cliffwater direct lending index

/Lang (EN-US) /Pg 25 0 R /P 4800 0 R 261 0 obj /S /P /S /P << /K 1298 >> /S /Artifact /S /Artifact /Pg 25 0 R /Pg 23 0 R /Pg 24 0 R /Lang (EN-US) /S /Artifact 3740 0 obj /P 6612 0 R /S /P endobj /S /P /K 1437 774 0 obj /K 1124 /K 36 >> /Lang (EN-US) /S /Figure endobj << endobj << >> /K 28 /Lang (EN-US) << /Lang (EN-US) /Lang (EN-US) << << << /Lang (EN-US) /P 5604 0 R 1776 0 obj << 850 0 obj endobj endobj endobj 626 0 obj << /Pg 13 0 R /S /Artifact >> <> endobj /K 1225 << /Pg 25 0 R endobj <> 4 By 2020, the total U.S. direct lending market had grown to around $800 billion, according to a Refinitiv estimate. 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 2005 0 obj /P 10 0 R >> 4012 0 obj /P 5537 0 R << >> endobj /K 16 >> /Lang (EN-US) /S /P /P 5706 0 R /P 6546 0 R endobj >> 2656 0 obj /K 296 /S /Artifact /Pg 14 0 R << >> /Pg 25 0 R /K 1121 endobj endobj Cliffwater Corporate Lending Fund CCLFX provides all investors access to a private debt portfolio with the attractive pricing and quality of institutional caliber in corporate lending. endobj << endobj /P 6315 0 R endobj /S /P /S /P /K 1469 /Lang (EN-US) /Pg 22 0 R endobj 503 0 obj << /S /Artifact /Pg 23 0 R << endobj >> /K 401 << /S /P >> /S /P /P 6163 0 R /Pg 22 0 R /Pg 25 0 R /Lang (EN-US) 3797 0 obj /S /Artifact 885 0 obj /K 571 /S /P /Lang (EN-US) << 156 0 obj >> /Pg 25 0 R 2024 0 obj /K 1007 /Lang (EN-US) /S /P << >> << /K 86 <> /Pg 25 0 R << /Lang (EN-US) >> << endobj endobj endobj /S /P /P 6202 0 R >> /CropBox [0 0 612 792] endobj /Pg 22 0 R /Lang (EN-US) 2362 0 obj >> >> 1582 0 obj /K 1328 /Pg 25 0 R 2443 0 obj /Lang (EN-US) endobj << /K 427 /Lang (EN-US) /S /Artifact /S /P >> /K 11 >> endobj /S /P endobj 2540 0 obj 1065 0 obj 676 0 obj /K 661 /Pg 25 0 R endobj /S /P 2509 0 obj >> endobj >> << /Lang (EN-US) endobj endobj /K 1394 /S /P << /K 1436 /S /P /Lang (EN-US) /S /Footnote /K 1352 /Pg 22 0 R /S /P <> >> /P 6697 0 R /Lang (EN-US) >> /S /P endobj >> /Pg 25 0 R /S /P /K 1461 /S /P /S /P << /Pg 23 0 R /Lang (EN-US) 2776 0 obj /Lang (EN-US) 3876 0 obj /S /P >> /S /P /S /Artifact /Pg 22 0 R /P 4794 0 R << /K 1062 endobj /P 5773 0 R >> endobj /S /P /Pg 16 0 R /Pg 25 0 R << >> . << /Pg 23 0 R 3048 0 obj << /K 229 << /Pg 22 0 R /Lang (EN-US) endobj /P 5726 0 R endobj endobj /S /Artifact /K 8 2210 0 obj 2091 0 obj application/pdf << /S /P 1194 0 obj /Pg 25 0 R endobj 1372 0 obj << 88 0 obj 3798 0 obj >> /S /P /Pg 22 0 R /S /Artifact /P 5763 0 R endobj 685 0 R null 686 0 R 687 0 R null 688 0 R null 689 0 R null 690 0 R /S /P endobj 4161 << << /Pg 18 0 R 3671 0 obj << << /Lang (EN-US) >> >> /Lang (EN-US) >> >> /P 6155 0 R >> /K 131 4169 0 obj /Pg 23 0 R >> /P 5674 0 R /Pg 23 0 R /Pg 22 0 R /S /P /K 1302 /Pg 24 0 R << << 2875 0 obj endobj <> endobj 3926 0 obj << >> /K 869 endobj /K 1005 endobj << << /S /P /K 1314 << endobj 797 0 obj /K 1441 /Pg 20 0 R >> 2962 0 R null 2963 0 R null 2964 0 R 319 0 R 2965 0 R 2966 0 R 2967 0 R 2968 0 R Derivative instruments may be used to hedge 3275 0 obj /K 1474 >> << /Lang (EN-US) /S /P >> << endobj /K 1395 /Lang (EN-US) /Pg 23 0 R /Pg 23 0 R /Pg 22 0 R << endobj /Pg 23 0 R /Lang (EN-US) /S /P /K 491 /S /Artifact 325 0 obj /Pg 24 0 R /S /P 3110 0 obj endobj /Pg 22 0 R /S /Artifact /P 6578 0 R /S /P /Lang (EN-US) /P 5473 0 R /Pg 23 0 R >> << /S /Artifact endobj /P 6459 0 R null 2692 0 R null 2693 0 R null 2694 0 R null null null 2695 0 R /Pg 22 0 R /Pg 23 0 R 2711 0 obj 144 0 obj endobj /S /Artifact << 4123 0 obj endobj << << endobj endobj /S /P /K 25 endobj >> /S /P /K 1481 289 0 obj endobj << << endobj >> endobj /Pg 24 0 R /P 6748 0 R << /Pg 23 0 R >> endobj /K 1208 /S /Artifact << /Pg 23 0 R /K 1292 endobj /S /P /K 7 endobj endobj endobj /S /Artifact /S /P endobj 52 0 obj /P 5360 0 R /Pg 22 0 R /Pg 23 0 R /S /P /K 1105 << /Lang (EN-US) >> 3365 0 obj >> /Pg 25 0 R /K 1291 >> /Lang (EN-US) /P 5888 0 R >> /Lang (EN-US) /K 1488 endobj /S /P /K 549 << /K 212 /Pg 23 0 R /P 4752 0 R /Pg 23 0 R >> /Pg 18 0 R endobj /S /P 1071 0 obj 2236 0 R 2237 0 R 2238 0 R 2239 0 R 2240 0 R 2241 0 R 2242 0 R 2243 0 R 2244 0 R 2245 0 R /Pg 14 0 R 2941 0 obj /Lang (EN-US) >> /K 1002 null 569 0 R null 570 0 R 571 0 R null null 572 0 R null 573 0 R 2666 0 obj << >> >> endobj /Lang (EN-US) /S /P endobj /S /P /S /P 2480 0 obj /S /P /Pg 24 0 R /Pg 24 0 R /S /P /K 551 2479 0 obj /P 10 0 R endobj endobj >> >> >> endobj >> 3037 0 obj << /Pg 22 0 R 3406 0 obj /K 886 /Pg 23 0 R >> /Pg 25 0 R /Pg 22 0 R /Lang (EN-US) 2022-05-24T03:05:06-06:00 /S /P >> 608 0 obj /Pg 23 0 R << >> >> << /StructParents 8 >> /Resources 4383 0 R /Pg 25 0 R 3202 0 obj /S /Artifact /P 5343 0 R << /Lang (EN-US) endobj /Pg 19 0 R >> << /S /P /Pg 24 0 R /K 1464 501 0 R null 502 0 R null 503 0 R 504 0 R 505 0 R null 506 0 R null /Pg 16 0 R /Pg 18 0 R /A 4457 0 R endobj 1837 0 obj /S /P /Pg 25 0 R /Pg 22 0 R << >> 656 0 obj /P 5905 0 R >> 2973 0 obj << /Pg 23 0 R 639 0 obj CLIFFWATER DIRECT LENDING INDEX (CDLI) CLIFFWATER BDC INDEX (CWBDC) Stay in the know. >> 2007 0 obj << null null null null null 424 0 R null null null null << /S /P << /K 1508 951 0 obj /K 333 << /K 115 /Pg 24 0 R << /K 1497 /K 616 /StructParents 2 /S /Artifact endobj 2401 0 obj Index Methodology Comparison3 3 Except for the Russell family of indices, most benchmarks and value managers use multiple value metrics, of which price-to-book is the most common. 3737 0 obj 1109 0 obj 773 0 obj /Pg 24 0 R /K 1493 /K 81 2762 0 obj 1343 0 obj 1350 0 obj << << /K 1031 2695 0 obj 2421 0 obj /S /P 4095 0 obj /Pg 22 0 R >> endobj 2515 0 obj /Pg 22 0 R endobj /K 736 4034 0 obj /K 192 /Pg 14 0 R 3584 0 obj << /S /P 1289 0 obj /K 114 3148 0 obj /K 1117 /S /P /S /Artifact 3363 0 obj /K 212 1750 0 obj >> /P 6563 0 R /K 1528 >> >> /P 6383 0 R 1947 0 obj >> 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 684 0 obj /K 1120 endobj /S /P /P 5024 0 R /K 1520 2844 0 obj /K 1419 endobj /Pg 24 0 R 750 0 obj endobj /Pg 22 0 R /S /P 1364 0 obj /S /Artifact >> endobj >> 1600 0 obj >> >> 2770 0 obj << >> >> /K 698 << 1195 0 obj 3071 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 >> >> /Lang (EN-US) endobj /Pg 18 0 R /K 689 1217 0 obj endobj /Pg 24 0 R << /Pg 25 0 R 1377 0 obj 93 0 obj /S /P /S /Artifact /Pg 22 0 R endobj endobj /P 6511 0 R /S /Artifact /Pg 23 0 R /Pg 22 0 R /Pg 24 0 R << /S /Artifact /P 5831 0 R /S /P << << /Lang (EN-US) 4062 0 obj endobj /Lang (EN-US) endobj /Pg 22 0 R /K 449 /P 6239 0 R /P 6670 0 R 4208 0 obj /S /Artifact /Pg 25 0 R /S /P /Pg 17 0 R endobj 809 0 obj << /S /Artifact 1287 0 obj endobj /Pg 25 0 R null 1842 0 R null null null 1843 0 R null null null 1844 0 R 560 0 obj /S /Artifact endobj 4299 0 obj /Pg 22 0 R /K 1457 endobj /Lang (EN-US) 1392 0 obj endobj >> << << null 792 0 R null 793 0 R null 794 0 R 795 0 R null 796 0 R null /S /P /P 4758 0 R /S /P << /S /Artifact /Pg 25 0 R << /Lang (EN-US) >> endobj /Pg 22 0 R /K 408 /S /P /K 1214 2089 0 obj /P 10 0 R << /K 1472 /Pg 23 0 R /Pg 22 0 R /P 4904 0 R /K 1348 << /Pg 20 0 R /P 10 0 R << The index is currently comprised of over 5000 direct loans valued at about $75 billion. /K 1536 endobj >> /K 1142 3659 0 R 3660 0 R null 3661 0 R null 3662 0 R null 3663 0 R null 3664 0 R /Pg 22 0 R /P 10 0 R /Pg 19 0 R /S /P /P 4634 0 R >> 3900 0 obj 829 0 obj endobj << /S /P 3041 0 obj 1741 0 obj 425 0 obj endobj >> /Lang (EN-US) >> /K 61 1129 0 obj endobj /Pg 24 0 R 752 0 R null null null 753 0 R null 754 0 R null 755 0 R null /Pg 24 0 R << /S /Artifact /Pg 22 0 R 2536 0 obj /K 1044 endobj 1734 0 obj << << /Pg 23 0 R << endobj over the past several years as direct lending strategies have accounted for a larger portion of fundraising. << endobj endobj /S /P 288 0 obj endobj >> >> << 511 0 obj >> /Lang (EN-US) << >> >> << << /K 655 /K 221 >> >> /S /P 3441 0 obj << << >> /S /P /K 354 /K 395 /K 846 /Lang (EN-US) /Pg 24 0 R /S /P /P 5578 0 R /P 10 0 R /S /P /K 1454 /P 6065 0 R /P 10 0 R << /P 4932 0 R 478 0 obj /K 1205 /Lang (EN-US) /S /Artifact /K 1191 /Pg 22 0 R endobj 208 0 obj /S /Artifact /Lang (EN-US) /S /P /K 23 /Pg 21 0 R << /Pg 22 0 R endobj endobj /T () /P 6227 0 R endobj endobj 695 0 obj 1460 0 obj /K 260 /P 4692 0 R /P 5464 0 R 3716 0 obj 4105 0 obj /Pg 24 0 R 2647 0 obj /S /Artifact >> <> << >> 61 0 obj /S /Artifact << << 463 0 obj /Pg 25 0 R >> /Pg 25 0 R << /Pg 22 0 R << /Pg 25 0 R >> /Lang (EN-US) endobj << /P 5744 0 R /Pg 25 0 R << endobj /K 1183 /K 556 << /S /Artifact /S /P /Lang (EN-US) endobj /S /P 3149 0 obj /K 1244 /S /Artifact /Pg 24 0 R << 1521 0 obj endobj null 427 0 R null null 100 0 R 101 0 R 102 0 R null 428 0 R null << 2903 0 obj /K 267 >> /K 1456 /Group 4370 0 R 663 0 obj /K 828 /Pg 15 0 R /P 6173 0 R endobj /K 1090 /P 5044 0 R /Lang (EN-US) /S /Artifact /K 372 endobj /K 125 << 721 0 obj /K 855 /Pg 24 0 R /S /P /S /P /S /Artifact << /Lang (EN-US) /Pg 23 0 R 3083 0 obj /P 6676 0 R /A 4396 0 R << /P 6179 0 R /K 1347 << << endobj null 3573 0 R null 3574 0 R null 3575 0 R null 3576 0 R null null 2943 0 R null 2944 0 R null 2945 0 R null 2946 0 R 2947 0 R null 2948 0 R << << /S /Artifact /P 6700 0 R endobj /S /P << endobj 566 0 obj /Lang (EN-US) 3399 0 obj << 1907 0 R null 1908 0 R null 1909 0 R 1910 0 R null 1911 0 R null 1912 0 R /Pg 24 0 R /S /P 376 0 obj >> /S /Artifact << >> /S /Artifact >> 2322 0 obj 3527 0 obj /K 1130 >> /Lang (EN-US) /S /P /Pg 22 0 R /S /Artifact endobj << << /S /Artifact /S /Artifact /Lang (EN-US) /S /P /P 6412 0 R /Pg 22 0 R endobj << 4133 0 obj >> /Lang (EN-US) /Pg 25 0 R /S /Artifact endobj 775 0 obj 2921 0 obj endobj >> endobj endobj /Lang (EN-US) /P 6414 0 R endobj >> /K 1446 /S /P /S /P endobj endobj >> /P 5053 0 R /S /P /K 109 /K 896 /Lang (EN-US) /P 5395 0 R /K 1062 >> << >> >> /Pg 23 0 R null 2886 0 R 2887 0 R null 2888 0 R null 2889 0 R null 2890 0 R null >> /K 1242 >> 1806 0 obj >> 4069 0 obj /K 1344 << /Pg 23 0 R /K 15 /Pg 24 0 R << /Pg 26 0 R /Pg 24 0 R 50 0 obj 1278 0 obj /S /Artifact /S /Artifact /K 1531 >> /K 194 /S /Artifact /Pg 23 0 R << >> << 2881 0 obj /K 832 << >> << << /S /Artifact /S /Artifact >> /Pg 25 0 R << /S /Artifact /P 10 0 R /K 821 endobj /Lang (EN-US) /Pg 22 0 R >> /Lang (EN-US) /Pg 22 0 R 1880 0 R null 1881 0 R null 1882 0 R null 1883 0 R null 1884 0 R null 1192 0 obj /S /Artifact endobj /P 6523 0 R /S /P /S /P << endobj endobj << /S /P << /Lang (EN-US) 963 0 obj /Pg 18 0 R endobj /Pg 24 0 R /Pg 23 0 R >> /Pg 25 0 R 1437 0 obj << << /S /P /K 1108 >> /K 1235 /S /P endobj >> /P 4930 0 R >> endobj /S /Artifact /Pg 22 0 R /Lang (EN-US) /Pg 22 0 R /K [7 438 0 R 40] /S /Artifact /Pg 25 0 R << null null 1058 0 R null 1059 0 R null 1060 0 R null 1061 0 R null /S /P /Pg 24 0 R 1292 0 obj /Pg 24 0 R 2688 0 obj /S /Artifact 553 0 obj << 4036 0 obj 4067 0 obj endobj null 565 0 R null null null 566 0 R null null null 567 0 R << /S /P 1371 0 obj << endobj 3668 0 obj >> << /S /P << >> /Pg 25 0 R 3186 0 obj /S /P /P 10 0 R /S /P /K 1481 /Pg 23 0 R /S /P 205 0 obj << /Pg 22 0 R /K 1345 562 0 R null null null 563 0 R null null 202 0 R 203 0 R 204 0 R /S /P /S /Artifact 984 0 obj >> 718 0 obj /S /P >> null 3554 0 R null 3555 0 R null 3556 0 R null 3557 0 R null 3558 0 R >> /Lang (EN-US) /Pg 16 0 R 128 0 obj << << /K 1467 3120 0 obj /Lang (EN-US) endobj /Lang (EN-US) /Pg 18 0 R 1239 0 obj /P 10 0 R endobj /S /P /S /P >> /K 1523 endobj endobj /Pg 24 0 R endobj /Pg 18 0 R /S /P /S /P >> 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 /S /Artifact /Lang (EN-US) >> /P 4945 0 R /Lang (EN-US) endobj /Lang (EN-US) >> /S /P /S /Artifact /K 294 << endobj /Lang (EN-US) /Pg 23 0 R 3057 0 R 3058 0 R 3059 0 R 3060 0 R 3061 0 R 3062 0 R 3063 0 R 3064 0 R 3065 0 R 3066 0 R << /K 88 endobj 1845 0 obj /Pg 22 0 R /K 476 >> >> /K 23 494 0 obj /Pg 23 0 R >> null null null 1754 0 R null null null 1755 0 R null 1756 0 R /Pg 22 0 R /P 5637 0 R /Pg 24 0 R << 2127 0 obj >> /K 176 << 3118 0 obj /S /P >> 2063 0 obj /Pg 25 0 R <> 975 0 obj /Lang (EN-US) /P 5512 0 R endobj /K 1091 /Lang (EN-US) 2231 0 obj >> endobj endobj >> << endobj /Pg 25 0 R /P 4894 0 R >> /Pg 24 0 R >> >> /Pg 23 0 R /S /P >> /P 5075 0 R << /Pg 24 0 R /S /Artifact /P 6168 0 R /Pg 23 0 R /S /P /Pg 22 0 R >> << << endobj << 4276 0 obj /K 634 endobj << >> /Pg 18 0 R /Pg 24 0 R << /S /Artifact /Lang (EN-US) >> << /Lang (EN-US) 2882 0 obj /Pg 22 0 R /Pg 24 0 R >> 4047 0 R 4048 0 R 4049 0 R 4050 0 R 4051 0 R 4052 0 R 4053 0 R 4054 0 R 4055 0 R 4056 0 R >> >> /S /P << endobj >> 3816 0 obj /K 1158 endobj /P 6070 0 R /K 1336 3960 0 