cliffwater direct lending index
/Pg 22 0 R /Pg 13 0 R >> << /S /Artifact /Pg 25 0 R >> /K 1008 /Pg 23 0 R /K 5 /K 77 606 0 obj /K 1388 << /Pg 25 0 R /P 6637 0 R /Pg 23 0 R /Lang (EN-US) >> /K 792 /K 1071 endobj /K 1533 >> /K 1388 >> /Pg 13 0 R << endobj /K 801 endobj /K 1253 3542 0 obj 774 0 obj 312 0 obj >> endobj 1786 0 obj 633 0 obj 654 0 obj >> /K 273 endobj endobj endobj /S /Artifact >> /P 6178 0 R 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 3954 0 obj endobj /BS 6763 0 R /S /Artifact /S /P /S /Artifact << << /P 10 0 R /Lang (EN-US) << endobj /Pg 23 0 R endobj endobj >> /S /P << 4187 0 obj /S /P >> /K 243 >> >> /K 1136 /S /P >> >> /Pg 24 0 R /P 5965 0 R /K 379 /P 6642 0 R /K 480 >> /Pg 23 0 R endobj >> << /P 10 0 R >> >> << /Lang (EN-US) 366 0 R 367 0 R 368 0 R 369 0 R null null 370 0 R null 371 0 R 372 0 R << /Pg 25 0 R /K 570 /Pg 24 0 R 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 >> /K 1530 /K [4449 0 R 4450 0 R 4451 0 R 4452 0 R 4453 0 R 4454 0 R 4455 0 R 4456 0 R] /Pg 24 0 R 2802 0 obj /S /P /S /P >> >> /P 5420 0 R endobj /Lang (EN-US) 1342 0 obj endobj /K 639 << /S /Artifact /Pg 22 0 R /P 4840 0 R >> /S /P 2060 0 obj >> >> >> /K 1238 2072 0 obj 679 0 obj /S /P 1078 0 obj /S /Artifact endobj >> 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 << /Pg 25 0 R /S /Artifact /S /P /K 1104 /Lang (EN-US) /S /P 1242 0 obj /K 681 endobj 1132 0 obj >> << /Pg 22 0 R /K 1471 /Pg 16 0 R endobj /Pg 24 0 R endobj /K 693 /P 4918 0 R 2464 0 obj /Pg 24 0 R >> >> 4167 0 obj /S /P endobj >> endobj endobj /Lang (EN-US) << << << /P 6279 0 R /K 478 2561 0 obj /K 1426 << /K 924 << /Pg 13 0 R endobj endobj /K 1215 /P 5157 0 R >> /Pg 26 0 R /P 5937 0 R /Lang (EN-US) /S /Artifact >> /Pg 24 0 R endobj << /S /Artifact /S /P /S /P << /Pg 20 0 R >> endobj /P 10 0 R /S /P 4178 0 obj /P 6011 0 R << /Lang (EN-US) /S /L /A 4459 0 R >> endobj /P 5683 0 R /Lang (EN-US) /Lang (EN-US) 2768 0 obj /Pg 23 0 R /P 10 0 R /P 5863 0 R /Type /Annot endobj << /Lang (EN-US) null 3630 0 R null 3631 0 R 3632 0 R null 3633 0 R null 3634 0 R null /K 886 891 0 obj /S /P /K 1495 /S /P 3702 0 obj 468 0 obj >> /S /Artifact /S /Artifact >> << /Pg 25 0 R << /K 1195 /P 5811 0 R /K 1385 /Lang (EN-US) endobj >> >> /Pg 16 0 R /Pg 23 0 R << /P 6752 0 R << /Lang (EN-US) /S /Artifact /Pg 22 0 R /Pg 22 0 R >> /P 6730 0 R Opportunities in Corporate Direct Lending", 2019. /K 911 339 0 obj /S /Artifact << >> /Lang (EN-US) /Pg 23 0 R /S /P /P 6318 0 R 2274 0 obj 1919 0 obj endobj /Lang (EN-US) /P 5364 0 R 3476 0 obj << >> 627 0 obj /K 62 1978 0 obj /Pg 23 0 R 1040 0 obj endobj /Pg 23 0 R /Pg 25 0 R endobj /Pg 24 0 R >> 4203 0 obj 2548 0 obj 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 endobj /Pg 25 0 R /Lang (EN-US) /K 1417 << 4009 0 obj << endobj /S /Artifact 2061 0 obj >> /K 1069 /K 1079 /S /P /Lang (EN-US) << /S /P /S /P /K 1091 /S /P /Pg 23 0 R /P 6280 0 R endobj >> /K 68 endobj /Pg 22 0 R >> /Lang (EN-US) /Lang (EN-US) >> /P 5302 0 R endobj /S /P 3111 0 obj 3228 0 obj /S /P /Lang (EN-US) 2993 0 obj /K 1180 1334 0 obj >> 4083 0 obj >> 813 0 obj /K 196 /Lang (EN-US) 551 0 obj null 1019 0 R null 1020 0 R null null null 1021 0 R null null /K 1490 /Lang (EN-US) >> /K 31 >> << /S /P 537 0 obj << /S /P 1599 0 obj /Pg 18 0 R << /Pg 22 0 R /K 4 /P 10 0 R << /Pg 21 0 R 489 