cliffwater direct lending index

/Contents 4349 0 R /S /P 686 0 obj /Pg 23 0 R << null 2930 0 R null 2931 0 R null 2932 0 R null 2933 0 R null 2934 0 R /Pg 22 0 R << << >> /Lang (EN-US) /K 1057 262 0 obj >> /Lang (EN-US) 1006 0 obj /K 1328 endobj /S /P << /K 1399 /Pg 23 0 R /S /P /K 1188 2644 0 obj 2883 0 obj /S /Artifact /Pg 22 0 R /S /P endobj /Lang (EN-US) 4261 0 obj /Pg 23 0 R 3232 0 obj /Pg 22 0 R /S /Artifact 1258 0 obj /P 6649 0 R << endobj /P 5716 0 R 4093 0 obj << 2009 0 obj >> /K 409 endobj /P 6265 0 R /K 778 << /Pg 13 0 R /P 5584 0 R 4178 0 obj /P 10 0 R /K 1141 >> >> /S /P << << /K 1407 /K 560 >> >> /Pg 22 0 R /K 683 << endobj /P 5558 0 R >> /Pg 24 0 R << >> /P 6175 0 R endobj endobj /K 138 endobj endobj /S /P << /S /Footnote >> 3736 0 obj 4150 0 obj /Pg 25 0 R /Pg 23 0 R >> /Lang (EN-US) /S /P /Pg 24 0 R 2267 0 obj << /Pg 22 0 R << /P 4762 0 R 3463 0 obj 1070 0 obj endobj << 3500 0 obj endobj As of 03/01/2023 EDT. /S /Artifact /S /P /P 6572 0 R /Pg 24 0 R /S /Artifact endobj /K 688 /S /P 1525 0 R 1526 0 R 1527 0 R 1528 0 R 1529 0 R 1530 0 R 1531 0 R 1532 0 R 1533 0 R 1534 0 R /Pg 18 0 R /K 63 /S /P endobj /Pg 23 0 R /K 1388 2127 0 obj << /P 10 0 R /Lang (EN-US) endobj << /Pg 20 0 R 3491 0 obj /S /P /K 674 /S /Artifact 3394 0 R 3395 0 R 3396 0 R 3397 0 R 3398 0 R 3399 0 R 3400 0 R 3401 0 R 3402 0 R 3403 0 R /S /P 1801 0 obj endobj /K 19 endobj 2987 0 R 2988 0 R 2989 0 R 2990 0 R 2991 0 R 2992 0 R 2993 0 R 2994 0 R 2995 0 R 2996 0 R endobj /K 1429 3714 0 obj << 2696 0 obj 3016 0 obj << 1417 0 obj << /Pg 25 0 R << << endobj << /Pg 24 0 R /Pg 25 0 R >> << endobj endobj << << /Lang (EN-US) endobj /Lang (EN-US) << /Lang (EN-US) >> /S /P 1583 0 obj /S /P 3823 0 obj << endobj << /K 1220 >> /Lang (EN-US) << /K 818 << /K 681 /K 1246 /S /Link /S /Artifact 3185 0 obj endobj /S /Artifact /Pg 25 0 R /S /P 637 0 obj endobj /S /Artifact endobj << >> << endobj endobj << /Pg 23 0 R /Pg 24 0 R >> endobj /K 624 307 0 R 308 0 R 309 0 R 310 0 R 311 0 R 312 0 R 313 0 R 314 0 R 315 0 R 316 0 R /Lang (EN-US) << /K 495 /S /Artifact /S /P >> /S /Artifact endobj /S /Figure /P 6162 0 R /Lang (EN-US) /S /P endobj /Pg 25 0 R /S /Figure >> >> /P 5544 0 R 1449 0 obj >> >> /K 1276 << /K 1236 endobj << /Pg 24 0 R /Pg 24 0 R << endobj /S /Artifact << 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, {{CDLI.indexValue}}Index Value ({{CDLI.indexDate}}), {{CDLI.assetFairValue}}BAssets (Fair Value), {{CDLI_S.indexValue}}Index Value ({{CDLI_S.indexDate}}), {{CDLI_S.assetFairValue}}BAssets (Fair Value), {{CDLI_V.indexValue}}Index Value ({{CDLI_V.indexDate}}), {{CDLI_V.assetFairValue}}BAssets (Fair Value), {{CWBDC.indexValue}} Index Value ({{CWBDC.indexDate}}), {{CWBDC.numberofCompanies}}Number of Companies, {{CWBDC.marketCapitalization}}BMarket Capitalization, {{CWBDC.navPremium}}%NAV Premium/Discount. 