2023-04-19

cliffwater direct lending index

/S /Artifact << endobj /Lang (EN-US) >> /S /P 4587 0 R] endobj /P 5170 0 R >> /S /P /Pg 13 0 R >> << /Lang (EN-US) endobj >> /Pg 15 0 R 2313 0 obj 1929 0 R null 1930 0 R null 1931 0 R null 1932 0 R null 1933 0 R 1934 0 R /P 4988 0 R /Lang (EN-US) >> /S /Artifact 3643 0 obj /Lang (EN-US) <> null null 2820 0 R null null null 2821 0 R null 2822 0 R null /S /P /Lang (EN-US) /Pg 22 0 R endobj /K 1240 >> /S /P /P 6645 0 R 2433 0 R 2434 0 R 2435 0 R 2436 0 R 2437 0 R 2438 0 R 2439 0 R 2440 0 R 2441 0 R 2442 0 R /Pg 17 0 R << << << endobj /P 6303 0 R /Pg 19 0 R endobj null null 3590 0 R null 3591 0 R null 3592 0 R null 3593 0 R null /CropBox [0 0 612 792] endobj << endobj /K 1377 2421 0 obj /P 6324 0 R /S /P 1550 0 obj 1487 0 obj /K 8 /K 1248 4234 0 obj >> /K 966 /Lang (EN-US) 2216 0 R 2217 0 R 2218 0 R 2219 0 R 2220 0 R 2221 0 R 2222 0 R 2223 0 R 2224 0 R 2225 0 R >> >> /S /P /K 1413 >> /S /P /K 13 /Lang (EN-US) /P 10 0 R 2489 0 obj /Lang (EN-US) /S /P /S /Artifact /P 5566 0 R /K 411 << endobj /K 1 >> {{featuredResearch.formattedEffectiveDate}}, {{featuredWebcasts.formattedEffectiveDate}}, {{latestAssetAllocation.formattedEffectiveDate}}. /S /P /Lang (EN-US) << /K 752 /Lang (EN-US) >> endobj << 2705 0 R null 2706 0 R null null null 2707 0 R null null null << << /S /Link null 2878 0 R null 2879 0 R null null null 2880 0 R null null /P 5420 0 R /K [41 42 43 44 45] /Pg 25 0 R 1771 0 obj 1632 0 obj /P 10 0 R << 3876 0 obj /S /P /Lang (EN-US) endobj /S /P >> endobj endobj /Pg 23 0 R /S /Artifact >> /Pg 23 0 R /S /P 429 0 R null 430 0 R null 431 0 R null 432 0 R 95 0 R 433 0 R 434 0 R /K 1347 /Pg 22 0 R /K 576 /K 1163 << /Pg 13 0 R >> << /Pg 24 0 R /Lang (EN-US) /Pg 22 0 R 4244 0 R 4245 0 R 4246 0 R 4247 0 R 4248 0 R 4249 0 R 4250 0 R 4251 0 R 4252 0 R 4253 0 R /S /Artifact >> << << 427 0 obj << >> /S /P /Pg 20 0 R /Lang (EN-US) /S /P /S /P 3744 0 obj endobj /K 125 /P 6292 0 R >> /P 5357 0 R /K 1309 /K 884 /Lang (EN-US) 1093 0 obj endobj 946 0 obj << <> /Lang (EN-US) /P 5812 0 R /Lang (EN-US) /K 1218 /S /P /Pg 24 0 R /K 507 /S /P /S /P << 351 0 obj /Pg 22 0 R << (2) Refinitiv LPC's 4Q22 Sponsored Middle Market Private Deals Analysis - January. /K 1291 << >> /Lang (EN-US) /Lang (EN-US) endobj /S /Artifact /K 468 /Pg 24 0 R 775 0 R null null null 776 0 R null null null 777 0 R null 1663 0 obj /P 6738 0 R endobj 3224 0 obj /K 22 60 0 obj 2896 0 obj 1999 0 obj /S /Artifact 2200 0 obj /Pg 18 0 R /S /Artifact /Lang (EN-US) >> /P 5998 0 R 3803 0 obj /S /P /Lang (EN-US) >> /Pg 25 0 R /P 10 0 R /S /P /K 23 <> endobj /P 4830 0 R /P 4907 0 R /K 1245 /Lang (EN-US) 2828 0 obj /S /P /P 6239 0 R /K 1459 endobj /MediaBox [0 0 612 792] /S /P /S /Artifact /S /Artifact /S /P /K 23 3907 0 R 3908 0 R 3909 0 R 3910 0 R 3911 0 R 3912 0 R 3913 0 R 3914 0 R 3915 0 R 3916 0 R /S /Artifact /P 4696 0 R /P 4883 0 R /S /P /K 1346 << endobj endobj null 1664 0 R 1665 0 R null 1666 0 R null 1667 0 R null 1668 0 R null /Pg 24 0 R >> /Lang (EN-US) /K 369 endobj /K 1256 << endobj Private Direct Lending Offers Attractive Yields - Articles - Advisor << In the U.S., direct lending assets under management jumped by over 800% in the decade following the GFC. /Pg 24 0 R 2056 0 obj /S /P >> >> /Lang (EN-US) 3498 0 obj /K 1147 << /Lang (EN-US) 417 0 obj /Lang (EN-US) /S /P /K 118 /S /P << << endobj /StructParents 6 >> >> 825 0 obj <> 3324 0 R 3325 0 R 3326 0 R 3327 0 R 3328 0 R 3329 0 R 3330 0 R 3331 0 R 3332 0 R 3333 0 R /Pg 13 0 R /S /P /Pg 25 0 R >> << >> endobj /Pg 18 0 R endobj 1687 0 obj /Lang (EN-US) << /Pg 24 0 R endobj /Lang (EN-US) /Lang (EN-US) 3786 0 obj /Lang (EN-US) /Lang (EN-US) /K 99 /Lang (EN-US) endobj /K [193 4750 0 R] 369 0 obj /K 1324 endobj endobj /K 587 /S /Artifact null 2807 0 R null null null 2808 0 R null null null 2809 0 R /S /Artifact 3117 0 R 3118 0 R 3119 0 R 3120 0 R 3121 0 R 3122 0 R 3123 0 R 3124 0 R 3125 0 R 3126 0 R << /K 1270 /S /P /P 5984 0 R 2320 0 obj null 1090 0 R null 1091 0 R null 1092 0 R null null null 1093 0 R endobj /S /P endobj /K 63 3982 0 obj << /K 828 /S /P /S /Artifact endobj /S /Artifact /K 235 << /K 1409 /K 651 /P 5626 0 R 4239 0 obj << <> << /S /P endobj 1637 0 obj /Pg 23 0 R /Lang (EN-US) /Lang (EN-US) /Lang (EN-US) 4173 0 obj << /K 879 endobj >> << /Lang (EN-US) /S /Artifact /P 6043 0 R /P 5405 0 R endobj /Lang (EN-US) /K 809 endobj 2833 0 obj 4088 0 obj We are not afraid to talk about it. /K 806 /Pg 13 0 R << 223 0 obj /K 1511 /P 6057 0 R /S /P /Pg 23 0 R /Pg 17 0 R 2057 0 obj /K 541 /K 1499 endobj /S /Artifact /Pg 19 0 R /Pg 22 0 R >> 3728 0 obj 2597 0 obj /S /P endobj >> /Lang (EN-US) /K 224 /P 5315 0 R 2513 0 obj /Pg 22 0 R null 876 0 R null 877 0 R null null null 878 0 R null 879 0 R >> /K 180 << /K 1520 << endobj null null null 1731 0 R null 1732 0 R null 1733 0 R null 1734 0 R /Pg 24 0 R /K 1283 >> endobj /K 428 >> /S /P /K 1409 endobj 3367 0 obj << endobj /Pg 24 0 R << 3314 0 R 3315 0 R 3316 0 R 3317 0 R 3318 0 R 3319 0 R 3320 0 R 3321 0 R 3322 0 R 3323 0 R endobj >> endobj << /Lang (EN-US) 4211 0 obj /K 11 /K 634 << /Pg 23 0 R >> /K 167 /S /P >> >> endobj >> /S /Artifact /Pg 24 0 R >> /Pg 24 0 R /K 1132 /K 56 /Lang (EN-US) /K 1436 /K 845 /P 10 0 R 606 0 obj /Pg 24 0 R /Pg 22 0 R >> << 3296 0 obj /K 1546 /Pg 22 0 R /K 556 136 0 obj /Pg 17 0 R /Lang (EN-US) endobj /S /P /S /P endobj /K 1255 endobj << endobj << >> /Lang (EN-US) /S /P 2895 0 obj >> /K 1363 >> /K 1512 /K 1539 endobj 4181 0 obj /S /Artifact /Pg 13 0 R /K 378 /K 221 /Pg 22 0 R /S /Artifact /Pg 22 0 R endobj 1234 0 obj >> 945 0 obj /P 10 0 R endobj /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] endobj << 2214 0 obj Opportunities in Corporate Direct Lending", 