /Pg 23 0 R 3102 0 obj 1396 0 obj /Pg 24 0 R 846 0 obj 1623 0 obj /Pg 23 0 R 4011 0 obj << endobj /K 1219 /K 1225 /Lang (EN-US) /P 5572 0 R /Pg 24 0 R /S /P 2148 0 obj /P 6005 0 R /Pg 23 0 R endobj endobj << >> /Pg 20 0 R endobj /P 5410 0 R
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