cliffwater direct lending index cliffwater direct lending index

endobj >> 2159 0 obj << /S /Artifact << 252 0 obj >> << 4112 0 obj /P 5995 0 R >> endobj >> /K 536 /P 5963 0 R /K 106 endobj endobj /S /Artifact endobj /Pg 24 0 R 1444 0 obj /P 90 0 R << /Lang (EN-US) /K 1549 << >> /K 770 /Lang (EN-US) 2742 0 obj /K 1160 3943 0 obj /K 1350 /K 660 /Lang (EN-US) 729 0 R null 730 0 R null 731 0 R null 732 0 R null 733 0 R null /P 38 0 R /Pg 24 0 R >> >> /MediaBox [0 0 612 792] /Lang (EN-US) /S /P >> endobj /Lang (EN-US) << endobj /Pg 22 0 R /Lang (EN-US) /K 1530 4019 0 obj << null 584 0 R null 585 0 R 586 0 R null null 587 0 R null 588 0 R endobj /Pg 25 0 R endobj >> << >> 1895 0 obj /Pg 24 0 R /K 787 /K 1483 << /P 5260 0 R /S /Artifact endobj /S /Artifact /Lang (EN-US) /S /P /P 5588 0 R /Lang (EN-US) << /Pg 25 0 R /Lang (EN-US) endobj /P 5192 0 R << /Lang (EN-US) /P 5865 0 R /S /P << /P 4903 0 R /S /Artifact /Pg 23 0 R /Lang (EN-US) /P 5802 0 R /K 1192 >> >> 2527 0 obj >> /Lang (EN-US) >> /Lang (EN-US) 1686 0 obj /S /P endobj /Pg 16 0 R 4238 0 obj >> << /K 5 /Lang (EN-US) << 2681 0 obj endobj /S /P /Pg 20 0 R >> /S /Artifact endobj /Lang (EN-US) >> /S /Artifact /P 6185 0 R null 3688 0 R null 3689 0 R null null null 3690 0 R null null endobj /Pg 25 0 R /K 924 2343 0 obj << >> endobj /Pg 22 0 R /K 30 >> /K 22 /S /P >> >> >> /Pg 22 0 R 2123 0 obj /Pg 15 0 R << >> /K 157 >> 3368 0 obj /S /Artifact /Pg 24 0 R >> << /Pg 25 0 R /Lang (EN-US) /K 1505 endobj /Pg 22 0 R /P 4790 0 R >> << >> 1623 0 R null 1624 0 R null 1625 0 R null 1626 0 R null 1627 0 R null endobj endobj /K 1493 1627 0 obj /Pg 23 0 R endobj /S /Artifact /Pg 23 0 R endobj /Lang (EN-US) /K 221 << /S /Artifact /Pg 22 0 R /S /Artifact << >> << /Pg 24 0 R /S /P << /Pg 24 0 R /S /P >> /K 1513 endobj /Pg 24 0 R >> /P 5967 0 R /P 5254 0 R /S /P /Lang (EN-US) /Lang (EN-US) /S /P 3841 0 obj 694 0 obj >> /Pg 25 0 R /Lang (EN-US) /S /Artifact /P 5792 0 R /K 406 /Lang (EN-US) null 668 0 R null null null 669 0 R null 670 0 R null 671 0 R /S /P /P 5535 0 R >> /S /Artifact << /Pg 18 0 R << 3764 0 obj /Nums [0 [27 0 R 28 0 R 29 0 R null 31 0 R 32 0 R 34 0 R 35 0 R 36 0 R 37 0 R /K 1293 /Pg 23 0 R /Pg 25 0 R << /S /P /P 5449 0 R /K 1131 /Pg 13 0 R endobj /K 1280 endobj endobj /S /P /K 720 /Pg 24 0 R /Lang (EN-US) << /K 966 endobj /K 43 /K 486 /Resources 4383 0 R /K 1216 1602 0 obj /K 738 >> >> /S /Artifact << endobj /S /P /S /Artifact /P 5487 0 R 3527 0 obj endobj /S /Artifact /P 6332 0 R 1401 0 obj /P 4405 0 R << /K 1407 /S /P 3376 0 obj endobj /Pg 24 0 R 2347 0 obj /Pg 25 0 R /P 5298 0 R /Pg 25 0 R endobj 2085 0 obj endobj /Lang (EN-US) 127 0 obj /S /P << /K 1333 << 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 /S /Artifact endobj /P 5544 0 R >> endobj << /S /Artifact /P 4737 0 R >> /S /P /K 1468 >> /S /Artifact /Pg 18 0 R >> /K 1325 /Lang (EN-US) /S /P >> /Pg 24 0 R /P 6322 0 R >> >> endobj endobj /S /P endobj /S /Artifact endobj endobj 3533 0 obj 3463 0 obj /P 10 0 R /Lang (EN-US) null 3710 0 R null 3711 0 R null 3712 0 R null 3713 0 R null null /K 26 /S /P endobj 421 0 obj /P 4972 0 R 2349 0 obj 2593 0 obj 3251 0 