2019. << endobj 3025 0 obj /Lang (EN-US) /Pg 22 0 R endobj >> /P 4937 0 R >> 3681 0 obj /S /Artifact /K 1125 >> /Lang (EN-US) << >> /K 61 /S /P /Pg 19 0 R /K 1260 << /Pg 24 0 R >> << endobj /S /P /Pg 25 0 R >> << endobj << << 3910 0 obj /K 1292 /Pg 23 0 R /S /P /Lang (EN-US) 4279 0 obj /K 176 846 0 R null 847 0 R null null null 848 0 R null null null endobj >> /S /P endobj /P 37 0 R << /Pg 25 0 R << << << /K 1306 endobj endobj endobj /S /P /P 10 0 R 4139 0 obj /S /P /Pg 23 0 R >> << 2912 0 obj /K 1186 /Pg 17 0 R << >> >> /Pg 23 0 R 4205 0 obj /K 1491 /K 19 << endobj /Pg 22 0 R 873 0 obj endobj /Lang (EN-US) /S /P /Pg 23 0 R /Pg 22 0 R endobj /Lang (EN-US) << << >> /Lang (EN-US) << /S /Artifact endobj /S /P 2520 0 obj << /Pg 22 0 R /S /P /Lang (EN-US) /K 1521 /S /Artifact /S /Artifact /S /P << /S /P 3937 0 R 3938 0 R 3939 0 R 3940 0 R 3941 0 R 3942 0 R 3943 0 R 3944 0 R 3945 0 R 3946 0 R /S /P endobj endobj 1686 0 obj >> /Pg 24 0 R /S /P /S /P /Pg 18 0 R 2128 0 obj /S /P << >> /Lang (EN-US) << endobj >> >> endobj endobj >> << 2270 0 obj << /Pg 19 0 R endobj /K 661 3120 0 obj /P 6321 0 R /P 6348 0 R >> /P 5149 0 R << /K 873 904 0 obj endobj /Lang (EN-US) /Lang (EN-US) /S /Artifact << endobj /Lang (EN-US) /Lang (EN-US) >> /P 4922 0 R << /K 1217 endobj /Pg 23 0 R 3821 0 obj /Pg 20 0 R endobj endobj /Pg 24 0 R /S /Artifact /K 1378 /Pg 23 0 R endobj >> /Pg 25 0 R >> /K 51 << 710 0 obj 3649 0 obj << >> >> /K 624 endobj >> /Pg 22 0 R >> Alex Condrell, managing director at Cliffwater discusses the firm's direct lending index and corporate lending fund and how investments in middle-market corporate credit should stand up to the challenges of rising inflation and interest rates, providing something close to historic return levels of 9 percent for the asset class without . /K 715 endobj endobj endobj /Lang (EN-US) 630 0 obj /P 5234 0 R /Lang (EN-US) endobj /S /Artifact /Pg 23 0 R /K 751 /Pg 25 0 R /K [135 4664 0 R] >> << /Lang (EN-US) /P 10 0 R endobj endobj 4041 0 obj >> 4044 0 obj >> endobj endobj /K 678 /Pg 25 0 R /S /Artifact endobj << /K 1423 endobj /Pg 25 0 R >> >> /Pg 24 0 R endobj << /S /Artifact null 1935 0 R null 1936 0 R null 1937 0 R null 1938 0 R null null Distribution Yield presented is based on the fund-level composite of all the share classes. /K 537 >> endobj /S /P endobj 3128 0 obj /S /P /Pg 23 0 R /K 1273 1238 0 R 1239 0 R 1240 0 R 1241 0 R 1242 0 R 1243 0 R 1244 0 R 1245 0 R 1246 0 R 1247 0 R /Lang (EN-US) /P 5039 0 R /K 1069 /Pg 24 0 R /Pg 23 0 R << /S /P /Pg 23 0 R << >> << endobj /S /P <> /S /P /K 1433 endobj /K 246 >> /P 5277 0 R <> /Pg 25 0 R /K 1451 endobj /P 10 0 R 3718 0 obj /Lang (EN-US) /K 1487 /Pg 22 0 R /Lang (EN-US) /S /P /Pg 24 0 R /S /P /Lang (EN-US) >> >> /Pg 23 0 R /K 828 /K 1216 /P 4786 0 R 366 0 obj 918 0 obj /S /P /K 1157 /S /P /P 5818 0 R 2801 0 obj << 458 0 obj /Pg 25 0 