0 obj /K 333 /S /Artifact /P 5520 0 R << endobj >> << /K 490 /K 1058 /S /P endobj Source: Cliffwater. << << 1620 0 R null 1621 0 R null null null 1622 0 R null null null /S /Artifact endobj /S /P 2080 0 obj /P 4864 0 R /K 794 /Pg 25 0 R << /K 932 /S /Artifact >> /S /Artifact >> /S /Artifact endobj /K 1429 << /P 10 0 R /K 1160 /Lang (EN-US) /P 5103 0 R /P 6669 0 R >> /Pg 25 0 R >> endobj >> 4327 0 obj /K 1449 /Pg 22 0 R endobj /K 25 << /S /P /S /Artifact /K 13 << << << /S /P 3271 0 obj endobj /S /P /K 1 >> 4124 0 obj HW]o[7}M^(-v-4*!,*kB8%gfnsyo9yr{'>n#>I`E2IQy0fL?o8Yr|o=={+'KF,/+/4~,$Ze\GOsGt&eC!Zh Z%{nw/!+Fn 347 0 R 348 0 R 349 0 R 350 0 R 351 0 R 352 0 R 353 0 R 354 0 R] 2247 0 obj /Pg 23 0 R 3227 0 obj 1051 0 obj endobj /P 4657 0 R null null 2683 0 R null null null 2684 0 R null 2685 0 R null /Pg 24 0 R /S /Artifact /Pg 25 0 R /Lang (EN-US) 3131 0 obj >> /K 1492 << 1172 0 obj endobj /Pg 25 0 R /Lang (EN-US) /Lang (EN-US) << /Pg 24 0 R endobj 2912 0 obj << /P 6616 0 R endobj /K 1355 /K 48 3731 0 R null 3732 0 R 3733 0 R null 3734 0 R null 3735 0 R null 3736 0 R /K 1467 /P 10 0 R /P 4822 0 R /K 1071 2400 0 obj /K 1513 /Lang (EN-US) /Pg 24 0 R /S /P /Lang (EN-US) /S /P endobj << /Pg 25 0 R /Pg 25 0 R >> endobj /K 1264 /K 25 /K 1505 << 1457 0 obj 2780 0 obj 2737 0 obj /Lang (EN-US) /Pg 25 0 R 3233 0 obj /S /P 3892 0 obj 4103 0 obj /P 10 0 R 826 0 obj /K 801 endobj /K 1434 /K 1198 /K 2 /Pg 13 0 R >> 287 0 R 288 0 R 289 0 R 290 0 R 291 0 R 292 0 R 293 0 R 294 0 R 295 0 R 296 0 R 4556 0 R 4557 0 R 4558 0 R 4559 0 R 4560 0 R 4561 0 R 4562 0 R 4563 0 R 4564 0 R 4565 0 R 1553 0 obj endobj /S /Artifact endobj /Lang (EN-US) /S /P endobj 2664 0 R null 2665 0 R 2666 0 R null 2667 0 R null 2668 0 R null 2669 0 R >> /K 1402 /S /P /K 1056 << /Pg 25 0 R /S /Artifact >> << /S /P /Pg 25 0 R 2491 0 R null null null 2492 0 R null 2493 0 R null 2494 0 R null /P 10 0 R /K 56 1444 0 obj 85 0 obj /Lang (EN-US) endobj >> << /S /Link << /P 5804 0 R /P 6433 0 R 1841 0 obj /S /Artifact /S /Artifact 1347 0 obj >> /Lang (EN-US) << /K 817 /S /P endobj /Pg 24 0 R << >> /Pg 23 0 R << /S /Artifact null 390 0 R null 391 0 R null 392 0 R null 393 0 R null 394 0 R /Pg 23 0 R 771 0 obj /Pg 24 0 R /S /Artifact /S /Artifact endobj /P 6539 0 R /S /P /Lang (EN-US) /P 10 0 R >> endobj << endobj 1364 0 obj endobj The Cliffwater Direct Lending Index (CDLI) seeks to measure the unlevered, gross of fee performance of U.S. middle market corporate loans, as represented by the asset-weighted performance of the underlying assets of Business Development Companies (BDCs), including both exchange-traded and unlisted BDCs, subject to certain eligibility requirements. << >> /Lang (EN-US) << /Pg 24 0 R endobj /S /P /S /Artifact >> endobj 1948 0 R null 1949 0 R null 1950 0 R null null null 1951 0 R null << /Pg 24 0 R endobj endobj endobj /K 148 endobj /Pg 23 0 R endobj 3250 0 obj 2788 0 obj /Pg 25 0 R /S /Artifact >> 20 0 obj endobj >> << << 2933 0 obj << endobj >> endobj 1719 0 obj 3497 0 obj endobj /K 1312 /K 552 2311 0 obj << /S /Artifact /K 57 /Lang (EN-US) /Pg 24 0 R /K 756 >> endobj endobj /Pg 24 0 R << /K 56 endobj 785 0 obj /K 1480 /K [39 4680 0 R] /P 5787 0 R /P 10 0 R << << << 3505 0 obj 1639 0 obj >> /Lang (EN-US) /Pg 22 0 R >> /S /P 309 0 obj endobj /Pg 18 0 R endobj /P 6625 0 R