cliffwater direct lending index

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/P 5190 0 R /P 5507 0 R /K 25 3899 0 R 3900 0 R 3900 0 R 3901 0 R 3902 0 R 3903 0 R 3904 0 R 3905 0 R 3905 0 R 3906 0 R /Pg 23 0 R /K 109 /Pg 22 0 R /Lang (EN-US) >> /K 1391 /P 6373 0 R /P 5021 0 R << /S /P << 742 0 obj >> 799 0 obj << >> /S /P 2315 0 obj /K 1168 /K 1193 /S /Artifact endobj /S /P /K 1410 /P 5431 0 R endobj >> /K 925 /K 1321 /K 51 /K 607 << << >> /Pg 24 0 R 2824 0 obj /K 1538 /P 6613 0 R /P 6383 0 R << /S /P /S /Artifact << endobj /K 1345 3312 0 obj /Pg 25 0 R endobj >> 3593 0 obj /Lang (EN-US) 4251 0 obj 2320 0 obj << /S /P << /S /Artifact >> Cliffwater Direct Lending Index 3rd Quarter, 2022 - YouTube /P 6346 0 R /S /Artifact /P 6086 0 R << << << <> << /K 1400 /P 5509 0 R /S /P << /Pg 26 0 R /K 168 >> >> /K 275 838 0 obj /S /Artifact /Pg 25 0 R >> /Pg 23 0 R /S /Link 119 0 obj /Pg 22 0 R >> << 1863 0 obj /K 1330 /K 1192 >> 2282 0 obj 1519 0 obj /Pg 23 0 R /Pg 13 0 R /Lang (EN-US) /S /P /S /P << >> /P 4667 0 R /S /P /Pg 22 0 R /S /Artifact endobj /Pg 24 0 R >> >> 4198 0 obj << /Pg 25 0 R /P 4807 0 R endobj /Pg 17 0 R /K 1126 /K 142 /Lang (EN-US) >> << /Pg 25 0 R /K 296 /K 708 /K 54 Market Closed. /Lang (EN-US) >> /Pg 22 0 R >> endobj << endobj >> /S /Artifact /P 5362 0 R 1562 0 obj << /CropBox [0 0 612 792] /P 5446 0 R >> endobj << >> /Lang (EN-US) /P 5742 0 R /K 745 >> /P 5089 0 R /S /Artifact >> /S /Artifact >> endobj endobj 3208 0 obj /K 1116 /Lang (EN-US) endobj /K 59 << endobj endobj endobj << 2842 0 obj /K 574 /S /Artifact /Lang (EN-US) /K 755 >> /P 6060 0 R /P 6590 0 R endobj << >> /S /Link 3160 0 obj 3444 0 R null null null 3445 0 R null null null 3446 0 R null /Lang (EN-US) /Lang (EN-US) << 2032 0 obj /Lang (EN-US) >> >> 2830 0 obj /Lang (EN-US) /S /P /P 10 0 R 1321 0 obj /S /Artifact >> 2347 0 obj >> << /P 6236 0 R /S /P << /Pg 24 0 R /Lang (EN-US) endobj /S /P /Pg 25 0 R /Pg 15 0 R /Pg 24 0 R /A 4394 0 R Their interest has been fueled by an appetite for floating rate income streams; the attractiveness of a senior secured creditor position; and a need for reduced correlation among . 3851 0 R null 3852 0 R 3853 0 R null 3854 0 R null 3855 0 R null 3856 0 R 1977 0 obj endobj /Pg 25 0 R /K 217 /S /Artifact /Pg 24 0 R /K 931 endobj endobj endobj 3009 0 obj << /Lang (EN-US) /Pg 23 0 R /S /Artifact /Lang (EN-US) 3392 0 obj >> /K 531 /S /P /Lang (EN-US) /Pg 25 0 R /Resources 4385 0 R /K 1369 >> /Lang (EN-US) 964 0 obj /K 1453 4049 0 obj << /P 4728 0 R /S /Artifact /S /P /Lang (EN-US) /Pg 20 0 R << /Pg 23 0 R /Pg 23 0 R /K 7 /K 9 endobj 337 0 R 338 0 R 339 0 R 340 0 R 341 0 R 342 0 R 343 0 R 344 0 R 345 0 R 346 0 R /Lang (EN-US) /Rotate 0 1139 0 obj endobj >> /S /P 2037 0 obj << endobj /P 6666 0 R >> >> /P 5033 0 R /S /P /K 1281 /Pg 22 0 R /K 76 endobj /P 5923 0 R << << 791 0 obj << /S /Artifact >> /Pg 25 0 R << /P 5988 0 R 359 0 R 360 0 R 361 0 R 362 0 R 363 0 R null null 364 0 R null 365 0 R /Lang (EN-US) << /K 1020 /P 5796 0 R /Lang (EN-US) /Lang (EN-US) /S /Artifact /S /P /Pg 23 0 R /K 882 /K [4398 0 R 4399 0 R 4400 0 R 4401 0 R 4402 0 R 4403 0 R 4404 0 R 4405 0 R] /K 131 2473 0 R 2474 0 R] endobj /P 6356 0 R << /Pg 22 0 R >> /K 1122 /S /P 1757 0 obj /P 10 0 R 3949 0 obj /Lang (EN-US) 960 0 obj /Pg 24 0 R 1297 0 obj /S /Artifact << /K 1387 << /Pg 22 0 R << 2771 0 R null null null 2772 0 R null null null 2773 0 R null 4327 0 obj endobj >> 875 0 obj 2145 0 obj >> endobj endobj >> /S /Artifact /Pg 24 0 R << /Pg 23 0 R 2994 0 obj /Lang (EN-US) endobj <> 4472 0 R 4473 0 R 4474 0 R 4475 0 R 4476 0 R 4477 0 R 4478 0 R 4479 0 R 4480 0 R 4481 0 R /Pg 22 0 R null null 824 0 R null null null 825 0 R null 826 0 R null endobj 3425 0 R null 3426 0 R null 3427 0 R 3428 0 R null 3429 0 R null 3430 0 R /S /P << /Lang (EN-US) << /Pg 22 0 R endobj /Pg 22 0 R /S /P /K 153 /Pg 22 0 R /S /Artifact /K 5 endobj << << /K 1362 /S /Artifact /K 953 /S /Artifact /Pg 18 0 R /Lang (EN-US) << 2308 0 obj 451 0 obj /K 1501 /P 6534 0 R endobj 3330 0 obj /Contents 4384 0 R /Pg 24 0 R /Lang (EN-US) /S /P /Pg 13 0 R >> endobj << >> << /Pg 22 0 R endobj endobj /Pg 25 0 R /Pg 25 0 R >> null 2550 0 R null null null 2551 0 R null null null 2552 0 R 3586 0 obj /K 504 /K 84 /Pg 23 0 R /S /Artifact endobj /Pg 24 0 R << 585 0 obj /Pg 25 0 R >> endobj endobj /Lang (EN-US) endobj endobj /K 860 /S /Artifact /Pg 19 0 R >> << endobj /Lang (EN-US) /K 1390 >> /Lang (EN-US) /Lang (EN-US) << /Lang (EN-US) /Lang (EN-US) >> endobj >> >> /P 5620 0 R /S /Artifact /Pg 16 0 R /P 6362 0 R endobj /S /P /P 5711 0 R endobj endobj >> 3668 0 obj >> << /P 4695 0 R endobj 1196 0 obj /S /P /Pg 25 0 R /S /P /Pg 22 0 R 3017 0 R 3018 0 R 3019 0 R 3020 0 R 3021 0 R 3022 0 R 3023 0 R 3024 0 R 3025 0 R 3026 0 R /K 1444 /K 1175 /P 6197 0 R endobj 1720 0 obj /Pg 25 0 R >> /Pg 22 0 R /K 1542 2319 0 obj endobj endobj /Pg 22 0 R 3078 0 obj endobj /S /P /Pg 25 0 R endobj /Pg 25 0 R /P 6670 0 R endobj >> 2730 0 obj /S /P << /Lang (EN-US) >> /S /Artifact /K 11 /Pg 24 0 R 3023 0 obj >> /Pg 25 0 R >> endobj /K 801 >> /Lang (EN-US) /S /P endobj /Pg 23 0 R /K 532 /Pg 23 0 R /Lang (EN-US) /S /P << /Pg 22 0 R >> 402 0 obj 1315 0 obj << << << 1285 0 obj endobj << /K 21 /Pg 23 0 R << /Lang (EN-US) /Pg 22 0 R 3022 0 obj /Lang (EN-US) endobj /Lang (EN-US) 2772 0 obj 79 0 obj >> /Lang (EN-US) /S /P /K 847 >> 2787 0 obj >> endobj << /S /P << /S /Artifact << /Pg 25 0 R >> /S /Artifact /Pg 22 0 R /P 10 0 R /Pg 22 0 R /Pg 23 0 R /S /P 1991 0 obj /Pg 16 0 R /S /P endobj /P 6488 0 R /K 1367 /P 5102 0 R Menu. 3631 0 obj /Pg 24 0 R /P 6685 0 R 3108 0 obj /Lang (EN-US) /K 127 1279 0 obj /S /Artifact null null 2722 0 R null null null 2723 0 R null null null 2022 Q1 Report on U.S. Direct Lending - Cliffwater /K 1526 /Pg 25 0 R >> /S /P endobj /Pg 25 0 R /K 1516 /K 79 /Pg 18 0 R 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 In addition to consolidating existing knowledge on direct lending, Private Debt offers several completely new analysis tools and concepts, representing significant value to the investment community. << /K 1256 /K 111 /Pg 22 0 R endobj /S /Artifact /P 4652 0 R >> 4127 0 obj 1179 0 obj 537 0 obj /K 1178 2272 0 obj /Lang (EN-US) >> /K 179 /S /Artifact << >> /S /Artifact /S /Artifact /P 5344 0 R /P 6599 0 R endobj << >> << /Pg 24 0 R /K 1417 /Pg 22 0 R /K 1523 /Lang (EN-US) /P 10 0 R 3957 0 R 3958 0 R 3959 0 R 3960 0 R 3961 0 R 3962 0 R 3963 0 R 3964 0 R 3965 0 R 3966 0 R 3369 0 obj endobj >> >> endobj 905 0 obj >> << /S /P /Pg 22 0 R /S /Artifact >> /S /Artifact /Pg 25 0 R >> /Lang (EN-US) 1578 0 obj /Pg 25 0 R /P 10 0 R 1418 0 obj 2488 0 obj << /S /P >> endobj 2883 0 obj >> << /K 1240 /Pg 23 0 R /Pg 22 0 R << /Subtype /Link /K 1229 /S /Artifact 2948 0 obj endobj /K 1415 /K [9 446 0 R 48] endobj >> >> /P 33 0 R 4194 0 obj /Pg 25 0 R /P 5052 0 R /Lang (EN-US) /Pg 25 0 R >> endobj /S /Artifact /Pg 13 0 R /K 1299 /Lang (EN-US) << /Pg 23 0 R 3359 0 obj << /K 1363 /Lang (EN-US) endobj /K 220 /S /Artifact /P 5900 0 R /K 1344 /Pg 24 0 R /K 70 /S /Artifact /S /Artifact >> 4004 0 obj /Pg 22 0 R /P 4877 0 R 3047 0 obj The index is currently comprised of over 5000 direct loans valued at about $75 billion. endobj endobj /Lang (EN-US) /K 1465 << /Lang (EN-US) /S /P << 1789 0 R null 1790 0 R 315 0 R null 317 0 R null 1791 0 R null null 858 0 obj /S /P /P 6021 0 R /S /Artifact /K 1080 << << endobj 4123 0 obj 1744 0 obj /Pg 23 0 R /Lang (EN-US) endobj /S /Artifact /Pg 24 0 R /Lang (EN-US) /K 12 /Lang (EN-US) endobj /P 5774 0 R 2313 0 R 2314 0 R 2315 0 R 2316 0 R 2317 0 R 2318 0 R 2319 0 R 2320 0 R 2321 0 R 2322 0 R << /S /P 1141 0 obj >> endobj /Lang (EN-US) endobj << /S /P /Pg 24 0 R endobj /Pg 25 0 R >> /Lang (EN-US) /K 968 1949 0 obj /S /Artifact endobj << >> /P 6079 0 R endobj 3852 0 obj /Lang (EN-US) /S /P >> /Pg 18 0 R /Pg 13 0 R /Lang (EN-US) /Pg 24 0 R /Lang (EN-US) 1549 0 obj 637 0 obj /P 4651 0 R endobj /Pg 23 0 R /K 1325 /Pg 25 0 R /K 1085 endobj endobj endobj /K 830 /K 1359 /S /P endobj endobj << >> endobj /Lang (EN-US) /S /P /Pg 22 0 R /P 5644 0 R >> /Lang (EN-US) >> /K 1487 41 0 obj << /S /P /A 4459 0 R >> /K 82 << /S /P /K 1217 /P 6533 0 R /S /Artifact << << << /K 1375 /K 1125 << /K 385 /S /Artifact /Pg 13 0 R 3653 0 obj /S /P /S /Artifact 880 0 obj >> /P 10 0 R /Pg 22 0 R endobj endobj 688 0 obj endobj 804 0 obj /K 984 /K 22 endobj 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 873 0 obj 802 0 obj 278 0 obj <> /S /P /Pg 25 0 R 3942 0 obj 1780 0 obj /Pg 23 0 R /K 1304 /Pg 22 0 R >> /K 1213 4079 0 obj Looking at historical /S /P /Pg 20 0 R /S /P 3875 0 obj /S /Artifact /K 1373 <> 602 0 obj /Lang (EN-US) 3331 0 obj 369 0 obj /Pg 19 0 R /S /P /K 722 null 1588 0 R null 1589 0 R null 1590 0 R null 1591 0 R null 1592 0 R /Pg 22 0 R << 55 0 obj /Lang (EN-US) endobj << /K [1335 1336] /S /P /K 158 /K 1179 >> endobj /S /Artifact /P 5821 0 R << /S /P /P 10 0 R /S /P endobj /Pg 23 0 R << /Lang (EN-US) <> << /Pg 25 0 R /Pg 22 0 R 1319 0 obj null 1656 0 R null 1657 0 R null null null 1658 0 R null null /K 206 /Pg 23 0 R /K 1138 /K 1218 /Pg 22 0 R << /Lang (EN-US) endobj /Lang (EN-US) /Lang (EN-US) << /K 738 /Pg 24 0 R 1314 0 obj >> endobj 2925 0 obj /S /P /P 6322 0 R >> /K 1373 >> endobj >> /S /P /Lang (EN-US) endobj /Pg 24 0 R endobj /S /LBody /Pg 23 0 R /P 5364 0 R /Pg 22 0 R << /S /P /Lang (EN-US) >> /P 5716 0 R << 3384 0 R 3385 0 R 3386 0 R 3387 0 R 3388 0 R 3389 0 R 3390 0 R 3391 0 R 3392 0 R 3393 0 R 2062 0 obj endobj >> /Count 9 475 0 obj >> << /K 1299 2269 0 obj << >> /S /P endobj /K 678 /MediaBox [0 0 612 792] /Pg 22 0 R endobj /Pg 24 0 R 2601 0 obj Direct Lending) null 743 0 R null 744 0 R null 745 0 R null 746 0 R 747 0 R null /Pg 24 0 R endobj /Marked true /Pg 22 0 R endobj /S /P * "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. endobj << endobj /K 1209 << endobj endobj 1954 0 obj << >> >> 594 0 obj /A 4659 0 R 1165 0 obj 836 0 obj << << endobj endobj /K 1206 >> 2929 0 obj << /Lang (EN-US) /K 526 << << << 4025 0 obj /Pg 24 0 R << 3323 0 obj 3300 0 obj endobj /Pg 19 0 R 1864 0 obj /Lang (EN-US) /Lang (EN-US) endobj >> /S /P << >> endobj /Lang (EN-US) /Pg 25 0 R <> << << 2022-12-13 Investment Roundup | Raffles Family Office /K 1490 /Lang (EN-US) /S /Artifact /K 196 /Pg 23 0 R /Lang (EN-US) /P 5510 0 R << /Lang (EN-US) /K 1208 . /P 6053 0 R >> /P 4399 0 R /S /Artifact 414 0 obj Together with management fees, Cliffwater estimates that total fees and expenses for direct lending private partnerships equals 3.56% of net asset value. /K 1441 /K 1237 << endobj <> /Pg 15 0 R 280 0 obj /Lang (EN-US) /Pg 22 0 R << /S /P << >> /K 1223 endobj /Pg 24 0 R >> /P 5918 0 R /P 5804 0 R endobj /Pg 22 0 R << /Lang (EN-US) endobj endobj /K 836 endobj << 1076 0 R null 1077 0 R null 1078 