cliffwater direct lending index

/K 310 Middle-market direct lending has evolved over the last 20 years, and many institutional investors increasingly view it as a strategic portfolio allocation. 4117 0 obj >> /S /P << /Pg 22 0 R /S /P endobj 229 0 R null 207 0 R 207 0 R 207 0 R 207 0 R 207 0 R 207 0 R 207 0 R 207 0 R /S /Artifact << endobj /S /P /Pg 24 0 R 838 0 obj /S /Artifact endobj /K 1449 /K 819 /P 10 0 R /Lang (EN-US) /S /Artifact << 2134 0 obj >> >> 2153 0 obj /P 5083 0 R << << 598 0 obj endobj /Pg 18 0 R /K 1252 endobj /K 7 /K 191 >> /K 1431 >> << /Lang (EN-US) /Pg 23 0 R /Lang (EN-US) /S /P /S /P null 762 0 R null 763 0 R null null null 764 0 R null null endobj >> /Lang (EN-US) /K 664 <> >> endobj /P 5695 0 R endobj /Lang (EN-US) /Pg 24 0 R /Pg 23 0 R endobj /P 6220 0 R /S /P /MediaBox [0 0 612 792] << /Lang (EN-US) /K 1421 >> >> /S /Artifact /P 10 0 R >> /K 221 /Pg 13 0 R /K 590 /Pg 18 0 R /S /P /Pg 22 0 R 3620 0 obj << /K 1122 endobj endobj /S /Artifact /Lang (EN-US) 2769 0 obj /Pg 22 0 R 166 0 obj >> /S /Artifact endobj >> /Pg 24 0 R >> /S /P 3537 0 R null 3538 0 R null 3539 0 R null 3540 0 R null null null /Lang (EN-US) stream 3682 0 obj /K 404 /S /Artifact 2522 0 obj endobj /Lang (EN-US) /K 25 /K 1152 /Pg 25 0 R >> endobj /S /P /K 1386 /P 10 0 R << 2049 0 obj << 1418 0 obj endobj /P 5362 0 R >> /K 817 << 1601 0 R null 1602 0 R null 1603 0 R null 1604 0 R 1605 0 R null 1606 0 R /Pg 24 0 R /S /Artifact 1845 0 obj endobj >> << << 2867 0 obj /K 575 << 3609 0 obj /S /Link /K 134 /S /Artifact /Border [0 0 0] /K 1291 /K 1137 << /Lang (EN-US) /S /P /K 13 /S /P /Pg 24 0 R 1395 0 obj >> << >> null 2829 0 R null 2830 0 R null 2831 0 R null null null 2832 0 R /S /P >> endobj << /K 1416 /K 782 << /S /P 1449 0 obj /Pg 22 0 R /S /Artifact 1905 0 obj /Pg 24 0 R /Lang (EN-US) >> endobj /K 1543 << 4133 0 obj /S /Artifact << /K 1208 653 0 obj /S /Artifact /K 1240 /K 624 2715 0 obj /Pg 22 0 R endobj endobj endobj null 1019 0 R null 1020 0 R null null null 1021 0 R null null /Pg 23 0 R /K [1111 1112] 3094 0 obj >> /S /P << /Lang (EN-US) /Pg 24 0 R >> >> >> /Lang (EN-US) /Pg 22 0 R /S /Artifact /S /P /Pg 24 0 R /K 1133 /Pg 22 0 R endobj endobj << >> 1106 0 obj /Pg 24 0 R /Lang (EN-US) >> >> 2677 0 obj << /Pg 22 0 R >> /Pg 22 0 R /Lang (EN-US) /K 17 /K 938 /K 1422 /Pg 17 0 R /Lang (EN-US) /S /P << /K 376 /S /Artifact endobj << endobj >> /K 767 << >> 4214 0 R 4215 0 R 4216 0 R 4217 0 R 4218 0 R 4219 0 R 4220 0 R 4221 0 R 4222 0 R 4223 0 R /Pg 23 0 R /S /P endobj /Pg 22 0 R /K 1427 /S /P /Pg 22 0 R endobj /Pg 23 