endobj 3622 0 obj /K 29 /K 133 /Pg 24 0 R /Pg 23 0 R 1027 0 obj << /Pg 13 0 R /P 4759 0 R << 1985 0 obj /K 162 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 /S /P << /Pg 17 0 R /K 1280 /K 1144 /K 1021 << endobj /S /Artifact /Pg 22 0 R /S /P Index data stretches back to September of 2004. /Pg 19 0 R 1102 0 obj << /Lang (EN-US) endobj >> /P 4876 0 R /Pg 22 0 R /Pg 22 0 R /P 5923 0 R /K 108 /Pg 18 0 R >> 2270 0 obj endobj /Lang (EN-US) /Pg 17 0 R endobj endobj /K 1227 359 0 obj endobj /Pg 25 0 R 3851 0 R null 3852 0 R 3853 0 R null 3854 0 R null 3855 0 R null 3856 0 R /P 6350 0 R << /Lang (EN-US) /S /Artifact << /P 5893 0 R /P 5522 0 R >> /S /P /P 6745 0 R endobj endobj /Lang (EN-US) /K 1171 /S /Artifact /Pg 25 0 R /S /P endobj >> 129 0 obj /P 5507 0 R endobj /P 6361 0 R >> endobj 2859 0 obj /S /Artifact << << 1903 0 obj /Pg 24 0 R null 1845 0 R null 1846 0 R null 1847 0 R null 1848 0 R null 1849 0 R endobj >> /K 823 /S /P endobj /Pg 22 0 R /Pg 23 0 R /P 5592 0 R endobj /K 1545 /Pg 25 0 R 773 0 obj 2846 0 obj /P 5629 0 R >> /K 72 /P 6198 0 R /K 1 /Lang (EN-US) /K [41 42 43 44] << /Pg 22 0 R >> << /K 1214 endobj /Pg 15 0 R /S /P << 3457 0 obj /Lang (EN-US) 3294 0 obj >> 1989 0 obj 4129 0 obj << /P 4816 0 R 3817 0 obj 1806 0 obj /Pg 22 0 R /Pg 25 0 R endobj endobj /P 5368 0 R 984 0 obj /Type /Page << /Lang (EN-US) /K 40 >> << 4283 0 obj endobj /P 5100 0 R endobj 3574 0 obj /Pg 23 0 R /K 530 /S /Artifact /Lang (EN-US) << /S /Artifact /Pg 15 0 R /Pg 22 0 R endobj 1573 0 obj /P 10 0 R /K 1446 << /Pg 22 0 R /Lang (EN-US) << /Pg 24 0 R 196 0 obj /S /P /K 67 /Lang (EN-US) 157 0 obj /K 1503 /P 10 0 R 4234 0 obj 176 0 obj /P 5901 0 R >> /S /P /K 1254 << >> << >> endobj /S /P endobj endobj endobj /K 18 /Pg 22 0 R << /K 210 2200 0 obj /S /P /K 605 /P 6001 0 R /K 387 /K 142 /K 14 >> /Pg 24 0 R 2354 0 obj /K 334 883 0 obj /K 1311 << endobj /P 5843 0 R /Lang (EN-US) /Pg 23 0 R /K 165 endobj /K 1212 >> /Pg 23 0 R 3563 0 obj << endobj << << endobj << /Pg 24 0 R 4012 0 obj >> << /K 1457 /K 28 /S /P /K 1212 endobj /P 4405 0 R /Pg 23 0 R 991 0 R 992 0 R null 993 0 R null 994 0 R null 995 0 R null 996 0 R endobj /K 463 /Pg 25 0 R /S /P << >> /S /P /Pg 25 0 R << endobj /Lang (EN-US) /Lang (EN-US) >> << endobj 353 0 R 354 0 R] /Pg 24 0 R /Pg 22 0 R /Pg 24 0 R 2702 0 obj >> /K 1223 << /Lang (EN-US) endobj endobj >> /P 4437 0 R /Pg 25 0 R /S /P /Pg 24 0 R >> << /K 737 >> /S /Artifact endobj /P 5675 0 R /S /P /S /P >> /S /Artifact 3232 0 obj << /P 4899 0 R /S /P 1712 0 obj << endobj /S /P << /Pg 23 0 R >> << endobj endobj endobj /K 1226 endobj >> endobj << /S /Artifact /K 1147 << 2346 0 obj endobj << endobj >> /Pg 19 0 R >> << /P 4906 0 R >> >> /Lang (EN-US) endobj 107 0 obj >> << In high inflation periods, for example, PE has generated returns in excess of about 6% above public stocks. /Lang (EN-US) /P 6267 0 R /K 1234 /S /Artifact /Pg 23 0 R /Pg 22 0 R 2975 0 obj /S /P >> /K 418 endobj /K 449 /Pg 20 0 R >> << endobj /Lang (EN-US) /S /P << >> /K 79 >> /S /P /Pg 22 0 R << /P 4858 0 R /Pg 25 0 R null 3860 0 R null 3861 0 R null 3862 0 R null 3863 0 R null 3864 0 R /K 1396 /Lang (EN-US) /Lang (EN-US) /S /Artifact endobj /K 1017 3496 0 R null 3497 0 R null 3498 0 R null 3499 0 R 3500 0 R null 3501 0 R /K 1295 null 1659 0 R null 1660 0 R null 1661 0 R null 1662 0 R