cliffwater direct lending index

>> /P 4715 0 R /S /Artifact /Lang (EN-US) /K 1245 /S /P >> << endobj 133 0 obj >> /S /Artifact endobj /S /Artifact /Lang (EN-US) >> /K 1152 endobj /S /P /Pg 13 0 R >> endobj /Pg 25 0 R >> /K 482 /P 4840 0 R /Type /StructTreeRoot 2030 0 obj /K 1101 3996 0 obj <> << 2150 0 obj /K 552 endobj /Pg 23 0 R >> /Pg 24 0 R /K 530 /P 5881 0 R /K 745 << /Pg 22 0 R /Pg 24 0 R /S /P >> /P 5541 0 R >> 1406 0 obj /P 10 0 R /K 1510 /K 1153 /Pg 23 0 R /Pg 23 0 R endobj 1912 0 obj << 291 0 obj /K 848 /K 38 /P 4638 0 R /S /P /P 5438 0 R /P 5296 0 R /Pg 23 0 R /Pg 24 0 R /Lang (EN-US) /Lang (EN-US) << endobj /K [1118 1119] /Pg 23 0 R << endobj /Lang (EN-US) << /Pg 22 0 R /S /Artifact endobj /K 96 << >> /S /Artifact endobj /Pg 25 0 R /P 10 0 R endobj /P 5848 0 R >> << endobj >> /Pg 25 0 R /S /P >> >> endobj endobj /K 1387 /Lang (EN-US) /S /P >> /Lang (EN-US) /S /P >> /K 1315 endobj endobj endobj /Pg 23 0 R /Lang (EN-US) /Pg 22 0 R /S /Artifact /Lang (EN-US) /Pg 18 0 R /S /P endobj /Pg 24 0 R /Pg 22 0 R /P 6409 0 R >> /Pg 25 0 R >> /Pg 23 0 R << /Lang (EN-US) /Pg 18 0 R /K 1282 /Pg 18 0 R 1278 0 R 1279 0 R 1280 0 R 1281 0 R 1282 0 R 1283 0 R 1284 0 R 1285 0 R 1286 0 R 1287 0 R /P 6348 0 R >> /Lang (EN-US) The Cliffwater Direct Lending index, which represents $260 billion in private credit assets, unlevered, returned 6.6% for the 12 months ended Sept. 30, compared to 14.25% for the prior 12-month . /P 5330 0 R /K 237 /Pg 23 0 R /S /P endobj /K 1311 << /S /Artifact << << /Lang (EN-US) >> << endobj /K 669 /S /P /Pg 23 0 R 4088 0 obj 3299 0 obj >> >> /K 793 null 584 0 R null 585 0 R 586 0 R null null 587 0 R null 588 0 R /K 1438 << << /Lang (EN-US) << /Lang (EN-US) 1819 0 obj 915 0 R null 916 0 R null 917 0 R null 918 0 R null 919 0 R 920 0 R >> /S /P /P 426 0 R /Lang (EN-US) /S /Artifact /Lang (EN-US) /S /Artifact endobj /S /Artifact /Lang (EN-US) /Pg 24 0 R /K 560 << /S /Artifact << /Lang (EN-US) << >> /S /P /Lang (EN-US) /Lang (EN-US) /K 948 >> 3169 0 obj >> /S /P /P 6057 0 R 1188 0 obj 2216 0 R 2217 0 R 2218 0 R 2219 0 R 2220 0 R 2221 0 R 2222 0 R 2223 0 R 2224 0 R 2225 0 R endobj >> /K 51 /S /Artifact /S /P endobj /Pg 23 0 R /Lang (EN-US) endobj endobj /S /Artifact >> << 2360 0 obj /S /P /P 6377 0 R /Pg 24 0 R endobj /S /P /Lang (EN-US) /Lang (EN-US) endobj endobj endobj endobj >> >> 254 0 obj /Lang (EN-US) /Pg 23 0 R /S /P << <> >> /Lang (EN-US) endobj endobj 3886 0 obj 3433 0 obj /K 62 527 0 obj /S /Artifact /S /Artifact /P 6275 0 R null 3696 0 R 3697 0 R null 3698 0 R null 3699 0 R null 3700 0 R null << endobj /P 5290 0 R /Lang (IT-IT) /S /Artifact /P 5 0 R /K 1174 /K 