4156 0 obj /Pg 23 0 R << >> << endobj << /Pg 22 0 R /Pg 23 0 R >> endobj /K 1489 /S /P /Pg 19 0 R >> >> >> /Pg 23 0 R << << 2680 0 obj >> 2428 0 obj /S /Artifact << /Lang (EN-US) 1368 0 obj 1491 0 obj /K 1355 endobj >> endobj 1808 0 obj /Lang (EN-US) >> >> << >> >> >> /S /Artifact << 1964 0 obj >> >> /Lang (EN-US) 439 0 obj /P 6183 0 R /K 1470 /K 535 Steve Nesbitt, Cliffwater's chief executive, told PDI he recommends his institutional clients invest about 5-10 percent of their portfolios in direct lending strategies. /Pg 23 0 R 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 1040 0 obj << /Pg 22 0 R /Pg 23 0 R endobj >> 1403 0 obj 414 0 R 415 0 R 416 0 R 417 0 R] /K 1196 /P 6130 0 R << >> endobj /P 5615 0 R >> /K 1282 << /P 5076 0 R /S /P /K 152 /P 5967 0 R >> /S /P << /K 1125 >> endobj /Lang (EN-US) >> /Pg 25 0 R >> >> >> /K 1243 2662 0 obj >> endobj /S /P >> /P 5971 0 R 3585 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 endobj >> /S /Artifact /S /Artifact /S /P /Lang (EN-US) /Pg 22 0 R /Lang (EN-US) >> 1787 0 obj null 565 0 R null null null 566 0 R null null null 567 0 R endobj >> /Pg 22 0 R endobj endobj 3268 0 obj >> /P 4904 0 R /P 4799 0 R /K 674 >> /P 5282 0 R /Pg 24 0 R /P 6597 0 R /S /P 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 /K 1323 >> /P 6119 0 R /K 495 /K 153 /Pg 16 0 R >> /S /Artifact /P 6011 0 R >> endobj << >> /S /P >> /K 108 /K 1511 /P 10 0 R 1213 0 obj /Pg 25 0 R >> << >> /S /P /Pg 23 0 R endobj /P 5214 0 R /P 5904 0 R /K 1300 >> << /K 1501 >> /S /P << 2797 0 obj /K 1518 << endobj /K 767 /Lang (EN-US) << endobj /Lang (EN-US) /K 1002 >> endobj endobj endobj endobj 343 0 R 344 0 R 345 0 R 346 0 R 347 0 R 348 0 R 349 0 R 350 0 R 351 0 R 352 0 R << /Lang (EN-US) /P 5156 0 R >> null 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<< >> 3220 0 obj << 2827 0 obj 1465 0 R 1466 0 R 1467 0 R 1468 0 R 1469 0 R 1470 0 R 1471 0 R 1472 0 R 1473 0 R 1474 0 R 1509 0 obj << >> /Pg 18 0 R 219 0 obj /Lang (EN-US) /P 10 0 R endobj endobj endobj /K 55 /K 190 /P 6108 0 R 4157 0 obj /Pg 22 0 R /K 944 /Pg 25 0 R << /S /P /P 10 0 R << /Pg 22 0 R 111 0 obj /K 1218 << /S /P /K 59 << << /Pg 18 0 R /Pg 25 0 R /S /Artifact 3701 0 obj endobj /S /P /P 6062 0 R /S /Artifact /P 5633 0 R /S /Artifact << 447 0 obj << >> 3931 0 obj /S /Artifact << endobj /Lang (EN-US) /S /Artifact /K 116 