cliffwater direct lending index

/P 4647 0 R 2090 0 obj /Pg 17 0 R 1090 0 obj << /S /Artifact /P 10 0 R /Pg 24 0 R /S /Artifact << /S /P <> endobj 1190 0 obj 4076 0 obj >> /T () << /Pg 24 0 R /S /Artifact 478 0 obj /Type /Page /K [41 42 43 44 45] /S /P 558 0 obj endobj endobj >> >> /Pg 24 0 R endobj /Pg 24 0 R 1674 0 obj /S /P /S /P /P 5117 0 R /K 1432 /Lang (EN-US) /S /P /S /Artifact << endobj 1877 0 R null 1878 0 R null null null 1879 0 R null null null << /S /P /Pg 25 0 R endobj 807 0 obj /StructParents 10 2394 0 obj 4071 0 obj << 28 0 obj endobj << <> << /S /P LS@.JU >> endobj /Pg 21 0 R << /Pg 25 0 R /K 1011 >> 985 0 obj /S /P /Pg 22 0 R /Lang (EN-US) /P 10 0 R /P 4699 0 R /Lang (EN-US) /S /P >> endobj /S /Artifact Suisse Leveraged Loan Index, Bloomberg Barclays Indices for US IG Credit. endobj /P 6363 0 R >> null 3551 0 R null 3552 0 R null null null 3553 0 R null null /S /P << /Lang (EN-US) << endobj /Lang (EN-US) /Pg 23 0 R endobj /K 449 /S /Artifact >> /P 5185 0 R /S /Artifact << /StructParents 11 844 0 obj 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1467 /S /Artifact >> /Pg 24 0 R /K 1264 >> /K 514 >> endobj 2227 0 obj /Pg 25 0 R /Pg 22 0 R >> /Pg 25 0 R 40 0 obj endobj /S /Artifact /S /P null 3603 0 R null 3604 0 R null 3605 0 R null 3606 0 R null 3607 0 R /Pg 22 0 R /Pg 24 0 R /Pg 16 0 R >> endobj /K 39 endobj /K 1177 /Lang (EN-US) << >> endobj /S /Artifact 2940 0 obj >> /Pg 23 0 R /Pg 25 0 R /P 5610 0 R 2436 0 obj /Pg 24 0 R endobj 366 0 obj 3953 0 obj 2429 0 obj 4014 0 obj /Lang (EN-US) /K 1390 /P 5666 0 R << /Pg 24 0 R << /S /Artifact 2987 0 R 2988 0 R 2989 0 R 2990 0 R 2991 0 R 2992 0 R 2993 0 R 2994 0 R 2995 0 R 2996 0 R 1029 0 obj /P 10 0 R << << 1835 0 obj /Lang (EN-US) << /K 91 /S /P /Pg 24 0 R << /S /P 1161 0 obj /Pg 25 0 R /S /P /K 86 /S /Artifact >> endobj >> /P 4876 0 R << /S /P endobj null 899 0 R null 900 0 R null null null 901 0 R null null /S /P endobj /S /P 865 0 obj /Pg 25 0 R /Lang (EN-US) >> endobj 1687 0 obj /K 713 >> endobj /S /Artifact 1290 0 obj >> endobj >> /K 492 952 0 obj /Pg 22 0 R /Lang (EN-US) /Pg 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4633 0 R /S /Artifact endobj /Pg 25 0 R /S /Artifact << >> endobj /S /Artifact /K 1532 >> endobj << /Pg 24 0 R /Pg 22 0 R << /Lang (EN-US) 723 0 obj endobj endobj /Lang (EN-US) 3216 0 obj /P 6354 0 R /Pg 18 0 R /Pg 19 0 R /K 1444 << << /S /P /Pg 22 0 R << 4285 0 obj << >> 462 0 obj /S /P /Pg 22 0 R /K 1441 endobj >> /Lang (EN-US) /MediaBox [0 0 612 792] /Pg 24 0 R >> /Pg 25 0 R /Lang (EN-US) /S /Artifact /Pg 13 0 R 994 0 obj /S /P /Pg 24 0 R 513 0 obj /S /P /Lang (EN-US) endobj /S /P /P 73 0 R >> 2942 0 obj /Pg 22 0 R /Lang (EN-US) /Pg 24 0 R /S /P 721 0 obj /Pg 22 0 R /K 1535 endobj << /S /Artifact << /K 878 endobj 