obj /Lang (EN-US) endobj /Pg 23 0 R /Pg 25 0 R >> endobj /S /Artifact /Pg 25 0 R /Pg 22 0 R /K 1453 endobj /Pg 23 0 R endobj /S /P 333 0 obj /Lang (EN-US) /Pg 13 0 R /S /Artifact /Lang (EN-US) endobj /S /P >> 1035 0 R null 1036 0 R null 1037 0 R null 1038 0 R null 1039 0 R 1040 0 R /Lang (EN-US) /Pg 22 0 R /Pg 24 0 R /K 246 endobj null 713 0 R null 714 0 R null 715 0 R null null null 716 0 R /Pg 19 0 R /Pg 24 0 R << /S /Artifact << /Pg 25 0 R endobj 1022 0 obj << /Pg 24 0 R << << 1970 0 R null 1971 0 R null 1972 0 R null 1973 0 R null 1974 0 R null << /Pg 24 0 R /K [15 411 0 R 134] <> >> endobj /P 4850 0 R <> /P 4908 0 R endobj >> 2667 0 obj /Lang (EN-US) /Lang (EN-US) /Lang (EN-US) << 265 0 obj << endobj null 2719 0 R 322 0 R null 324 0 R null 2720 0 R null null 2721 0 R /K 1479 >> /Lang (EN-US) 51 0 obj /P 33 0 R /S /P /P 6112 0 R 707 0 obj /S /Artifact 1628 0 obj endobj /P 10 0 R >> 3972 0 obj /S /Artifact /Pg 24 0 R /S /Artifact /K 779 /S /P >> /P 6134 0 R >> /Pg 25 0 R endobj /Pg 26 0 R /P 5942 0 R /Pg 24 0 R /Pg 22 0 R << /Lang (EN-US) >> endobj 3747 0 obj 3729 0 obj /Pg 22 0 R /P 4946 0 R /S /P << 730 0 obj /P 10 0 R << 378 0 obj 3208 0 obj endobj null 3879 0 R null 3880 0 R null 3881 0 R null null null 3882 0 R /Pg 25 0 R >> /Pg 21 0 R /K 1332 /P 10 0 R >> /Pg 24 0 R << >> endobj >> /P 4884 0 R /Lang (EN-US) 1528 0 obj 2324 0 obj endobj endobj 3077 0 R 3078 0 R 3079 0 R 3080 0 R 3081 0 R 3082 0 R 3083 0 R 3084 0 R 3085 0 R 3086 0 R << >> endobj /Lang (EN-US) << >> /K 1390 /Pg 25 0 R >> << endobj endobj << << >> >> /Lang (EN-US) /S /P << /Pg 18 0 R /P 5811 0 R /K 1512 /Lang (EN-US) /S /Artifact << << << << 1765 0 obj <> /S /Artifact >> /S /P << /Pg 20 0 R /Pg 25 0 R 2502 0 obj << 867 0 obj /K 358 /S /P /P 4632 0 R /S /P /S /P /K 1299 << 512 0 obj 2365 0 obj /K 34 /S /Artifact /K 82 /Lang (EN-US) << /K 1198 /P 5996 0 R /K 773 /S /P /K 1506 /K 1426 1691 0 R null 1692 0 R null 1693 0 R null null null 1694 0 R null >> /Pg 24 0 R >> 778 0 R null 779 0 R null 780 0 R null 781 0 R null 782 0 R 783 0 R /S /Artifact >> /K 153 /BS 6761 0 R /K 1139 /K 1514 /Pg 25 0 R /Pg 18 0 R 3290 0 obj >> /Lang (EN-US) /K 1361 >> >> /S /Artifact /K 1438 /S /P /K 1229 !A4( Ezn&Z] | /P 5991 0 R <> /Pg 23 0 R /S /P endobj /P 6401 0 R /S /P >> /Pg 22 0 R /Lang (EN-US) 1751 0 obj 92 0 obj endobj << 2946 0 obj /Lang (EN-US) 1332 0 obj /P 6212 0 R << << >> /K 818 >> /Pg 18 0 R /Pg 13 0 R >> /K 347 /Pg 23 0 R >> endobj /S /P /S /Artifact 2403 0 R 2404 0 R 2405 0 R 2406 0 R 2407 0 R 2408 0 R 2409 0 R 2410 0 R 2411 0 R 2412 0 R /Lang (EN-US) /Lang (EN-US) << 889 0 R null null null 890 0 R null 891 0 R null 892 0 R null >> endobj endobj /K 549 /Lang (EN-US) endobj /S /Artifact endobj 3713 0 obj /P 74 0 R /K 1362 >> >> endobj /S /Artifact /K 1292 /K 14 /P 5702 0 R /K 44 247 0 obj /Pg 24 0 R /K 1528 >> << <> /S /P /K 464 /S /Artifact /S /Artifact >> /Lang (EN-US) /BS 6765 0 R endobj endobj /S /P << 2376 0 obj /K 195 /Lang (EN-US) 1912 0 obj endobj /S /Artifact endobj 772 0 obj << >> >> << In high inflation periods, for example, PE has generated returns in excess of about 6% above public