10 942 0 obj endobj 2420 0 obj endobj << /Pg 23 0 R >> /Pg 25 0 R /Pg 22 0 R /Pg 22 0 R /Pg 20 0 R /P 6306 0 R /S /Artifact endobj /Lang (EN-US) << /K 1037 << /K 14 /S /P << endobj /P 5226 0 R Not surprisingly, some managers have produced better outcomes than others, and by wide margins. /S /Artifact /Pg 24 0 R 138 0 obj /Pg 25 0 R /Lang (EN-US) /S /P /P 6470 0 R << endobj /Pg 23 0 R /S /P /Lang (EN-US) << >> /K 1493 /S /P /Pg 22 0 R >> >> /Pg 24 0 R << << << /S /Artifact << /Pg 25 0 R /K 329 /K 1241 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. 2773 0 obj endobj 428 0 obj /P 10 0 R >> /S /Artifact /P 6383 0 R endobj /S /P << null 3857 0 R null null null 3858 0 R null null null 3859 0 R endobj /Lang (EN-US) << << /Pg 23 0 R >> endobj 3629 0 obj >> /P 5853 0 R 3596 0 obj /K 51 2765 0 obj 31 0 obj >> /Pg 22 0 R endobj /Pg 24 0 R /Pg 23 0 R /K 129 endobj /Pg 25 0 R endobj endobj /Lang (EN-US) /Pg 23 0 R 1321 0 obj /P 5683 0 R 1439 0 obj /S /Artifact 3004 0 obj << 4120 0 obj 375 0 obj /Lang (EN-US) >> 725 0 obj /Pg 23 0 R /K 1256 2083 0 obj endobj /S /P >> 3404 0 obj endobj << /S /P /K 112 >> endobj /K 840 321 0 obj << endobj endobj /K 1422 /Lang (EN-US) /K 1093 endobj /P 10 0 R endobj >> 1901 0 obj /Pg 25 0 R /K 1414 /Pg 22 0 R 589 0 R null 221 0 R 222 0 R 223 0 R 224 0 R 225 0 R 226 0 R 227 0 R 228 0 R >> << endobj /S /P >> <> >> >> << endobj 1805 0 R null 1806 0 R null 1807 0 R null null null 1808 0 R null >> /Pg 18 0 R /K 880 endobj /S /P >> endobj >> /S /P /K [58 59 60 61] >> 1577 0 obj >> endobj 3254 0 R 3255 0 R 3256 0 R 3257 0 R 3258 0 R 3259 0 R 3260 0 R 3261 0 R 3262 0 R 3263 0 R /P 5481 0 R /Pg 25 0 R /S /P /Pg 22 0 R /Lang (EN-US) >> endobj endobj << /K 1266 /Pg 16 0 R /Pg 23 0 R /Pg 25 0 R 803 0 obj /K 653 /Pg 22 0 R endobj 4189 0 obj /P 5163 0 R /Pg 24 0 R null 1913 0 R null 1914 0 R null null null 1915 0 R null null endobj /K 1064 /Lang (EN-US) /K 766 /S /P 1618 0 obj >> << >> << /Lang (EN-US) endobj << << 133 0 R] >> endobj /P 6085 0 R 1817 0 obj /Pg 22 0 R /S /Figure /S /Artifact /K 1435 /Pg 24 0 R /Pg 22 0 R 241 0 R 242 0 R 243 0 R 244 0 R null 592 0 R null null null null endobj /Pg 22 0 R /P 5383 0 R /K 988 2235 0 obj /Pg 22 0 R 4172 0 obj 954 0 obj /K 850 /S /Artifact >> endobj 3294 0 obj /Lang (EN-US) << 192 0 obj >> /Lang (EN-US) /Pg 25 0 R /K 1142 >> /P 5582 0 R 476 0 obj >> /P 6148 0 R /S /P endobj 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 2137 0 obj 4216 0 obj 3441 0 obj /Lang (EN-US) 313 0 obj /Pg 24 0 R /K 978 /S /P endobj /P 5590 0 R /K 682 1372 0 obj /Pg 24 0 R /S /P 1358 0 obj endobj endobj endobj /S /P >> << << endobj << 406 0 obj endobj