cliffwater direct lending index

/S /P 223 0 obj /S /P << >> /Tabs /S >> /Lang (EN-US) /Pg 24 0 R endobj /K 1059 >> /K [439 0 R 440 0 R] 3606 0 obj null 1588 0 R null 1589 0 R null 1590 0 R null 1591 0 R null 1592 0 R /Lang (EN-US) /Pg 24 0 R << /Pg 25 0 R /S /Artifact >> endobj 1400 0 obj endobj /Pg 25 0 R >> /S /P /S /Artifact << /Pg 25 0 R /Pg 23 0 R /K 1488 >> << /S /P >> /Lang (EN-US) /P 5812 0 R 2022 Q1 Report on U.S. Direct Lending - Cliffwater 3187 0 obj endobj /P 6321 0 R << /Pg 25 0 R /S /P >> /Pg 25 0 R 2580 0 obj /K 1021 /S /P >> 3851 0 R null 3852 0 R 3853 0 R null 3854 0 R null 3855 0 R null 3856 0 R /K 1205 /P 5885 0 R 4279 0 obj /P 5677 0 R 324 0 obj endobj >> /Pg 24 0 R /P 5924 0 R /Lang (EN-US) /Pg 25 0 R /Pg 25 0 R >> 3792 0 obj /S /P /S /P /K 674 >> << /K 1223 /S /Artifact << /K 1096 /P 5941 0 R /P 45 0 R endobj /Lang (EN-US) /S /Artifact /Pg 25 0 R endobj 491 0 obj /P 4942 0 R << /S /P 2112 0 obj endobj << /K 1150 /S /Artifact /K 880 /Pg 22 0 R /S /P /K 1406 /Pg 25 0 R >> /S /P endobj /S /Artifact /P 4844 0 R <> /Pg 22 0 R 4141 0 obj << /K 382 /Lang (EN-US) /P 5192 0 R 730 0 obj /K 1420 /P 5849 0 R <> /Lang (EN-US) /Lang (EN-US) /S /P /P 4964 0 R /K 1154 1616 0 obj /K 1516 /K 1069 null 2651 0 R null 2652 0 R null 2653 0 R 2654 0 R null 2655 0 R null /Pg 22 0 R 3319 0 obj /S /P << 673 0 obj endobj endobj /S /P /K 1232 3298 0 obj << endobj /K 580 << << <> /S /P << 3945 0 obj /S /P << << /S /P /Pg 25 0 R /K 705 << /Pg 23 0 R /K 194 endobj << << 2280 0 obj 926 0 obj /S /Artifact null 1705 0 R null null null 1706 0 R null null null 1707 0 R /K 158 endobj /K 6 /K 713 /S /Artifact endobj /K 55 /K 154 /Pg 22 0 R >> endobj << << << /S /Artifact /K 28 /S /P /K 1402 << 339 0 obj /K 1187 << /Pg 18 0 R /S /P /K 658 << 2600 0 obj /K 538 >> >> endobj /S /P endobj << 3493 0 obj >> /Pg 23 0 R /S /P 1570 0 obj endobj /Pg 25 0 R /P 5445 0 R /P 6136 0 R 616 0 obj /S /Artifact endobj >> endobj >> /Pg 24 0 R 1710 0 obj /K 1303 << endobj endobj /S /P /P 6281 0 R /Pg 24 0 R >> /Pg 22 0 R 3875 0 obj /S /Artifact 3899 0 R 3900 0 R 3900 0 R 3901 0 R 3902 0 R 3903 0 R 3904 0 R 3905 0 R 3905 0 R 3906 0 R << /K 153 >> << >> /S /P /P 4666 0 R 4100 0 obj /K 1450 /S /Artifact >> endobj << 207 0 obj endobj >> /P 5136 0 R /Pg 22 0 R /Pg 25 0 R >> 3097 0 obj /S /Artifact endobj /Pg 25 0 R endobj 3989 0 obj 2061 0 obj /S /Artifact null 3411 0 R null 3412 0 R null 3413 0 R null 3414 0 R 3415 0 R null /Lang (EN-US) /K 1147 >> 1452 0 obj << 286 0 obj << 115 0 obj >> >> >> >> /S /Artifact /Lang (EN-US) /P 10 0 R << /Pg 25 0 R endobj /Pg 22 0 R << << << endobj /Pg 24 0 R /Pg 23 0 R /Lang (EN-US) endobj Get the latest insights and knowledge delivered to your inbox. 