cliffwater direct lending index

/K 536 /P 10 0 R /Pg 13 0 R endobj /S /Artifact /Lang (EN-US) 2497 0 obj /K 1235 endobj 1850 0 R null 1851 0 R null 1852 0 R null 1853 0 R null 1854 0 R null 1079 0 obj 275 0 obj /P 10 0 R 3277 0 obj >> 1850 0 obj >> endobj /K 702 /Pg 23 0 R /Pg 24 0 R /S /Artifact Indices - Cliffwater LLC endobj << endobj << /K 93 /K 1048 >> << << << endobj /Lang (EN-US) /S /P 4037 0 obj /S /Artifact << >> >> /Pg 23 0 R << << /S /P >> /K 1459 ICE, Bank of America for US High Yield represented by the ICE BofA High Yield. 1463 0 obj >> >> 2793 0 obj endobj endobj endobj 1637 0 obj >> /Lang (EN-US) << >> << /S /Artifact 4174 0 R 4175 0 R 4176 0 R 4177 0 R 4178 0 R 4179 0 R 4180 0 R 4181 0 R 4182 0 R 4183 0 R /Pg 25 0 R >> /P 4698 0 R >> 2519 0 obj 4138 0 obj /Pg 24 0 R /Pg 16 0 R /K 1361 /K 1408 /S /Artifact >> /K 975 Index. endobj /S /P 1561 0 obj /K 954 /S /P /K 172 /S /P /K 210 >> << >> << /K 351 /K 1065 /K 1355 1617 0 obj >> /S /Artifact /Pg 22 0 R 3553 0 obj >> /K 1536 /Lang (EN-US) /S /Artifact /Lang (EN-US) >> endobj 319 0 obj << 2696 0 obj >> 1596 0 obj 405 0 obj /S /P 205 0 R 206 0 R 208 0 R 209 0 R 210 0 R null null 564 0 R null null /S /Artifact /P 5670 0 R /K 964 endobj >> /S /P /S /P /Pg 14 0 R /Pg 22 0 R /P 4763 0 R 4204 0 obj << /S /P null null 3590 0 R null 3591 0 R null 3592 0 R null 3593 0 R null /Pg 23 0 R >> 3500 0 obj 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 24 0 R /P 6277 0 R endobj endobj endobj /S /Artifact << /K 1411 << 3047 0 R 3048 0 R 3049 0 R 3050 0 R 3051 0 R 3052 0 R 3053 0 R 3054 0 R 3055 0 R 3056 0 R 1285 0 obj 3816 0 obj <> /Pg 22 0 R /Lang (EN-US) /Pg 13 0 R >> 3571 0 obj /S /P /Lang (EN-US) /S /P endobj endobj endobj endobj endobj 457 0 obj /P 6750 0 R << 169 0 R 170 0 R 171 0 R null 441 0 R null 442 0 R null null null /P 6289 0 R /Resources 4377 0 R /S /P 2517 0 obj endobj /Pg 23 0 R << /Pg 25 0 R endobj 513 0 R 514 0 R 515 0 R null 516 0 R null 517 0 R null 518 0 R 519 0 R /Lang (EN-US) endobj << /S /P /S /Artifact /Lang (EN-US) /S /P /P 5149 0 R /S /P endobj endobj /Pg 24 0 R /P 4961 0 R /Lang (EN-US) /Pg 22 0 R /S /P /S /P << /S /P << /Pg 24 0 R /Pg 24 0 R /S /P /P 5652 0 R /Lang (EN-US) endobj << /S /Artifact /K 132 /Pg 23 0 R endobj /P 6740 0 R /P 6006 0 R >> >> /Lang (EN-US) /Pg 24 0 R << /S /Artifact endobj >> << /Pg 22 0 R /K 327 /K 1517 endobj 1112 0 obj << /K 717 /Pg 24 0 R /Pg 24 0 R /Lang (EN-US) /S /P endobj /Pg 22 0 R >> /P 6230 0 R null null 3750 0 R null null null 3751 0 R null 3752 0 R null << endobj /S /P >> >> 122 123 124] null 427 0 R null null 100 0 R 101 0 R 102 0 R null 428 0 R null << null 645 0 R null 646 0 R null 647 0 R null 648 0 R null 649 0 R endobj /K 1291 /P 4787 0 R /K 1431 >> endobj >> /P 10 0 R /Lang (EN-US) /Pg 24 0 R >> << 