0 R endobj /K 1113 endobj endobj /K 1271 /P 5452 0 R 3766 0 obj << endobj /Pg 24 0 R /Pg 26 0 R /S /Artifact >> endobj >> /P 6564 0 R /Lang (EN-US) /S /Figure /K 239 <> Cliffwater Direct Lending Index (CDLI) - Primary source of data on middle market corp orate private debt (>7,000 individual loans) - Quarterly performance benchmark for corporat e direct lending going back to Sept 2004 - Market data on yields, defaults, recoveries, borrower size, sponsorship, loan-to-value, etc. /Lang (EN-US) /S /Artifact /S /Artifact /S /P 4231 0 obj /S /P /S /Artifact /K 550 /P 6195 0 R /Lang (EN-US) 2294 0 obj /Lang (EN-US) /Pg 25 0 R /S /P 3575 0 obj 175 0 obj >> 3044 0 obj /Pg 23 0 R endobj 2500 0 obj /S /Artifact endobj /S /P endobj /Pg 24 0 R /S /P endobj 40 0 obj /K 1492 /P 5982 0 R /K 181 /P 4951 0 R 3545 0 obj /K 418 endobj << /Pg 25 0 R The Cliffwater Direct Lending Index (CDLI) prior quarter return explains only 8% of the index's current quarter return. 1589 0 obj >> /K 235 /K 91 << /Pg 23 0 R >> /Pg 22 0 R 2640 0 obj >> endobj /Lang (EN-US) ~bXc'lc=FdC_[xZ"~FD>H3^k3 Mn ctfq49H35^`6UuaY=Der t:C /Pg 22 0 R /S /Artifact endobj /K 993 << /S /Artifact endobj /Pg 22 0 R 3516 0 obj << /Lang (EN-US) /K 1318 >> /S /P endobj >> >> /S /Artifact /S /P /S /P /S /P endobj >> << endobj /P 10 0 R >> /K 238 2797 0 obj /S /P endobj /Lang (EN-US) >> >> /Pg 24 0 R /S /P << >> >> /K 437 0 R endobj /K 1196 /S /P /Pg 25 0 R /S /Artifact /S /Artifact /K 967 2582 0 obj /P 6600 0 R /K 664 /Pg 23 0 R /P 5819 0 R /Lang (EN-US) endobj 4482 0 R] 2162 0 obj /P 6262 0 R >> /P 5719 0 R /Lang (EN-US) >> << >> 1029 0 obj /K 655 <> /S /P >> /S /Artifact /K 1474 /S /Footnote /P 6101 0 R 2285 0 obj /S /P >> << endobj /K 612 /K 72 << /Pg 24 0 R endobj /Pg 22 0 R /Lang (EN-US) /Lang (EN-US) /K 1128 /S /Artifact /S /Artifact /Lang (EN-US) /S /P /S /Artifact /S /P /S /P << 2185 0 obj >> 2470 0 obj >> /S /P 148 0 obj /Pg 22 0 R /Pg 25 0 R << /K 616 null 3573 0 R null 3574 0 R null 3575 0 R null 3576 0 R null null 1048 0 obj << /K 1156 endobj endobj >> >> >> 4305 0 obj endobj /K 1458 >> >> 1021 0 obj /Lang (EN-US) /K 720 endobj << endobj /Lang (EN-US) >> /S /P /Lang (EN-US) /Pg 24 0 R /K 27 /S /P /K 745 endobj /StructTreeRoot 5 0 R /S /P /K 1429 endobj /Pg 24 0 R >> /S /Artifact /Pg 22 0 R << << /Pg 23 0 R endobj << /Pg 25 0 R 908 0 obj >> /P 10 0 R >> /Lang (EN-US) Here's today's brief for our valued subscribers only. 3886 0 obj /K 1368 /K 446 endobj 47 0 R 48 0 R 49 0 R 50 0 R 51 0 R 52 0 R 53 0 R 54 0 R 55 0 R 56 0 R /P 6011 0 R endobj /K 53 1026 