R 3556 0 obj /Pg 24 0 R << /Lang (EN-US) << /S /P /P 4856 0 R endobj << << /Lang (EN-US) /P 10 0 R 964 0 R null 965 0 R null 966 0 R null 967 0 R 968 0 R null 969 0 R /Pg 18 0 R << >> /Pg 23 0 R 4019 0 obj << /Pg 22 0 R /Lang (EN-US) << /K 870 << 2821 0 obj 4025 0 obj >> /Pg 22 0 R /K 1410 1907 0 obj /K 1 endobj << endobj /Pg 24 0 R /Lang (EN-US) 292 0 obj /S /Artifact 564 0 obj << /Pg 24 0 R endobj /K 1408 /K 167 /P 6177 0 R /S /Artifact 1231 0 obj /P 5471 0 R endobj /P 5339 0 R >> /Pg 25 0 R >> 4059 0 obj /Pg 25 0 R << /K 6 2748 0 R null null null 2749 0 R null 2750 0 R null 2751 0 R null Lee Menifee previews what to expect during the market downturn and what the current environment means for investment >> /K 316 << >> /Lang (EN-US) /Lang (EN-US) /S /P >> /P 4759 0 R endobj endobj /P 5526 0 R 305 0 obj << /S /P <> /Artifact /P >> uuid:fee8dc33-4ed8-4d17-a5c9-595412806b87 /Pg 23 0 R << /S /Artifact << /K 250 /S /P 1402 0 obj endobj endobj >> >> << >> endobj << endobj 3694 0 obj /P 5025 0 R << >> >> /K 1198 endobj << endobj /S /Artifact /K 1286 <> >> >> /S /P /Lang (EN-US) << endobj /Pg 24 0 R << /Lang (EN-US) /S /P 319 0 obj 3141 0 obj /S /P /Pg 25 0 R /K 1487 /Pg 25 0 R >> /K 1378 /K 310 >> /S /P <> >> /S /Artifact endobj << /K 337 3954 0 obj /Pg 13 0 R null 1800 0 R 1801 0 R null 1802 0 R null 1803 0 R null 1804 0 R null /Parent 9 0 R /Pg 22 0 R endobj /S /Artifact << endobj 1694 0 obj 3284 0 obj /S /Artifact 2252 0 obj /S /Artifact /S /P /S /Artifact /K 1174 3338 0 obj /Pg 25 0 R /Lang (EN-US) endobj 826 0 obj >> /K 1394 /K 1359 3926 0 obj /Pg 24 0 R endobj 3181 0 obj /K 1549 << /K 1395 << >> 494 0 obj << >> /Pg 22 0 R /Pg 14 0 R /Lang (EN-US) /S /Artifact >> /Lang (EN-US) 3285 0 obj /Pg 24 0 R >> /Lang (EN-US) << 1653 0 obj /K 988 /K 233 /K 903 /S /P 3461 0 obj /Lang (EN-US) null 1656 0 R null 1657 0 R null null null 1658 0 R null null endobj /Lang (EN-US) 2633 0 obj /K 1160 /Lang (EN-US) 1722 0 obj endobj >> /S /P endobj >> endobj /Lang (EN-US) 3547 0 obj 1195 0 obj /K 402 /Lang (EN-US) /P 6665 0 R /S /Artifact endobj /P 5163 0 R /Pg 22 0 R << /Pg 23 0 R /Rotate 0 /S /Artifact /S /P >> << /Lang (EN-US) /S /P 1417 0 obj endobj /K 190 endobj >> 1896 0 obj /S /Artifact 3678 0 R null null null 3679 0 R null 3680 0 R null 3681 0 R null /Pg 22 0 R << >> /K 3 /Pg 22 0 R /Lang (EN-US) /Pg 22 0 R /Pg 23 0 R /S /P /S /P 2701 0 obj >> >> /S /P 1899 0 R null 1900 0 R null 1901 0 R null 1902 0 R null null null << 1724 0 obj /Pg 22 0 R /Lang (EN-US) /Lang (EN-US) << >> 451 0 obj >> >> 923 0 obj 3522 0 obj 3151 0 obj >> /K 1258 /P 4806 0 R /WS_TRACKING_ID (f325a0f1-a9d5-4034-846d-c1ef2129f6d0) endobj /K 50 >> endobj << endobj 2637 0 R null 2638 0 R null 2639 0 R null 2640 0 R null 2641 0 R 2642 0 R /S /P endobj 3777 0 obj /K 713 >> /K 1354 4254 0 obj /P 5445 0 R << /K 1259 /K 422 >> >> >> << 2743 0 obj