obj << >> /K 1339 /Lang (EN-US) 748 0 obj /K 1506 >> /Type /Page endobj /Pg 25 0 R endobj >> /Pg 23 0 R 1355 0 R 1356 0 R 1357 0 R 1358 0 R 1359 0 R 1360 0 R 1361 0 R 1362 0 R 1363 0 R 1364 0 R /Lang (EN-US) << << /S /Artifact 1499 0 obj 1621 0 obj /P 6589 0 R << /Pg 23 0 R endobj /S /P 1162 0 obj << 3608 0 obj 592 0 obj << 1651 0 obj /S /Artifact << /K 1017 /P 5806 0 R endobj /Pg 24 0 R /Lang (EN-US) /K 743 /K 1313 /K 459 >> /K 34 >> /P 5820 0 R 1934 0 obj << << Get the latest insights and knowledge delivered to your inbox. << >> << /S /Artifact 3821 0 obj endobj endobj /Pg 23 0 R endobj << endobj 2653 0 obj /P 5406 0 R /Pg 23 0 R << /S /P << 1264 0 obj endobj >> /Pg 25 0 R /Pg 25 0 R >> /P 5197 0 R /K 909 /Pg 16 0 R >> 606 0 obj /Lang (EN-US) 2879 0 obj 3945 0 obj << /Pg 18 0 R /Pg 24 0 R >> /K 343 /P 6086 0 R /S /P << /Lang (EN-US) /S /P >> /Pg 24 0 R >> << >> 1791 0 obj endobj 1328 0 obj 2823 0 obj endobj endobj /P 4403 0 R null 1019 0 R null 1020 0 R null null null 1021 0 R null null /K 422 1991 0 obj /Pg 17 0 R /P 5877 0 R /Pg 22 0 R /P 5671 0 R /Pg 24 0 R endobj 2996 0 obj /Pg 22 0 R /S /P << /Lang (EN-US) /Pg 22 0 R >> endobj /Pg 23 0 R /P 5030 0 R << 3103 0 obj 719 0 obj /K 1262 /K 460 3374 0 obj null 721 0 R null 722 0 R 723 0 R null 724 0 R null 725 0 R null /S /P /Pg 21 0 R /P 5374 0 R endobj 2352 0 obj 2062 0 obj /S /P /Pg 18 0 R /Lang (EN-US) 1457 0 obj << endobj /K 1284 /S /P /K 248 /S /P /Pg 24 0 R /Pg 24 0 R >> 1946 0 obj /S /P endobj 1711 0 obj /P 5893 0 R 2147 0 obj endobj endobj 827 0 obj /Pg 24 0 R /Pg 24 0 R 3301 0 obj << endobj /K 169 /S /P /S /P /P 5009 0 R /S /Artifact /Lang (EN-US) >> /S /Artifact << << /Pg 18 0 R << >> >> /K 1457 /Lang (EN-US) /S /Artifact /P 6313 0 R /S /Artifact /K 884 >> 1684 0 obj endobj endobj /P 6143 0 R /P 141 0 R /Pg 23 0 R >> >> endobj /S /Artifact << >> /Pg 23 0 R /K 1471 endobj /S /P 397 0 obj >> /S /P 856 0 obj << endobj /Pg 22 0 R /S /Artifact /P 192 0 R >> /K 1149 /K 949 << /S /P << /S /P /Lang (EN-US) /P 6026 0 R /Pg 22 0 R /Pg 22 0 R /Pg 25 0 R /P 5707 0 R /P 6068 0 R 2834 0 obj >> >> /P 5335 0 R endobj endobj << /K 1148 3348 0 obj 154 0 obj << endobj << 3425 0 R null 3426 0 R null 3427 0 R 3428 0 R null 3429 0 R null 3430 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 >> /Pg 22 0 R << << /Pg 21 0 R /K 20 /K 26 << /P 5447 0 R /P 10 0 R /Pg 25 0 R endobj /Lang (EN-US) /S /P 3596 0 obj >> /Pg 23 0 R /S /P >> 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 endobj /Lang (EN-US) endobj /S /Artifact 3381 0 obj /S /Artifact /K 166 /P 5889 0 R 831 0 obj /K 640 << << /Pg 25 0 R >> 514 0 obj /Pg 25 0 R /Pg 18 0 R 2546 0 obj 3021 0 obj /K 1108 endobj << >> endobj /Lang (EN-US) /S /P >> /Pg 22 0 R /Contents 4369 0 R /Lang (EN-US) 1456 0 obj /S /Artifact >> /Pg 22 0 R /P 5138 0 R /P 6307 0 R /P 10 0 R /Pg 14 0 R << endobj << /Pg 22 0 R /S /Artifact >> /Pg 23 0 R >> 4129 0 obj /Pg 25 0 R /K 47 3866 0 obj /S /Artifact /Pg 18 0 R /K 545 /Lang (EN-US) /K 1418 /P 5611 0 R /P 5433 0 R /K 196 /S /P endobj /Lang (EN-US) << /S /P /Lang (EN-US) /P 10 0 R /Pg 22 0 R >> /K 940 /S /Table /K 897 << endobj /Pg 24 0 R 