null 1663 0 R /Lang (EN-US) endobj /K 1285 2066 0 obj << /S /P /S /Figure /K 1246 /Lang (EN-US) endobj >> /S /Artifact /S /Artifact 1584 0 obj 532 0 obj >> endobj >> /K 1142 /Lang (EN-US) /S /P /Pg 25 0 R << << /K 102 /Border [0 0 0] /K 1251 endobj endobj endobj /K 1237 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 3665 0 obj So we built one. 3455 0 obj /Lang (EN-US) /Lang (EN-US) >> /S /Artifact 25 0 obj /Pg 24 0 R >> endobj /K 190 >> /S /P /K 488 /K 665 >> /Pg 26 0 R /Lang (EN-US) /K 480 2916 0 obj >> /S /P endobj 1243 0 obj /P 6101 0 R >> /Lang (EN-US) /Pg 23 0 R 2445 0 obj endobj /S /Artifact << >> endobj /Pg 23 0 R endobj endobj >> << 3280 0 obj null 642 0 R null 643 0 R null null null 644 0 R null null /T () /K [46 47 48 49 50] /K 1321 << << /Lang (EN-US) /Pg 25 0 R /S /Artifact /S /P /K 1236 /Pg 24 0 R >> /S /Artifact 911 0 obj >> >> endobj << << 1741 0 obj >> /P 5294 0 R >> << << /S /P >> << endobj 2705 0 obj >> 647 0 obj 3899 0 obj 2455 0 obj endobj /Lang (EN-US) /Lang (EN-US) /K 118 >> << /Pg 22 0 R /Pg 14 0 R >> << /K 198 endobj /P 4728 0 R /Pg 24 0 R endobj /P 4784 0 R /Pg 24 0 R >> /K 1087 /Lang (EN-US) << /P 6317 0 R >> /Pg 24 0 R endobj /Pg 15 0 R >> /Pg 22 0 R >> /P 6716 0 R endobj /Pg 22 0 R >> /Pg 25 0 R 1983 0 obj endobj /Lang (EN-US) /K 891 90 0 obj >> /Pg 23 0 R 981 0 obj /S /Artifact endobj /Pg 24 0 R /Lang (EN-US) << null 664 0 R null 665 0 R null 666 0 R null 667 0 R null null >> 2259 0 obj 4123 0 obj >> /S /Artifact /S /Artifact /Lang (EN-US) /P 5485 0 R /K 1164 << >> /Pg 22 0 R /K 917 << /S /P << /Pg 25 0 R 3618 0 obj endobj /S /P /Contents 4364 0 R /Lang (EN-US) /S /P /P 5123 0 R >> >> /Pg 23 0 R /K 1549 endobj endobj /S /Artifact /Pg 25 0 R << /K 1039 3943 0 obj /K 169 /P 5514 0 R endobj endobj /Pg 24 0 R >> /S /Artifact /K 306 << << /Lang (EN-US) 655 0 R null null null 656 0 R null null null 657 0 R null /K 270 /StructParents 12 << /S /Artifact >> >> /K 1230 /K 1476 >> /Pg 25 0 R /P 10 0 R 1655 0 obj << endobj << 3543 0 obj << endobj << /P 5088 0 R endobj /Pg 22 0 R /K 7 /K 1454 /Lang (EN-US) /S /Artifact /Pg 23 0 R /Pg 25 0 R /S /P endobj /Pg 19 0 R 1137 0 obj << /P 6738 0 R /Pg 22 0 R endobj /Pg 22 0 R /Pg 22 0 R /S /P /Pg 25 0 R /Lang (EN-US) << /Lang (EN-US) >> /K 1465 endobj /Lang (EN-US) >> 2690 0 obj /S /P >> 909 0 obj /Lang (EN-US) /K 545 2070 0 obj << >> >> >> << /Pg 25 0 R /P 6666 0 R << /K 1169 /S /Artifact /K 161 /Pg 22 0 R 2639 0 obj 2840 0 obj /Pg 19 0 R /Pg 14 0 R 1975 0 obj << /Pg 16 0 R /S /P 158 0 obj endobj << 387 0 obj /Pg 25 0 R << endobj << endobj /K [68 4676 0 R] endobj endobj /S /Artifact >> /S /Artifact >> << >> /Pg 22 0 R << /P 10 0 R endobj /Pg 24 0 R 2479 0 obj << /K 1518 /K 186 /Pg 25 0 R << /S /P << /Pg 25 0 R /K 1177 /P 6272 0 R >> << /S /Artifact /Lang (EN-US) << >> /Pg 22 0 R /Lang (EN-US) /K 12 /K 136 /K 1471 >> /Pg 24 0 R /S /Artifact 69 0 obj /S /P >> endobj /Lang (EN-US) /K 1430 /P 4944 0 R << /Pg 25 0 R 1304 0 obj /Pg 24 0 R 3360 0 obj /Pg 24 0 R 2472 0 obj /Pg 23 0 R /P 10 0 R /Lang (EN-US) 623 0 obj /Pg 22 0 R /S /P << endobj 2260 0 obj /P 5870 0 R 1090 0 obj /P 4862 0 R endobj 1977 0 obj 2685 0 obj << /S /Artifact /S /P /K 78 >> null 2481 0 R null 2482 0 R null 2483 0 R null 2484 0 R 2485 0 R null >> /S /P /Pg 22 0 R << /Pg 22 0 R /S /P >> /Pg 22 0 R /P 5929 0 R 