2832 0 obj /S /P /S /Artifact /Pg 25 0 R >> /Lang (EN-US) /S /Artifact /Pg 22 0 R /P 5916 0 R >> /Pg 24 0 R /P 5929 0 R /K 858 /P 5704 0 R 1331 0 obj /Lang (EN-US) 1536 0 obj << 1808 0 obj << endobj >> /Pg 22 0 R 2358 0 obj /K 478 >> >> 3683 0 obj /S /Artifact /Pg 23 0 R 2186 0 obj >> << /K 32 /K 451 >> >> >> >> >> << 3629 0 obj /Pg 25 0 R endobj endobj /Pg 23 0 R /P 5169 0 R /Pg 23 0 R /P 5413 0 R << /A 4410 0 R /Pg 20 0 R >> /Lang (EN-US) /S /P 3739 0 obj endobj endobj >> << /Pg 23 0 R /S /P 3273 0 obj /S /P >> /P 4430 0 R /P 5123 0 R null 3439 0 R 3440 0 R null 3441 0 R null 3442 0 R null 3443 0 R null << endobj >> /Pg 23 0 R 4265 0 obj >> /Pg 22 0 R /Pg 23 0 R endobj 3548 0 obj /Pg 23 0 R /Pg 23 0 R 1322 0 obj endobj endobj /S /P /Lang (EN-US) endobj /K 1390 /P 4401 0 R endobj 2802 0 obj /Lang (EN-US) 1760 0 obj endobj 3806 0 obj << /Pg 23 0 R 1748 0 obj >> /S /Artifact << /K 1 /K 1273 /Lang (EN-US) /K 1197 /K 1018 endobj /K 206 endobj /Lang (EN-US) 2136 0 obj >> /P 152 0 R /K 496 <> 520 0 R null 521 0 R null 522 0 R 523 0 R null 524 0 R 525 0 R null /P 5367 0 R endobj /Pg 23 0 R /S /Artifact /S /Artifact <> /Lang (EN-US) >> 2419 0 obj endobj /K 641 >> 3787 0 obj /P 5488 0 R << 1238 0 R 1239 0 R 1240 0 R 1241 0 R 1242 0 R 1243 0 R 1244 0 R 1245 0 R 1246 0 R 1247 0 R << /Pg 23 0 R << 2126 0 R 2127 0 R 2128 0 R 2129 0 R 2130 0 R 2131 0 R 2132 0 R 2133 0 R 2134 0 R 2135 0 R 3707 0 obj /K 883 /S /Artifact 4230 0 obj /Pg 23 0 R /Pg 24 0 R 2864 0 R null 2865 0 R null 2866 0 R null 2867 0 R null null null << >> 3475 0 obj /K 1158 >> << >> 2713 0 obj /Pg 22 0 R >> /K 1217 1585 0 obj 1089 0 obj /P 5486 0 R 3712 0 obj /Pg 25 0 R /S /P /Pg 24 0 R /P 4403 0 R /Pg 22 0 R >> endobj endobj /S /Artifact /Lang (EN-US) 4109 0 obj << >> 570 0 obj >> endobj /Lang (EN-US) << endobj /Pg 23 0 R /Lang (EN-US) << /Pg 23 0 R >> 4273 0 obj 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. endobj << /Lang (EN-US) /K 23 /Lang (EN-US) /K 853 /S /P /Pg 22 0 R >> endobj /K 153 << /S /P >> /Lang (EN-US) 3645 0 obj /Pg 24 0 R << 3883 0 obj 4179 0 obj << /S /P << /Type /Page >> << /S /P >> << /Pg 17 0 R 3634 0 obj >> >> >> 780 0 obj /Pg 24 0 R 2763 0 obj << /Pg 25 0 R /K 23 endobj /Lang (EN-US) endobj 2883 0 obj /S /P 2969 0 obj 462 0 obj /P 10 0 R /P 6144 0 R /K 1232 >> 734 0 obj /K 1435 /Pg 25 0 R >> endobj /Lang (EN-US) << /K 466 endobj /K 1454 3040 0 obj << endobj << /S /P >> /Pg 23 0 R >> endobj endobj /S /P /K 1546 2453 0 obj >> /K 1275 /Lang (EN-US) 3442 0 obj /P 10 0 R << /Pg 23 0 R << endobj << endobj /Pg 24 0 R >> /Pg 26 0 R >> >> /K 803 /P 5638 0 R /P 5531 0 R /S /P /K 410 /P 10 0 R /S /Artifact /Lang (EN-US) /Pg 25 0 R /K 608 /S /P /S /Artifact >> /K 1471 null 1615 0 R null 1616 0 R 1617 0 R null 1618 0 R null 1619 0 R null /K 1190 /Pg 18 0 R << /S /Artifact >> endobj /S /Artifact /P 6357 0 R /P 5236 0 R /Lang (EN-US) << endobj 2517 0 obj << endobj 2201 0 obj /K 22 endobj endobj /S /Artifact >> /S /P << endobj /K 1187 1168 0 R 1169 0 R 1170 0 R 1171 0 R 1172 0 R 1173 0 R 1174 0 R 1175 0 R 1176 0 R 1177 0 R endobj endobj << /Pg 25 0 R /Pg 25 0 R << endobj endobj /K 1170 /Pg 23 0 R /S /Artifact 2686 0 R null 2687 0 R null 2688 0 R null 2689 0 R 2690 0 R null 2691 0 R 2476 0 obj 2644 0 obj null 1819 0 R null null null 1820 0 R null 1821 0 R null 1822 0 R /Lang (EN-US) /K 38 >> /Pg 13 0 R /S /P >> /S /Artifact /Lang (EN-US) /K 1318 endobj /S /P 4293 0 obj /K 668 /K 401 /K [1340 1341] /Pg 22 0 R >> >> >> /Lang (EN-US) endobj >> /S /P /P 6283 0 R /Lang (EN-US) /K 1216 endobj << /S /P /Pg 22 0 R 4052 0 obj >> /K 1204 << << >> << 3474 0 R null 3475 0 R 3476 0 R null 3477 0 R null 3478 0 R null 3479 0 R 3856 0 obj << /S /Artifact /S /P 2653 0 obj 666 0 obj endobj << /Lang (EN-US) >> /K 1479 /P 10 0 R /S /P /S /P << >> >> /S /P 4113 0 obj 1136 0 obj /Pg 23 0 R /Pg 22 0 R 1095 0 obj /K 453 3371 0 obj >> endobj 1457 0 obj 44 0 obj /P 6396 0 R >> 2843 0 obj endobj endobj << >> >> << <> << 2948 0 obj /K 1362 >> /K 1040 endobj endobj 3116 0 obj /Pg 23 0 R >> /K 204 /K 1265 << /Pg 24 0 R 596 0 obj 435 0 R 426 0 R 89 0 R 92 0 R 92 0 R 94 0 R 94 0 R 98 0 R 434 0 R 434 0 R << /Contents 4372 0 R /Pg 23 0 R endobj 658 0 R null 659 0 R null 660 0 R null 661 0 R null 662 0 R 663 0 R /K 711 /P 192 0 R /Lang (EN-US) 2324 0 obj /Pg 25 0 R /K 896 <> /S /P 3658 0 obj >> endobj /Pg 25 0 R /S /P 1131 0 obj endobj /Pg 22 0 R /Lang (EN-US) endobj 2383 0 obj >> endobj /Pg 25 0 R 3612 0 obj /P 6674 0 R /S /P << /Lang (EN-US) >> /Pg 19 0 R /Pg 23 0 R endobj 2414 0 obj endobj /S /P >> << /K 691 endobj endobj /Pg 25 0 R 970 0 obj 3515 0 obj << /Pg 22 0 R /K 1163 /Lang (EN-US) /S /Artifact >> /S /P /K 844 /Pg 24 0 R /Lang (EN-US) /S /P endobj << /S /Artifact 1966 0 obj endobj endobj /S /P >> >> endobj << << /S /P /S /Artifact /K 1351 /K 1396 << endobj /Lang (EN-US) /S /Artifact 4335 0 obj endobj /K 1513 /K 1512 endobj endobj /P 5568 0 R >> /K 482 >> 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 1254 0 obj /Pg 25 0 R >> /Pg 22 0 R /S /P /S /P /K 1464 /K 1191 /P 4859 0 R /Pg 23 0 R /K 1398 >> /P 6428 0 R >> /P 10 0 R 3618 0 obj endobj endobj << /Pg 23 0 R << << /K 1189 /S /P endobj >> /S /P /S /Artifact endobj >> << /S /Artifact >> /Lang (EN-US) << /Lang (EN-US) /P 5187 0 R 1873 0 obj /Pg 23 0 R >> /K 156 << /K 325 >> << /K 276 << endobj /P 5780 0 R << /Lang (EN-US) >> << /Lang (EN-US) >> /S /P 1371 0 obj endobj 998 0 obj 2359 0 obj /K 113 /S /P /Lang (EN-US) 2203 0 obj /Lang (EN-US) /Lang (EN-US) /K 223 /P 6285 0 R /S /P << /S /P /S /P /P 5907 0 R endobj /K 1258 /Pg 21 0 R /S /P endobj /Pg 25 0 R endobj /P 6039 0 R /K 661 /S /P /Lang (EN-US) endobj 3836 0 obj endobj << /S /Artifact 2994 0 obj endobj endobj /S /Artifact 2996 0 obj << /Lang (EN-US) << 375 0 obj >> endobj 1122 0 obj /Lang (EN-US) /K 1169 /K 1303 /K 1279 2701 0 obj << /K 1227 /K 1452 /P 10 0 R >> /S /Artifact << /S /P /S /Artifact endobj << 1308 0 obj /Pg 22 0 R >> /K 432 3554 0 obj /K 875 /S /Artifact >> 2427 0 obj 2374 0 obj >> endobj >> /K 696 3176 0 obj /Lang (EN-US) /Lang (EN-US) << /S /Artifact /K 1320 >> /S /P /S /P /S /Artifact << >> >> 2204 0 obj 3834 0 obj 411 0 obj /Pg 22 0 R /Pg 25 0 R /P 5576 0 R endobj /MediaBox [0 0 612 792] /K 1435 402 0 obj << endobj /Pg 22 0 R >> << /Pg 24 0 R >> /S /P endobj 766 0 obj /Pg 23 0 R /S /Artifact /Pg 22 0 R /S /P /Pg 23 0 R endobj /P 5378 0 R /S /Artifact endobj <> >> /Lang (EN-US) 3236 0 obj Volatile public markets and interest rate increases could lead more investors to boost their exposure to private credit at a time when the same economic factors are threatening to slow transaction. /S /Artifact << << >> << 2781 0 obj endobj endobj 2556 0 obj >> /P 6399 0 R endobj /K 34 >> /Lang (EN-US) << 3447 0 obj >> >> endobj /P 5379 0 R /Pg 24 0 R >> endobj 886 0 obj >> 3934 0 obj /K 1373 /Lang (EN-US) >> /Lang (EN-US) /Lang (EN-US) /Pg 22 0 R /P 10 0 R 1587 0 obj /P 5669 0 R << >> 2388 0 obj << 3264 0 R 3265 0 R 3266 0 R 3267 0 R 3268 0 R 3269 0 R 3270 0 R 3271 0 R 3272 0 R 3273 0 R /K 351 /S /Artifact << /K 343 endobj /S /Artifact /Pg 13 0 R /Pg 25 0 R 1930 0 obj >> /Pg 22 0 R /P 4927 0 R endobj 1425 0 obj /S /P /Lang (EN-US) >> /S /Artifact 3383 0 obj /P 5062 0 R /S /Artifact >> 734 0 R 735 0 R null 736 0 R null 737 0 R null 738 0 R null 739 0 R /P 6354 0 R /S /P >> /Lang (EN-US) endobj endobj /K 597 3077 0 obj /P 10 0 R >> >> /S /P /P 6733 0 R 3075 0 obj endobj endobj << << >> /S /P /P 5573 0 R /K 1325 /K 905 /K 1062 << 1782 0 obj /S /P 301 0 obj 4325 0 obj 139 0 obj >> >> /Pg 22 0 R >> endobj /S /P /Lang (EN-US) >> /K 1215 << 164 0 obj /K 1175 <> /Lang (EN-US) /S /Artifact << >> endobj >> /K 940 endobj endobj /P 6615 0 R /P 5489 0 R endobj /P 5755 0 R /Pg 22 0 R /Lang (EN-US) endobj endobj /K 1306 << /Pg 23 0 R >> /P 5995 0 R /S /Artifact /Pg 22 0 R << /Pg 20 0 R 3882 0 obj /K 265 /Pg 23 0 R /Lang (EN-US) >> /Lang (EN-US) /Pg 23 0 R << << << /S /P >> /S /P /Lang (EN-US) /Lang (EN-US) >> << 818 0 obj /Pg 25 0 R << << >> << >> <> /P 5637 0 R >> <> /Lang (EN-US) /Pg 21 0 R /K 1331 /Pg 23 0 R >> 1407 0 obj << << >> >> << /S /P /Pg 22 0 R /Lang (EN-US) 3239 0 obj /K 1366 /S /Artifact << /Pg 23 0 R endobj 3673 0 obj /Lang (EN-US) /K 1319 /Rotate 0 /Pg 22 0 R 298 0 obj 390 0 obj >> >> /P 6118 0 R 3522 0 obj endobj /K 84 /S /P /Pg 23 0 R 1233 0 obj endobj >> << /S /Artifact /Pg 23 0 R << endobj /S /P Alex Condrell, managing director at Cliffwater discusses the firm's direct lending index and corporate lending fund and how investments in middle-market corporate credit should stand up to the challenges of rising inflation and interest rates, providing something close to historic return levels of 9 percent for the asset class without . >> 3997 0 obj endobj /Pg 23 0 R /K 1325 /Tabs /S /Pg 25 0 R /Pg 18 0 R /S /P /Pg 22 0 R << << /K 1421 1688 0 obj /S /Artifact endobj /Pg 25 0 R null 1708 0 R null 1709 0 R null 1710 0 R null 1711 0 R null 1712 0 R >> endobj << endobj /P 4933 0 R /Pg 24 0 R /K 456 << 4252 0 obj endobj >> /P 5635 0 R <> /K 243 /S /Artifact /K 761 /K 1503 endobj /S /Artifact >> 4232 0 obj >> endobj endobj /S /P /K 148 >> endobj endobj endobj /P 5749 0 R /S /Artifact /S /P >> << /S /Artifact /Rotate 0 << 1342 0 obj endobj /Lang (EN-US) /Pg 21 0 R endobj /Pg 