3588 0 obj /Lang (EN-US) endobj >> endobj >> endobj /P 6637 0 R /K 1313 >> /Pg 24 0 R >> endobj << endobj endobj /Pg 24 0 R 4081 0 obj endobj << >> endobj << /S /Artifact << 2799 0 obj /K 2 /Pg 22 0 R >> endobj /K 1487 /Pg 23 0 R << 3580 0 obj <> endobj << 4318 0 obj /K 175 >> 3536 0 obj << /K 910 /Pg 23 0 R endobj /P 6418 0 R /Lang (EN-US) /S /Artifact /Pg 23 0 R /Pg 22 0 R <> >> /Lang (EN-US) >> /P 6084 0 R >> /K 56 /S /P /P 4811 0 R endobj >> /Pg 22 0 R endobj /K 91 /K 431 /Lang (EN-US) 3626 0 obj /S /Artifact endobj /Pg 22 0 R /K 1284 /Pg 22 0 R 2018 0 obj << /Pg 24 0 R /S /P /S /Artifact /S /P << >> endobj /Lang (EN-US) /Pg 22 0 R 4201 0 obj 1616 0 obj 1032 0 obj /Lang (EN-US) /P 6008 0 R >> endobj 4338 0 obj /Lang (EN-US) /P 10 0 R /K 103 /Lang (EN-US) >> /K 1397 >> /S /P >> /S /P endobj /K 1175 /K 1 3499 0 obj 392 0 obj /Pg 23 0 R /S /Artifact /K 616 2085 0 obj /K 1344 /S /Artifact endobj /S /Artifact /Pg 23 0 R endobj /P 5487 0 R /K 1327 3632 0 obj >> 893 0 R null 894 0 R null 895 0 R 896 0 R null 897 0 R null 898 0 R >> >> endobj << /Pg 25 0 R endobj /K 1403 endobj /S /Artifact /K 1370 << /K 1484 /S /Artifact /K 1428 /P 4775 0 R endobj << /S /P /S /P >> /K 1308 endobj /S /P << /S /Artifact /K 493 /Lang (EN-US) /P 5219 0 R /Pg 24 0 R /S /P endobj >> /S /Artifact /S /Artifact endobj 2601 0 obj >> /S /P << endobj >> endobj /P 6260 0 R /Pg 25 0 R << >> >> >> >> 672 0 obj /K 59 << 4284 0 R 4285 0 R 4286 0 R 4287 0 R 4288 0 R 4289 0 R 4290 0 R 4291 0 R 4292 0 R 4293 0 R /Pg 22 0 R >> /Lang (EN-US) 1056 0 obj >> /S /P endobj >> endobj 823 0 obj Opportunities in Corporate Direct Lending", 2019. << /Pg 24 0 R /S /P 1112 0 obj endobj /S /P /S /Artifact 4141 0 obj /S /P << /K 263 3214 0 obj /Lang (EN-US) >> <> 4219 0 obj /Lang (EN-US) /Pg 23 0 R endobj << << /S /Artifact << endobj >> endobj 3082 0 obj endobj /Pg 23 0 R /Lang (EN-US) 3599 0 obj >> /Lang (EN-US) <> /K 32 /Lang (EN-US) /K 455 /S /Artifact endobj 2978 0 obj /Lang (EN-US) /K 1194 /K 1115 /K 168 1439 0 obj /S /P >> /S /Artifact /K 1330 3675 0 obj 3594 0 obj 4587 0 R] /Pg 22 0 R endobj /Pg 24 0 R /Pg 25 0 R 1849 0 obj 3876 0 obj null 788 0 R null null null 789 0 R null 790 0 R null 791 0 R /Lang (EN-US) endobj endobj << >> /Lang (EN-US) /S /P >> /Pg 13 0 R /S /Artifact /K 345 <> /S /Artifact /S /Artifact 1280 0 obj /Pg 23 0 R /Lang (EN-US) /Lang (EN-US) /P 4941 0 R >> 3265 0 obj /Pg 25 0 R /Pg 25 0 R /Pg 23 0 R << /Pg 13 0 R 106 0 obj << /K 1534 /Pg 23 0 R << 1130 0 obj /P 4710 0 R >> /Lang (EN-US) endobj /P 6425 0 R /Pg 25 0 R endobj /Lang (EN-US) 774 0 obj endobj /S /P >> endobj /K 426 << /K 514 >> /Lang (EN-US) /Lang (EN-US) << endobj /P 6388 0 R << /K 1009 /K 1497 /Lang (EN-US) /P 10 0 R >> << endobj /S /Artifact 135 0 obj >> /Pg 20 0 R /K 1394 << 