4152 0 obj 2169 0 obj endobj /K 317 null 2673 0 R null 2674 0 R null 2675 0 R null 2676 0 R null 2677 0 R /Pg 24 0 R endobj << << /S /P 2748 0 obj endobj /Pg 16 0 R >> /S /P >> << /S /P /K 1285 /Pg 24 0 R /S /P << /K 36 /Pg 25 0 R 358 0 obj /K 1155 /Pg 23 0 R >> /K 449 /P 10 0 R null 1022 0 R null 1023 0 R null 1024 0 R null 1025 0 R null 1026 0 R >> >> /P 6431 0 R << 2211 0 obj /P 6346 0 R /Pg 25 0 R endobj >> /Lang (EN-US) /P 6462 0 R /P 4806 0 R >> /P 6428 0 R << endobj /Lang (EN-US) /K 1493 /S /Artifact endobj >> /P 5192 0 R 1548 0 obj /Lang (EN-US) >> /S /Artifact /S /Artifact /K 1347 /Pg 22 0 R endobj << /S /Artifact 3843 0 R null 3844 0 R null 3845 0 R null null null 3846 0 R null endobj >> << /P 5242 0 R endobj >> /K 1113 /K 747 endobj 2851 0 obj /S /Artifact 743 0 obj endobj /Lang (EN-US) /S /Artifact endobj /Pg 18 0 R /Pg 16 0 R endobj /S /P /Pg 23 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 /K 745 null 1071 0 R null 1072 0 R null 1073 0 R null 1074 0 R null 1075 0 R << /Pg 24 0 R 1375 0 R 1376 0 R 1377 0 R 1378 0 R 1379 0 R 1380 0 R 1381 0 R 1382 0 R 1383 0 R 1384 0 R << Adobe PDF Library 22.1.149 /P 5248 0 R 25 444 0 R 26 445 0 R 27 446 0 R 28 540 0 R 29 541 0 R << << endobj /Pg 24 0 R /K 738 /P 5759 0 R >> endobj 993 0 obj /P 4937 0 R 1259 0 obj 2277 0 obj endobj endobj /Lang (EN-US) << /P 5267 0 R endobj /S /P /S /Artifact >> /P 5565 0 R endobj >> /S /P /Pg 23 0 R /P 10 0 R endobj /P 6327 0 R /K 1499 /K 1457 endobj /K 1438 /S /P << >> >> << /K 894 /P 6589 0 R endobj /S /P /S /Artifact << 3912 0 obj /K 235 /Pg 22 0 R << 1873 0 obj /S /Artifact << /Lang (EN-US) 2271 0 obj endobj /S /Artifact << >> /Pg 22 0 R /Pg 23 0 R /Pg 22 0 R endobj /P 5771 0 R /Pg 22 0 R 3225 0 obj << << /S /P /K 1315 /Lang (EN-US) /Pg 24 0 R << /Lang (EN-US) 3541 0 obj endobj >> /Lang (EN-US) /K 1010 >> /Lang (EN-US) /Lang (EN-US) << /K 351 2601 0 obj /Pg 25 0 R endobj << /Pg 25 0 R << << /Pg 23 0 R >> >> << /S /Artifact << 191 0 obj /K 1506 /K 941 >> /Pg 23 0 R /P 6553 0 R 659 0 obj endobj 3144 0 obj endobj /K 647 /S /P << endobj 3527 0 obj /K 457 << << /S /P /Pg 22 0 R 3193 0 obj /Pg 25 0 R /K 1462 3293 0 obj >> << << endobj /Pg 25 0 R /K 1479 /Pg 22 0 R 603 0 obj /K 516 endobj /Pg 22 0 R 1675 0 obj /S /P /K 1331 /S /P /K 1152 /Lang (EN-US) << << 3453 0 obj endobj 1612 0 obj Access to this resource is limited to existing Cliffwater clients and qualified prospects for our Funds, By clicking "Login", I accept Terms of Use, If you are an RIA, institutional investors, or other prospect for Funds, please contact us to gain access, By clicking "Accept", I accept Terms of Use, For more information to login, call (310) 448-5000 or email info@cliffwater.com. endobj endobj /S /Artifact /K 724 endobj /Pg 23 0 R 1774 0 obj /S /P << << /S /P /S /Artifact /Lang (EN-US) 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 << 2106 0 obj endobj << /Lang (EN-US) /S /P >> null 3691 0 R null 3692 0 R null 3693 0 R null 3694 0 R null 3695 0 R /K 161 /Pg 25 0 R >> endobj /S /Artifact /P 6386 0 R /S /Artifact /K [80 81] << /Pg 22 0 R /Pg 22 0 R /Pg 25 0 R endobj /P 5970 0 R /K 600 << /P 5333 0 R /Pg 24 0 R /S /Artifact << endobj 3683 0 obj /P 10 0 R /K 848 << /K 1439 /Pg 22 0 R /P 5732 0 R endobj >> /Lang (EN-US) /K 46 endobj >> /S /Artifact 1321 0 obj endobj /Pg 23 