endobj /K 1328 endobj /P 10 0 R /Pg 25 0 R << >> << 2357 0 obj /Pg 24 0 R /K 1096 endobj 2568 0 obj /Lang (EN-US) /S /Artifact /Lang (EN-US) /Lang (EN-US) 1052 0 obj /Pg 22 0 R /S /Artifact endobj /K 1189 << endobj /S /P 1316 0 obj << /Lang (EN-US) /K 1066 /Lang (EN-US) endobj 1040 0 obj 1490 0 obj /K 1137 /Pg 24 0 R /S /P /Pg 22 0 R /P 10 0 R 2480 0 obj >> /Lang (EN-US) 1132 0 obj /Pg 23 0 R /P 4979 0 R /Lang (EN-US) << /Pg 25 0 R << endobj /S /P endobj /P 6377 0 R 1756 0 obj endobj /S /Artifact >> 2260 0 obj /S /Artifact /A 4457 0 R /Pg 14 0 R /Lang (EN-US) 2576 0 obj /K 827 /Pg 22 0 R /Pg 24 0 R >> 277 0 R 278 0 R 279 0 R 280 0 R 281 0 R 282 0 R 283 0 R 284 0 R 285 0 R 286 0 R /K 826 >> >> /Pg 22 0 R 729 0 R null 730 0 R null 731 0 R null 732 0 R null 733 0 R null /P 4906 0 R >> /P 5823 0 R 217 0 obj endobj endobj /P 5636 0 R /S /P endobj >> /Pg 25 0 R << /Lang (EN-US) /K 79 /Pg 25 0 R << 2944 0 obj << /S /P Loan Note: Credit cycle takes a turn; ESG due diligence template nears 1009 0 R null null null 1010 0 R null 1011 0 R null 1012 0 R null endobj null 3811 0 R null 3812 0 R null 3813 0 R null 3814 0 R null 3815 0 R /P 6745 0 R endobj /K 647 << /K 103 3941 0 obj /K 271 /S /Artifact << /S /P << /Pg 23 0 R endobj /S /Link /S /P 1705 0 obj >> << /S /P /Pg 22 0 R << >> null 1708 0 R null 1709 0 R null 1710 0 R null 1711 0 R null 1712 0 R >> /Pg 22 0 R Private Equity generally outperforms Public Equities in almost all environments except the 'low inflation/low growth' regime. /K 1548 3477 0 obj /Pg 25 0 R /K 1422 /Lang (EN-US) << endobj 3198 0 obj /K 1139 /Lang (EN-US) /Pg 25 0 R /Pg 23 0 R /P 4741 0 R /P 10 0 R /Pg 23 0 R /K 1473 3888 0 obj /Pg 25 0 R << /S /P /K 133 /Pg 25 0 R endobj /Lang (EN-US) 263 0 obj << >> << /Lang (EN-US) >> /S /Artifact >> /Pg 22 0 R /K 1200 /S /Artifact /Pg 23 0 R /Lang (EN-US) /K 360 /K 597 /P 5047 0 R endobj /Pg 23 0 R /K 1242 /K 41 << /Lang (EN-US) <> /Lang (EN-US) 3215 0 obj endobj 2519 0 obj /K 1419 endobj /S /Artifact /S /P /P 5181 0 R 4 The way many of the style indices are constructed is to split the core index into two parts. /K 383 Source: Morningstar, Cliffwater Direct Lending Index, as of December 31, 2021. /S /Artifact 3363 0 obj /P 6415 0 R /Contents 4384 0 R >> >> /P 5414 0 R >> /Contents 4369 0 R << /Pg 25 0 R >> /S /Artifact /Lang (EN-US) << << /Lang (EN-US) /Pg 25 0 R endobj endobj endobj /K 680 endobj << /Tabs /S /P 4690 0 R /Pg 24 0 R 3847 0 obj << /Pg 24 0 R >> /Lang (EN-US) >> /K 1519 << /Pg 22 0 R Direct lending - Institutional | BlackRock >> endobj /Pg 22 0 R 1643 0 obj endobj 505 0 obj 2440 0 obj endobj << >> << >> endobj >> endobj /Lang (EN-US) endobj /Pg 24 0 R /Pg 22 0 R /P 5431 0 R /Type /Page >> /P 5641 0 R >> >> /S /Artifact << /S /Artifact << >> >> /Lang (EN-US) endobj 431 0 obj /S /Artifact /Lang (EN-US) /K 264 << /Pg 24 0 R /P 5560 0 