3408 0 obj 2596 0 obj >> /P 5218 0 R /Pg 23 0 R /Pg 18 0 R /K 1060 >> << /K 60 << << /Rotate 0 /Lang (EN-US) << /K 1040 /K 1290 endobj << /K 736 2051 0 obj >> >> /Lang (EN-US) endobj 1455 0 R 1456 0 R 1457 0 R 1458 0 R 1459 0 R 1460 0 R 1461 0 R 1462 0 R 1463 0 R 1464 0 R 2256 0 obj /Pg 19 0 R 3848 0 obj /K 441 /S /P /K 711 /Pg 23 0 R >> /S /P /Rotate 0 endobj /Pg 22 0 R << /S /Artifact /P 5394 0 R << /Pg 25 0 R /K 22 /K 29 << << /S /Artifact endobj 887 0 obj /S /P /S /Artifact /S /P /P 5027 0 R >> /K 1360 /K 334 >> 2480 0 obj << /Lang (EN-US) /Pg 22 0 R 2465 0 obj << /P 4836 0 R /P 6260 0 R << /K 103 /Pg 23 0 R endobj /K 1167 >> >> << endobj 1270 0 obj /K 1159 endobj >> /Lang (EN-US) endobj /Pg 23 0 R /Pg 22 0 R /S /P endobj >> endobj /K 114 /K 644 >> 1548 0 R null null null 1549 0 R null null null 1550 0 R null /Pg 24 0 R /Lang (EN-US) >> 4232 0 obj /Pg 23 0 R << /Pg 25 0 R /K 284 2579 0 obj endobj /Pg 18 0 R /Pg 25 0 R >> endobj /K 574 /K 292 endobj 22 0 obj >> 1134 0 obj /S /P /K 750 /P 5157 0 R << /K 289 >> /S /P /Lang (EN-US) endobj /P 6611 0 R endobj /Lang (EN-US) 2800 0 obj >> /Type /Catalog /Pg 19 0 R 3686 0 obj /Pg 16 0 R 1408 0 obj endobj endobj /P 5837 0 R /K 1522 /S /P endobj /P 4867 0 R 3766 0 obj << >> /Pg 22 0 R /K 1530 4037 0 obj /S /P /P 5446 0 R /Pg 25 0 R << /Pg 25 0 R 1036 0 obj endobj /Pg 22 0 R << /Pg 23 0 R /K 1439 /P 5849 0 R /S /P endobj /S /P /P 10 0 R >> /Pg 23 0 R << endobj endobj /S /P /P 193 0 R endobj >> 1497 0 obj /S /P /S /P >> << >> >> endobj 925 0 obj /P 4826 0 R << 837 0 obj << >> /Lang (EN-US) /K 1019 /S /P endobj << >> /S /P /Pg 24 0 R endobj >> >> /Pg 25 0 R endobj /S /Artifact 2716 0 obj 1263 0 obj 4184 0 R 4185 0 R 4186 0 R 4187 0 R 4188 0 R 4189 0 R 4190 0 R 4191 0 R 4192 0 R 4193 0 R << 63 0 obj /S /Table 3462 0 obj The index is currently comprised of over 5000 direct loans valued at about $75 billion. 2768 0 obj >> /P 6458 0 R /S /Artifact /Pg 24 0 R /K 1347 << /K 122 >> /S /LBody 1776 0 obj /K 1343 endobj /Lang (EN-US) endobj 359 0 R 360 0 R 361 0 R 362 0 R 363 0 R null null 364 0 R null 365 0 R >> /Pg 23 0 R /Pg 22 0 R >> endobj /S /P endobj 1861 0 obj /S /Artifact /P 5521 0 R /Lang (EN-US) /Lang (EN-US) endobj << << /S /P << endobj << << >> /S /P /S /Artifact /Pg 22 0 R >> << /Lang (EN-US) /K 138 /K 73 >> >> << << /K [1340 1341] 2708 0 R null 2709 0 R null 2710 0 R null 2711 0 R null 2712 0 R null >> << endobj >> 677 0 R null 678 0 R null 679 0 R null null null 680 0 R null >> << << /K 210 endobj /P 5598 0 R endobj << /K 446 /P 6535 0 R endobj /S /P << /S /Artifact /Pg 22 0 R /Pg 23 0 R /Pg 24 0 R /Lang (EN-US) /Pg 25 0 R << >> << << >> /Lang (EN-US) endobj 1761 0 obj >> /P 4889 0 R 1837 0 obj << 4115 0 obj /Lang (EN-US) >> /Pg 22 0 R 390 0 obj /Pg 25 0 R >> /S /Artifact /Lang (EN-US) << /S /P endobj /Pg 14 0 R 2044 0 obj >> /Lang (EN-US) >> << /P 5240 0 R /S /Artifact /P 5859 0 R << /Pg 20 0 R /K 1397 << /S /Artifact /S /P endobj /S /Artifact 2831 0 obj /Pg 20 0 R /Pg 17 0 R /Lang (EN-US) << >> /S /Artifact >> /Pg 25 0 R /Lang (EN-US) /Lang (EN-US) /P 6347 0 R endobj /H /I /Lang (EN-US) >> 4036 0 obj << We are not