3777 0 obj /S /P /S /Artifact /K 352 /Order (2665700.00000000) >> << /Lang (EN-US) /S /P /S /P >> /K 752 /S /Artifact /P 6299 0 R >> >> >> /S /Artifact << /S /P >> /Lang (EN-US) 1203 0 obj endobj /S /Artifact >> 1083 0 obj endobj 1154 0 obj endobj /P 10 0 R endobj 753 0 obj 126 0 obj 1743 0 R null 1744 0 R null 1745 0 R null 1746 0 R null 1747 0 R null /Lang (EN-US) /Pg 22 0 R endobj /S /Artifact 562 0 R null null null 563 0 R null null 202 0 R 203 0 R 204 0 R /Pg 22 0 R Cliffwater estimates that the average coupon to the loans in their index over this horizon has been about 10.2 percent, with about 1 percent of net credit losses per year. /Pg 22 0 R 249 0 obj >> >> 2035 0 obj /S /P /K 1312 3698 0 obj << endobj /Pg 23 0 R /S /P /S /P /K 39 /K 203 /S /P /S /Artifact /K 509 /P 5603 0 R >> 177 0 obj << /K 809 /Pg 24 0 R /Lang (EN-US) /Pg 23 0 R /Pg 20 0 R /S /P >> 3693 0 obj << /Lang (EN-US) /Pg 23 0 R /Lang (EN-US) >> endobj /K 1256 >> /K 1231 /P 6737 0 R >> << 920 0 obj >> /S /Artifact /S /P /K 67 >> endobj /P 6063 0 R << 3402 0 obj /Lang (EN-US) 4308 0 obj endobj >> /Lang (EN-US) /P 4923 0 R /S /P /Lang (EN-US) /K 1232 /K 1240 1133 0 obj /K 1358 >> 950 0 obj 2793 0 obj >> /Pg 23 0 R << /S /Artifact /P 6373 0 R endobj /K 82 /K 73 endobj << /K 503 /Pg 23 0 R >> /K 332 null 1000 0 R null 1001 0 R null 1002 0 R null 1003 0 R 1004 0 R null /Lang (EN-US) endobj 2995 0 obj /Lang (EN-US) /Lang (EN-US) 3153 0 obj /K 724 /S /Artifact /S /P /K 967 2333 0 R 2334 0 R 2335 0 R 2336 0 R 2337 0 R 2338 0 R 2339 0 R 2340 0 R 2341 0 R 2342 0 R endobj /K 30 115 0 R 116 0 R 117 0 R 118 0 R 119 0 R 120 0 R 121 0 R 122 0 R null 437 0 R >> 3870 0 obj /S /Artifact << 2784 0 obj << endobj /P 5868 0 R /K 1415 /Pg 23 0 R endobj /P 5996 0 R /S /Artifact endobj << endobj /Pg 25 0 R << >> /Pg 22 0 R /K 1505 >> << 1841 0 obj endobj << << 938 0 obj /K 1359 /Lang (EN-US) endobj /S /P /P 4652 0 R >> 2482 0 obj << << 1534 0 obj endobj 2175 0 obj endobj /K 654 4069 0 obj /S /P 283 0 obj /Type /Annot /Pg 26 0 R /S /P /P 5888 0 R /P 4695 0 R /S /P 997 0 obj << /K 387 << /Lang (EN-US) /S /P << /Pg 22 0 R /K 612 << >> 3430 0 obj endobj /Lang (EN-US) /Lang (EN-US) /Pg 17 0 R << 2517 0 obj 3689 0 obj << /S /Artifact /Pg 22 0 R /K 76 << /S /Artifact endobj /P 5331 0 R >> endobj /S /P /Lang (EN-US) Direct lending is characterized by flexible and creative financing solutions that are unique to each opportunity. >> 1219 0 obj >> endobj << 658 0 obj /P 6432 0 R /S /P /Pg 22 0 R /S /Artifact /S /Artifact <> 2204 0 obj /P 5036 0 R << /Lang (EN-US) 3801 0 obj /Lang (EN-US) endobj endobj /K 1347 /S /Artifact 1286 0 obj 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obj 3528 0 obj 3462 0 obj 3518 0 obj endobj /Pg 22 0 R << /S /P << /Lang (EN-US) >> /Pg 25 