R /Pg 25 0 R /Lang (EN-US) >> endobj >> /Pg 15 0 R /S /P 1092 0 obj 3752 0 obj /P 6475 0 R 3923 0 obj /P 10 0 R /K 337 /S /Artifact /K 1531 >> >> >> /Lang (EN-US) /K 1336 /S /P 2354 0 obj /Pg 23 0 R /S /P /S /Artifact /Lang (EN-US) 1221 0 obj << 942 0 obj endobj null 3453 0 R null 3454 0 R null 3455 0 R null 3456 0 R null null << endobj /Lang (EN-US) endobj /Pg 23 0 R endobj /K 1333 /K 875 /K 1291 /S /Figure /K 1524 /Pg 22 0 R /K 22 /Lang (EN-US) /K 1176 << /Pg 23 0 R /P 5463 0 R stream endobj endobj << endobj /K 1260 << /K 479 763 0 obj >> /K 732 /Lang (EN-US) endobj >> >> 2161 0 obj >> /P 6107 0 R /Pg 22 0 R endobj << /A 4661 0 R /Lang (EN-US) /K 1529 /Lang (EN-US) /Pg 24 0 R >> 480 0 obj << /S /P /Lang (EN-US) /Pg 18 0 R /S /P /S /Artifact endobj /P 4899 0 R /K 572 >> /K 28 <> /K 921 endobj /K 1483 509 0 obj /K 620 >> /P 6219 0 R 3106 0 obj /K 655 /Pg 24 0 R << << 3726 0 obj endobj /P 4785 0 R >> /Pg 23 0 R 1066 0 obj /P 6476 0 R /S /Artifact 3667 0 obj /K 32 >> >> << << First, the Cliffwater Direct Lending Index provides a benchmark for measuring risk, return, and manager performance in direct lending instruments. >> 4058 0 obj /S /Artifact /S /Artifact /K 717 /K 25 /Pg 25 0 R << endobj /K 22 2810 0 obj /Pg 14 0 R /Pg 22 0 R 2715 0 obj /K 169 /Lang (EN-US) /P 6700 0 R 3224 0 R 3225 0 R 3226 0 R 3227 0 R 3228 0 R 3229 0 R 3230 0 R 3231 0 R 3232 0 R 3233 0 R /Pg 25 0 R endobj /S /P 2170 0 obj 2943 0 R null 2944 0 R null 2945 0 R null 2946 0 R 2947 0 R null 2948 0 R /Lang (EN-US) >> endobj /K 1442 /S /Artifact endobj >> 2698 0 obj /Pg 23 0 R /S /P /Pg 21 0 R /S /Artifact endobj /K 1205 /Pg 18 0 R /Pg 24 0 R >> /K 964 << /Pg 22 0 R /P 6027 0 R /P 6443 0 R /P 5208 0 R >> /S /P << /Lang (EN-US) >> 4273 0 obj endobj /Pg 24 0 R /K 220 endobj endobj endobj /Pg 23 0 R /Lang (EN-US) /S /P >> /K 1432 >> >> /Pg 23 0 R << /Pg 25 0 R /Pg 23 0 R /Pg 22 0 R 467 0 obj /S /P << << /S /P /Lang (EN-US) /K 2 2819 0 obj endobj endobj 1644 0 obj 3415 0 obj /P 6469 0 R /K 1343 /K 518 3964 0 obj << << /K 408 << >> endobj >> /S /P /K 1108 /P 33 0 R endobj 1181 0 obj /P 6463 0 R /Pg 25 0 R >> >> << >> 532 0 obj /K 985 endobj >> /S /P /Pg 25 0 R 3799 0 obj /Pg 24 0 R /Pg 23 0 R endobj endobj /S /Artifact /Pg 24 0 R endobj >> Volatile public markets and interest rate increases could lead more investors to boost their exposure to private credit at a time when the same economic factors are threatening to slow transaction. /K 823 /S /Artifact 513 0 obj 3607 0 obj endobj >> /S /Artifact /K 137 /P 6445 0 R /Lang (EN-US) << null 1022 0 R null 1023 0 R null 1024 0 R null 1025 0 R null 1026 0 R 4073 0 obj endobj Loans are made or arranged pursuant to a California Financing Law license. /P 33 0 R >> 1574 0 obj /K 1308 /K 1250 /Lang (EN-US) endobj << /S /Artifact null 405 0 R null 406 0 R null 407 0 R null 408 0 R null 409 0 R /Pg 24 0 R null null 3652 0 R null null null 3653 0 R null null null 3662 0 obj << /Pg 24 0 R endobj endobj >> /Pg 24 0 R /Pg 22 0 R << /P 5957 0 R Cliffwater Direct Lending Index Performance Annual Total Returns Since Inception Annual Income Returns Since Inception As of 12/31/21. << /K 1473 /S /Artifact 3925 0 obj /S /Artifact /P 5023 0 R 3304 0 R 3305 0 R 3306 0 R 3307 0 R 3308 0 R 3309 0 R 3310 0 R 3311 0 R 3312 0 R 3313 0 R endobj endobj /Lang (EN-US) << /Pg 25 0 R << 4014 0 obj 1282 0 obj /S /Artifact /S /P endobj /K 1422 /P 4879 0 R 1277 0 obj << >> /Pg 24 0 R /K 1153 << /S /Artifact endobj /S /Artifact << >> /P 6155 0 R endobj /Pg 25 0 R /P 10 0 R null 664 0 R null 665 0 R null 666 0 R null 667 0 R null null /K 1133 /Lang (EN-US) /P 5952 0 R endobj 2468 0 obj /S /Artifact /Pg 24 0 R >> << /Lang (EN-US) /P 6347 0 R >> /K 103 /S /P /K 75 3095 0 obj /K [4567 0 R 4568 0 R 4569 0 R 4570 0 R 4571 0 R 4572 0 R 4573 0 R 4574 0 R 4575 0 R 4576 0 R /K 1079 /Pg 23 0 R 875 0 obj /Pg 24 0 R endobj << << << /S /Artifact << 1152 0 obj endobj endobj 1290 0 obj << /S /P /Lang (EN-US) 4003 0 obj /P 4737 0 R << >> /Lang (EN-US) >> /Pg 18 0 R /P 6544 0 R endobj /P 5611 0 R >> /Pg 25 0 R * "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. 3200 0 obj endobj /K 1456 /Pg 18 0 R /Pg 22 0 R /P 5571 0 R 4233 0 obj /Pg 20 0 R >> endobj << /Pg 25 0 R /Pg 17 0 R endobj /S /P >> 2278 0 obj /Pg 17 0 R << 1545 0 R] 4277 0 obj << /S /P << /Lang (EN-US) endobj endobj /K 1249 /S /P /S /Artifact /P 5714 0 R /S /P /Pg 24 0 R /S /P << /Lang (EN-US) /Lang (EN-US) /P 5650 0 R << 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 1394 0 obj endobj /S /P << null 1842 0 R null null null 1843 0 R null null null 1844 0 R 4020 0 obj /K 202 >> 1573 0 obj 3780 0 R 3781 0 R null 3782 0 R null 3783 0 R null 3784 0 R null 3785 0 R >> 3032 0 obj endobj /Lang (EN-US) 1391 0 obj /Lang (EN-US) 2897 0 obj 2579 0 obj 1671 0 obj /Pg 23 0 R /K 1142 endobj 157 0 R 158 0 R 159 0 R 160 0 R 161 0 R 162 0 R 163 0 R 164 0 R 165 0 R 166 0 R 3917 0 R 3918 0 R 3919 0 R 3920 0 R 3921 0 R 3922 0 R 3923 0 R 3924 0 R 3925 0 R 3926 0 R endobj << /K 123 << 4248 0 obj /Pg 24 0 R /K 154 endobj 47 0 obj 2616 0 obj /K 714 3873 0 R null 3874 0 R null 3875 0 R null 3876 0 R 3877 0 R null 3878 0 R endobj /P 4649 0 R >> endobj >> endobj /Pg 22 0 R >> 1160 0 obj /Pg 22 0 R << endobj /Pg 22 0 R /Pg 22 0 R /A 6760 0 R endobj 77 0 R 78 0 R 79 0 R 80 0 R 81 0 R 82 0 R 83 0 R 84 0 R 85 0 R 86 0 R << /Pg 23 0 R /S /P 2770 0 obj >> >> >> /S /Artifact << /K 603 500 0 obj 578 0 obj 368 0 obj /Pg 22 0 R endobj 3113 0 obj >> << << 4316 0 obj /S /P >> /Lang (EN-US) /Lang (EN-US) /Lang (EN-US) /Pg 22 0 R << /S /P >> /K 1517 703 0 obj /P 6741 0 R /P 6096 0 R 1021 0 obj >> >> endobj /S /Artifact 3690 0 obj /S /P << /K 27 /A 4749 0 R 3685 0 obj >> /Lang (EN-US) << /K 1242 >> /K 