endobj /S /P << /Pg 25 0 R << >> endobj /S /P /S /P /Lang (EN-US) /P 4906 0 R >> endobj 1038 0 obj null 3577 0 R null null null 3578 0 R null 3579 0 R null 3580 0 R /S /P << /Lang (EN-US) /Pg 18 0 R /Pg 25 0 R >> /P 5332 0 R 989 0 obj 4234 0 obj /S /P << >> >> >> /Pg 22 0 R /K 1048 endobj /S /Artifact 1526 0 obj << /S /Artifact /S /Artifact /Pg 22 0 R >> /Pg 22 0 R /P 4811 0 R /K 1354 /Pg 23 0 R /K 957 >> << /Lang (EN-US) /Lang (EN-US) >> /S /P 1508 0 obj << /Pg 25 0 R /K 111 5 This growth has been due in part to the declining presence of banks in middle-market lending - a trend that began in the << 4071 0 obj /Lang (EN-US) /K 1495 << /Pg 24 0 R 1 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. /Pg 21 0 R /P 5789 0 R /S /P /Lang (EN-US) >> /S /P /K 1387 /P 6534 0 R >> << << /K 778 /S /P << /Rotate 0 2155 0 obj /S /P 2311 0 obj /Pg 25 0 R /Pg 25 0 R /S /P << /K 1328 >> << 2226 0 obj << >> >> /Pg 23 0 R endobj /Pg 19 0 R /T () endobj null null 1832 0 R null 1833 0 R null 1834 0 R null 1835 0 R null 2531 0 obj /Lang (EN-US) >> 2884 0 obj /Lang (EN-US) /K 951 << >> /Lang (EN-US) 1288 0 R 1289 0 R 1290 0 R 1291 0 R 1292 0 R 1293 0 R 1294 0 R 1295 0 R 1296 0 R 1297 0 R 2189 0 obj /K 1157 /P 6604 0 R /Pg 25 0 R 699 0 R null 700 0 R null 701 0 R null 702 0 R null 703 0 R null endobj /Lang (EN-US) << 692 0 obj >> /Pg 24 0 R /Pg 17 0 R /K 1294 /K 1432 << /S /Artifact /S /Artifact /P 5739 0 R /K 197 << /S /P 1889 0 obj << 1275 0 obj /Lang (EN-US) >> /K 1301 endobj endobj >> endobj >> /Pg 22 0 R /K [45 46 47 48] /K [1117 1118] >> 1766 0 obj << /Pg 23 0 R /K 1170 /K 847 /Lang (EN-US) /S /P << /Lang (EN-US) endobj <> endobj /S /Artifact 331 0 obj >> endobj /Pg 25 0 R >> /Pg 23 0 R endobj /Pg 25 0 R /K 1439 /K 900 3798 0 R null null null 3799 0 R null 3800 0 R null 3801 0 R null << /K 1378 3157 0 obj /Pg 22 0 R >> << /K 347 endobj /S /Artifact << /Lang (EN-US) /T () >> << 3276 0 obj endobj 3415 0 obj /P 10 0 R As of 03/01/2023 EDT. >> /P 5003 0 R /Pg 22 0 R /K 1496 /P 5407 0 R << << /K 1305 >> 4004 0 obj /Pg 22 0 R /P 10 0 R endobj /S /P /S /Artifact /K 1373 /S /P endobj endobj endobj /K 1342 endobj /Lang (EN-US) /K 78 /Pg 22 0 R << /Lang (EN-US) /K 1087 1202 0 obj /Pg 24 0 R /S /P 3377 0 obj /P 10 0 R << /K 1455 endobj >> /Lang (EN-US) /S /Artifact >> /S /P /Pg 22 0 R 741 0 obj /K 971 /Pg 25 0 R /Lang (EN-US) /K 170 3383 0 obj /K 79 /Pg 24 0 R /Lang (EN-US) endobj /S /P >> 3081 0 obj /K 51 784 0 obj /S /Artifact >> << null 1686 0 R null 1687 0 R null 1688 0 R 1689 0 R null 1690 0 R null << /K 701 /Pg 23 0 R >> /Pg 25 0 R /S /Artifact /S /Artifact /P 5701 0 R /Pg 22 0 R /K 871 << endobj /S /Artifact 3755 0 obj 605 0 obj 2844 0 obj /K 79 /K 1403 /Lang (EN-US) /K 1008 /P 4957 0 R << endobj /Lang (EN-US) /Pg 23 0 R /P 6293 0 R /S /P 3007 0 R 3008 0 R 3009 0 R 3010 0 R 3011 0 R 3012 0 R 3013 0 R 3014 0 R 3015 0 R 3016 0 R 3034 0 obj endobj /S /P /K 1482 /Pg 25 0 R 1158 0 R 1159 0 R 1160 0 R 1161 0 R 1162 0 R 1163 0 R 1164 0 R 1165 0 R 1166 0 R 1167 0 R >> >> /Pg 25 0 R /S /Artifact /S /P /K 88 /Pg 24 0 R /S /Artifact >> /Pg 16 0 R /Lang (EN-US) endobj << 1167 0 obj /K 441 76 0 obj endobj << 2934 0 obj >> << /S /P /K 1012 >> 243 0 obj /K 1134 /Pg 24 0 R /S /LBody 4034 0 obj >> /Pg 22 0 R >> >> /Pg 17 0 R >> 3843 0 R null 3844 0 R null 3845 0 R null null null 3846 0 R null /Lang (EN-US) << /S /P /Pg 23 0 R /S /P /P 5002 0 R /Pg 25 0 R << << /Pg 25 0 R <> null null null 1868 0 R null 1869 0 R null 1870 0 R null 1871 0 R >> 3214 0 obj 1583 0 obj /K 733 endobj /Pg 24 0 R << /Lang (EN-US) << >> /K 998 /Pg 19 0 R endobj endobj 1507 0 obj /Lang (EN-US) /Lang (EN-US) /K 1363 /Lang (EN-US) << /S /Artifact /S /P << 723 0 obj >> endobj /K [4 445 0 R 46] /K 991 /Pg 13 0 R /P 5209 0 R /K 1367 >> endobj /K 49 /S /Artifact /P 5696 0 R endobj << /Pg 23 0 R endobj /S /P /K 1261 /K 1465 /P 5943 0 R /K 1422 /RoleMap 12 0 R endobj << /K 1519 1856 0 obj /P 5138 0 R /S /Artifact /Lang (EN-US) /Pg 26 0 R /K 412 endobj /S /Artifact endobj /Pg 23 0 R << /Lang (EN-US) null 876 0 R null 877 0 R null null null 878 0 R null 879 0 R /S /Artifact /S /P 1740 0 R null 1741 0 R null null null 1742 0 R null null null << 3628 0 obj 3698 0 obj endobj /S /P 1615 0 obj 153 0 R 154 0 R 155 0 R 156 0 R null 439 0 R null 440 0 R null 157 0 R /S /Artifact /P 6429 0 R >> /Pg 14 0 R /Lang (EN-US) /Lang (EN-US) << endobj /K 1419 /K 233 << /Pg 25 0 R /K 1058 /Lang (EN-US) 462 0 obj 284 0 obj >> /A 4397 0 R /K 261 endobj >> /Pg 22 0 R 546 0 obj << /K 1299 /S /P >> 3657 0 obj endobj endobj << 3234 0 obj /S /P /P 5791 0 R null 2878 0 R null 2879 0 R null null null 2880 0 R null null endobj 1426 0 obj /K 29 endobj /S /Artifact endobj 3603 0 obj /S /Artifact /S /P /S /Artifact /P 4837 0 R /P 5714 0 R /Lang (EN-US) /K 1247 /Pg 25 0 R /P 5280 0 R /Pg 25 0 R /S /P /Lang (EN-US) endobj /Lang (EN-US) 1791 0 obj /S /P endobj /Lang (EN-US) /Lang (EN-US) >> /K 507 endobj /S /Artifact endobj /P 5050 0 R >> >> >> 591 0 obj /P 5222 0 R 1483 0 obj endobj 3997 0 R 3998 0 R 3999 0 R 4000 0 R 4001 0 R 4002 0 R 4003 0 R 4004 0 R 4005 0 R 4006 0 R << endobj 632 0 R null null null 633 0 R null 634 0 R null 635 0 R null /Lang (EN-US) /S /Artifact 349 0 obj endobj >> /K 67 /K 1174 /Pg 23 0 R /P 6358 0 R

cliffwater direct lending index 2023