739 0 obj /K 1357 >> endobj << /S /P >> >> /K 845 >> endobj 948 0 obj >> /Lang (EN-US) >> /Pg 23 0 R /Lang (EN-US) endobj /S /Artifact /Lang (EN-US) /Lang (EN-US) << /Pg 16 0 R /P 5867 0 R endobj /Lang (EN-US) /K 86 /S /P 3893 0 obj >> 1450 0 obj 1468 0 obj >> 2954 0 obj >> /Pg 23 0 R /P 5702 0 R << /Lang (EN-US) /Pg 25 0 R << endobj /Pg 24 0 R << endobj /P 6389 0 R << /K 295 /S /P >> /K 1248 /K 853 << /S /Artifact /P 4719 0 R /P 4738 0 R 3597 0 obj /S /P 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>> /P 5730 0 R /S /Link endobj endobj << /S /Artifact endobj << << /S /Artifact /P 10 0 R << /Pg 13 0 R /K 1170 endobj /P 10 0 R /S /P /S /P >> endobj >> /S /P /K 797 /S /Artifact /Lang (EN-US) endobj << >> /P 5000 0 R /K 1397 endobj 3533 0 obj endobj << /K 262 >> 1396 0 obj /Pg 25 0 R >> /Lang (EN-US) /S /P << /Pg 22 0 R /Pg 22 0 R 2634 0 R null null null 2635 0 R null null null 2636 0 R null /Lang (EN-US) /K 169 << << /Pg 22 0 R /K 250 /Lang (EN-US) /K 472 /S /P /Pg 23 0 R /K 1033 /Pg 24 0 R endobj /P 5291 0 R /Lang (EN-US) /Pg 25 0 R /Pg 25 0 R /Lang (EN-US) 3821 0 R null null null 3822 0 R null null null 3823 0 R null << /P 6747 0 R 2713 0 obj 4254 0 R 4255 0 R 4256 0 R 4257 0 R 4258 0 R 4259 0 R 4260 0 R 4261 0 R 4262 0 R 4263 0 R 306 0 obj /S /P << 2448 0 obj 3680 0 obj << endobj /S /Artifact /Pg 24 0 R << /S /P << /P 5209 0 R /S /P << /S /P /Lang (EN-US) /K 1013 sees both positives and negatives to banking constraints. /Pg 22 0 R /S /P /S /Artifact /Lang (EN-US) /Pg 18 0 R /Pg 22 0 R >> /P 5162 0 R >> /S /P >> << endobj >> 2455 0 obj 1859 0 obj 1738 0 obj 3328 0 obj /P 5191 0 R >> /Pg 22 0 R << /Lang (EN-US) endobj /K 256 /P 6394 0 R 1961 0 obj /Lang (EN-US) /K 1215 >> endobj /S /P >> /Lang (EN-US) 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 /K 691 /Lang (EN-US) /S /P >> endobj endobj 4028 0 obj endobj /K 11 /Pg 25 0 R /Pg 24 0 R /S /P /K 1471 endobj >> 2333 0 R 2334 0 R 2335 0 R 2336 0 R 2337 0 R 2338 0 R 2339 0 R 2340 0 R 2341 0 R 2342 0 R /Pg 22 0 R /S /P /S /P /Pg 22 0 R /S /Artifact /Pg 24 0 R >> /Pg 24 0 R /Pg 13 0 R /K 1143 /Pg 24 0 R /Pg 24 0 R >> /S /Artifact /P 10 0 R /Pg 23 0 R 936 0 obj /P 4700 0 R /K 882 /S /P /K 279 /P 5593 0 R /P 6663 0 R /Lang (EN-US) /K 905 51 0 obj /P 6575 0 R /Pg 22 0 R /Lang (EN-US) endobj /Lang (EN-US) /Pg 25 0 R << /Lang (EN-US) endobj << 350 0 obj 670 0 obj /Pg 22 0 R /K 1190 /S /Artifact endobj /K 303 /K 1497 endobj 4169 0 obj endobj << /K 983 /P 4820 0 R endobj << >> >> /P 6344 0 R << /P 5342 0 R /S /P /Pg 25 0 R << /Pg 22 0 R << endobj /K 1083 /Pg 24 0 R /S /P << /K 1355 /K 356 