cliffwater direct lending index

/K 971 /Pg 25 0 R 2144 0 obj endobj /Lang (EN-US) >> >> >> << /S /Artifact << /P 10 0 R 1532 0 obj endobj 547 0 obj >> /S /Artifact /K 430 >> 3570 0 obj /K 1121 << /S /Artifact /Pg 22 0 R /Pg 24 0 R /K 109 /Lang (EN-US) >> /Pg 24 0 R /K 11 >> >> endobj endobj /P 4846 0 R /Pg 25 0 R 3076 0 obj /Lang (EN-US) endobj 166 0 obj /P 5229 0 R << endobj endobj 102 0 obj endobj >> 4220 0 obj /Pg 23 0 R /S /Artifact endobj endobj /K 20 /K 1171 << /P 5277 0 R /K 1025 >> << >> endobj /K 1496 725 0 obj endobj 1152 0 obj /Pg 22 0 R /Pg 25 0 R << /K 1138 /S /Artifact /S /Sect /S /P /Pg 25 0 R /Lang (EN-US) /K 1436 endobj << /S /P /Pg 22 0 R endobj >> endobj /K 594 /P 6531 0 R endobj /P 4862 0 R endobj << << /S /Artifact /Pg 22 0 R /S /Artifact << << /S /Artifact /P 5878 0 R >> << /S /P As shown in Exhibit 1, Preqin1 reported that private debt funds raised an aggregate $92.6 billion of capital globally in 2016 with direct lending funds accounting for $23.2 billion of the aggregate capital. /S /Artifact null 1637 0 R null 1638 0 R null 1639 0 R null 1640 0 R 1641 0 R null /K 1519 /Lang (EN-US) >> null 1943 0 R null 1944 0 R null 1945 0 R 1946 0 R null 1947 0 R null << /K 51 /P 10 0 R /K 1119 759 0 obj /Pg 23 0 R /Lang (EN-US) 2615 0 R null 2616 0 R null 2617 0 R 2618 0 R null 2619 0 R null 2620 0 R /Lang (EN-US) /K 1173 /S /P endobj 388 0 obj endobj /Lang (EN-US) /P 10 0 R << 1343 0 obj << endobj >> 2097 0 obj >> /S /Artifact 332 0 obj endobj 3316 0 obj /P 6577 0 R << /S /Artifact 4124 0 obj 1003 0 obj /K 79 << /Pg 25 0 R /K 1270 /Pg 24 0 R /Pg 24 0 R /K 1421 endobj >> /K 1252 /P 10 0 R /Pg 22 0 R 3057 0 obj /P 10 0 R /K 1397 endobj /K 1110 << /K 1323 endobj 1133 0 obj >> << /P 6757 0 R /S /Artifact /K 1135 << /S /P endobj 3496 0 R null 3497 0 R null 3498 0 R null 3499 0 R 3500 0 R null 3501 0 R /K 1063 << /P 95 0 R /Pg 24 0 R << << /K 842 >> /K 1311 >> /Lang (EN-US) 1008 0 obj << >> /Pg 22 0 R 1446 0 obj /Pg 24 0 R /Lang (EN-US) endobj /P 6363 0 R endobj >> 2536 0 R null 2537 0 R null 2538 0 R null null null 2539 0 R null /Lang (EN-US) 3844 0 obj /S /Link /K 761 /K 1381 /Pg 22 0 R /Pg 22 0 R /P 4651 0 R /Pg 25 0 R /K 1296 << << /K 122 /P 10 0 R /S /Artifact /Pg 22 0 R /K 1160 /K 809 endobj /K [49 50 51 52 53] 2314 0 obj /K 1145 2199 0 obj endobj /Pg 24 0 R 3091 0 obj /P 5920 0 R 1153 0 obj << >> endobj /S /P In its 2021 third quarter report, Cliffwater reported that since inception in September 2004, the Cliffwater Direct Lending Index (CDLI) had provided a net return (after realized and unrealized losses of 1.3%) of 9.5% per annum, 8.3 percentage points above the return on one-month Treasury bills - higher than the annualized equity premium has been over the long term and with far . /K 1536 >> 1Great Financial Crisis 2008/2009. /S /Artifact << << /S /Artifact /S /Artifact 2363 0 obj /Lang (EN-US) /S /P /S /Artifact >> null null null 740 0 R null null null 741 0 R null 742 0 R /P 5207 0 R /S /P /S /Artifact 2880 0 obj endobj << /K 11 /P 5724 0 R >> << /S /Artifact /S /P 1394 0 obj 2777 0 obj /Pg 24 0 R << /Pg 16 0 R /Pg 23 0 R /K 1229 /K 162 /P 4963 0 R /K 35 /Pg 23 0 R >> endobj /Pg 24 0 R endobj endobj << /K 80 /K 556 /Lang (EN-US) endobj /S /P 4087 0 R 4088 0 R 4089 0 R 4090 0 R 4091 0 R 4092 0 R 4093 0 R 4094 0 R 4095 0 R 4096 0 R /Pg 24 0 R endobj /S /P 1635 0 obj /K 849 endobj /P 5754 0 R /Author (Bloomberg) /S /P endobj 818 0 obj /S /Artifact /Pg 25 0 R endobj /Lang (EN-US) /Lang (EN-US) /K 19 /Pg 25 0 R /S /P null 642 0 R null 643 0 R null null null 644 0 R null null endobj /K 516 << /Pg 22 0 R /K 1283 /Pg 14 0 R /Lang (EN-US) /S /Artifact /Pg 24 0 R /Lang (EN-US) /S /Artifact >> >> /S /LBody << f325a0f1-a9d5-4034-846d-c1ef2129f6d0 << endobj /P 6679 0 R 1185 0 obj /Lang (EN-US) 2070 0 obj /K 26 /Pg 25 0 R endobj /Lang (EN-US) << /K 1306 /Pg 25 0 R endobj /Pg 25 0 R /S /Artifact 1276 0 obj /Pg 18 0 R << 3874 0 obj << << endobj endobj /K [4388 0 R 4389 0 R 4390 0 R 4391 0 R 4392 0 R 4393 0 R] endobj << /S /Artifact endobj endobj 1229 0 obj 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. endobj << /P 5905 0 R endobj >> /K 1191 1228 0 R 1229 0 R 1230 0 R 1231 0 R 1232 0 R 1233 0 R 1234 0 R 1235 0 R 1236 0 R 1237 0 R /K 1472 << >> 3006 0 obj /P 5748 0 R /Pg 25 0 R /K 1219 >> << /Lang (EN-US) << /Pg 25 0 R /S /Artifact /Lang (EN-US) /Pg 17 0 R /Pg 25 0 R << /Pg 24 0 R /Pg 24 0 R >> 177 0 R 178 0 R 179 0 R 180 0 R 181 0 R 182 0 R 183 0 R 184 0 R 185 0 R 186 0 R >> /Pg 22 0 R /Lang (EN-US) << /S /P /K 10 /S /Artifact << >> /Lang (EN-US) 2106 0 R 2107 0 R 2108 0 R 2109 0 R 2110 0 R 2111 0 R 2112 0 R 2113 0 R 2114 0 R 2115 0 R /K 1359 /Pg 23 0 R /Pg 25 0 R 2554 0 obj /K 449 /Pg 13 0 R /K 16 /S /P >> 2942 0 obj /K 0 /Pg 23 0 R << >> endobj 2326 0 obj /S /Artifact /Lang (EN-US) 1188 0 R 1189 0 R 1190 0 R 1191 0 R 1192 0 R 1193 0 R 1194 0 R 1195 0 R 1196 0 R 1197 0 R /K 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23 0 R /S /P << << /Pg 23 0 R 2243 0 obj /K 1167 endobj 3898 0 obj /P 5145 0 R << 1577 0 obj endobj >> /S /Link endobj /Pg 25 0 R /Pg 24 0 R >> 1719 0 obj << 1589 0 obj << endobj endobj /Pg 23 0 R /P 6212 0 R /K 607 /S /P /Lang (EN-US) /S /P /S /Artifact >> >> << << endobj << 1819 0 obj /Lang (EN-US) /Pg 20 0 R /P 4642 0 R /Pg 25 0 R 1618 0 obj /Lang (EN-US) 2323 0 R 2324 0 R 2325 0 R 2326 0 R 2327 0 R 2328 0 R 2329 0 R 2330 0 R 2331 0 R 2332 0 R 3629 0 obj endobj >> 3613 0 obj /Pg 25 0 R endobj 2848 0 obj 2898 0 obj /K 1275 /S /P << endobj /P 6592 0 R /K 341 2510 0 obj /K 37 3567 0 R null 3568 0 R null 3569 0 R null 3570 0 R null 3571 0 R 3572 0 R /P 6102 0 R << /Pg 25 0 