stocks. >> 3746 0 obj >> << << >> << endobj /Lang (EN-US) >> /Lang (EN-US) /K 1421 /Pg 25 0 R /P 5611 0 R /Lang (EN-US) /Lang (EN-US) /K 880 /S /Artifact << /S /Artifact /Lang (EN-US) /K 1033 endobj >> << /S /Artifact /S /P /S /P << /Pg 23 0 R << >> 1300 0 obj 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 << >> endobj /S /P /Lang (EN-US) /K 73 /S /Artifact 2719 0 obj /Pg 23 0 R /Pg 25 0 R /Lang (EN-US) /Pg 20 0 R /P 6240 0 R /K 1428 >> /Lang (EN-US) /P 4910 0 R endobj /Pg 25 0 R << /S /P /Lang (EN-US) /Pg 24 0 R 2185 0 obj /Pg 24 0 R >> /S /P endobj /P 5481 0 R >> << /Pg 23 0 R /S /P 1608 0 obj /K 378 /K 369 3775 0 R null 3776 0 R null 3777 0 R null 3778 0 R null 3779 0 R null /S /Artifact /P 5289 0 R 574 0 R null null 575 0 R null 576 0 R 577 0 R null null 578 0 R /K 1114 endobj /P 5450 0 R endobj endobj /S /Artifact endobj 1696 0 obj /S /Artifact << >> /K 1226 >> >> >> >> endobj /K 1264 353 0 obj /Lang (EN-US) 1143 0 obj /Lang (EN-US) /Lang (EN-US) /Pg 19 0 R /S /P endobj /K 464 /Pg 24 0 R >> >> /K 1425 /Lang (EN-US) endobj endobj /S /P endobj 45 0 obj endobj endobj /P 6559 0 R endobj /P 5940 0 R endobj /K 1380 /K 126 2821 0 obj /S /Artifact >> /P 6028 0 R 3292 0 obj endobj /P 6145 0 R 3588 0 obj >> /Lang (EN-US) /Pg 25 0 R 1580 0 obj << << 85 0 obj /K 590 /Lang (EN-US) /K 1227 /K 742 /K 1246 /K 518 << endobj /S /Artifact /Pg 23 0 R /S /Artifact /K 1454 /Lang (EN-US) 3992 0 obj /K 1187 endobj /S /Artifact /S /Artifact >> /Lang (EN-US) /Lang (EN-US) >> /Lang (EN-US) /P 5645 0 R 2505 0 obj /Pg 23 0 R endobj << 685 0 obj endobj /Pg 23 0 R endobj /Lang (EN-US) /S /Artifact /CropBox [0 0 612 792] 1748 0 R 1749 0 R null 1750 0 R null 1751 0 R null 1752 0 R null 1753 0 R >> endobj /K 302 >> /K 1126 2374 0 obj /S /Artifact /K 836 /S /Artifact >> /K 1169 >> 2536 0 R null 2537 0 R null 2538 0 R null null null 2539 0 R null >> /Pg 25 0 R /Pg 23 0 R >> /Pg 25 0 R << endobj /K 1184 /Lang (EN-US) 1356 0 obj /Lang (EN-US) /P 5327 0 R /P 5034 0 R /K 50 >> >> << /K [4546 0 R 4547 0 R 4548 0 R 4549 0 R 4550 0 R 4551 0 R 4552 0 R 4553 0 R 4554 0 R 4555 0 R /S /Artifact /S /P 1937 0 obj /K 4 << endobj endobj /Lang (EN-US) /Pg 22 0 R /K 1381 /Pg 23 0 R /Pg 23 0 R << << /Pg 23 0 R endobj >> 4303 0 obj /K 848 >> >> /S /P /Pg 24 0 R 3745 0 obj /Pg 23 0 R /K 1491 endobj /K 902 /Lang (EN-US) /S /P >> /S /P /P 5559 0 R /K 1119 /S /P /Lang (EN-US) /P 5243 0 R endobj /Lang (EN-US) /P 10 0 R << /S /P >> /Pg 24 0 R /Lang (EN-US) 2544 0 R null 2545 0 R 2546 0 R null 2547 0 R null 2548 0 R null 2549 0 R /P 10 0 R /K 175 endobj << 762 0 obj << /K 1196 /S /P << /Lang (EN-US) << >> >> 2216 0 obj /S /P /Pg 24 0 R 2300 0 obj /S /Artifact 3383 0 obj 1701 0 obj 3423 0 obj >> /K 1263 << << /K 1452 <> 3814 0 obj /Lang (EN-US) << /S /P >> /Pg 23 0 R /S /P /K 143 /K 819 << /S /Artifact >> endobj /S /Artifact /Pg 23 0 R 1722 0 obj /K 1452 /Pg 23 0 R /P 6098 0 R /Pg 24 0 R /P 6189 0 R /Lang (EN-US) 769 0 obj /K 1352 << /Lang (EN-US) /S /P /Pg 22 0 R endobj /Lang (EN-US) endobj << >> >> /P 5506 0 R >> << /Pg 26 0 R /Pg 25 0 R endobj /K 1540 << /S /Artifact /Lang (EN-US) 2549 0 obj /Lang (EN-US) /Pg 24 0 R /S /P /K 445 >> endobj 4164 0 obj >> /Pg 22 0 R /S /P << /K 260 /K 28 /K 1149 /P 6608 0 R << endobj endobj endobj /Pg 22 0 R /Pg 25 0 R /S /Artifact << endobj /Pg 24 0 R /K 572 /K 850 endobj << endobj /P 10 0 R endobj /S /P endobj 4094 0 obj /S /P /K 1324 << 2285 0 obj /K 65 >> /S /Link /S /P /Lang (EN-US) 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 /Pg 13 0 R /S /P /P 10 0 R /Annots [4335 0 R 4336 0 R 4337 0 R 4338 0 R] /S /Artifact << /S /Artifact >> >> 2612 0 obj /S /P 2415 0 obj /Lang (EN-US) 90 0 obj /Pg 24 0 R endobj /P 6464 0 R /K 266 endobj endobj /P 5317 0 R << /K 23 /Pg 25 0 R /Pg 25 0 R endobj 89 0 obj 2484 0 obj endobj 4145 0 obj /S /P endobj << /Lang (EN-US) /Pg 25 0 R /Pg 20 0 R << << /Pg 24 0 R /K 169 /P 10 0 R /K 75 /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) 3497 0 obj >> /Lang (EN-US) endobj endobj /S /P /S /P endobj /S /P endobj /P 4696 0 R << /K 1103 << /K 1145 endobj <> << /K 1155 817 0 obj /S /Artifact /S /Artifact >> /S /P 1274 0 obj /K 1230 /K 1394 endobj 381 0 obj 866 0 obj endobj << 564 0 obj /S /Artifact >> 647 0 obj /Pg 23 0 R /K 163 /Lang (EN-US) /Pg 13 0 R /K 310 961 0 obj /Pg 23 0 R 3085 0 obj endobj /Lang (EN-US) 4055 0 obj endobj << >> 2491 0 R null null null 2492 0 R null 2493 0 R null 2494 0 R null /K 1279 /K 1486 /P 5135 0 R endobj /S /Artifact /Pg 25 0 R /S /Artifact endobj 2446 0 obj >> << 1110 0 obj null 929 0 R null 930 0 R null 931 0 R 932 0 R null 933 0 R null /Lang (EN-US) /Pg 25 0 R >> /K 1379 /Lang (EN-US) /Length 7 0 R /S /Artifact endobj /K 179 /Pg 24 0 R /K 58 endobj endobj endobj << /K 424 /K 1067 >> /Pg 25 0 R << 1657 0 obj /S /P /P 5014 0 R endobj >> /S /LBody /K 627 /P 6027 0 R /K 1541 /S /P endobj 1425 0 obj >> << /K 1494 endobj /Pg 23 0 R /S /Artifact >> << /Pg 25 0 R /P 6667 0 R /Pg 24 0 R 2569 0 obj 1700 0 obj << 2835 0 obj /Pg 22 0 R /Pg 22 0 R << /Pg 25 0 R << 2100 0 obj /K 877 >> << /Lang (EN-US) /Lang (EN-US) endobj /Lang (EN-US) << << /S /P 2650 0 obj 3344 0 obj << /S /Artifact /K 1141 /Pg 22 0 R /K 0 >> /P 5902 0 R endobj 3015 0 obj /S /P /S /Artifact << <> /S /P /P 4900 0 R 2292 0 obj endobj /Pg 24 0 R /K 78 << >> /S /P << endobj endobj /P 6540 0 R /Pg 24 0 R 315 0 obj >> endobj /Pg 22 0 R endobj 2279 0 obj /K 903 /Pg 25 0 R /K 1479 49 0 obj /Pg 22 0 R >> << 1699 0 R null 1700 0 R 1701 0 R null 1702 0 R null 1703 0 R null 1704 0 R /K 691 /S /P 1512 0 obj /Pg 25 0 R 1695 0 obj /K 552 >> >> >> 1762 0 R null 1763 0 R null 1764 0 R null 1765 0 R null null null /Pg 23 0 R 532 0 R null 533 0 R 534 0 R 535 0 R 180 0 R 181 0 R 182 0 R 183 0 R 184 0 R >> /Lang (EN-US) >> /Pg 24 0 R 1885 0 obj /Pg 23 0 R << /K 1517 null 93 0 R null null 420 0 R null 421 0 R null 95 0 R 97 0 R /P 6549 0 R /K 712 /Pg 25 0 R /Pg 18 0 R /S /Artifact << /Pg 22 0 R /P 5569 0 R /Lang (EN-US) endobj << >> >> /S /Artifact /K 1495 >> 3917 0 obj /Lang (EN-US) /P 6229 0 R 4075 0 obj /P 6473 0 R << /Pg 22 0 R 161 0 obj << >> >> /Pg 22 0 R /K 1052 /K 1483 2192 0 obj 3726 0 obj endobj << /Pg 19 0 R /Lang (EN-US) /Pg 22 0 R /S /Artifact /K 47 << /S /P endobj /Lang (EN-US) >> /K 608 >> 3460 0 obj /K 556 endobj >> << /S /Artifact /S /Artifact 4298 0 obj /P 6425 0 R endobj >> 3139 0 obj /Pg 24 0 R /K 1451 /K 833 Opportunities in Corporate Direct Lending", 2019. 