endobj /K 1143 /P 10 0 R >> /P 4943 0 R /K 817 endobj << endobj << >> /Diagram /Figure << endobj endobj /P 33 0 R /K 1408 /Pg 25 0 R /S /Artifact << /Title (Q1 Report on U.S. >> /Lang (EN-US) /S /P endobj /S /Artifact 1526 0 obj endobj /S /P /Lang (EN-US) 2950 0 obj endobj << /P 6499 0 R /Pg 17 0 R /Pg 25 0 R endobj /S /P >> /S /Artifact /S /Artifact 2355 0 obj /Pg 24 0 R 3323 0 obj /Pg 23 0 R 2632 0 obj << endobj /P 5027 0 R /K 14 endobj endobj << >> 15 410 0 R 16 411 0 R 17 412 0 R 18 419 0 R 19 431 0 R 2006 0 obj 726 0 obj endobj 4160 0 obj << /P 5203 0 R /K 117 endobj /K 512 /Pg 23 0 R 2458 0 obj /Pg 24 0 R /Pg 23 0 R >> 1495 0 obj >> /P 6314 0 R endobj endobj /Lang (EN-US) /S /P << >> /Pg 23 0 R >> >> << endobj /Pg 23 0 R >> endobj /Lang (EN-US) endobj >> /Lang (EN-US) 2374 0 obj /P 5120 0 R 179 0 obj /K 137 endobj endobj 3116 0 obj endobj /K 1087 >> endobj /S /P /Pg 22 0 R /S /Artifact >> /S /Artifact endobj /Pg 16 0 R /Pg 13 0 R /Pg 13 0 R /K 1325 >> endobj >> /Pg 22 0 R /S /P /S /P endobj /K 711 /K 1300 /S /P << 4246 0 obj << /P 4793 0 R endobj /K 81 endobj null null 2940 0 R null null null 2941 0 R null 2942 0 R null << /K 6 >> 1986 0 obj /Pg 24 0 R >> /K 1509 /Pg 24 0 R /Lang (EN-US) endobj /S /P >> << /P 6267 0 R endobj endobj endobj /P 5330 0 R /S /P >> << << /Lang (EN-US) /Pg 23 0 R /S /Artifact endobj >> endobj /Pg 25 0 R 3078 0 obj /S /P /S /Artifact << << endobj 3297 0 obj 1628 0 obj << /Pg 22 0 R /K 1510 << /K 1361 >> endobj /P 6259 0 R /S /P endobj 2573 0 obj endobj 649 0 obj >> /K 1215 >> /K 5 >> /Pg 23 0 R /Lang (EN-US) /P 5348 0 R 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 36 /K 1058 >> << /Pg 22 0 R >> /Pg 18 0 R endobj /K 215 >> 4079 0 obj /Pg 24 0 R /Lang (EN-US) << /Pg 23 0 R /S /P << << endobj /Pg 22 0 R /K 445 >> /Pg 18 0 R /Lang (EN-US) /Lang (EN-US) /P 4401 0 R /Pg 23 0 R /S /Artifact << /Pg 24 0 R endobj endobj endobj /Pg 24 0 R >> /StructParent 1 endobj endobj << /Pg 22 0 R /Lang (EN-US) /Pg 13 0 R /Lang (EN-US) /Pg 14 0 R /Pg 24 0 R endobj /Pg 22 0 R 964 0 R null 965 0 R null 966 0 R null 967 0 R 968 0 R null 969 0 R /K 25 3667 0 obj /K 1318 >> endobj /S /P >> /S /Artifact 2045 0 obj /Pg 25 0 R >> /Pg 23 0 R >> /S /Artifact >> /K 1166 << /Lang (EN-US) 591 0 obj /Pg 22 0 R 279 0 obj << 2996 0 obj /S /P << /K 223 /Pg 24 0 R /P 4991 0 R 3127 0 obj /Pg 24 0 R /P 4739 0 R >> endobj /Pg 25 0 R >> /K 1389 3420 0 obj << /P 6746 0 R endobj /Pg 23 0 R /K 1366 /P 5617 0 R /Pg 22 0 R endobj >> << 3674 0 obj << /P 4638 0 R 4077 0 obj /Pg 25 0 R /S /P /K 1409 3523 0 R 3524 0 R null 3525 0 R null 3526 0 R null 