0 R >> >> 3343 0 obj >> /S /P /Pg 22 0 R /K 1225 /P 10 0 R endobj /P 5257 0 R /Pg 24 0 R /Pg 25 0 R >> /S /P /S /Artifact /K 1478 >> /S /P /K 1280 endobj 1232 0 obj >> /S /Artifact /Pg 23 0 R >> endobj /Pg 25 0 R /S /P 2102 0 obj endobj 1301 0 obj /S /Artifact /S /Artifact endobj 1294 0 obj /Pg 23 0 R << 3850 0 obj endobj /S /Artifact 3565 0 obj << 3214 0 obj /Pg 23 0 R /S /Artifact << /K 100 << 2386 0 obj >> 747 0 obj /Pg 21 0 R /Pg 25 0 R /K 153 /S /P /Lang (EN-US) endobj /Lang (EN-US) /Pg 25 0 R 2900 0 obj /Lang (EN-US) /Pg 23 0 R >> /S /P >> /Lang (EN-US) >> >> /Pg 22 0 R endobj /K 786 668 0 obj 3591 0 obj /S /Artifact /Pg 25 0 R endobj /S /Artifact << /Pg 25 0 R /Pg 22 0 R << << /P 5605 0 R /P 5796 0 R >> /Pg 22 0 R /S /P 4193 0 obj /K 1119 << 1836 0 obj /S /Artifact >> /S /P /S /P 436 0 obj /P 6576 0 R << << << /K 1056 << << /S /Artifact /S /P << endobj /S /P /S /P /Pg 23 0 R /P 5663 0 R << /P 5644 0 R /K 165 /K 1103 << /Lang (EN-US) /K 698 /Lang (EN-US) /S /P /Lang (EN-US) /P 6544 0 R >> /Parent 9 0 R /S /P 922 0 obj /Lang (EN-US) 278 0 obj /P 10 0 R /K 804 << << << /K 433 >> /Lang (EN-US) /Lang (EN-US) /Pg 22 0 R << /K 26 /S /P endobj /K 1073 /S /Artifact 3385 0 obj /S /Artifact << endobj /P 6415 0 R 1360 0 obj >> 844 0 obj /Pg 13 0 R /S /Artifact >> /S /P /P 5060 0 R /K 1171 /P 5762 0 R >> 3374 0 obj /S /P 2640 0 obj endobj endobj endobj /S /P /Pg 25 0 R >> >> 2207 0 obj /K 455 << /K 583 << /Pg 23 0 R >> endobj 1329 0 obj endobj /Pg 22 0 R << /K 1389 /Lang (EN-US) endobj /K 878 >> endobj /Pg 22 0 R /K 1228 << /S /Artifact /Pg 24 0 R /S /Artifact /Pg 24 0 R << /Pg 25 0 R << >> /P 5603 0 R endobj >> >> endobj /Pg 23 0 R 3438 0 obj /Pg 22 0 R 3617 0 obj /Lang (EN-US) 780 0 obj /K 439 >> /Pg 22 0 R /K 1489 /S /P /P 5574 0 R /S /Figure << endobj /P 5741 0 R 621 0 obj /K 1040 /K 1189 >> << >> << << >> >> /Pg 22 0 R /Lang (EN-US) << endobj /Lang (EN-US) /K 518 << << << << /K 428 USA & International; Australia; Canada; France; 302 0 obj /P 4946 0 R /Pg 22 0 R /S /Artifact endobj /Pg 17 0 R /Pg 25 0 R << /S /Artifact endobj /K 1121 >> >> /S /P /K 1505 << endobj >> /K 1148 /S /Artifact /S /Artifact >> << >> 4330 0 obj /K 12 /K 984 << /S /P << /P 4665 0 R /S /Artifact /K 1108 /K 15 endobj /K 19 >> /S /P endobj /K 1296 /S /P /Pg 18 0 R endobj /Lang (EN-US) /P 5640 0 R 3662 0 obj 827 0 obj 2705 0 R null 2706 0 R null null null 2707 0 R null null null /K 114 Together with management fees, Cliffwater estimates that total fees and expenses for direct lending private partnerships equals 3.56% of net asset value. << /K 1339 >> /Pg 24 0 R endobj /Pg 25 0 R >> endobj >> << >> /K [18 432 0 R 67] /Lang (EN-US) /K 815 >> /K 17 2338 0 obj /K 383 /Pg 25 0 R /Pg 22 0 R 1773 0 obj 905 0 obj /K 1233 endobj /S /Artifact /Pg 25 0 R /K 105 << 2223 0 obj /P 6706 0 R /P 6574 0 R >> 3828 0 obj /Pg 23 0 R 1155 0 obj 3740 0 obj /S /LBody /Lang (EN-US) 3732 0 obj << << /Lang (EN-US) /P 4706 0 R 746 0 obj >> 939 0 obj endobj /S /Artifact /P 5689 0 R >> >> /K 802 /Lang (EN-US) /P 5964 0 R 2122 0 obj endobj /Pg 24 0 R /P 5011 0 R 227 0 R 228 0 R 229 0 R 230 0 R 231 0 R 232 0 R 233 0 R 234 0 R 235 0 R 236 0 R /P 6500 0 R 1535 0 obj endobj endobj endobj /K 66 /K 1109 /Pg 23 0 R /Pg 21 0 R /Lang (EN-US) endobj /S /Artifact >> /Pg 25 0 R << /S /P /S /Artifact << /Lang (EN-US) 1076 0 obj /Type /Page /S /P endobj /P 6532 0 R /K 602 /Pg 23 0 R endobj /S /P /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 /Lang (EN-US) /S /P >> >> /S /P /P 4841 0 R endobj /Lang (EN-US) << 2493 0 obj /Pg 24 0 R /K 183 /K 351 endobj 3347 0 obj 3674 0 R null 3675 0 R null 3676 0 R null 3677 0 R null null null /Pg 23 0 R /S /Artifact /P 5883 0 R /S /P /Pg 22 0 R /S /Artifact >> >> << endobj /S /P /Pg 24 0 R >> /K 1504 >> /K 0 << /K 1407 /K 154 endobj /K 1154 >> << /Pg 22 0 R /Pg 13 0 R endobj /Pg 24 0 R 915 0 obj endobj /Lang (EN-US) /P 6408 0 R >> /Pg 24 0 R /Contents [4339 0 R 4340 0 R 4341 0 R 4342 0 R 4343 0 R 4344 0 R 4345 0 R 4346 0 R] /Pg 22 0 R 3792 0 obj /P 6466 0 R >> /K 1323 /S /P /Pg 26 0 R >> << /Pg 19 0 R >> << >> /P 5693 0 R >> /Lang (EN-US) >> endobj >> /S /Artifact /S /Artifact endobj 2103 0 obj >> /P 6590 0 R /Pg 23 0 R 46 0 obj >> /Pg 23 0 R << /K 1237 /K 900 endobj /Pg 24 0 R /Pg 25 0 R endobj 586 0 obj /P 6605 0 R /Pg 15 0 R /S /Artifact /P 5588 0 R /Lang (EN-US) endobj 3535 0 obj >> endobj 2276 0 obj /Pg 23 0 R /Pg 25 0 R /Lang (EN-US) /Lang (EN-US) /S /Artifact /S /P << /K 526 /Pg 22 0 R null null null 2478 0 R null null null 2479 0 R null 2480 0 R 2557 0 obj >> >> /K 1389 /K 815 >> /Pg 23 0 R /Lang (EN-US) /K 572 2482 0 obj /K 1421 /K 192 /Pg 19 0 R /K 965 << /P 10 0 R /P 6335 0 R /P 5172 0 R /Lang (EN-US) /Pg 23 0 R endobj 4070 0 obj endobj << 3798 0 R null null null 3799 0 R null 3800 0 R null 3801 0 R null Middle-market direct lending has evolved over the last 20 years, and many institutional investors increasingly view it as a strategic portfolio allocation. >> endobj /P 5890 0 R /K 1366 >> /K 51 null 1872 0 R null 1873 0 R 1874 0 R null 1875 0 R null 1876 0 R null >> endobj /S /P /P 5639 0 R /S /P /P 4901 0 R >> >> /Pg 13 0 R >> << >> /K 1438 endobj /S /Artifact >> endobj /S /P << >> /S /P /Pg 25 0 R 3211 0 obj /S /P endobj /S /P 3481 0 obj /K [560 0 R 539 0 R] << << >> /K 1337 endobj /S /P << /S /Artifact /K 370 /Lang (EN-US) /S /Artifact /Lang (EN-US) /Pg 25 0 R /S /P /Pg 24 0 R << /Pg 23 0 R << endobj 1559 0 obj endobj << << /K 680 635 0 obj /Lang (EN-US) /Pg 25 0 R /Pg 24 0 R Cliffwater is an alternative investment adviser and fund manager. /Pg 24 0 R >> /Pg 25 0 R /S /P >> /P 4797 0 R /Pg 22 0 R /Lang (EN-US) << /K 555 /Pg 24 0 R 3582 0 obj endobj /Pg 23 0 R /S /Artifact /S /Artifact /S /Artifact endobj /K 27 832 0 obj endobj /Pg 23 0 R /S /P /Lang (EN-US) << /P 5163 0 R << endobj << null 1566 0 R null 1567 0 R null 1568 0 R 1569 0 R null 1570 0 R null /S /Artifact /S /Artifact >> /S /P /S /Artifact /S /Artifact >> 2699 0 obj endobj /S /P /S /Artifact /K 1209 null 814 0 R null 815 0 R null 816 0 R null 817 0 R null 818 0 R /K 1361 >> /K 275 910 0 obj /Pg 25 0 R /S /Artifact /K 1458 /K [4430 0 R 4431 0 R 4432 0 R 4433 0 R] << /Pg 23 0 R /S /P /Pg 22 0 R /K 975 /S /P /Pg 23 0 R /S /P endobj /Lang (EN-US) << 3648 0 obj /S /P /Pg 24 0 R >> << /S /P In fact, in comparison with high-yield and traded loans, the Cliffwater Direct Lending Index (CDLI) has delivered an average yield pickup of 391 basis points (bps) and 547 bps, respectively, since 2005. >> << endobj /K 593 << /S /TextBox /Pg 24 0 R endobj /Pg 23 0 R >> endobj >> /S /P /Pg 22 0 R endobj /K 44 << endobj Why Private Credit? | Blackstone