cliffwater direct lending index

<< /S /P /Lang (EN-US) /S /Figure 1789 0 obj /Pg 25 0 R /P 6219 0 R >> >> /Lang (EN-US) <> null 1705 0 R null null null 1706 0 R null null null 1707 0 R 3960 0 obj >> << endobj /Pg 22 0 R << >> >> /Pg 22 0 R /Lang (EN-US) /S /Artifact /S /Artifact /P 6412 0 R /S /Artifact /Lang (EN-US) >> endobj 3884 0 obj endobj endobj 1809 0 obj 1049 0 obj /Lang (EN-US) >> /S /Artifact 1178 0 R 1179 0 R 1180 0 R 1181 0 R 1182 0 R 1183 0 R 1184 0 R 1185 0 R 1186 0 R 1187 0 R 1776 0 obj endobj << /K 223 endobj /Lang (EN-US) /Pg 24 0 R >> >> /Pg 24 0 R 2812 0 obj 644 0 obj << /Pg 24 0 R >> 1283 0 obj 2774 0 R null 2775 0 R null 2776 0 R null 2777 0 R null 2778 0 R 2779 0 R /Pg 23 0 R <> << /Pg 25 0 R >> 2280 0 obj << 1156 0 obj << /Pg 22 0 R 45 0 obj /K 23 /K 311 endobj endobj >> endobj 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 endobj /Lang (EN-US) >> /S /P >> 2415 0 obj /K 802 2760 0 obj /P 6109 0 R << /Lang (EN-US) << endobj 3227 0 obj >> 3695 0 obj /Lang (EN-US) << << /Pg 22 0 R /S /Artifact 449 0 obj /S /P /Pg 23 0 R /Lang (EN-US) /Pg 23 0 R endobj << 653 0 obj /Pg 21 0 R 3551 0 obj /Rotate 0 4283 0 obj /S /P /Lang (EN-US) << endobj /K 1528 /S /P /K 72 /Pg 25 0 R /K 1464 1836 0 obj >> /K 135 /P 6156 0 R >> /K 1252 endobj /Pg 22 0 R /K 1370 /Pg 25 0 R endobj >> 1757 0 obj >> /K 720 643 0 obj /S /Artifact >> << /S /Artifact /A 4663 0 R endobj /K 1370 << 1408 0 obj /P 5378 0 R /Pg 22 0 R /P 5393 0 R 646 0 obj 765 0 obj >> /Lang (EN-US) >> /K 1498 /S /Artifact /S /P endobj /S /Artifact /P 6654 0 R /K 79 /S /P endobj endobj /K 0 << /S /Artifact 2879 0 obj endobj << /Lang (EN-US) /Lang (EN-US) 3598 0 obj /S /P 3952 0 obj /K 93 /K 1140 << /S /P >> /P 4665 0 R >> /Pg 25 0 R /S /Artifact /Pg 23 0 R /S /P /K 405 /Pg 22 0 R 1742 0 obj <> endobj /K 6 /Lang (EN-US) << 3353 0 obj /K 208 >> /S /P Seeking income throughout the cycle with direct lending. /Lang (EN-US) /Pg 22 0 R /P 6155 0 R /P 6186 0 R /K 40 /S /P /K 1327 >> /S /P << << /K 40 << /Lang (EN-US) << /K 207 >> >> /S /P /Pg 24 0 R /K 1477 /Pg 25 0 R /Lang (EN-US) 1997 0 R null 1998 0 R null null null 1999 0 R null null null >> /Lang (EN-US) /P 5302 0 R /K 1324 endobj /K 1119 << /Lang (EN-US) /Pg 23 0 R /K 25 << >> endobj /S /P /S /P << << /S /P /S /P 2512 0 obj << /S /Artifact /K 1549 >> << 1886 0 obj << endobj << >> >> /Pg 20 0 R /Lang (EN-US) /K 1344 80 0 obj /K 1339 endobj /Pg 22 0 R << /Pg 22 0 R << /S /P /Lang (EN-US) endobj /S /P /K 215 /Lang (EN-US) /Pg 24 0 R /Pg 23 0 R 3807 0 obj /Pg 22 0 R >> /K 171 << << 11 [311 0 R null 313 0 R null 1546 0 R null null 1547 0 R null null /Lang (EN-US) /P 6381 0 R endobj /S /P >> >> endobj /K 300 endobj /Pg 19 0 R /K 38 /Pg 23 0 R /K 22 Cliffwater Direct Lending Index (CDLI) - Primary source of data on middle market corp orate