null 1800 0 R 1801 0 R null 1802 0 R null 1803 0 R null 1804 0 R null endobj /Lang (EN-US) /P 5429 0 R /Lang (EN-US) endobj 4038 0 obj endobj /K 1226 >> /S /P 2686 0 obj 1460 0 obj << << /Pg 23 0 R << endobj >> << << >> /S /Artifact 3784 0 obj >> endobj /S /Artifact /K 1509 /Pg 23 0 R << >> /Pg 24 0 R /Pg 22 0 R 3742 0 obj << << /K 343 << endobj 1632 0 obj /S /Artifact << /P 6684 0 R << /K 881 >> >> /Pg 22 0 R /Lang (EN-US) 2941 0 obj endobj 2798 0 obj /Pg 22 0 R >> /Lang (EN-US) 840 0 obj /K 1042 4286 0 obj >> 207 0 R 207 0 R 207 0 R 207 0 R 207 0 R 590 0 R 591 0 R] endobj >> /S /Artifact /S /Artifact 4265 0 obj << << << << /Lang (EN-US) endobj /K 1213 endobj /Pg 23 0 R /Pg 25 0 R endobj /Pg 23 0 R /Lang (EN-US) /Pg 25 0 R null 876 0 R null 877 0 R null null null 878 0 R null 879 0 R << /Lang (EN-US) /K 5 /Pg 23 0 R endobj << endobj 2547 0 obj 4076 0 obj /Lang (EN-US) >> >> << /Pg 25 0 R /Pg 21 0 R << endobj /P 6583 0 R << /Lang (EN-US) << /Pg 23 0 R /Lang (EN-US) /P 5288 0 R /Pg 22 0 R /Pg 23 0 R /K 57 endobj 1006 0 obj << /P 5724 0 R /S /P /Pg 25 0 R << /Lang (EN-US) /Pg 24 0 R 1272 0 obj /Lang (EN-US) /Pg 22 0 R 26 0 obj 674 0 obj 1800 0 obj << /Pg 24 0 R /Pg 22 0 R /S /Artifact /K 581 3146 0 obj 1167 0 obj /S /P /S /P /K 571 endobj /P 5603 0 R endobj /S /P >> endobj /K 300 /K 280 /S /P >> << 3441 0 obj /Lang (EN-US) endobj /Pg 23 0 R endobj /P 143 0 R >> endobj endobj /P 5945 0 R /Pg 25 0 R << endobj endobj >> >> << >> endobj /P 5116 0 R 3 0 obj endobj /K 434 /S /Artifact /S /P 862 0 obj >> >> /Pg 24 0 R 1366 0 obj /Pg 22 0 R 2822 0 obj 2678 0 R null 2679 0 R null 2680 0 R null 2681 0 R null 2682 0 R null /S /Artifact endobj endobj /Pg 22 0 R /Pg 15 0 R >> /S /Figure /S /P /Pg 24 0 R /Pg 23 0 R /P 6247 0 R /K 171 /P 6251 0 R >> endobj /P 10 0 R /S /Artifact /K [1117 1118] << null null 1598 0 R null null null 1599 0 R null 1600 0 R null >> endobj /Lang (EN-US) >> /K 329 >> /K 1497 /S /Artifact << /Lang (EN-US) >> >> >> /K 1195 /Pg 23 0 R /Pg 24 0 R << /Pg 25 0 R endobj endobj endobj << << 1405 0 R 1406 0 R 1407 0 R 1408 0 R 1409 0 R 1410 0 R 1411 0 R 1412 0 R 1413 0 R 1414 0 R 1770 0 obj >> /K 1431 /K 1327 >> << /S /Artifact /K 1486 /Pg 23 0 R /P 4766 0 R 3824 0 obj /S /Artifact /S /P /Pg 23 0 R 1924 0 obj /Pg 23 0 R /S /Artifact << endobj /Pg 23 0 R 2422 0 obj /K 1283 Why Direct Lending? A Compelling History - ORCIC 3020 0 obj << /S /Artifact /Pg 24 0 R /P 5889 0 R /S /Artifact /P 6704 0 R >> endobj /K 331 4493 0 R 4494 0 R 4495 0 R 4496 0 R 4497 0 R 4498 0 R 4499 0 R 4500 0 R 4501 0 R 4502 0 R >> /S /P /Pg 23 0 R endobj /S /P /PageLayout /OneColumn /Lang (EN-US) /Pg 22 0 R /Pg 23 0 R 2593 0 R 2594 0 R null 2595 0 R null 2596 0 R null 2597 0 R null 2598 0 R 1641 0 obj endobj /Pg 22 0 R 3935 0 obj /P 6486 0 R /Lang (EN-US) /Lang (EN-US) /S /Artifact /K 927 << /S /Artifact /Pg 24 0 R >> >> 3725 0 obj 3049 0 obj /P 5816 0 R /S /P << /S /Artifact 845 0 obj endobj /Pg 24 0 R 2696 0 obj Cliffwater is an alternative investment adviser and fund manager. /K 93 /S /P >> << /P 5065 0 R /Pg 24 0 R /Pg 22 0 R >> << 3474 0 obj /K 809 /K 1169 1440 0 obj >> 10 [null 305 0 R null 616 0 R null null 617 0 R null null 618 0 R /K 1356 /Lang (EN-US) << /S /Artifact endobj endobj 4234 0 obj /Pg 23 0 R 2186 0 R 2187 0 R 2188 0 R 2189 0 R 2190 0 R 2191 0 R 2192 0 R 2193 0 R 2194 0 R 2195 0 R 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R << /Pg 23 0 R /S /P << /S /P 235 0 obj /Pg 22 0 R 489 0 obj >> >> /Lang (EN-US) << endobj << /K 1099 3226 0 obj /K 1140 /K 549 /S /P CCLFX Quote - Cliffwater Corporate Lending Fund - Bloomberg Markets << << /S /Artifact /K 1237 /P 5092 0 R endobj /P 4432 0 R /S /P /Pg 24 0 R /P 5018 0 R 2749 0 obj /S /Figure /P 6706 0 R /S /Artifact /Lang (EN-US) endobj /Pg 22 0 R /S /P /S /P >> << << >> /Pg 26 0 R /S /P /Pg 24 0 R /K 724 /Pg 23 0 R /S /Artifact >> >> /P 10 0 R /S /Artifact >> /Pg 24 0 R /P 6314 0 R /Pg 25 0 R /S /Artifact 3465 0 obj << /Lang (EN-US) /K 1386 2130 0 obj << /K 1175 /P 10 0 R endobj /Count 9 >> /K 1096 /Lang (EN-US) /Pg 25 0 R /S /P /S /Artifact /Pg 22 0 R /P 4702 0 R /K 1355 << /S /Artifact 1581 0 obj /Pg 24 0 R /S /Artifact << endobj 3136 0 obj >> /P 5129 0 R /Pg 25 0 R endobj /Pg 22 0 R /P 5044 0 R endobj /Lang (EN-US) >> << 3582 0 obj endobj >> 1642 0 obj endobj 1166 0 obj << << << /Lang (EN-US) endobj 546 0 obj /S /P 3057 0 R 3058 0 R 3059 0 R 3060 0 R 3061 0 R 3062 0 R 3063 0 R 3064 0 R 3065 0 R 3066 0 R /S /Artifact 3310 0 obj 1118 0 R 1119 0 R 1120 0 R 1121 0 R 1122 0 R 1123 0 R 1124 0 R 1125 0 R 1126 0 R 1127 0 R /Lang (EN-US) /S /P >> >> << << 392 0 obj /Pg 20 0 R /Lang (EN-US) >> >> "The positive effect is direct lending gains market share, which has . 2301 0 obj /P 6196 0 R /Lang (EN-US) /Pg 23 0 R /K 936 /Lang (EN-US) /Pg 25 0 R /K 583 /Lang (EN-US) 1549 0 obj /S /P /Pg 25 0 R 1059 0 obj >> >> endobj endobj << /K 187 >> /K 1344 /Pg 23 0 R /Pg 23 0 R << 36 0 obj /K 44 2460 0 obj /S /P /K 1015 /P 4658 0 R /Lang (EN-US) /K 1469 /Lang (EN-US) /Pg 25 0 R 1643 0 obj >> 2495 0 obj /S /P >> /Pg 22 0 R endobj << /Lang (EN-US) 130 0 obj << << /K 526 >> endobj /K 1370 /S /Artifact /Lang (EN-US) << /K 79 /Pg 25 0 R /S /Artifact /Lang (EN-US) << << >> << endobj /K 1422 >> Live from New York and Hong Kong,. /Pg 22 0 R /S /P << >> endobj 1154 0 obj >> << /K 148 << /K 728 3522 0 obj endobj /Pg 25 0 R endobj << /K 1397 /K 1331 >> /Lang (EN-US) /S /P 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871 /Pg 21 0 R /P 6226 0 R endobj << 1579 0 obj Cliffwater 2022 Study on Private Fund Fees & Expenses for Direct Lending /Pg 13 0 R /S /LBody /K 1382 /Lang (EN-US) /S /P /Pg 22 0 R /K 1494 /S /P /P 5687 0 R 2473 0 obj endobj >> /A 4609 0 R /S /P /K 1196 /Lang (EN-US) endobj endobj 1647 0 obj /Lang (EN-US) /S /Artifact << /Lang (EN-US) endobj /K 534 endobj << /S /P >> endobj 2319 0 obj /K 720 /S /P endobj endobj /K 1183 >> >> /K 1157 << endobj /S /P /K 580 << /S /P 2096 0 obj /S /P /S /Artifact endobj 2363 0 R 2364 0 R 2365 0 R 2366 0 R 2367 0 R 2368 0 R 2369 0 R 2370 0 R 2371 0 R 2372 0 R /K 1351 endobj /S /Artifact /Lang (EN-US) >> endobj 3339 0 obj >> /Rotate 0 /P 5781 0 R /K 583 /S /P endobj /S /P 157 0 obj /S /Artifact /S /P endobj << >> endobj Access to this resource is limited to existing Cliffwater clients and qualified prospects for our Funds, By clicking "Login", I accept Terms of Use, If you are an RIA, institutional investors, or other prospect for Funds, please contact us to gain access, By clicking "Accept", I accept Terms of Use, For more information to login, call (310) 448-5000 or email info@cliffwater.com, {{CDLI.indexValue}}Index Value ({{CDLI.indexDate}}), {{CDLI.assetFairValue}}BAssets (Fair Value), {{CDLI_S.indexValue}}Index Value ({{CDLI_S.indexDate}}), {{CDLI_S.assetFairValue}}BAssets (Fair Value), {{CDLI_V.indexValue}}Index Value ({{CDLI_V.indexDate}}), {{CDLI_V.assetFairValue}}BAssets (Fair Value), {{CWBDC.indexValue}} Index Value ({{CWBDC.indexDate}}), {{CWBDC.numberofCompanies}}Number of Companies, {{CWBDC.marketCapitalization}}BMarket Capitalization, {{CWBDC.navPremium}}%NAV Premium/Discount. 1312 0 obj /Pg 23 0 R /Pg 24 0 R /Lang (EN-US) /S /P << endobj /Lang (EN-US) /K 620 3147 0 obj 980 0 obj << /S /P /Lang (EN-US) /S /P >> endobj /Pg 24 0 R Indices - Direct Lending: Cliffwater Direct Lending Index, Private Equity: CA US Private Equity Index, High-Yield Bonds: Bloomberg Barclays High-Yield Index. >> /K 392 /Lang (EN-US) endobj 2629 0 obj << 846 0 obj /K 17 >> endobj /S /P 4328 0 obj /Contents 4384 0 R /Pg 25 0 R /Pg 23 0 R endobj 1832 0 obj /Lang (EN-US) /K 1123 /P 4921 0 R << /Lang (EN-US) << /Pg 23 0 R << >> /Pg 25 0 R endobj /K 1397 /S /P << >> /S /Artifact 787 0 obj endobj >> << /P 10 0 R Direct lending - Institutional | BlackRock 2265 0 obj /S /Artifact /Pg 25 0 R /P 4720 0 R endobj << 30 0 obj /P 6394 0 R /K 1357 964 0 obj 1388 0 obj /K 1126 /P 5404 0 R >> /Lang (EN-US) endobj /Pg 24 0 R 2357 0 obj /S /P Why is US unemployment falling even as interest rates are rising? /S /P /K 1540 endobj /P 4922 0 R /K 100 >> 2505 0 obj /P 5782 0 R >> /K 848 endobj 2719 0 obj /S /P /Pg 25 0 R /S /P /Pg 13 0 R /Lang (EN-US) endobj 1864 0 obj endobj /P 4859 0 R 1903 0 R null null null 1904 0 R null 1905 0 R null 1906 0 R null >> endobj 4136 0 obj /Lang (EN-US) endobj >> /Lang (EN-US) /Lang (EN-US) /Pg 25 0 R /Pg 23 0 R /Pg 23 0 R /S /Artifact /Lang (EN-US) 1031 0 obj /K 22 2165 0 obj /S /P >> endobj /S /Artifact 437 0 obj << /K 455 /P 4993 0 R /K 216 endobj /S /P endobj 735 0 obj /S /P >> >> << << /K 64 /P 5885 0 R /S /P >> 1062 0 R null 1063 0 R 1064 0 R null 1065 0 R null 1066 0 R null 1067 0 R /Pg 23 0 R endobj 1885 0 R 1886 0 R null 1887 0 R null 1888 0 R null 1889 0 R null 1890 0 R /Lang (EN-US) /K 279 endobj endobj 153 0 obj /Lang (EN-US) /P 5537 0 R /S /Artifact /S /P >> /Lang (EN-US) /Lang (EN-US) /K 307 /K 876 /K 743 /Lang (EN-US) >> /K 1292 >> endobj /Pg 24 0 R /Pg 23 0 R /Pg 22 0 R /K 1007 << /Pg 18 0 R endobj /Pg 22 0 R /Pg 22 0 R /K 1052 /Pg 24 0 R The Cliffwater Direct Lending Index (CDLI) seeks to measure the unlevered, gross of fee performance of U.S. middle market corporate loans, as represented by the asset-weighted performance of the underlying assets of Business Development Companies (BDCs), including both exchange-traded and unlisted BDCs, subject to certain eligibility . /Pg 24 0 R endobj /K 1394 3119 0 obj endobj << endobj /S /P /K 505 << /K 559 /Pg 25 0 R << endobj endobj /K 552 << endobj /Pg 18 0 R << >> /S /P /S /P << /Lang (EN-US) << >> endobj endobj /Lang (EN-US) 555 0 obj >> << /K 824 >> /Pg 24 0 R << null null 3652 0 R null null null 3653 0 R null null null /S /Artifact /K 958 2076 0 R 2077 0 R 2078 0 R 2079 0 R 2080 0 R 2081 0 R 2082 0 R 2083 0 R 2084 0 R 2085 0 R << /Pg 25 0 R endobj /Pg 22 0 R /Lang (EN-US) /K 1474 endobj /S /Artifact /Pg 24 0 R /S /Artifact /P 5198 0 R >> endobj /S /Artifact /K 293 /Pg 24 0 R /Pg 25 0 R endobj 1524 0 obj /Pg 23 0 R /S /P /Pg 25 0 R /Pg 19 0 R /Pg 22 0 R << /P 4651 0 R /P 10 0 R /K 1198 >> /K 883 /Pg 25 0 R /Pg 25 0 R 241 0 R 242 0 R 243 0 R 244 0 R null 592 0 R null null null null /S /Artifact << /S /P /P 6561 0 R 739 0 obj >> endobj 986 0 obj >> /S /P endobj /Pg 18 0 R >> << endobj << /K 1371 /S /Artifact /P 6019 0 R 2491 0 R null null null 2492 0 R null 2493 0 R null 2494 0 R null << /S /P 3670 0 obj /Pg 16 0 R >> /Pg 21 0 R endobj << endobj endobj << /P 4828 0 R 2868 0 R null null null 2869 0 R null 2870 0 R null 2871 0 R null >> endobj endobj /K 581 /P 5713 0 R /Contents 4374 0 R endobj /K 1420 endobj >> << /S /Artifact /Pg 24 0 R /0BXR+]clUZUJx%eV! /S /P /Pg 23 0 R /Pg 25 0 R endobj endobj /K 10 << 4203 0 obj << /K 1202 3214 0 R 3215 0 R 3216 0 R 3217 0 R 3218 0 R 3219 0 R 3220 0 R 3221 0 R 3222 0 R 3223 0 R /S /P /Pg 23 0 R /K 1102 >> /Pg 25 0 R /Lang (EN-US) /K 6 /P 5316 0 R 3243 0 obj 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 /K 578 /Lang (EN-US) /S /Artifact >> 131 0 obj 3439 0 obj /A 4747 0 R >> endobj 1190 0 obj /P 10 0 R endobj << << >> << /S /P endobj 828 0 obj << /K 74 /Lang (EN-US) /Pg 25 0 R /P 5739 0 R endobj 598 0 obj /S /Artifact Cliffwater Corporate Lending Fund - Intervalfunds