Private Credit Fund /P 5976 0 R endobj 11 [311 0 R null 313 0 R null 1546 0 R null null 1547 0 R null null >> /Pg 22 0 R 1024 0 obj endobj 2509 0 obj /S /Artifact 3551 0 obj /Subtype /Link >> 1941 0 obj /S /P endobj >> >> /Pg 24 0 R /P 6281 0 R /Pg 24 0 R /S /P /K [54 55] << /S /P >> endobj /K 1298 << /K 1504 /S /Artifact /S /Artifact /Lang (EN-US) << /K 599 >> /S /Artifact /K 94 /P 6039 0 R /Pg 23 0 R >> /P 6194 0 R /Pg 13 0 R /Lang (EN-US) >> /Rotate 0 3975 0 obj /Pg 23 0 R 2682 0 obj 707 0 obj /P 4996 0 R >> /S /P >> /Pg 22 0 R endobj >> endobj >> /K 503 << >> << /Pg 24 0 R endobj << >> /K 1387 /Pg 25 0 R /P 5940 0 R /Pg 25 0 R /K 1012 << 2615 0 R null 2616 0 R null 2617 0 R 2618 0 R null 2619 0 R null 2620 0 R /K 1138 >> 1669 0 obj 3335 0 obj 2256 0 obj endobj endobj /K 509 /S /P /Pg 25 0 R endobj /Lang (EN-US) endobj /Pg 23 0 R >> >> /K 603 null null 212 0 R 213 0 R 214 0 R 215 0 R 216 0 R 217 0 R 218 0 R 219 0 R /Pg 23 0 R endobj << >> /P 6222 0 R >> << << endobj /Pg 25 0 R /S /Artifact endobj /Lang (EN-US) /K 1468 /S /Artifact >> /P 4835 0 R << /P 5835 0 R endobj /S /Artifact /Contents 4372 0 R /Pg 23 0 R 1235 0 obj >> /K 31 3136 0 obj /Lang (EN-US) >> null null 824 0 R null null null 825 0 R null 826 0 R null << 2 0 obj << /P 6678 0 R /K 1064 endobj endobj << >> /K 799 /Lang (EN-US) /S /Artifact << << 3357 0 obj /K 1316 2902 0 obj endobj /S /Artifact >> endobj /S /P /Pg 24 0 R << /K 31 /K 343 /Pg 23 0 R /P 5914 0 R >> >> << << /K 851 1337 0 obj endobj << /Lang (EN-US) /K 19 /Pg 13 0 R /Lang (EN-US) /S /P 868 0 obj 793 0 obj /S /P /Pg 24 0 R /P 5409 0 R endobj /K 1538 /S /Artifact 167 0 R 168 0 R 169 0 R 170 0 R 171 0 R 172 0 R 173 0 R 174 0 R 175 0 R 176 0 R /Lang (EN-US) >> /Lang (EN-US) >> /Pg 24 0 R /Pg 22 0 R >> << /S /Artifact endobj /K 1488 /S /P endobj /Lang (EN-US) << >> /Lang (EN-US) /S /Artifact endobj >> endobj /Lang (EN-US) /Lang (EN-US) /Pg 25 0 R /K 1242 << 177 0 obj >> endobj << /K 297 endobj 2533 0 obj >> /Pg 22 0 R << >> << endobj >> >> /S /Artifact >> /S /P >> << /S /P endobj /S /Artifact << << /K 1180 /K 487 /Pg 25 0 R /Pg 24 0 R 3856 0 obj endobj /K 472 >> /Pg 18 0 R endobj /Pg 23 0 R endobj 486 0 obj /K 84 1856 0 obj /Pg 25 0 R >> /K 50 3696 0 obj << /K 1311 endobj /P 5953 0 R >> 329 0 obj << null 3510 0 R null 3511 0 R 3512 0 R null 3513 0 R null 3514 0 R null 3887 0 obj /S /P >> /Pg 25 0 R /S /P 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 1918 0 obj endobj /Pg 21 0 R /Pg 22 0 R >> endobj /Pg 25 0 R << 934 0 R null 935 0 R null 936 0 R null null null 937 0 R null 1849 0 obj << /S /P /S /P << >> /S /P /K 929 904 0 obj /Lang (EN-US) /Pg 23 0 R >> /Pg 23 0 R /K 31 << endobj endobj /S /Artifact >> 1386 0 obj /K [390 0 R 391 0 R 392 0 R 389 0 R 393 0 R 394 0 R 395 0 R 396 0 R 397 0 R 398 0 R /Pg 23 0 R /P 4931 0 R /Lang (EN-US) /S /P /Pg 25 0 R /Pg 25 0 R /P 6209 0 R 2429 0 obj endobj /P 10 0 R /S /P 2039 0 obj << 163 0 obj << << /P 6186 0 R 4197 0 obj << 3275 0 obj /Pg 24 0 R 3177 0 obj << >> endobj /Pg 25 0 R >> /Pg 23 0 R endobj /K 786 /P 5501 0 R >> /S /Artifact /P 6623 0 R >> /P 5597 0 R >> endobj /S /P endobj endobj /Pg 23 0 R 4196 0 obj /S /P /P 6396 0 R /Pg 24 0 R /S /Artifact null 3483 0 R null 3484 0 R null 3485 0 R null 3486 0 R null 3487 0 R
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