3527 0 R null 3528 0 R 849 0 R null 850 0 R null 851 0 R null 852 0 R null 853 0 R null /K 5 endobj /P 4857 0 R /Pg 23 0 R /Pg 25 0 R endobj /Pg 22 0 R << /S /P >> << null null null 2696 0 R null 2697 0 R null 2698 0 R null 2699 0 R 1709 0 obj /Pg 22 0 R /K 64 /H /I 896 0 obj /P 5179 0 R /K 453 endobj << << /S /Artifact >> 4339 0 obj /Pg 23 0 R /K 1256 /S /Artifact 1222 0 obj /Lang (EN-US) endobj /S /Artifact /P 5116 0 R 3352 0 obj /P 4805 0 R /Pg 23 0 R /P 6054 0 R /S /P /S /P endobj endobj endobj 3401 0 obj 3272 0 obj endobj /P 10 0 R null 3696 0 R 3697 0 R null 3698 0 R null 3699 0 R null 3700 0 R null /K 941 /Pg 23 0 R 1522 0 obj /S /Artifact endobj 2670 0 obj /K 1351 /K 1330 /S /Artifact << /S /LBody /Pg 23 0 R << /Pg 25 0 R endobj /K 1517 /P 6610 0 R 508 0 obj >> << << >> endobj /S /Artifact /S /Artifact /Pg 23 0 R 2062 0 obj /S /P /S /Artifact /Pg 23 0 R << /P 6484 0 R /P 4691 0 R 4620 0 R 4621 0 R 4622 0 R 4623 0 R 4624 0 R 4625 0 R 4626 0 R 4627 0 R 4628 0 R 4629 0 R << 483 0 obj endobj /K 617 /Lang (EN-US) 802 0 obj >> << /Parent 9 0 R >> 542 0 obj << 4252 0 obj /Lang (EN-US) /S /Artifact endobj endobj /K 1497 >> 1656 0 obj /S /P 3209 0 obj 2048 0 obj endobj 4091 0 obj >> endobj 708 0 obj /S /P 940 0 obj 3863 0 obj /S /Artifact endobj >> /Pg 15 0 R << endobj 3878 0 obj /Pg 24 0 R /Pg 22 0 R << /Pg 22 0 R /Pg 25 0 R /S /Artifact /K 441 /S /Artifact << endobj /Pg 25 0 R endobj /Pg 23 0 R >> >> /Pg 23 0 R /S /P /S /P 3037 0 R 3038 0 R 3039 0 R 3040 0 R 3041 0 R 3042 0 R 3043 0 R 3044 0 R 3045 0 R 3046 0 R /K 1447 endobj /S /Artifact /S /P /Pg 22 0 R 1975 0 obj /S /P endobj >> /K 1464 /K 115 /Lang (EN-US) null 390 0 R null 391 0 R null 392 0 R null 393 0 R null 394 0 R 1055 0 obj /Lang (EN-US) << /Pg 24 0 R /K 1284 /K 1274 /P 6536 0 R 2739 0 obj /K 49 /K 1149 /K 90 /K 1343 endobj << << /Pg 23 0 R /K 1284 /K 341 << >> endobj << << /K 907 endobj /Pg 25 0 R 3 [81 0 R 82 0 R 83 0 R 84 0 R 85 0 R 86 0 R 87 0 R 88 0 R 89 0 R 91 0 R /Lang (EN-US) endobj 3259 0 obj /P 5455 0 R /Lang (EN-US) << 911 0 obj /Pg 25 0 R /P 10 0 R /S /P /P 4940 0 R endobj /S /P /Pg 22 0 R /Pg 22 0 R /S /Artifact << /K 641 << 4086 0 obj 1792 0 R null null 1793 0 R null null null 1794 0 R null null /K 375 >> /Order (2665700.00000000) << endobj 1479 0 obj /K 1460 << 34 0 obj /K 1446 /K 1274 /P 5588 0 R endobj >> /S /Artifact 3246 0 obj >> /Pg 22 0 R << >> /Lang (EN-US) /K 689 /S /P /Pg 23 0 R /Lang (EN-US) /K 216 endobj /Pg 25 0 R /S /Artifact 1322 0 obj /Lang (EN-US) /Lang (EN-US) /P 6507 0 R endobj /Pg 24 0 R << /P 6703 0 R << 4210 0 obj << /S /P /Pg 25 0 R /Lang (EN-US) /P 6457 0 R 44 0 obj /S /Artifact >> >> /K 884 /Pg 25 0 R /S /P /Pg 22 0 R /P 5996 0 R /S /Artifact 1277 0 obj /P 5592 0 R /K 1293 /Pg 25 0 R /S /P 1926 0 R null null null 1927 0 R null null null 1928 0 R null /S /Artifact 2774 0 R null 2775 0 R null 2776 0 R null 2777 0 R null 2778 0 R 2779 0 R /K 1366 3841 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 null 1557 0 R null 1558 0 R null 1559 0 R null 1560 0 R null 1561 0 R /K 1208 2615 0 obj /K 1368 << /Pg 22 0 R /P 6133 0 R /Pg 14 0 R 4218 0 obj >> /S /P << /K 1293 /S /P /S /Artifact /Pg 25 0 R << 1920 0 obj >> endobj /K 1502 << null 3457 0 R null null null 3458 0 R null 3459 0 R null 3460 0 R /P 6310 0 R endobj >> >> 2005 0 R 2006 0 R null 2007 0 R null 2008 0 R null 2009 0 R null 2010 0 R 423 0 obj /Pg 23 0 R /S /Artifact >> endobj /Pg 23 0 R /K 248 2862 0 obj /Lang (EN-US) /Lang (EN-US) /K 719 endobj /P 6546 0 R /S /Artifact /Pg 22 0 R 3952 0 obj /Lang (EN-US) << 2514 0 obj /P 6725 0 R << /S /Artifact /Pg 22 0 R >> /K 75 /K 794 /Lang (EN-US) /ParentTreeNextKey 31 /S /P endobj endobj >> 55 0 obj endobj endobj endobj /K 1171 >> /S /P /K 465 endobj /K 279 /K 1447 endobj endobj /K 988 endobj /K 963 /P 5001 0 R /P 4939 0 R << /Pg 24 0 R 4275 0 obj /P 6604 0 R >> /K 468 /P 33 0 R << /S /Artifact /Pg 22 0 R << /K 422 2279 0 obj /K 360 /S /Artifact over the past several years as direct lending strategies have accounted for a larger portion of fundraising. 5 /P 10 0 R /Lang (EN-US) 520 0 R null 521 0 R null 522 0 R 523 0 R null 524 0 R 525 0 R null /K 994 << /P 4783 0 R /Pg 22 0 R endobj 3528 0 obj >> /Type /Page /S /P /P 6399 0 R 191 0 obj << /Pg 24 0 R /K 202 /Lang (EN-US) /Lang (EN-US) /P 6607 0 R >> /S /Artifact << /K 1437 >> /Pg 21 0 R /P 426 0 R null 3554 0 R null 3555 0 R null 3556 0 R null 3557 0 R null 3558 0 R 166 0 obj /S /Table /Pg 23 0 R endobj << << /S /Artifact /S /P /K 1460 >> /K 382 endobj /Pg 24 0 R endobj /Lang (EN-US) endobj 1341 0 obj endobj >> >> /S /P /Pg 25 0 R >> << /S /Artifact 1877 0 R null 1878 0 R null null null 1879 0 R null null null endobj /K 1412 /S /Artifact /Pg 23 0 R /Pg 22 0 R >> 1424 0 obj << /S /P /S /P /Lang (EN-US) /S /P 1732 0 obj endobj << >> /K 1126 /K 1542 null 1727 0 R null 1728 0 R null 1729 0 R null null null 1730 0 R endobj /Pg 22 0 R 3391 0 obj /S /P /K 1433 << 387 0 obj /K 817 /S /P >> /Pg 25 0 R 847 0 obj /S /Artifact 91 0 obj /Pg 22 0 R /K 165 /Lang (EN-US) 2866 0 obj /Pg 17 0 R /K 75 1861 0 obj /S /P 3283 0 obj /K [420 0 R 421 0 R] 3845 0 obj >> 1397 0 obj >> /Pg 24 0 R /S /P /P 5983 0 R endobj /K 752 endobj 3989 0 obj endobj /S /P /P 6514 0 R << >> 3286 0 obj >> 3216 0 obj /K 104 /S /Artifact << /K 634 endobj /Pg 24 0 R >> endobj 3344 0 R 3345 0 R 3346 0 R 3347 0 R 3348 0 R 3349 0 R 3350 0 R 3351 0 R 3352 0 R 3353 0 R endobj /Pg 23 0 R >> >> endobj >> 4269 0 obj 4067 0 R 4068 0 R 4069 0 R 4070 0 R 4071 0 R 4072 0 R 4073 0 R 4074 0 R 4075 0 R 4076 0 R endobj /Pg 23 0 R /Lang (EN-US) >> /Lang (EN-US) 3119 0 obj >> /K 304 >> 2197 0 obj Private Debt - Cliffwater Direct Lending Index, 3rd Quarter 2022 Download Access Webcasts Latest Asset Allocation Report Jan 16, 2023 2023 Asset Allocation Report Download View Asset Allocation Research Latest CDLI Index Report Dec 06, 2022 Q3 Report on U.S. << null 1823 0 R null 1824 0 R null 1825 0 R 1826 0 R null 1827 0 R null << << endobj /K 1116 << /K 503 >> /Pg 25 0 R /Pg 19 0 R /Pg 24 0 R /S /P /K 1301 /S /Artifact 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 >> endobj /K 1337 /Pg 24 0 R endobj >> Acrobat PDFMaker 22 for Word /Pg 25 0 R /CropBox [0 0 612 792] << /P 5527 0 R 86 0 obj 1857 0 obj /P 10 0 R << /Pg 25 0 R 3548 0 obj endobj >> /S /P 3822 0 obj /S /Artifact endobj >> >> /Lang (EN-US) >> endobj /S /Artifact /Pg 23 0 R /S /P >> 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. << /Lang (EN-US) /P 6078 0 R endobj >> >> endobj /S /P /S /Artifact 2394 0 obj /S /P >> endobj /Pg 25 0 R /P 5732 0 R endobj /K 1439 /P 6207 0 R endobj /Pg 15 0 R << endobj 2531 0 obj 326 0 obj 307 0 obj /Pg 22 0 R << /S /Artifact >> >> /K 1071 /K 620 /S /Artifact /Pg 25 0 R /Pg 25 0 R >> endobj /S /Artifact 519 0 obj endobj >> 372 0 obj /Lang (EN-US) endobj << endobj /P 5621 0 R /Lang (EN-US) /P 10 0 R /K 829 /S /Artifact << 3940 0 obj << << 2348 0 obj 2128 0 obj /S /Artifact /K 1212 /P 10 0 R 1208 0 obj endobj /S /Artifact /K 545 /S /Artifact /Pg 25 0 R /Pg 17 0 R 1884 0 obj /K 1172 >> >> /Pg 22 0 R /S /P /P 5721 0 R endobj 2786 0 obj /Pg 22 0 R /S /Artifact /K 43 /K 1069 /K 670 /Pg 23 0 R /P 5975 0 R /P 5034 0 R << /S /Artifact /Lang (EN-US) 1106 0 obj /Pg 24 0 R /Pg 24 0 R << >> endobj endobj endobj >> /S /Artifact /P 6686 0 R /S /P >> endobj << 4066 0 obj /P 6503 0 R /Lang (EN-US) /K 1505 /StructParent 16 /S /Artifact 1905 0 obj << << 1750 0 obj >> 3870 0 obj /K 1305 /K 1282 endobj >> /P 6353 0 R /Pg 23 0 R 2760 0 obj /K [1340 1341] << endobj /P 5316 0 R /S /Artifact 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 2356 0 obj endobj endobj 2145 0 obj >> endobj endobj /P 5037 0 R /K 1426 /K 1416 << endobj /S /Artifact /Lang (EN-US) 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 2165 0 obj endobj /S /P /Pg 20 0 R /Pg 25 