0 R null 1079 0 R null 1080 0 R null /Pg 24 0 R /S /Artifact /S /Artifact /Lang (EN-US) << >> 994 0 obj The CDLI assists investors to better understand asset class characteristics and to benchmark manager performance VIEW CDLI REPORT VIEW CDLI FACT PAGE Learn More View Resources /Pg 24 0 R << endobj >> /K 632 /Lang (EN-US) 3710 0 obj endobj /K 157 /Pg 24 0 R /K 1489 2922 0 obj /S /P endobj >> 528 0 obj /P 6071 0 R endobj /S /P 2657 0 obj 1110 0 obj 3975 0 obj /K 547 << /Lang (EN-US) /SourceModified (D:20220524090108) endobj 2030 0 obj 651 0 obj /Pg 24 0 R /S /P /K 580 2686 0 obj /Lang (EN-US) endobj 3459 0 obj /Pg 13 0 R /Lang (EN-US) /S /Artifact /P 6471 0 R /Lang (EN-US) << /S /P /P 10 0 R /S /Artifact /K 1418 /Lang (EN-US) << 1208 0 obj /K 1491 endobj << /S /Artifact 539 0 obj 2413 0 obj /K 1530 /Pg 24 0 R /K 371 << /Pg 22 0 R /S /P >> /K 715 /S /P /K 655 endobj /P 6271 0 R << /Pg 22 0 R 861 0 obj >> /Pg 23 0 R endobj 2587 0 obj endobj /Pg 25 0 R /P 6498 0 R endobj 1423 0 obj >> /K 210 /P 4873 0 R /P 5942 0 R >> /P 10 0 R /P 6562 0 R /S /P << /Lang (EN-US) >> /K 1286 /Pg 25 0 R /K 8 endobj >> /Pg 24 0 R /S /Artifact 436 0 obj /P 5859 0 R endobj << >> << /S /Artifact /K 1278 >> /S /P /Lang (EN-US) /S /P 2395 0 obj /K 15 Suisse Leveraged Loan Index, Bloomberg Barclays Indices for US IG Credit. /P 5238 0 R /S /P << >> 1495 0 R 1496 0 R 1497 0 R 1498 0 R 1499 0 R 1500 0 R 1501 0 R 1502 0 R 1503 0 R 1504 0 R /P 5311 0 R << /Pg 23 0 R /Pg 23 0 R /Pg 22 0 R /K 1485 /Lang (EN-US) /K 34 3838 0 obj /P 6314 0 R endobj <> 636 0 obj /S /P >> 2573 0 obj /S /P endobj /S /P /P 10 0 R endobj /Pg 20 0 R /P 5543 0 R /K 1266 /K 1160 >> <> /Lang (EN-US) >> >> /Subscript /Span << /S /P /K 1315 /K 986 /Pg 23 0 R 3694 0 obj /Pg 21 0 R null 664 0 R null 665 0 R null 666 0 R null 667 0 R null null /S /Artifact << endobj /K 31 /Pg 23 0 R /S /Artifact /Pg 23 0 R << endobj /K 1327 /K 159 /Lang (EN-US) /S /Artifact endobj /S /Artifact /K 297 /Lang (EN-US) << endobj >> >> /Lang (EN-US) << /Pg 23 0 R /S /P endobj endobj endobj /Lang (EN-US) /K 713 /K 1343 /Lang (EN-US) <> 1809 0 R null 1810 0 R null 1811 0 R null 1812 0 R null 1813 0 R 1814 0 R /K 92 >> /Lang (EN-US) endobj endobj /P 5852 0 R /Pg 22 0 R /Lang (EN-US) /Pg 24 0 R >> /Pg 24 0 R /Pg 23 0 R /S /P << /K 7 >> /Lang (EN-US) >> 3770 0 obj /Pg 25 0 R >> /Pg 24 0 R /P 6119 0 R << /S /Artifact >> << >> << 3499 0 obj /P 6648 0 R << 4164 0 obj /0BXR+]clUZUJx%eV! /S /P << /Lang (EN-US) /K 144 endobj /K 1203 >> /Pg 22 0 R 3622 0 obj /K 1205 endobj /K 1460 /K 507 /Pg 23 0 R endobj endobj 177 0 obj /Pg 24 0 R << /K 1145 << /S /Artifact endobj /K 1099 >> /P 5570 0 R /S /Artifact endobj << /Pg 23 0 R /Pg 22 0 R