afraid to talk about it. /Pg 24 0 R /S /Artifact /Lang (EN-US) /P 5429 0 R endobj >> /Pg 22 0 R endobj >> /Pg 24 0 R /P 6450 0 R >> >> /K 110 endobj >> /K 1038 /P 5778 0 R /Lang (EN-US) 1467 0 obj /P 4695 0 R 1712 0 obj /Lang (EN-US) /S /Artifact endobj /P 6607 0 R >> /P 6319 0 R /S /P /S /Artifact >> << /S /Artifact endobj 3907 0 obj 4126 0 obj endobj endobj >> endobj 2590 0 obj << /S /P 4240 0 obj /Pg 23 0 R /Pg 24 0 R endobj /P 5314 0 R /K 0 /K 1206 3054 0 obj /K 140 /S /Artifact /S /Artifact << /Lang (EN-US) >> /S /P /Pg 22 0 R >> >> /P 5640 0 R /S /P << 1200 0 obj >> >> /Pg 25 0 R >> 3173 0 obj endobj /Lang (EN-US) << endobj /P 5443 0 R /S /Artifact >> /S /P endobj /Pg 23 0 R /Pg 23 0 R /K 76 /S /P >> >> /K 1230 /S /P endobj >> /Pg 24 0 R /Pg 24 0 R endobj 2253 0 obj /Lang (EN-US) /Pg 23 0 R endobj /S /Artifact /P 6173 0 R /S /P >> /K 759 /Pg 22 0 R >> /P 5621 0 R /K 1547 /K 691 /P 5347 0 R /K 76 /P 5949 0 R /S /Artifact /S /Artifact endobj /K 1187 null 2957 0 R null 2958 0 R 2959 0 R null 2960 0 R null 2961 0 R null /Lang (EN-US) /K 121 /P 5905 0 R /S /P /Pg 24 0 R endobj 1453 0 obj >> 2060 0 obj endobj 2982 0 obj >> 2702 0 obj endobj >> /P 6410 0 R endobj /Pg 25 0 R 3265 0 obj 1359 0 obj /Pg 13 0 R /Pg 22 0 R endobj >> /S /P endobj 2617 0 obj stream 1962 0 obj /S /P >> /MediaBox [0 0 612 792] /P 5213 0 R /Lang (EN-US) endobj /P 5059 0 R /K 84 >> /S /P >> 1732 0 obj /Pg 25 0 R /Pg 25 0 R endobj >> /K 208 2303 0 obj /S /P << >> 2691 0 obj 2153 0 obj >> >> /Pg 23 0 R << /Pg 19 0 R >> 2107 0 obj >> /K 719 /Lang (EN-US) endobj endobj << /K 1282 /S /P endobj 4257 0 obj endobj endobj /P 4947 0 R endobj >> /S /P /K 2 /K 410 /K 1288 /P 10 0 R /T () 78 0 obj /Lang (EN-US) /P 5789 0 R /Lang (EN-US) /S /P /Pg 24 0 R endobj /P 6608 0 R /P 33 0 R << >> << << << /K 252 << /P 4892 0 R /S /Artifact /Pg 25 0 R endobj endobj /Pg 24 0 R << /Pg 24 0 R >> >> >> /S /P << /K 383 /K 99 /Lang (EN-US) << /K 899 2154 0 obj /S /P /S /Footnote /P 6723 0 R endobj /P 6340 0 R /Pg 24 0 R >> /K 1287 /K 1449 3410 0 obj >> /S /P /P 6280 0 R /Pg 26 0 R /K 1499 << 4321 0 obj /K 1514 /S /Artifact << >> 4248 0 obj /S /P endobj /S /P << /P 6331 0 R /K 73 /P 10 0 R << /Lang (EN-US) /K 858 /Lang (EN-US) << /S /Artifact /S /Artifact /Lang (EN-US) /Pg 25 0 R /S /P /Pg 25 0 R /K 538 /S /P /S /LBody /S /P 826 0 obj >> /K 1364 /S /P << >> >> null null null 1094 0 R null 1095 0 R null 1096 0 R null 1097 0 R endobj 2793 0 obj 1166 0 obj /P 10 0 R << >> /S /P >> /P 5730 0 R /Pg 24 0 R endobj << endobj /S /Artifact /Pg 22 0 R /K 975 3828 0 obj /K 1499 2307 0 obj endobj endobj /Lang (EN-US) /S /P 1117 0 obj /S /P /K 1183 /Lang (EN-US) 2079 0 obj >> endobj 3386 0 obj /P 4828 0 R << /Pg 25 0 R >> /K 921 >> >> /K [4504 0 R 4505 0 R 4506 0 R 4507 0 R 4508 0 R 4509 0 R 4510 0 R 4511 0 R 4512 0 R 4513 0 R << /K 326 >> /K 1300 /Pg 25 0 R /Pg 22 0 R /Pg 25 0 R /S /P endobj /K 1472 << /K 1314 3799 0 obj /K 1458 /K 271 /K 1071 endobj /P 37 0 R /S /Artifact >> << /S /Artifact /Pg 24 0 R /S /P /Pg 22 0 R /P 5085 0 R /Lang (EN-US) >> >> >> << /K 25 /Pg 22 0 R 169 0 R 170 0 R 171 0 R null 441 0 R null 442 0 R null null