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 << /S /P /Pg 25 0 R /Pg 19 0 R /K 140 << /A 6764 0 R endobj null 2788 0 R null 2789 0 R null 2790 0 R 2791 0 R null 2792 0 R null << << 3745 0 obj endobj << /Lang (EN-US) /K 647 << << /S /P >> >> >> endobj >> << null 274 0 R 274 0 R 274 0 R 274 0 R 289 0 R 289 0 R 289 0 R 289 0 R 289 0 R <> >> 1298 0 obj << <> /Pg 23 0 R /Pg 25 0 R /K 1363 /S /P 159 0 obj 535 0 obj 87 0 R 88 0 R 89 0 R 90 0 R 91 0 R 92 0 R 93 0 R 94 0 R 95 0 R 96 0 R 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 24 0 R /S /Artifact /K 711 /K 1405 1848 0 obj << /S /P /P 5869 0 R /P 4796 0 R 895 0 obj endobj /Lang (EN-US) /S /P /S /P endobj >> >> 3977 0 obj /P 10 0 R /Lang (EN-US) >> >> >> /Pg 25 0 R /K 150 2893 0 obj << endobj /Pg 22 0 R >> /Pg 25 0 R endobj /S /P endobj /S /P >> 3513 0 obj << >> /K 1529 >> /S /Artifact /Pg 25 0 R 2990 0 obj >> /Lang (EN-US) >> << >> 1863 0 obj /S /P /Lang (EN-US) 2272 0 obj /S /Artifact /S /Artifact /S /Artifact /K 1279 << >> << 3057 0 obj /S /Artifact >> /Pg 23 0 R /Pg 24 0 R >> endobj << << 2034 0 obj /Pg 22 0 R /K 372 1713 0 obj /P 5109 0 R 4157 0 obj /S /Artifact /Pg 25 0 R /Pg 22 0 R >> << /S /P /Pg 25 0 R /P 5924 0 R endobj /Lang (EN-US) >> /Lang (EN-US) << << /S /Artifact 952 0 obj /S /Artifact >> 3215 0 obj /Pg 22 0 R >> /Pg 22 0 R << 2649 0 obj 1867 0 obj /K 1034 /Pg 22 0 R /Pg 23 0 R >> >> /K 984 << /S /P endobj 3379 0 obj 3448 0 obj << /Pg 24 0 R /K 1244 /Pg 26 0 R /K 218 2316 0 obj /S /Artifact 3218 0 obj >> /Pg 24 0 R /S /P /P 10 0 R /K 73 /Lang (EN-US) endobj endobj << 2400 0 obj endobj >> /Pg 24 0 R /Lang (EN-US) <> /Lang (EN-US) /S /P 3511 0 obj endobj endobj 1623 0 obj 2421 0 obj 1743 0 obj 2838 0 obj 3224 0 obj /K 1370 /Lang (EN-US) /K 431 4211 0 obj /F 4 << << >> endobj /S /P /S /P /K 1115 /Pg 25 0 R receive by clicking each checkbox Cliffwater Research Cliffwater Webcast Invitation Cliffwater Daily Capital Markets Cliffwater Daily BDC Analysis save preferences Indices You can't define an asset class or take it seriously without an index. 1534 0 obj /Pg 24 0 R null 2670 0 R null null null 2671 0 R null null null 2672 0 R /Pg 23 0 R endobj /Lang (EN-US) >> >> /S /P /BS 6765 0 R /K 705 >> << >> /S /Artifact 1743 0 R null 1744 0 R null 1745 0 R null 1746 0 R null 1747 0 R null >> endobj /Pg 23 0 R /K 1151 /P 5674 0 R /S /Artifact >> /P 5052 0 R << /K 33 /Pg 23 0 R << >> /K 641 /Pg 22 0 R /Pg 22 0 R 2166 0 R 2167 0 R 2168 0 R 2169 0 R 2170 0 R 2171 0 R 2172 0 R 2173 0 R 2174 0 R 2175 0 R /K 23 null 1068 0 R null null null 1069 0 R null null null 1070 0 R endobj /P 6147 0 R /K 1008 >> endobj /S /Table 2 0 obj /S /Artifact << >> /Pg 13 0 R /Lang (EN-US) /Pg 23 0 R /S /Artifact /S /Artifact <> 3866 0 obj /K 32 /Pg 20 0 R endobj /S /Artifact >> endobj /K 1297 null 489 0 R 490 0 R null 491 0 R null 492 0 R null 493 0 R 494 0 R 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 4006 0 obj endobj >> /K 856 << /Lang (EN-US) << 1297 0 obj /K 77 /K 384 48 0 obj /S /P 787 0 obj /S /P Private Debt von Stephen L. Nesbitt (ISBN 978-1-119-94441-6) online kaufen | Sofort-Download - lehmanns.ch >> /P 4983 0 R /S /P >> /K 1389 /S /Artifact 2909 0 obj endobj << /Lang (EN-US) >> /K 1131 /Pg 22 0 R /K 674 /S /P /S /Artifact /P 6642 0 R 2917 0 obj /S /Artifact endobj >> /P 5619 0 R << /Pg 18 0 R /S /P >> /P 4729 0 R /Lang (EN-US) >> >> /S /Artifact endobj /Pg 23 0 R /S /Artifact /Pg 24 0 R >> >> /S /Artifact << /Pg 23 0 R << << /Type /Metadata << 109 0 obj /P 4633 0 R endobj /Lang (EN-US) >> /P 5485 0 R /P 5097 0 R /S /P /Pg 25 0 R endobj /Pg 25 0 R 3564 0 R null null null 3565 0 R null null null 3566 0 R null /P 33 0 R endobj >> /P 10 0 R >> 3234 0 R 3235 0 R 3236 0 R 3237 0 R 3238 0 R 3239 0 R 3240 0 R 3241 0 R 3242 0 R 3243 0 R /P 5056 0 R /P 4779 0 R >> /S /P << endobj 1215 0 obj /S /P /P 6516 0 R endobj endobj /Pg 24 0 R << endobj /Lang (EN-US) endobj /P 5759 0 R /K 1295 endobj 2332 0 obj <> << /S /Artifact /Lang (EN-US) << /S /Artifact /S /P /S /P /P 4695 0 R 1032 0 R null null null 1033 0 R null null null 1034 0 R null << >> /K 1290 /P 6616 0 R /Lang (EN-US) << /K 1 /K [95 96 97 98 99 100 101 102 103] /Pg 23 0 R endobj 3958 0 obj /K 1157 << >> endobj /Pg 23 0 R /Lang (EN-US) /Pg 25 0 R >> /K 563 endobj /Pg 25 0 R /S /P /Pg 23 0 R 35 0 obj endobj 2274 0 obj endobj >> /K 278 /K 52 /Pg 25 0 R endobj /CropBox [0 0 612 792] endobj /Pg 25 0 R endobj /S /P endobj >> 3835 0 obj /P 10 0 R << /Pg 25 0 R /K 1295 >> /Lang (EN-US) << >> /Pg 23 0 R /S /Artifact /P 5126 0 R endobj >> << 1448 0 obj /S /Artifact /S /Artifact endobj /S /P >> /Lang (EN-US) << /K 1138 /S /Artifact /S /Artifact >> << >> >> /K 601 endobj << /Pg 25 0 R << << >> << null 2766 0 R 2767 0 R null 2768 0 R null 2769 0 R null 2770 0 R null << /Lang (EN-US) /S /P 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 1130 << /P 5516 0 R /Pg 23 0 R endobj /P 6547 0 R Loan Note: Private debt's growing muscle; Cliffwater issues return /K 2 /Pg 24 0 R 1222 0 obj /Pg 25 0 R /K 1485 endobj /S /P 1176 0 obj /S /Artifact 3643 0 R 3644 0 R null 3645 0 R null 3646 0 R null 3647 0 R null 3648 0 R /Lang (EN-US) /Pg 24 0 R /P 4789 0 R >> /K 97 >> 2357 0 obj /P 6402 0 R /Pg 22 0 R << /S /P /K 427 /K 6 /S /Artifact /S /P endobj /S /Artifact /P 5841 0 R 3725 0 obj >> endobj 99 0 obj endobj endobj /K 72 /S /P >> endobj /P 6007 0 R >> <> /Pg 24 0 R /S /P 450 0 obj /S /Artifact /K 658 /K 47 /Lang (EN-US) endobj /Pg 20 0 R /K 690 >> >> /Lang (EN-US) /Pg 25 0 R /Pg 23 0 R >> 2940 0 obj /S /Artifact endobj << endobj << /Lang (EN-US) /Tabs /S /S /Artifact << /S /P 2714 0 obj /Pg 25 0 R endobj /P 5767 0 R /S /P << << 785 0 obj /Lang (EN-US) /P 6080 0 R >> /S /Artifact /P 5298 0 R << << /S /P << /Lang (EN-US) /Lang (EN-US) /P 10 0 R >> 1266 0 obj /CropBox [0 0 612 792] /Pg 22 0 R endobj /K 30 /P 6563 0 R Loan Note: Credit cycle takes a turn; ESG due diligence template nears << endobj /K 129 /K 1478 /Pg 24 0 R /P 5484 0 R /K 76 << /S /P /S /P >> The unsmoothed volatility adjustment for the CDLI is 4.5%, which is roughly less than that of the blended public credit index (shown in Exhibit C). /P 4816 0 R 991 0 R 992 0 R null 993 0 R null 994 0 R null 995 0 R null 996 0 R /S /P /Pg 22 0 R << >> << /Pg 24 0 R /Lang (EN-US) endobj endobj /Lang (EN-US) /Lang (EN-US) << /Pg 24 0 R >> /S /P /Pg 23 0 R /K 1467 1662 0 obj endobj endobj 4294 0 obj >> endobj /Lang (EN-US) /S /Artifact /K [428 0 R 429 0 R 430 0 R] /Kids [8 0 R 9 0 R] /K 1510 /Lang (EN-US) <> 489 0 obj endobj << /Lang (EN-US) /K 39 247 0 obj /P 4730 0 R /Pg 21 0 R /P 5908 0 R /P 4856 0 R >> << /Lang (EN-US) /S /P endobj /K 1404 endobj << 308 0 obj endobj /S /Artifact << endobj /Lang (EN-US) << /Pg 24 0 R << /K 841 >> /Pg 25 0 R 523 0 obj /Lang (EN-US) << endobj /Type /Pages /S /P << /Pg 25 0 R /Pg 24 0 R >> /Pg 25 0 R /Pg 23 0 R >> /S /Artifact 2982 0 obj /Lang (EN-US) /K 25 /S /P >> Direct lending is characterized by flexible and creative financing solutions that are unique to each opportunity. /S /P /Parent 4 0 R 2875 0 obj /K 31 3465 0 obj /K 1106 Cliffwater Direct Lending Index 3rd Quarter, 2022 - YouTube /Pg 22 0 R << /K 1315 >> /K 869 /Lang (EN-US) /Lang (EN-US) endobj endobj >> /S /P << /P 5785 0 R 2771 0 R null null null 2772 0 R null null null 2773 0 R null /Lang (EN-US) /Pg 25 0 R /S /P /P 4755 0 R /K 351 /S /P << /K 1139 /Pg 25 0 R 3685 0 obj /Pg 22 0 R << 876 0 obj 157 0 obj endobj 1332 0 obj 2 Annualized volatility and return based on the period between 2005 and 2022. 1444 0 obj << /K 1127 endobj /K 583 /Pg 13 0 R /Lang (EN-US) >> /Pg 24 0 R << endobj /S /Artifact /S /Artifact /Pg 24 0 R /K 1315 <> /S /Artifact << /S /Artifact /P 6454 0 R /Pg 22 0 R endobj << /Lang (EN-US) /K 1150 <> << << /K 1295 1050 0 obj >> /Pg 23 0 R 3484 0 obj >> /Pg 25 0 R /Pg 23 0 R << >> /Lang (EN-US) /S /Artifact /K 1468 /Pg 15 0 R /S /Artifact >> 2494 0 obj >> << >> >> /K 27 /P 6508 0 R /S /P << 3494 0 obj /K 1107 2902 0 obj << << << << /Lang (EN-US) /P 5799 0 R /S /P /K 534 >> /S /P 3034 0 obj << 208 0 obj << /S /P endobj endobj /K 1453 2333 0 obj endobj /Pg 26 0 R >> /Lang (EN-US) 3359 0 obj /S /P /K 1287 endobj /Lang (EN-US) /Lang (EN-US) /Pg 23 0 R /K 1475 3323 0 obj endobj . /Pg 25 0 R /P 6375 0 R /S /P /S /P endobj /S /P /Pg 25 0 R >> /P 33 0 R /K 1498 endobj /K 1199 /K 1 /K 1019 /S /P /P 5838 0 R endobj /Diagram /Figure 