13 0 R >> 534 0 obj /F 4 (CsYUtV 2YPE~c"31w+DVMa\wrU? eeKl'60\ 1369 0 obj 4050 0 obj /K 1245 << /Lang (EN-US) /Pg 24 0 R /S /P /K 235 << /Pg 23 0 R 1827 0 obj << 1011 0 obj 885 0 obj /P 10 0 R /K 1129 /S /P 2073 0 obj /Pg 25 0 R /Lang (EN-US) << 783 0 obj /Pg 22 0 R 3828 0 obj /Lang (EN-US) endobj >> 3062 0 obj /Pg 22 0 R /S /P /Lang (EN-US) /Lang (EN-US) /S /P ujUvi(f(44sH+8f,JC T7jR($V!V? /Lang (EN-US) /S /Artifact << >> /K 805 /K 291 >> /S /P /K 332 994 0 obj /Pg 24 0 R /S /P 2435 0 obj /Lang (EN-US) endobj /K 202 /Pg 23 0 R /Lang (EN-US) >> /Pg 25 0 R << /K 8 /S /Artifact /K 530 3649 0 obj /K 489 /Lang (EN-US) /S /Artifact /S /Artifact /K 463 /K 1035 /Lang (EN-US) endobj endobj 1540 0 obj /Lang (EN-US) << >> endobj null null 1081 0 R null null null 1082 0 R null 1083 0 R null endobj 1116 0 obj 172 0 obj /Pg 24 0 R endobj << 1421 0 obj /K 360 /Pg 25 0 R /S /P >> endobj /S /P 3294 0 R 3295 0 R 3296 0 R 3297 0 R 3298 0 R 3299 0 R 3300 0 R 3301 0 R 3302 0 R 3303 0 R /K 1329 >> /Pg 25 0 R /P 5384 0 R << 938 0 obj << /K 984 /Pg 23 0 R 3218 0 obj /K 1109 /S /P 1809 0 obj 2869 0 obj /Pg 22 0 R /Pg 24 0 R endobj /Pg 23 0 R /K 1298 /S /Artifact << >> /K 198 >> >> /Pages 4 0 R /Pg 23 0 R >> endobj 488 0 obj Average Loss Rates /Pg 23 0 R 4493 0 R 4494 0 R 4495 0 R 4496 0 R 4497 0 R 4498 0 R 4499 0 R 4500 0 R 4501 0 R 4502 0 R >> >> /Pg 22 0 R null null 938 0 R null 939 0 R null 940 0 R null 941 0 R null endobj /K 824 /Pg 25 0 R /K 306 /S /P /Pg 22 0 R 568 0 obj /K 453 /P 6740 0 R The CDLI. /K 612 2634 0 R null null null 2635 0 R null null null 2636 0 R null endobj 1318 0 R 1319 0 R 1320 0 R 1321 0 R 1322 0 R 1323 0 R 1324 0 R 1325 0 R 308 0 R 1326 0 R endobj /Pg 25 0 R endobj << >> /Lang (EN-US) /K 1437 /Pg 22 0 R /P 5045 0 R /S /P /S /P /K 857 << /Pg 18 0 R 2047 0 obj /K 91 /K 1192 << endobj null 762 0 R null 763 0 R null null null 764 0 R null null 1895 0 obj << >> 2737 0 obj << /Pg 24 0 R /S /P /K 1508 endobj /Pg 22 0 R /K 1116 /Pg 22 0 R /Pg 16 0 R /Pg 24 0 R null 3502 0 R null 3503 0 R null 3504 0 R null null null 3505 0 R >> >> /K 295 2628 0 obj /Pg 18 0 R /K 439 /S /P /P 426 0 R /Pg 19 0 R /K [66 4674 0 R] /Pg 25 0 R /S /Artifact /K 1172 /K 911 /K 1489 /S /Figure /Pg 22 0 R /P 6621 0 R << endobj /Pg 23 0 R /K 23 << /Pg 24 0 R << << << endobj endobj /P 5210 0 R /Lang (EN-US) >> Loan Note: Private debt's growing muscle; Cliffwater issues