0 obj /Pg 25 0 R /Pg 25 0 R /P 5964 0 R 237 0 obj endobj /Lang (EN-US) /S /P /Lang (EN-US) endobj 2976 0 obj /K 788 /P 6184 0 R /K 520 /S /P >> /Lang (EN-US) /Pg 23 0 R 605 0 obj /K 1531 endobj endobj << /K 105 endobj /P 10 0 R /Lang (EN-US) /S /P /Pg 22 0 R << /S /LBody /S /P << /S /LBody /P 5384 0 R /Lang (EN-US) /S /Artifact /P 10 0 R endobj /S /P 107 0 obj >> /P 4766 0 R << /S /P endobj endobj << endobj /K 1347 >> /P 4813 0 R /Pg 23 0 R /Pg 24 0 R /S /Artifact << <> 20 0 obj endobj >> 889 0 R null null null 890 0 R null 891 0 R null 892 0 R null /S /P /P 33 0 R /Pg 22 0 R /Pg 23 0 R endobj >> << /Pg 25 0 R /P 5601 0 R endobj /K 580 << /S /P /Pg 25 0 R >> 3219 0 obj >> endobj /K 79 >> /P 6351 0 R /Pg 23 0 R /P 6721 0 R << >> << /K 364 /S /Artifact /S /P /P 10 0 R << /S /Artifact << 523 0 obj /P 5573 0 R /S /P endobj >> >> << 4179 0 obj << 3409 0 obj 204 0 obj /K 1015 /Lang (EN-US) /Pg 24 0 R /P 5987 0 R /S /Artifact /Pg 25 0 R << 2338 0 obj /Pg 24 0 R /Pg 25 0 R /P 6476 0 R <> /S /P /K 608 << <> >> 1363 0 obj >> /Pg 24 0 R /P 6236 0 R /S /Artifact /Pg 24 0 R /P 10 0 R /S /Artifact 873 0 obj << 966 0 obj << /K 1488 endobj /Pg 23 0 R /S /Artifact >> /Lang (EN-US) 4141 0 obj /Pg 25 0 R << << /Lang (EN-US) /Lang (EN-US) >> >> /K 18 /S /Artifact /P 5378 0 R << /K 1026 3130 0 obj << /Pg 23 0 R /S /Artifact /Pg 22 0 R /P 10 0 R << endobj endobj << /S /P 36 0 obj 4577 0 R 4578 0 R 4579 0 R 4580 0 R 4581 0 R 4582 0 R 4583 0 R 4584 0 R 4585 0 R 4586 0 R << /Pg 24 0 R >> /S /P endobj endobj << /S /P /Pg 24 0 R >> /Lang (EN-US) /S /P /Contents 4374 0 R /Pg 18 0 R /S /P << endobj 1148 0 obj 4065 0 obj /S /P /P 4642 0 R /K 711 <> 2051 0 obj <> /Pg 25 0 R /K 1338 /S /P /Pg 22 0 R 556 0 obj << >> /P 5963 0 R /K 333 << endobj /Pg 24 0 R /Lang (EN-US) << endobj >> /S /P /K 612 << /Pg 23 0 R >> /Lang (EN-US) /Lang (EN-US) << >> 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 << /Lang (EN-US) endobj >> endobj 1107 0 obj /Pg 23 0 R <> /Pg 24 0 R /Lang (EN-US) /Pg 23 0 R /S /P << /Pg 24 0 R /P 10 0 R << >> Cliffwater Direct Lending Index 3rd Quarter, 2022 - YouTube /K 115 /P 5563 0 R /P 5454 0 R /Pg 25 0 R /Pg 23 0 R /K 163 << /Pg 24 0 R /S /Artifact There can be no assurance that historical trends will continue during the life of any fund. endobj /Lang (EN-US) /Lang (EN-US) endobj >> /Pg 22 0 R /Pg 23 0 R 340 0 obj /Pg 23 0 R /Pg 22 0 R /Lang (EN-US) << 2000 0 R null 2001 0 R null 2002 0 R null 2003 0 R null 2004 0 R null /K 1452 >> /S /P null 390 0 R null 391 0 R null 392 0 R null 393 0 R null 394 0 R 2106 0 obj 