1327 endobj >> /Pg 24 0 R >> >> /Pg 23 0 R 1661 0 obj 985 0 obj endobj /K 1297 577 0 obj /K 323 /K 722 endobj << /Pg 25 0 R 4087 0 obj /Pg 22 0 R << endobj /Pg 23 0 R /S /P /Lang (EN-US) << >> /Lang (EN-US) 3543 0 obj >> 5 0 obj /S /P /S /P /Pg 13 0 R >> /K 1170 /Pg 25 0 R >> endobj 586 0 obj With this data, we can run a successive - more robust - analysis of the direct lending . /Pg 22 0 R endobj /S /P 1457 0 obj /S /Artifact >> /Lang (EN-US) /K 664 /S /P endobj /P 6676 0 R << /Lang (EN-US) /P 5131 0 R 4018 0 obj 2532 0 obj << << /Pg 24 0 R << 2526 0 obj null 2673 0 R null 2674 0 R null 2675 0 R null 2676 0 R null 2677 0 R /K 921 endobj endobj /Pg 23 0 R >> /Lang (EN-US) /K 1394 /K 1215 /Pg 23 0 R 4336 0 obj /S /Artifact /S /P /Pg 23 0 R >> >> 3381 0 obj /K 387 << << /S /Artifact >> endobj /Pg 22 0 R 363 0 obj >> /S /P /K 222 >> /P 10 0 R << /Lang (EN-US) /K 237 /Pg 18 0 R endobj << >> << /K 1100 /Pg 23 0 R /P 5788 0 R >> 4162 0 obj 3794 0 obj endobj /S /P /K 43 4165 0 obj 297 0 obj /K 1205 >> 1510 0 obj << null null 3493 0 R null null null 3494 0 R null 3495 0 R null /Lang (EN-US) 3960 0 obj << 2126 0 R 2127 0 R 2128 0 R 2129 0 R 2130 0 R 2131 0 R 2132 0 R 2133 0 R 2134 0 R 2135 0 R /Lang (EN-US) endobj /K 793 /Pg 24 0 R /Pg 23 0 R /P 5913 0 R endobj endobj /Pg 25 0 R /Pg 24 0 R /S /P 1749 0 obj << /K 1420 /P 6341 0 R 2405 0 obj /S /Artifact >> << /K 1144 >> /S /P /K 94 /Pg 24 0 R << /K 1255 891 0 obj /K 1181 /S /P /Lang (EN-US) endobj /S /Artifact /K 1234 Direct lending is characterized by flexible and creative financing solutions that are unique to each opportunity. /K 1471 >> << /K 1294 1512 0 obj /S /Figure 453 0 obj /K 1400 >> 1153 0 obj 2972 0 obj >> /K 555 << >> 3600 0 obj /S /P << /K 674 /K 248 /Parent 9 0 R /Lang (EN-US) /Pg 23 0 R /P 5838 0 R endobj /Pg 25 0 R >> 2307 0 obj /K 148 /Lang (EN-US) >> <> /K 1325 1240 0 obj 1938 0 obj /S /Artifact /P 6425 0 R 954 0 obj << 1513 0 obj 3706 0 obj /Pg 24 0 R /P 6097 0 R 1048 0 obj >> >> /Pg 21 0 R endobj /K 31 >> >> << /S /P >> >> 407 0 obj /P 6283 0 R /S /P 1413 0 obj >> /S /P endobj 1412 0 obj /S /P 1515 0 obj /P 10 0 R /S /P /K 842 >> << endobj /S /P 2661 0 obj /Lang (EN-US) /S /Artifact /S /Artifact >> >> /S /Artifact /Lang (EN-US) 1794 0 obj /Pg 25 0 R LS@.JU /P 45 0 R << << << 3004 0 obj <> /S /P << /K [49 50 51 52 53] endobj /K 1049 /S /P /P 6387 0 R << >> /Pg 23 0 R endobj /Pg 25 0 R >> /Lang (EN-US) << 1960 0 obj /P 5728 0 R /P 5421 0 R /Pg 23 0 R /S /P /Pg 25 0 R /K 1477 << >> 821 0 obj 3583 0 obj /Pg 25 0 R << << 4021 0 obj /Pg 25 0 R << /K 662 484 0 obj >> /Pg 22 0 R endobj >> << << >> 2074 0 obj /Lang (EN-US) /Pg 24 0 R endobj /P 4788 0 R 3089 0 obj /P 5805 0 R

Ford Max Recline Seats For Sale, Difference Between Ep2 And Epl 2 Grease, Delta Flight Crew Luggage, Chin In Spanish Colombia, St Peter's School Poughkeepsie, Articles C