return endobj /S /Artifact 36 << /K 1509 >> /S /P /Tabs /S >> /Tabs /S endobj >> endobj /Pg 23 0 R 3211 0 obj << >> /P 10 0 R 1607 0 obj >> /S /Artifact endobj /S /Artifact /K 1231 /S /Artifact /S /Artifact << /S /P >> /Lang (EN-US) << /Pg 24 0 R /K 1321 /S /Artifact /K 31 << << << /Pg 24 0 R /P 4906 0 R 769 0 obj 2550 0 obj 4117 0 obj /K 40 << 27 0 obj /P 6714 0 R 915 0 obj << >> >> << /Lang (EN-US) 4222 0 obj /S /P endobj /K 638 endobj /S /P <> endobj endobj endobj >> 3726 0 obj >> /Lang (EN-US) /Pg 25 0 R endobj /S /P >> << /K 17 /K 1156 endobj endobj >> 4205 0 obj /S /P /Pg 23 0 R 2489 0 obj >> /Pg 24 0 R /S /P << /Pg 23 0 R >> << >> /S /Figure /K 635 >> 2192 0 obj /Pg 24 0 R /K 1171 /Pg 24 0 R endobj 1138 0 obj /S /Artifact /Pg 24 0 R endobj endobj /Lang (EN-US) endobj /Lang (EN-US) /Lang (EN-US) /Pg 22 0 R /P 5175 0 R << /K 414 endobj /S /Artifact 3492 0 obj endobj >> 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 /Lang (EN-US) /S /P /Lang (EN-US) /Pg 22 0 R /Lang (EN-US) /K 1418 >> /Lang (EN-US) endobj /K 61 << >> /S /P /Pg 23 0 R >> << /K 1434 /S /P /Lang (EN-US) /K 223 >> /K 1015 endobj << /K 2 /Lang (EN-US) /S /Artifact 722 0 obj endobj endobj /Lang (EN-US) endobj >> endobj /S /Artifact >> >> 4241 0 obj Opportunities in Corporate Direct Lending", 2019. /K 182 3822 0 obj << /S /P endobj /K 732 << << endobj /P 5752 0 R /S /Artifact /K 712 /Pg 23 0 R 4072 0 obj /Pg 13 0 R /K 238 endobj /Lang (EN-US) /Pg 16 0 R /K 1266 /Lang (EN-US) /P 5093 0 R /Lang (EN-US) endobj /S /P /S /P >> /S /Artifact /S /P endobj 2449 0 obj << 546 0 obj << /K 959 << /Pg 24 0 R endobj /K 1146 3508 0 obj /Lang (EN-US) >> 3334 0 obj /S /P 4096 0 obj >> >> /K 1211 2836 0 obj /S /Table /S /P /Lang (EN-US) /Pg 17 0 R /Pg 14 0 R << /K 357 /P 5582 0 R /Lang (EN-US) << /K 14 /Lang (EN-US) /Lang (EN-US) << LS@.JU /K 121 1259 0 obj << >> /Pg 14 0 R >> 2241 0 obj >> /S /P endobj << endobj /S /P << /Pg 23 0 R 3637 0 obj << endobj null 2527 0 R null null null 2528 0 R null 2529 0 R null 2530 0 R >> >> endobj 3332 0 obj << /Lang (EN-US) 1495 0 R 1496 0 R 1497 0 R 1498 0 R 1499 0 R 1500 0 R 1501 0 R 1502 0 R 1503 0 R 1504 0 R endobj /K 1326 /K 1264 /K 586 /P 6248 0 R >> endobj 3241 0 obj /Pg 24 0 R endobj << 2170 0 obj endobj endobj /Pg 18 0 R << endobj /S /Artifact Recent Developments 378 0 obj endobj /S /P /Pg 22 0 R /K 324 /K 1505 /Pg 25 0 R endobj /Pg 24 0 R >> /P 5928 0 R <> /Lang (EN-US) 4 [103 0 R 104 0 R 105 0 R 106 0 R 108 0 R 109 0 R 110 0 R 111 0 R 113 0 R 114 0 R /P 10 0 R 2679 0 obj /Lang (EN-US) <> /S /P >> 3648 0 obj >> >> endobj /K 1469 /Pg 25 0 R >> endobj /K 1209 endobj >> endobj 12 [null 320 0 R null 2475 0 R null null 2476 0 R null null 2477 0 R Derivative instruments may be used to hedge >> /Pg 23 0 R >> /K 1505 49 0 obj /P 6560 0 R /K 1468 /P 6112 0 R null 2900 0 R null 2901 0 R null 2902 0 R null 2903 0 R null null /S /Artifact /S /P endobj /K 956 /P 10 0 R 919 0 obj /Lang (EN-US) << endobj endobj /P 90 0 R endobj /S /Artifact endobj /Pg 14 0 R /Subtype /Link /P 10 0 R (12-month) Source: Morningstar, Cliffwater Direct Lending Index, Morningstar LSTA US Leveraged Loan Index. endobj 2617 0 obj /S /Artifact 3794 0 R null 3795 0 R null 3796 0 R null 3797 0 R null null null /K 331 267 0 obj /Pg 24 0 R /K 1033 /S /P /Kids [13 0 R 14 0 R 15 0 R 16 0 R 17 0 R] 3960 0 obj endobj 2526 0 obj endobj /Pg 25 0 R /Pg 23 0 R endobj 2140 0 obj /Resources 4350 0 R /Pg 22 0 R << 959 0 obj endobj /P 5493 0 R /Lang (EN-US) /Pg 23 0 R /S /Artifact endobj /K 1268 /P 6251 0 R 1702 0 obj /K 437 1497 0 obj /Lang (EN-US) 2392 0 obj >> >> /K [159 540 0 R 190] /A 4409 0 R /K 1466 /K 171 /K 1471 /Pg 24 0 R << /Pg 25 0 R /Lang (EN-US) /Lang (EN-US) >> << 823 0 obj >> >> /K 1400 /Pg 22 0 R /S /Artifact /Pg 24 0 R 258 0 obj >> endobj >> /S /P 2494 0 obj /Pg 25 0 R >> /Lang (EN-US) endobj << /S /Artifact /K 989 null 784 0 R null 785 0 R null 786 0 R null 787 0 R null null 3053 0 obj /P 10 0 R /K 414 /K 1394 >> /S /P >> >> >> /S /Artifact endobj /Lang (EN-US) >> /Pg 22 0 R /Lang (EN-US) << >> /S /Artifact >> /K 144 3573 0 obj << endobj >> /P 6246 0 R << /K 896 << /K 1064 << /Pg 18 0 R /K 961 endobj /S /Artifact /Lang (EN-US) /Pg 22 0 R /Lang (EN-US) /K 1397 >> 213 0 obj /S /Artifact /S /P 2575 0 obj >> /P 5515 0 R /Lang (EN-US) 2106 0 obj 1625 0 obj /Pg 19 0 R /Pg 13 0 R /S /P 1875 0 obj << 2000 0 obj /Lang (EN-US) Stephen Nesbitt provides an overview of the Cliffwater Direct Lending Index ("CDLI"), an asset-weighted index of 11,884 directly originated middle market loans totaling $264 billion. /S /P >> /Pg 22 0 R endobj /P 4870 0 R >> <> /P 6502 0 R endobj << /Pg 24 0 R /K 751 /K 1029 >> /Lang (EN-US) << /S /Artifact /Lang (EN-US) << /K 58 null 3830 0 R null 3831 0 R null 3832 0 R null 3833 0 R null null