3731 0 obj << /Pg 24 0 R /K 620 /Lang (EN-US) << endobj endobj /K 346 4056 0 obj /P 6603 0 R /P 10 0 R /Pg 25 0 R /Pg 16 0 R /K 1398 uuid:30597d73-1730-4471-be3e-6267c552ffc2 << 3066 0 obj << 2418 0 obj << << /S /Artifact >> << /Lang (EN-US) /P 10 0 R endobj endobj << 3311 0 obj 1741 0 obj >> null 3483 0 R null 3484 0 R null 3485 0 R null 3486 0 R null 3487 0 R /Lang (EN-US) >> 2229 0 obj << 1813 0 obj /P 4708 0 R endobj << 3515 0 obj >> /Pg 23 0 R 2452 0 obj /K 38 /P 5950 0 R /S /P null 650 0 R 651 0 R null 652 0 R null 653 0 R null 654 0 R null endobj >> >> /P 5696 0 R 2201 0 obj /Pg 22 0 R /S /P << /S /P /Lang (EN-US) /Lang (EN-US) endobj 4061 0 obj 984 0 obj endobj 23 0 obj /S /P 2193 0 obj endobj /K 1058 endobj /S /Artifact endobj /P 5979 0 R 2018 0 obj /K 671 /Lang (EN-US) >> endobj /Pg 22 0 R >> /K 1512 endobj << /Lang (EN-US) /K 961 /K 46 /K 44 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. >> /P 5637 0 R 277 0 obj /Lang (EN-US) /K 1144 3567 0 R null 3568 0 R null 3569 0 R null 3570 0 R null 3571 0 R 3572 0 R << >> /K 1512 /Lang (EN-US) /Lang (EN-US) /S /Artifact << /Pg 24 0 R /P 5034 0 R endobj /S /P >> /K 141 endobj << 4241 0 obj >> /Pg 24 0 R /P 6446 0 R /S /Artifact >> /Pg 23 0 R endobj 2436 0 obj 1128 0 R 1129 0 R 1130 0 R 1131 0 R 1132 0 R 1133 0 R 1134 0 R 1135 0 R 1136 0 R 1137 0 R 1216 0 obj /P 5041 0 R /K 612 2842 0 obj /P 5230 0 R /S /Artifact /Pg 23 0 R 3398 0 obj 1076 0 R null 1077 0 R null 1078 0 R null 1079 0 R null 1080 0 R null 3754 0 obj /S /Artifact endobj /Lang (EN-US) << >> /P 10 0 R >> 1610 0 obj /H /I 2174 0 obj endobj 3035 0 obj >> /Pg 18 0 R 2022-12-13 Investment Roundup | Raffles Family Office /S /P >> 2441 0 obj << /Pg 13 0 R /S /Artifact 2701 0 obj /S /Artifact 3659 0 R 3660 0 R null 3661 0 R null 3662 0 R null 3663 0 R null 3664 0 R /Pg 23 0 R /Lang (EN-US) >> /S /Artifact >> /P 6222 0 R << /Pg 25 0 R /K 526 /Pg 19 0 R /P 10 0 R /Pg 25 0 R >> >> 4331 0 obj /Lang (EN-US) /Pg 23 0 R /K 1368 /P 5098 0 R 399 0 R 400 0 R 401 0 R 402 0 R 403 0 R 404 0 R 405 0 R 406 0 R 407 0 R 408 0 R /K 1455 2172 0 obj 1045 0 obj /Pg 25 0 R /K 8 endobj /Lang (EN-US) 3583 0 obj << endobj /S /P /K 783 888 0 obj /K 1183 >> /Pg 24 0 R endobj >> /Lang (EN-US) /P 5821 0 R >> /Pg 25 0 R 2805 0 obj endobj >> endobj >> >> /K 816 << >> null 1607 0 R null 1608 0 R null 1609 0 R null null null 1610 0 R /P 4689 0 R /S /P 4060 0 obj endobj /S /Artifact endobj << << /K 58 /S /P endobj /A 4661 0 R 4013 0 obj /S /P 2637 0 R null 2638 0 R null 2639 0 R null 2640 0 R null 2641 0 R 2642 0 R /Lang (EN-US) endobj /K 670 << << /Lang (EN-US) << endobj endobj << endobj endobj /Pg 25 0 R 669 0 obj endobj << >> /Pg 25 0 R 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 /Pg 24 0 R

cliffwater direct lending index 2023