2475 0 obj << >> /Pg 14 0 R /S /Artifact >> endobj 4244 0 obj >> endobj /S /Artifact /K 32 /Lang (EN-US) /K 73 /Pg 25 0 R endobj << << /Pg 25 0 R >> << >> /Pg 25 0 R << 278 0 obj /Lang (EN-US) /K 554 << /S /P << endobj /S /Artifact /Pg 22 0 R << /Lang (EN-US) endobj >> /Pg 23 0 R /S /Artifact << 574 0 R null null 575 0 R null 576 0 R 577 0 R null null 578 0 R /CropBox [0 0 612 792] 3209 0 obj /Pg 24 0 R /Pg 23 0 R /S /Artifact /K 984 >> endobj 2868 0 R null null null 2869 0 R null 2870 0 R null 2871 0 R null << << /K 371 /K 971 /Lang (EN-US) /Pg 18 0 R /S /Artifact >> /Pg 24 0 R 181 0 obj /S /Artifact endobj /Pg 22 0 R /P 4400 0 R /P 5190 0 R 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 /S /Artifact /S /P 1701 0 obj << /S /P /Pg 25 0 R 158 0 R 160 0 R 161 0 R 162 0 R 163 0 R 164 0 R 165 0 R 166 0 R 167 0 R 168 0 R endobj /Lang (EN-US) endobj endobj /S /Artifact /Lang (EN-US) 1425 0 R 1426 0 R 1427 0 R 1428 0 R 1429 0 R 1430 0 R 1431 0 R 1432 0 R 1433 0 R 1434 0 R << /Lang (EN-US) /K 1381 /Lang (EN-US) 1587 0 obj 2146 0 obj 1837 0 obj >> /K 1058 >> << /K 217 /S /P 4091 0 obj endobj 2568 0 obj /Lang (EN-US) endobj /Lang (EN-US) /Pg 25 0 R 2624 0 obj null null null 2576 0 R null 2577 0 R null 2578 0 R null 2579 0 R /K 1224 /P 5212 0 R /P 6486 0 R 1199 0 obj 3850 0 obj /P 6150 0 R 941 0 obj /Pg 23 0 R /Lang (EN-US) null 2810 0 R null 2811 0 R null 2812 0 R null 2813 0 R null 2814 0 R << >> >> 3536 0 obj /K 1104 << endobj >> << /K 821 <> /Pg 25 0 R /K 1451 2096 0 R 2097 0 R 2098 0 R 2099 0 R 2100 0 R 2101 0 R 2102 0 R 2103 0 R 2104 0 R 2105 0 R endobj /K 928 /Pg 23 0 R /S /Artifact 3844 0 obj >> /P 4712 0 R /S /Artifact << /S /Artifact /K 1141 /Lang (EN-US) /K 233 endobj 942 0 R null 943 0 R 944 0 R null 945 0 R null 946 0 R null 947 0 R /P 6144 0 R /S /Artifact /Lang (EN-US) 2383 0 R 2384 0 R 2385 0 R 2386 0 R 2387 0 R 2388 0 R 2389 0 R 2390 0 R 2391 0 R 2392 0 R >> >> 207 0 R 207 0 R 207 0 R 207 0 R 207 0 R 590 0 R 591 0 R] /Pg 22 0 R 2272 0 obj >> 2969 0 R 2970 0 R 2970 0 R 2971 0 R 2972 0 R 2973 0 R 2974 0 R 2975 0 R 2975 0 R 2976 0 R >> /P 434 0 R >> /Lang (EN-US) 274 0 obj /S /Artifact 1597 0 obj endobj /Pg 20 0 R endobj /S /P /Pg 25 0 R 1692 0 obj endobj /K 741 /Pg 23 0 R /Pg 22 0 R 95 0 obj /Pg 16 0 R /K 1162 /K 43 endobj /Lang (EN-US) 726 0 R null 727 0 R null null null 728 0 R null null null /S /Artifact /P 5649 0 R /S /P /S /Artifact << /S /P >> 1393 0 obj /P 5054 0 R /K 75 << 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. /K 1114 /K 194 /Pg 22 0 R endobj /P 5258 0 R /S /Artifact /K [189 4746 0 R] >> /Lang (EN-US) /Pg 25 0 R /S /Artifact /Lang (EN-US) /Pg 22 0 R << 877 0 obj << << << /K 208 849 0 R null 850 0 R null 851 0 R null 852 0 R null 853 0 R null 4514 0 R 4515 0 R 4516 0 R 4517 0 R 4518 0 R 4519 0 R 4520 0 R 4521 0 R 4522 0 R 4523 0 R >> /MediaBox [0 0 612 792] /Lang (EN-US) /K 1200 3779 0 obj endobj /Pg 18 0 R 1628 0 obj >> /K 986 2678 0 obj << >> /Pg 22 0 R /K 1344 /P 6669 0 R << /K 275 /Lang (EN-US) endobj /Pg 25 0 R /Pg 18 0 R endobj /Pg 20 0 R endobj /Pg 23 0 R endobj 775 0 obj /Pg 16 0 R /Lang (EN-US) << /Lang (EN-US) endobj 2947 0 obj >> /Lang (EN-US) /Pg 22 0 R /Pg 19 0 R /Lang (EN-US) /K 357 >> 1435 0 R 1436 0 R 1437 0 R 1438 0 R 1439 0 R 1440 0 R 1441 0 R 1442 0 R 1443 0 R 1444 0 R /K 1184 endobj /P 5659 0 R >> endobj /Pg 24 0 R /Subtype /Link 3952 0 obj /Pg 22 0 R 3673 0 obj 336 0 obj /K 49 >> 2157 0 obj /Pg 18 0 R /S /P 1546 0 obj /S /Artifact >> /Pg 25 0 R endobj >> /Pg 22 0 R << /Pg 24 0 R /P 5114 0 R >> endobj /S /Artifact /P 6131 0 R /P 4402 0 R /Lang (EN-US) /S /P /S /P 184 0 R 541 0 R 192 0 R 542 0 R 538 0 R 543 0 R 544 0 R 545 0 R 546 0 R 547 0 R 719 0 obj >> endobj >> /K 891 4163 0 obj /Pg 25 0 R 137 0 R 138 0 R 139 0 R 140 0 R 141 0 R 142 0 R 143 0 R 144 0 R 145 0 R 146 0 R << /K 977 endobj >> /Pg 24 0 R 2700 0 obj << >> << /Pg 18 0 R << /S /P /P 6671 0 R >> >> /K 1388 endobj >> /Pg 22 0 R /Pg 17 0 R /S /Artifact /Lang (EN-US) /S /P /P 4940 0 R /Pg 20 0 R << /K 63 /Tabs /S 1952 0 obj 3913 0 obj /Lang (EN-US) >> /K 661 /Pg 23 0 R /Lang (EN-US) /S /Artifact endobj >> endobj /S /Artifact >> 816 0 obj /Lang (EN-US) 708 0 obj /Pg 24 0 R endobj 2563 0 obj 729 0 obj /Pg 25 0 R /K 1237 /K 194 Direct lending represented by the Cliffwater Direct Lending Index (CDLI). /Pg 25 0 R /S /Artifact 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 >> 1192 0 obj endobj /Pg 22 0 R >> >> /Lang (EN-US) /Lang (EN-US) /K 1200 << /S /P /P 10 0 R /Pg 22 0 R /Lang (EN-US) >> >> /Lang (EN-US) <> /S /P 3678 0 obj /S /Artifact /S /P 2426 0 obj /P 6462 0 R /P 5271 0 R << /K 1211 559 0 obj 4260 0 obj << /Pg 25 0 R << 4023 0 obj /K 545 /Lang (EN-US) >> << /Pg 23 0 R /K 718 /Pg 24 0 R endobj endobj << /K 1392 >> /K 1516 /K 131 endobj << /Pg 23 0 R endobj /S /P Regime Change: The Role of Private Equity in the'Traditional' Portfolio /P 10 0 R << endobj >> /S /P 2681 0 obj 2192 0 obj >> /Lang (EN-US) /K 40 /Lang (EN-US) 2308 0 obj 2074 0 obj << /K 1494 /P 5247 0 R /K 1472 << endobj >> /Pg 23 0 R >> /K 52 >> >> endobj /K 74 >> 1726 0 obj /K 1367 <<

cliffwater direct lending index 2023