null /Lang (EN-US) /Pg 23 0 R endobj /P 6161 0 R /Pg 25 0 R endobj 1574 0 obj /Pg 24 0 R << >> << /Pg 25 0 R /K 487 >> /Lang (EN-US) 2376 0 obj endobj /Pg 22 0 R /S /Artifact /Pg 13 0 R /Pg 22 0 R /S /Artifact /S /Artifact /K 591 endobj /Lang (EN-US) >> /K 1478 endobj >> endobj endobj 561 0 obj /Lang (EN-US) /Pg 23 0 R endobj /S /Artifact endobj /S /Artifact /Pg 24 0 R endobj /Pg 22 0 R /Pg 25 0 R endobj endobj endobj << << endobj /P 6406 0 R << Cliffwater Direct Lending Fund (the " Fund ") is a closed-end management investment company registered under the Investment Company Act of 1940, as amended (the "Investment Company Act"), and organized as a Delaware statutory trust. >> /P 5152 0 R << /S /P endobj /P 4635 0 R 3581 0 obj 1555 0 obj /P 90 0 R /K 439 >> /Lang (EN-US) 2850 0 R 2851 0 R null 2852 0 R null 2853 0 R null 2854 0 R null 2855 0 R /Lang (EN-US) /Lang (EN-US) endobj /P 5368 0 R 697 0 obj << >> /S /P >> >> /Lang (EN-US) >> << /P 6420 0 R >> /Pg 25 0 R endobj >> /Pg 13 0 R 3158 0 obj /Pg 22 0 R /Lang (EN-US) /K 907 << /S /P << /K 1373 endobj /P 33 0 R >> endobj /Pg 25 0 R /S /P /P 6336 0 R 3245 0 obj /Pg 24 0 R /Lang (EN-US) /Pg 22 0 R /S /P /S /P << /S /Artifact << /S /Artifact /P 6046 0 R << /K 1202 endobj /Pg 24 0 R >> /Pg 24 0 R /P 5405 0 R >> /S /P << /Pg 22 0 R /P 4400 0 R 659 0 obj /Pg 22 0 R >> /K 848 >> /P 6119 0 R << >> >> /K 815 endobj endobj /Lang (EN-US) /K 449 /Pg 22 0 R >> /P 6267 0 R /P 10 0 R /P 6661 0 R >> /P 6418 0 R /S /Artifact /K 194 4215 0 obj 1124 0 obj /S /Artifact /K 1169 /K 1362 565 0 obj /Pg 23 0 R 3341 0 obj 726 0 R null 727 0 R null null null 728 0 R null null null /Pg 24 0 R endobj /S /P >> /Lang (EN-US) >> /S /P << 3834 0 obj /K 723 /K 55 /Pg 25 0 R /S /Artifact << /Lang (EN-US) >> 629 0 obj 1768 0 obj >> /P 5786 0 R /P 5351 0 R /S /P /Pg 19 0 R /K 1419 3723 0 R null 3724 0 R null 3725 0 R null null null 3726 0 R null /Pg 25 0 R << 1696 0 obj /Pg 22 0 R /K 1444 /Lang (EN-US) /K 317 << /Lang (EN-US) /K 1219 135 0 obj << 541 0 obj /Pg 24 0 R endobj /K 1254 /S /Artifact /Pg 24 0 R 233 0 obj /K 1330 >> >> /P 6154 0 R << /K 1155 264 0 obj endobj << /S /Artifact >> null 3577 0 R null null null 3578 0 R null 3579 0 R null 3580 0 R /Pg 17 0 R /Pg 24 0 R /S /P /Lang (EN-US) /K 12 >> endobj /Pg 22 0 R /K 24 /Pg 23 0 R >> 4281 0 obj >> >> /Pg 24 0 R /S /P << >> /S /P 1573 0 obj /K 1297 << endobj 3726 0 obj endobj << >> >> /Pg 16 0 R /Pg 22 0 R endobj /S /P << endobj endobj >> endobj /K 658 /S /P endobj /S /P 2236 0 obj >> 1706 0 obj << /Lang (EN-US) 3388 0 obj /S /Artifact /K 1297 720 0 obj /S /Artifact endobj /P 6677 0 R null 606 0 R 607 0 R null null 608 0 R null 609 0 R 610 0 R null /P 4788 0 R /Pg 23 0 R endobj 3421 0 obj 588 0 obj /S /P /S /Artifact /S /Artifact /K 1160 /K 1159 /K 629 << /Pg 25 0 R 3689 0 obj << endobj << 273 0 R 275 0 R 276 0 R 277 0 R 278 0 R 279 0 R 280 0 R 281 0 R 282 0 R 283 0 R endobj /Annots [4351 0 R 4352 0 R 4353 0 R 4354 0 R] /K 1535 /Lang (EN-US) /Lang (EN-US) >> >> endobj endobj >> /P 5312 0 R 580 0 obj /S /P >> /P 5622 0 R /Lang (EN-US) /Company (Hewlett-Packard Company) endobj 813 0 obj endobj >> /S /P /Pg 23 0 R endobj /K 250 /K 3 3162 0 obj << endobj endobj /Lang (EN-US) endobj << 528 0 obj >> /S /Artifact 2443 0 R 2444 0 R 2445 0 R 2446 0 R 2447 0 R 2448 0 R 2449 0 R 2450 0 R 2451 0 R 2452 0 R << /S /P endobj << >> >> >> endobj /S /Artifact /Pg 23 0 R 4262 0 obj 2692 0 obj /S /Artifact /P 6609 0 R 2477 0 obj >> << /Lang (EN-US) /S /P /Pg 24 0 R << /S /P /Pg 24 0 R 2757 0 obj endobj /Pg 22 0 R /P 5795 0 R << /S /Artifact << 3941 0 obj endobj 1498 0 obj >> /Pg 24 0 R /S /P 3358 0 obj /Pg 23 0 R endobj << /P 10 0 R /P 6263 0 R >> /K 419 3731 0 obj /Pg 14 0 R >> /Pg 24 0 R endobj >> >> /P 5334 0 R >> /K 1201 << >> /K 1299 /Pg 22 0 R /K 142 /Pg 24 0 R /S /Artifact endobj Cliffwater Direct Lending Index Our performance analysis relies on the Cliffwater Di-rect Lending Index ("CDLI"), an asset-weighted in-dex of over 6,000 directly originated middle market loans totaling $99 billion in assets. << << >> /S /P /S /P /S /Artifact /Pg 24 0 R endobj /Lang (EN-US) 1088 0 obj 995 0 obj >> endobj /K 648 /S /Artifact 147 0 R 148 0 R 149 0 R 150 0 R 151 0 R 152 0 R 153 0 R 154 0 R 155 0 R 156 0 R /S /Artifact 1292 0 obj /P 5341 0 R 466 0 obj /K 223 >> endobj /P 5492 0 R endobj 3264 0 obj 1108 0 obj /S /P /K 1501 /Pg 24 0 R endobj 4160 0 obj /Pg 23 0 R /Pg 25 0 R /Lang (EN-US) /S /Artifact /K 749 /K 209 /Lang (EN-US) << /K 1376 endobj << endobj endobj endobj 2607 0 R null 2608 0 R null 2609 0 R null 2610 0 R null null null endobj null 978 0 R null 979 0 R 980 0 R null 981 0 R null 982 0 R null 1917 0 obj << /Lang (EN-US) >> endobj 957 0 obj << /K 951 /K 34 /P 6586 0 R /S /P endobj endobj /Pg 25 0 R 2420 0 obj /S /Artifact /P 10 0 R endobj /S /P /S /P /K 174 >> 1213 0 obj 4178 0 obj >> /S /Artifact /Pg 25 0 R endobj /Pg 20 0 R /Pg 13 0 R << /S /Figure /MediaBox [0 0 612 792] endobj >> << endobj /Pg 24 0 R << 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 /P 802 0 obj << /S /Artifact /P 5679 0 R 4137 0 obj >> /P 4985 0 R /P 4932 0 R /K 1116 /Pg 22 0 R >> /Pg 13 0 R << 144 0 obj 838 0 obj /Lang (EN-US) endobj endobj /Pg 22 0 R >> /P 10 0 R /S /P endobj /Pg 16 0 R /Parent 4 0 R << 3214 0 obj /Lang (EN-US) 3229 0 obj << >> >> endobj /Pg 22 0 R endobj << endobj 159 0 obj << /K 1442 endobj << endobj /K 1323 << 1591 0 obj /Pg 18 0 R application/pdf /P 10 0 R endobj /P 5501 0 R /K 869 endobj endobj endobj >> /Pg 22 0 R /S /P /K 1359 /T () /S /Artifact endobj /S /P /K 1264 /P 5550 0 R /K 1354 >> << 1913 0 obj /S /P << /S /P >> /P 6435 0 R /Lang (EN-US) endobj /K 1376 /K 1069 endobj /S /Artifact /Pg 23 0 R /Pg 22 0 R << endobj 3206 0 obj null null null 997 0 R null null null 998 0 R null 999 0 R 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 >> >> 651 0 obj /Pg 22 0 R /Lang (EN-US) endobj 978 0 obj /K 1019 /Pg 18 0 R /S /P >> endobj endobj 388 0 obj 2334 0 obj >> /Pg 24 0 R /K 1248 3152 0 obj /P 6104 0 R /Pg 23 0 R << Conclusion Our study finds that 2022 fee rates for direct lending private partnerships will average 3.56%, consisting of 3.14% for management fees and 0.42% for fund expenses. endobj /K 67 /K 1360 /K 509 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 . /S /Artifact >> 1542 0 obj /Pg 25 0 R << endobj endobj /K 1432 2574 0 obj /P 6718 0 R endobj endobj /Pg 22 0 R /S /Artifact endobj << /Lang (EN-US) 4310 0 obj /K 51 /S /Artifact /S /Artifact >> /S /P /Lang (EN-US) 1398 0 obj endobj /Pg 22 0 R /P 5137 0 R /Lang (EN-US) /K 1384 /Pg 22 0 R /Lang (EN-US) /P 6257 0 R << /Pg 25 0 R endobj /K 520 /Lang (EN-US) /S /P << /Pg 24 0 R /S /P endobj 1288 0 obj << /Pg 25 0 R /Pg 23 0 R >> /K 1242 /K 1134 /Pg 23 0 R /Pg 22 0 R /P 5862 0 R /Lang (EN-US) << endobj /Pg 23 0 R /K 383 3363 0 obj /P 5340 0 R 1309 0 obj /Pg 24 0 R << /S /P >> /K 1534 << /K 1228 3343 0 obj /K 1193 >> /Pg 22 0 R /P 5411 0 R endobj /K 106 /Lang (EN-US) >> /S /Artifact << /Lang (EN-US) /Pg 24 0 R << null 3551 0 R null 3552 0 R null null null 3553 0 R null null /Pg 22 0 R /S /P /Pg 14 0 R /Lang (EN-US) /Pg 24 0 R /K 1332 >> endobj /Pg 22 0 R << 947 0 obj /Lang (EN-US) endobj 2034 0 obj /S /P /Pg 13 0 R /P 5180 0 R << /Pg 22 0 R << /S /P /P 6042 0 R /Pg 19 0 R >> << /Pg 23 0 R /P 10 0 R /Lang (EN-US) /S /Artifact >> /K 1046 << 1842 0 obj << << /Lang (EN-US) endobj endobj /S /Artifact << endobj endobj >> << /P 4738 0 R 4119 0 obj 664 0 obj /T () 376 0 obj /S /Artifact endobj endobj 2337 0 obj /Pg 18 0 R /Pg 18 0 R >> endobj /S /P /Pg 20 0 R /Lang (EN-US) >> << /P 5947 0 R >> /K 711 /Lang (EN-US) /K 1274 >> /Lang (EN-US) /S /P /K 601 /S /P /K 1103 endobj /Pg 24 0 R endobj /K 433 /S /Artifact /K 213 /Pg 22 0 R 3256 0 obj /S /Artifact << /Lang (EN-US) >> /P 5179 0 R << /K 457 /S /P << 1168 0 obj >> /K 930 /P 5921 0 R endobj /Pg 25 0 R 356 0 obj 494 0 obj /Pg 16 0 R << << 4287 0 obj >> 455 0 obj /K 297 /Pg 23 0 R endobj /P 6722 0 R >> /P 6742 0 R 3845 0 obj 4208 0 obj /Lang (EN-US) 2186 0 obj >> >> /S /P endobj /K 863 /S /Artifact /Pg 22 0 R endobj /S /P endobj /S /P /K 30 569 0 obj << >> endobj /Pg 18 0 R << endobj << /K 1237 /K 1429 Loans are made or arranged pursuant to a California Financing Law license. /Lang (EN-US) /K 199 3898 0 obj >> /S /Artifact << /K 129 endobj 2698 0 obj endobj 977 0 obj << << endobj /S /P /Pg 18 0 R /Lang (EN-US) /K 44 >> /S /P << >> endobj << 4 The way many of the style indices are constructed is to split the core index into two parts. >> >> << >> 2026 0 obj 2070 0 obj >> /Pg 22 0 R 3927 0 R 3928 0 R 3929 0 R 3930 0 R 3931 0 R 3932 0 R 3933 0 R 3934 0 R 3935 0 R 3936 0 R /Lang (EN-US) >> 251 0 R 252 0 R 253 0 R 254 0 R 255 0 R 256 0 R 257 0 R 258 0 R 259 0 R 260 0 R >> >> /K 59 >> /K 761 /Pg 20 0 R /S /P /K 1244 endobj >> /K 1286 /Pg 24 0 R 1190 0 obj /K 1120 << 1817 0 obj /P 5390 0 R /K 98 /K 562 /Pg 20 0 R /K 755 /Lang (EN-US) /K 909 /S /P 3632 0 obj 1593 0 R null 1594 0 R null 1595 0 R null 1596 0 R null 1597 0 R null 2882 0 obj /K 1346 /S /P 3147 0 obj >> >> /S /P /Pg 23 0 R /K 1155 >> >> endobj >> /Lang (EN-US) endobj /Type /Metadata endobj << << /K 399 endobj >> >> << >> 2255 0 obj >> endobj << << 1675 0 obj /K 1517 /Lang (EN-US) /S /P >> /K 1435 /Pg 24 0 R endobj << /Pg 23 0 R << /S /P /Lang (EN-US) 3518 0 R null 3519 0 R null 3520 0 R null 3521 0 R null 3522 0 R null /S /P /Pg 25 0 R >> << /S /P /P 10 0 R << 2472 0 