R endobj /K 1134 /S /P /P 6389 0 R >> /Lang (EN-US) /Pg 24 0 R << << /K 1006 52 0 obj >> >> /Pg 23 0 R >> /K 1314 /S /P >> endobj /Pg 24 0 R /Lang (EN-US) endobj << endobj /Pg 22 0 R /Subscript /Span /K 1170 /S /Artifact /Pg 23 0 R 1386 0 obj >> /Lang (EN-US) /Pg 13 0 R /Pg 22 0 R /Lang (EN-US) >> /K 115 >> 1487 0 obj 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R /S /P /S /Artifact endobj >> /P 5721 0 R << /Pg 25 0 R 2571 0 obj << endobj /Lang (EN-US) << << 2486 0 R null 2487 0 R null 2488 0 R null 2489 0 R null 2490 0 R null /P 5581 0 R >> /S /Artifact /Lang (EN-US) /K 1156 /K 220 >> /Pg 23 0 R 2644 0 obj >> /K 454 /Pg 24 0 R /K 317 /S /P 838 0 obj Opportunities in Corporate Direct Lending", 2019. /K 1385 /S /Artifact endobj << /S /Artifact /S /Artifact 1968 0 obj 617 0 obj /Pg 24 0 R /S /Artifact /P 5898 0 R /K 1190 >> >> >> /Lang (EN-US) /Lang (EN-US) /Pg 25 0 R /Pg 24 0 R 1505 0 R 1506 0 R 1507 0 R 1508 0 R 1509 0 R 1510 0 R 1511 0 R 1512 0 R 1513 0 R 1514 0 R << << 618 0 obj endobj 38 0 obj /MediaBox [0 0 612 792] << /Lang (EN-US) << << /Pg 24 0 R /P 4855 0 R /Lang (EN-US) /K 1550 endobj /K 59 endobj /K 1351 /S /P endobj /Lang (EN-US) /Pg 13 0 R >> >> /P 5321 0 R null 2523 0 R null 2524 0 R null 2525 0 R null 2526 0 R null null /K 1549 /Pg 24 0 R >> endobj << /S /P /S /P /S /Artifact 2787 0 obj /P 4845 0 R /P 5675 0 R /P 5028 0 R >> /Pg 22 0 R /K 826 /P 6458 0 R /Pg 23 0 R /K 1297 /S /Artifact endobj 4040 0 obj >> /K 1489 /K 374 /S /Artifact /S /P 731 0 obj /S /Artifact /S /Artifact 2375 0 obj 370 0 obj endobj 3221 0 obj 2732 0 obj << >> /Resources 4365 0 R << 2802 0 obj << 1965 0 obj /S /P /K 79 /S /Artifact endobj /P 6006 0 R << << /S /Artifact << /Pg 25 0 R /S /P /P 6620 0 R /S /P >> 2975 0 obj /Pg 24 0 R /Pg 23 0 R /Lang (EN-US) 2781 0 obj 1222 0 obj /P 5677 0 R /Pg 23 0 R << << >> /S /Artifact << Loans are made or arranged pursuant to a California Financing Law license. /P 5121 0 R 3151 0 obj /S /Artifact /Lang (EN-US) /P 10 0 R /P 5313 0 R 926 0 obj << /K 626 3347 0 obj endobj >> >> /Pg 24 0 R 1884 0 obj /K 360 /K 1183 2908 0 obj /S /Artifact >> /Lang (EN-US) /Pg 25 0 R /S /P << 1712 0 obj >> /S /Artifact /S /P << << /K 136 /K 27 << 774 0 obj /Pg 23 0 R /Pg 22 0 R /P 6072 0 R /Lang (EN-US) /Lang (EN-US) >> << /K [1117 1118] /P 5736 0 R endobj << /S /Artifact /K 82 >> << 1207 0 obj << /Pg 15 0 R /K 1521 /Pg 22 0 R endobj endobj endobj null 2629 0 R 2630 0 R null 2631 0 R null 2632 0 R null 2633 0 R null 745 0 obj /S /P >> 2817 0 obj >> endobj /K 181 /Pg 23 0 R /Pg 22 0 R /S /Artifact 1032 0 R null null null 1033 0 R null null null 1034 0 R null /P 10 0 R /Lang (EN-US) /K [8 431 0 R 72] >> /K 391 /Pg 16 0 R /S /P >> >> >> >> >> /K 22 1148 0 R 1149 0 R 1150 0 R 1151 0 R 1152 0 R 1153 0 R 1154 0 R 1155 0 R 1156 0 R 1157 0 R /P 5273 0 R /K 1470 /K 1248 /S /Artifact /S /P << /Pg 25 0 R 2042 0 obj /Pg 18 0 R /Pg 23 0 R >> /Lang (EN-US) >> /S /Artifact /K 48 /K 1443 << endobj /K 670 << >> /K 1442 /P 5327 0 R endobj 2579 0 obj >> 3224 0 obj 3340 0 obj /Lang (EN-US) /S /Artifact endobj /P 5438 0 R /Pg 25 0 R /Lang (EN-US) /S /P << /K 10 0 R >> endobj /K 13 /K 1190 /K 653 null 814 0 R null 815 0 R null 816 0 R null 817 0 R null 818 0 R >> 1838 0 obj Seeking income throughout the cycle with direct lending. endobj /K 504 /Pg 22 0 R /P 4985 0 R >> endobj >> /Pg 23 0 R /P 5840 0 R << /P 5830 0 R /P 4939 0 R 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/Pg 17 0 R >> /Pg 20 0 R 1257 0 obj 2620 0 obj 3543 0 obj /S /P /Lang (EN-US) /P 6375 0 R >> /K 674 /K 1067 >> << 40 0 obj >> /S /P 2560 0 obj /S /P /P 143 0 R >> << 2119 0 obj endobj /S /P >> endobj << 3587 0 obj /Pg 25 0 R /Lang (EN-US) /Pg 23 0 R endobj 2065 0 obj /Pg 23 0 R /Pg 24 0 R >> endobj /K 557 /P 10 0 R /P 5947 0 R 3928 0 obj << 2708 0 obj << >> << /K 804 /S /Artifact 3309 0 obj /S /P /Pg 22 0 R /Pg 22 0 R 2607 0 obj /S /Artifact /K 408 >> /K 263 endobj /S /Artifact /Pg 23 0 R << endobj /S /Artifact /Pg 22 0 R endobj /K 671 << 4242 0 obj /K 803 /Lang (EN-US) endobj >> /P 6211 0 R /S /P 1143 0 obj >> ICE, Bank of America for US High Yield represented by the ICE BofA High Yield. endobj /K 1489 /P 5706 0 R /K 77 /Pg 24 0 R << endobj /Lang (EN-US) 3189 0 obj 373 0 R 374 0 R 375 0 R null null 376 0 R null 377 0 R 378 0 R 379 0 R /S /Artifact 2045 0 obj endobj << 2592 0 obj << << >> 2022-05-24T03:04:44-06:00 133 0 R] null 3457 0 R null null null 3458 0 R null 3459 0 R null 3460 0 R /Lang (EN-US) 1603 0 obj 116 0 obj /P 4765 0 R 3071 0 obj /K 4 << /Pg 22 0 R endobj << /K 1333 << << << >> /Lang (EN-US) /S /Artifact /K 900 /S /P /Pg 15 0 R >> /Pg 18 0 R /K 659 /P 4973 0 R endobj 226 0 obj >> /S /P /S /Artifact >> << endobj 1251 0 obj /K 422 /K 1201 317 0 R 318 0 R 319 0 R 320 0 R 321 0 R 322 0 R 323 0 R 324 0 R 325 0 R 326 0 R << /S /Artifact << endobj /A 4745 0 R /K 1192 192 0 obj /S /Artifact >> << null 3483 0 R null 3484 0 R null 3485 0 R null 3486 0 R null 3487 0 R /S /Artifact /S /Artifact /Lang (EN-US) /Pg 24 0 R << /K 1239 >> << 10.6200 USD. /K 605 /K 1399 /Pg 22 0 R /P 6088 0 R 1626 0 obj endobj 375 0 obj endobj >> >> /Pg 24 0 R /S /P /S /P 1001 0 obj /Pg 23 0 R /K 1389 /P 4797 0 R /Pg 25 0 R /P 4932 0 R /K 1176 3372 0 obj /Pg 24 0 R /S /Artifact /Pg 22 0 R endobj /Pg 23 0 R 3496 0 obj << /Pg 25 0 R endobj /Lang (EN-US) Indices - Direct Lending: Cliffwater Direct Lending Index, Private Equity: CA US Private Equity Index, High-Yield Bonds: Bloomberg Barclays High-Yield Index. endobj << 1473 0 obj << endobj /P 4757 0 R /P 5258 0 R /S /Artifact /Lang (EN-US) << endobj endobj /K 556 /P 10 0 R 277 0 R 278 0 R 279 0 R 280 0 R 281 0 R 282 0 R 283 