2010 0 obj >> /Pg 25 0 R /Lang (EN-US) /Lang (EN-US) >> /S /Artifact /S /Artifact >> >> 3337 0 obj /S /P /Lang (EN-US) /S /Artifact null null 357 0 R null null null null null 358 0 R null /Lang (EN-US) /Pg 23 0 R endobj endobj << /K 786 /Pg 24 0 R /S /Artifact /S /P endobj endobj 1159 0 obj 3959 0 obj /K 1172 /P 5472 0 R /Pg 24 0 R >> /Pg 22 0 R endobj << 332 0 obj /Pg 25 0 R << /S /Artifact /Lang (EN-US) /P 5457 0 R /Lang (EN-US) /K 29 >> /S /P /P 4828 0 R /Lang (EN-US) endobj /K 1066 /Lang (EN-US) >> /S /Artifact endobj /K 1524 /P 5523 0 R /K 709 /Pg 22 0 R /Pg 22 0 R >> /Lang (EN-US) /K 1029 /Lang (EN-US) >> >> >> 1365 0 obj /S /Artifact /Lang (EN-US) /K 190 426 0 obj 2223 0 obj << /K 98 /P 4848 0 R /Pg 22 0 R endobj << /K 760 >> endobj /K 859 >> /S /P endobj /Lang (EN-US) /S /P /S /Artifact /K 932 2942 0 obj endobj /K 550 3474 0 obj /K 21 << /Lang (EN-US) endobj /K 295 <> null 3737 0 R null null null 3738 0 R null null null 3739 0 R /P 6564 0 R >> /Lang (EN-US) /S /P /Lang (EN-US) 1922 0 obj /Lang (EN-US) << /K 578 endobj << >> endobj /Pg 23 0 R >> /K 1160 /S /Artifact endobj 2369 0 obj /Pg 25 0 R /K 1065 Interestingly, Private Equity's excess returns are actually greatest when Public Equities deliver low returns. /K 1099 /S /Artifact /K 210 /Lang (EN-US) >> /K 716 null 2580 0 R null 2581 0 R 2582 0 R null 2583 0 R null 2584 0 R null /P 5499 0 R >> endobj << /Pg 22 0 R /Pg 24 0 R 2559 0 obj /S /P /P 6603 0 R /K 547 3787 0 obj /Lang (EN-US) /Lang (EN-US) /S /Artifact endobj << /S /P /Lang (EN-US) /S /Artifact >> endobj /S /P << /S /P >> /Pg 23 0 R /Lang (EN-US) 113 0 obj endobj /K 89 1660 0 obj /S /Artifact >> 3914 0 obj 141 0 obj endobj endobj /P 4951 0 R >> /K 184 /P 4829 0 R /P 6405 0 R /S /Artifact << >> /K 774 /Pg 25 0 R /Lang (EN-US) /S /Artifact /Lang (EN-US) /K 112 endobj /S /P /S /P << endobj >> 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obj /S /Artifact /K 374 /K 1178 /P 6104 0 R <> /Lang (EN-US) /S /P /Pg 24 0 R /Lang (EN-US) endobj /S /Artifact /Lang (EN-US) 1793 0 obj /K 509 /Pg 24 0 R /S /Artifact << CLIFFWATER and the CLIFFWATER LLC logo are trademarks of Cliffwater LLC. /P 5931 0 R >> /S /P /P 6522 0 R >> endobj /Lang (EN-US) /Pg 22 0 R /Pg 25 0 R 2212 0 obj /K 76 << /Lang (EN-US) /S /Artifact >> >> /Pg 22 0 R << >> >> /K 322 /Pg 24 0 R << /K 534 << >> << >> <> /S /P /K 152 /Lang (EN-US) /P 5431 0 R /Pg 22 0 R /Pg 23 0 R /Lang (EN-US) /K 50 /P 6099 0 R /P 10 0 R << 3436 0 obj /Lang (EN-US) endobj >> >> << /S /P /Lang (EN-US) /K 6 /Pg 22 0 R 4079 0 obj 63 0 obj /S /P 3898 0 obj << /T () /Lang (EN-US) /Pg 25 0 R /Lang (EN-US) 2464 0 obj /K 1539 /P 5997 0 R /Pg 22 0 R /S /Artifact >> 3477 0 obj /K 10 /P 4999 0 R 3488 0 R null 3489 0 R null 3490 0 R null 3491 0 R null 3492 0 R null /S /P /K 1137 /Pg 23 0 R 76 0 obj << 387 0 obj /S /Figure /K 1333 endobj /K 1542 /S /Artifact << << /K 233 /K 130 /P 5160 0 R << >> << 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