0 R /P 6688 0 R >> endobj << >> 2987 0 obj >> null 405 0 R null 406 0 R null 407 0 R null 408 0 R null 409 0 R << /K 1209 2656 0 obj >> /K 657 /Pg 23 0 R << 2850 0 R 2851 0 R null 2852 0 R null 2853 0 R null 2854 0 R null 2855 0 R 2253 0 obj /Lang (EN-US) /P 5078 0 R /K 7 /Pg 24 0 R /S /P << endobj /S /Artifact << endobj endobj /K 1303 /S /Artifact endobj << /S /Artifact << /P 5948 0 R endobj >> << /K 1462 /S /P stream /S /Artifact 2026 0 obj endobj >> /Pg 25 0 R 2284 0 obj /Pg 25 0 R >> endobj /K 48 >> endobj << /Lang (EN-US) /Pg 24 0 R /S /P /K 461 /Pg 13 0 R 2397 0 obj /K 117 >> << /Lang (EN-US) /K 14 endobj /S /Artifact 858 0 obj /Lang (EN-US) /Lang (EN-US) 3287 0 obj 2315 0 obj endobj /S /P /Pg 25 0 R /Pg 22 0 R /K 1436 endobj << /S /P /K 1064 64 0 obj endobj /K 1495 endobj /Pg 22 0 R >> << /K 142 /P 5306 0 R 3958 0 obj << >> 4048 0 obj 2333 0 obj << /Pg 25 0 R /K 890 3966 0 obj /Lang (EN-US) endobj /P 5635 0 R 767 0 obj endobj /K 1260 endobj /S /Artifact endobj >> 1906 0 obj /K 1173 2738 0 obj >> 2917 0 obj /Lang (EN-US) /S /Artifact >> /K 310 endobj << /Pg 23 0 R 861 0 obj >> /S /Artifact << /P 5474 0 R endobj /Pg 22 0 R /P 6251 0 R endobj /K 1545 >> /Pg 22 0 R /Pg 22 0 R /S /Artifact endobj /K 540 /Lang (EN-US) /Pg 24 0 R << /P 33 0 R << endobj /S /P << << >> /S /P /Rotate 0 << /S /Artifact 2301 0 obj endobj 2233 0 obj endobj /Lang (EN-US) >> << 4205 0 obj << /Pg 24 0 R /P 5648 0 R /P 5155 0 R >> /S /Artifact /P 5431 0 R /K [39 4680 0 R] << /K 909 endobj /P 10 0 R /Pg 24 0 R << /S /P /S /P 3596 0 obj >> << 1576 0 obj /P 6541 0 R 3416 0 obj << 4111 0 obj /S /P /P 5713 0 R /P 6363 0 R /P 6216 0 R /Lang (EN-US) /K 655 /Pg 24 0 R /K 1225 Seeking income throughout the cycle with direct lending. 2791 0 obj /Pg 20 0 R << 1358 0 obj 2032 0 obj /Lang (EN-US) /Lang (EN-US) /S /Artifact /Pg 23 0 R /K 321 >> >> 2709 0 obj endobj /Pg 23 0 R /Pg 25 0 R /K 803 << /S /Artifact /StructParents 14 /K 1204 /Pg 19 0 R endobj /K 4 2365 0 obj /Lang (EN-US) 1972 0 obj 3522 0 obj >> /Lang (EN-US) 2685 0 obj /Pg 22 0 R /K 69 endobj /K 914 endobj 594 0 obj /S /P >> /S /Artifact >> /Pg 24 0 R endobj /K 165 endobj /S /P 528 0 obj >> 468 0 obj 2942 0 obj /S /Artifact /K 1528 /Pg 24 0 R /Pg 25 0 R /Pg 23 0 R endobj >> 856 0 obj /Lang (EN-US) /K 351 >> endobj /S /Artifact /S /P endobj endobj endobj /A 4749 0 R /K 1524 << /S /Artifact /P 6454 0 R /S /P /K 1002 /K 1391 /Lang (EN-US) /S /P 2935 0 obj /Pg 23 0 R /Lang (EN-US) 1475 0 R 1476 0 R 1477 0 R 1478 0 R 1479 0 R 1480 0 R 1481 0 R 1482 0 R 1483 0 R 1484 0 R

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