0 R 284 0 R 285 0 R 286 0 R 2272 0 obj 1430 0 obj /Pg 24 0 R 3259 0 obj 2915 0 obj /K 121 /Pg 22 0 R 2736 0 obj /K 1515 /Pg 23 0 R endobj 349 0 obj /P 6427 0 R >> >> 2548 0 obj 790 0 obj endobj /Lang (EN-US) /K 1496 /K 553 /Lang (EN-US) /S /Artifact /K 1203 endobj /Pg 24 0 R /S /P /CropBox [0 0 612 792] 3078 0 obj << endobj /Lang (EN-US) 2559 0 obj >> endobj << endobj /K 859 endobj /Pg 21 0 R /Pg 22 0 R /S /P endobj >> /S /Artifact /Lang (EN-US) >> << << /S /Artifact /Annots [4357 0 R] /P 145 0 R 1009 0 obj /K 116 endobj /Pg 23 0 R /K 1184 >> endobj /P 10 0 R /S /P null 1842 0 R null null null 1843 0 R null null null 1844 0 R /Lang (EN-US) /Lang (EN-US) /S /P endobj /P 5696 0 R null 1864 0 R null 1865 0 R null 1866 0 R null null null 1867 0 R /S /Artifact >> /K 156 /K 1347 Cliffwater produces in-depth research on the BDC space and found that, in calendar-year 2022, BDCs were down 8.6 percent, while the aggregate bond index was down 13.4 percent and stocks were down 18.0 percent. 3653 0 obj 2511 0 obj /Pg 24 0 R endobj /Lang (EN-US) /P 5044 0 R endobj /K 316 186 0 obj null 395 0 R null 396 0 R null 397 0 R null 398 0 R null 399 0 R /K 1071 3851 0 R null 3852 0 R 3853 0 R null 3854 0 R null 3855 0 R null 3856 0 R endobj /Lang (EN-US) endobj /Lang (EN-US) /Pg 25 0 R /Pg 25 0 R >> /K 19 /K 1525 /Pg 24 0 R /K 769 2149 0 obj /S /P 3276 0 obj /K 948 /S /Artifact /S /P >> >> /Lang (EN-US) /S /Artifact /P 5799 0 R null 770 0 R 771 0 R null 772 0 R null 773 0 R null 774 0 R null >> << /S /P /K 813 << /S /P /Lang (EN-US) 3410 0 obj >> 868 0 obj /Lang (EN-US) 2977 0 R 2978 0 R 2979 0 R 2980 0 R 2981 0 R 2982 0 R 2983 0 R 2984 0 R 2985 0 R 2986 0 R /Lang (EN-US) endobj >> >> /S /Artifact >> 1335 0 obj << /S /Artifact /K 1460 >> /S /Artifact endobj << >> endobj endobj /K 988 /K 121 486 0 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/Artifact 455 0 obj << /K 32 2098 0 obj 2960 0 obj /Lang (EN-US) /Pg 23 0 R << /K 585 /S /P >> 2495 0 R null 2496 0 R null 2497 0 R 2498 0 R null 2499 0 R null 2500 0 R << endobj /S /P >> << /Lang (EN-US) /K 7 endobj /Lang (EN-US) >> >> /K 1186 endobj /K [4525 0 R 4526 0 R 4527 0 R 4528 0 R 4529 0 R 4530 0 R 4531 0 R 4532 0 R 4533 0 R 4534 0 R 3662 0 obj /Lang (EN-US) << << << /Pg 24 0 R endobj /K 1226 /P 10 0 R /K 1450 2958 0 obj /Lang (EN-US) /Pg 25 0 R >> 3407 0 obj /K 1179 << /Pg 24 0 R /Pg 22 0 R /K 69 /P 5070 0 R /Pg 23 0 R 1025 0 obj /Pg 23 0 R << /K 435 /Lang (EN-US) /K 932 2827 0 obj /P 10 0 R endobj 3444 0 R null null null 3445 0 R null null null 3446 0 R null >> /Lang (EN-US) << << /S /Artifact << << /S /P << >> /K 1040 /Pg 20 0 R /Pg 24 0 R << 4222 0 obj endobj 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 4284 0 obj 67 0 obj /P 5100 0 R endobj 1109 0 obj /Pg 22 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