0 R /Pg 23 0 R 2106 0 obj << << /Lang (EN-US) /Pg 23 0 R /S /P >> /Lang (EN-US) /S /Artifact /K 925 endobj >> endobj >> 1617 0 obj /Lang (EN-US) 1352 0 obj >> /S /Artifact /K 1507 3011 0 obj >> >> /Lang (EN-US) /K 882 >> /S /Artifact >> /S /P /Pg 25 0 R /K 1320 >> 2696 0 obj 1311 0 obj 3043 0 obj endobj >> 1427 0 obj /K 1106 >> << << >> endobj /K 846 3648 0 obj <> /S /P /S /P /Pg 22 0 R << /K 994 endobj /S /Artifact >> >> /S /Artifact 2316 0 obj >> null 2900 0 R null 2901 0 R null 2902 0 R null 2903 0 R null null /K 1345 >> << /Pg 24 0 R 1888 0 obj /Pg 23 0 R 2395 0 obj << /S /Artifact 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 /P 4692 0 R /Pg 23 0 R /S /P 3656 0 obj /Lang (EN-US) /K 1393 endobj /Pg 24 0 R >> >> /P 5376 0 R /Pg 25 0 R endobj /P 6531 0 R /Pg 23 0 R << /Pg 24 0 R /Lang (EN-US) /Lang (EN-US) /K 94 /K 1171 >> /P 6098 0 R << /S /P /P 5712 0 R >> /P 6374 0 R << /S /Footnote << /S /P /S /Artifact endobj endobj /K 789 >> >> 1120 0 obj /K 321 /K 1221 /K 1382 endobj /K 133 /K 644 endobj /K 775 /S /Artifact /S /P /S /P /K 1278 /K 457 /Lang (EN-US) /Lang (EN-US) >> 4289 0 obj /S /P /Pg 25 0 R /Pg 22 0 R << 1741 0 obj /K 410 /P 5691 0 R /Pg 25 0 R << << /S /P endobj /Lang (EN-US) /Pg 22 0 R endobj <> /K 580 endobj >> 3641 0 obj /P 5460 0 R /S /Artifact 576 0 obj /P 5869 0 R /K 1237 endobj /S /Artifact /S /P << endobj /S /P endobj <> 4032 0 obj /S /Artifact /K 463 /Lang (EN-US) /P 6383 0 R >> /P 10 0 R /S /Artifact << << /S /P << 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 /K 885 /P 5127 0 R 2868 0 obj /Pg 22 0 R /Resources 4377 0 R >> << 189 0 obj /K 1501 endobj >> endobj >> /S /P endobj endobj endobj /S /P /Pg 23 0 R >> << /S /P /K 28 >> /K 202 /Pg 24 0 R /K [66 4674 0 R] >> /P 6536 0 R endobj /K 233 /Lang (EN-US) null 3830 0 R null 3831 0 R null 3832 0 R null 3833 0 R null null /S /P /S /Artifact endobj /P 5384 0 R /Pg 22 0 R endobj /P 5807 0 R /K 1508 1369 0 obj << /Pg 23 0 R << endobj /Pg 22 0 R endobj endobj endobj >> 1373 0 obj >> endobj << endobj /Lang (EN-US) << 4129 0 obj << >> /K 1510 2061 0 obj 356 0 obj endobj /S /P /P 5221 0 R >> endobj 41 0 obj /P 5333 0 R /Pg 22 0 R endobj /Lang (EN-US) /S /Artifact 2749 0 obj /Pg 24 0 R /K 612 /K 653 1663 0 obj /Pg 24 0 R /Pg 25 0 R /P 10 0 R endobj /Pg 22 0 R endobj /Pg 22 0 R endobj /Pg 24 0 R endobj << >> endobj >> 1459 0 obj /Pg 22 0 R /Pg 22 0 R /P 10 0 R /Pg 23 0 R /S /P 4224 0 R 4225 0 R 4226 0 R 4227 0 R 4228 0 R 4229 0 R 4230 0 R 4231 0 R 4232 0 R 4233 0 R /P 5237 0 R >> >> /Lang (EN-US) >> /Pg 22 0 R << endobj /S /P /K 79 /Pg 23 0 R /K 1181 /Lang (EN-US) endobj >> /K 10 0 R /S /P >> /Pg 24 0 R /P 10 0 R >> endobj endobj /S /P endobj /K 635 /Pg 17 0 R /S /P null 642 0 R null 643 0 R null null null 644 0 R null null /P 10 0 R /K 