obj /K 148 PRIVATE DEBT - Yield, Safety and the Emergence of Alternative Lending: Opportuni - 36.01. endobj << /S /Artifact << /S /P << /K 1228 2658 0 obj /P 5834 0 R 66 0 obj << /S /P /Lang (EN-US) >> null 765 0 R null 766 0 R null 767 0 R null 768 0 R null 769 0 R /P 6058 0 R /Pg 24 0 R /K 1172 /Pg 22 0 R << << << << /S /Artifact << endobj /K 1177 /K 137 >> /Pg 22 0 R 3772 0 R null 3773 0 R null null null 3774 0 R null null null endobj /K 1097 endobj /S /P << 3752 0 obj /Lang (EN-US) /H /I /P 184 0 R /S /Artifact /Pg 22 0 R 3923 0 obj /Lang (EN-US) /Pg 22 0 R /K 1414 endobj /S /P /S /P >> /K 1265 /K 140 /K 1355 << /S /Artifact >> 382 0 obj endobj endobj /P 5515 0 R /Lang (EN-US) >> endobj /S /P /K 1314 Cliffwater for Direct Lending by the Cliffwater Direct Lending Index (CDLI). 1825 0 obj 217 0 R 218 0 R 219 0 R 220 0 R 221 0 R 222 0 R 223 0 R 224 0 R 225 0 R 226 0 R /Pg 22 0 R /S /P endobj /Pg 22 0 R /K 1351 >> << /K 279 >> /K 461 /Pg 23 0 R << /S /P 1412 0 obj /Pg 24 0 R >> /Pg 23 0 R /K 580 << /Lang (EN-US) /Lang (EN-US) /P 6349 0 R << 975 0 obj /P 4877 0 R >> /S /Artifact /P 10 0 R /S /P << /S /Artifact 2964 0 obj << endobj /P 10 0 R >> endobj 1076 0 obj /K 1153 << /Lang (EN-US) /S /P /Pg 15 0 R 1090 0 obj /S /Artifact /S /P /Lang (EN-US) endobj /K 1345 /P 5662 0 R endobj endobj << >> /S /P /P 5151 0 R /Pg 22 0 R /Pg 22 0 R /Pg 25 0 R /S /Artifact /K 3 /S /Artifact /Pg 23 0 R /P 6603 0 R >> << /K 1396 >> /Pg 23 0 R /K 300 3622 0 obj /P 10 0 R /K [4430 0 R 4431 0 R 4432 0 R 4433 0 R] /S /P endobj 297 0 obj /P 6433 0 R /S /Artifact 3644 0 obj /K 65 /Pg 22 0 R endobj endobj /K [1112 1113] << /K 1544 559 0 obj /S /P /S /Artifact << 1313 0 obj /S /Artifact 2618 0 obj /Lang (EN-US) endobj << >> /Lang (EN-US) endobj 1877 0 obj << /P 5375 0 R << << 3476 0 obj >> << /Lang (EN-US) 1581 0 obj /S /P /S /Artifact /Lang (EN-US) /K [73 74] 1641 0 obj endobj << /Lang (EN-US) /P 5073 0 R /Pg 24 0 R << << /S /P /Lang (EN-US) /K 1502 /S /P 828 0 obj endobj /P 6572 0 R /S /Artifact 1500 0 obj 30 0 obj << /K 1087 /P 6062 0 R /K 1217 endobj /Lang (EN-US) << >> endobj << >> endobj >> 3171 0 obj /P 5770 0 R << /S /Artifact /Pg 22 0 R endobj /Lang (EN-US) << >> endobj endobj /S /Artifact 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 << /K 295 1151 0 obj endobj endobj endobj >> >> << null 1664 0 R 1665 0 R null 1666 0 R null 1667 0 R null 1668 0 R null /Lang (EN-US) /S /Artifact 1390 0 obj 2750 0 obj /Lang (EN-US) >> /S /Artifact << << 3338 0 obj >> << /Lang (EN-US) /S /P 2558 0 R null 2559 0 R null 2560 0 R null 2561 0 R null 2562 0 R null << 2286 0 obj >> 558 0 R 559 0 R 560 0 R 560 0 R 560 0 R] /Pg 23 0 R /S /P Here's my overview of the Corporate Transparency Act, a new federal law that will require most private U.S. companies to report to the U.S. Treasury the names /P 6503 0 R 858 0 obj /K 1336 endobj >> << 3529 0 obj >> 1062 0 obj endobj /P 5415 0 R /Pg 26 0 R endobj /Lang (EN-US) >> << << /Pg 25 0 R << /T () << /Pg 25 0 R endobj >> 3590 0 obj /S /P 3991 0 obj /Pg 25 0 R /Pg 23 0 R >> 1839 0 obj /Lang (EN-US) endobj /P 6245 0 R >> >> endobj /Pg 17 0 R >> endobj endobj