243 endobj endobj << << << /H /I <> 1553 0 obj /Pg 13 0 R /K 358 /BS 6765 0 R /Lang (EN-US) << /S /P /Pg 14 0 R endobj >> endobj /Pg 25 0 R endobj 3005 0 obj endobj /S /P endobj /Pg 22 0 R 4221 0 obj /P 4816 0 R /P 5985 0 R /Lang (EN-US) 3340 0 obj 2587 0 obj /Pg 24 0 R /S /P endobj endobj /P 4875 0 R endobj endobj /K 26 3997 0 R 3998 0 R 3999 0 R 4000 0 R 4001 0 R 4002 0 R 4003 0 R 4004 0 R 4005 0 R 4006 0 R endobj 2358 0 obj /Pg 23 0 R /K 11 >> 1537 0 obj 1584 0 obj /Lang (EN-US) << /Pg 22 0 R << endobj 2136 0 obj /S /P >> /Lang (EN-US) << /S /Artifact /K 19 endobj /K 86 >> /A 4407 0 R 1359 0 obj /K 1288 << /Pg 22 0 R /S /P 794 0 obj /Pg 24 0 R /Lang (EN-US) /Pg 23 0 R << /Pg 25 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 /CropBox [0 0 612 792] /Pg 21 0 R >> /Lang (EN-US) /K 1031 /S /Artifact >> << /Pg 18 0 R 1180 0 obj /Lang (EN-US) /K 217 << endobj /S /P << /Pg 23 0 R >> /Pg 23 0 R 3407 0 obj << 2669 0 obj /K 418 /Pg 22 0 R 1146 0 obj /P 5559 0 R >> << /S /Artifact <> 3849 0 obj endobj /K 493 << /Pg 25 0 R 4301 0 obj endobj << endobj /Pg 25 0 R /K 20 /Pg 23 0 R /Lang (EN-US) endobj endobj /S /P /P 4889 0 R >> endobj /K 1197 /P 6275 0 R /K 1515 /Pg 24 0 R 54 0 obj << >> /K 1492 << << << /Lang (EN-US) 4047 0 R 4048 0 R 4049 0 R 4050 0 R 4051 0 R 4052 0 R 4053 0 R 4054 0 R 4055 0 R 4056 0 R endobj /P 4965 0 R /Pg 23 0 R /S /Artifact 3361 0 obj endobj endobj 476 0 obj 2574 0 obj /S /Artifact /K 1292 2319 0 obj >> /K 1205 >> /S /P /S /Artifact /K 1360 /Lang (EN-US) 3438 0 obj << << /Pg 13 0 R 1341 0 obj endobj >> 52 0 obj 3824 0 R null 3825 0 R null 3826 0 R null 3827 0 R null 3828 0 R 3829 0 R endobj >> >> /S /P /S /Artifact /S /Artifact /S /Artifact 2905 0 obj endobj /Pg 22 0 R >> /Lang (EN-US) /K 140 Together with management fees, Cliffwater estimates that total fees and expenses for direct lending private partnerships equals 3.56% of net asset value. << /K 929 /Pg 24 0 R /P 4756 0 R << /Pg 22 0 R 4630 0 R] >> /K 871 /S /Artifact /K 1393 3083 0 obj endobj /P 6311 0 R /K 1381 679 0 obj /S /P endobj /Pg 24 0 R >> endobj /Lang (EN-US) 2511 0 obj endobj endobj null null null 3529 0 R null null null 3530 0 R null 3531 0 R /K 1262 >> /K 491 /K 223 /Pg 25 0 R endobj >> 661 0 obj endobj /P 6691 0 R 2805 0 obj endobj << /Pg 13 0 R /Pg 25 0 R /S /P /K 17 >> /Pg 25 0 R /Pg 25 0 R 3142 0 obj /Lang (EN-US) /S /Artifact << endobj /K 1136 /Pg 25 0 R /P 6423 0 R /Pg 24 0 R /K 360 /S /Artifact 1723 0 obj /K 218 1890 0 obj /K 1188 /K 1083 /K 392 /K 1180 << /Pg 25 0 R 120 0 obj endobj >> >> 2941 0 obj >> 3800 0 obj /K 803 /K 1239 <> /P 5977 0 R /Lang (EN-US) << /S /P endobj 2274 0 obj >> /K 283 << /Pg 18 0 R /S /P << /K 601 4232 0 obj /K 1412 /P 10 0 R endobj /Kids [13 0 R 14 0 R 15 0 R 16 0 R 17 0 R] >> /P 5033 0 R