private debt (>7,000 individual loans) - Quarterly performance benchmark for corporat e direct lending going back to Sept 2004 - Market data on yields, defaults, recoveries, borrower size, sponsorship, loan-to-value, etc. /K 1406 /S /P >> endobj endobj /K 271 /Lang (EN-US) /Pg 22 0 R << /S /P << >> << endobj /Lang (EN-US) << endobj /P 6053 0 R << /Lang (EN-US) endobj << >> >> /K 1518 endobj /S /P << endobj 3072 0 obj /Pg 23 0 R endobj /K 54 >> >> 4284 0 obj << /S /Artifact /S /P endobj << /K 487 /P 5130 0 R /Lang (EN-US) << /K 1155 << << >> /Pg 24 0 R 1211 0 obj >> /Pg 24 0 R /K 1224 2943 0 R null 2944 0 R null 2945 0 R null 2946 0 R 2947 0 R null 2948 0 R /K 551 3626 0 obj endobj 568 0 obj /K 1424 /S /P endobj /K 818 endobj endobj /Pg 23 0 R 1114 0 obj /K 235 /Pg 23 0 R endobj endobj 2937 0 obj /Lang (EN-US) /Tabs /S /P 5979 0 R /S /Artifact /Pg 25 0 R endobj /Lang (EN-US) 1367 0 obj /P 10 0 R << << <> 264 0 obj /P 5214 0 R endobj << /S /P /S /Artifact << /Pg 18 0 R /S /P << >> /S /Artifact << 747 0 obj >> /Lang (EN-US) Manager selection, therefore, is part of investing in direct loans. >> /K 1431 /Pg 24 0 R endobj 3244 0 obj << << << endobj /P 10 0 R /P 5601 0 R endobj << /K 464 /S /P << >> >> /K 21 /S /P endobj /K 1483 << >> /K 70 /S /P endobj endobj >> /Pg 18 0 R /Pg 18 0 R /K 1245 sees both positives and negatives to banking constraints. >> endobj endobj /K 1040 /Pg 22 0 R /Pg 24 0 R /Lang (EN-US) /K 34 /Lang (EN-US) null 3830 0 R null 3831 0 R null 3832 0 R null 3833 0 R null null endobj >> /Pg 25 0 R /Pg 25 0 R << /Lang (EN-US) 4007 0 R 4008 0 R 4009 0 R 4010 0 R 4011 0 R 4012 0 R 4013 0 R 4014 0 R 4015 0 R 4016 0 R /S /P >> 2967 0 obj /S /P /Rotate 0 << << /K 7 >> /K 66 endobj /Pg 25 0 R /S /P /Pg 24 0 R endobj << 1943 0 obj /S /P 113 0 obj >> /S /Artifact << /Pg 25 0 R << << 1198 0 R 1199 0 R 1200 0 R 1201 0 R 1202 0 R 1203 0 R 1204 0 R 1205 0 R 1206 0 R 1207 0 R /S /P >> >> 641 0 obj << /Pg 24 0 R >> endobj >> /S /Artifact /Pg 23 0 R /Pg 23 0 R /S /Artifact 3176 0 obj endobj endobj /Lang (EN-US) /K 1511 /Lang (EN-US) /S /Artifact << << /Pg 18 0 R 213 0 obj endobj /Lang (EN-US) /Pg 22 0 R /Lang (EN-US) << << /K 133 /S /Artifact << <> null 3669 0 R null 3670 0 R null 3671 0 R null 3672 0 R 3673 0 R null >> /S /P endobj << endobj 1130 0 obj /K 369 /Lang (EN-US) /Pg 15 0 R /P 5195 0 R /P 5886 0 R /K 216 1099 0 obj /K 1426 endobj /S /P /K 487 1137 0 obj endobj >> /K 1421 /Pg 23 0 R << >> << 1722 0 obj /Pg 23 0 R endobj >> endobj /Pg 22 0 R 1298 0 R 1299 0 R 1300 0 R 1301 0 R 1302 0 R 1303 0 R 1304 0 R 1305 0 R 1306 0 R 1307 0 R /K 1307 /S /P /P 5841 0 R /P 5810 0 R /P 5491 0 R << 3613 0 obj /K 106 >> /P 6744 0 R << /S /P 1547 0 obj /Lang (EN-US) >> /Pg 17 0 R 898 0 obj /P 5160 0 R /S /P /S /P /K [9 410 0 R 132] >> /K 576 /P 10 0 R /S /P << /S /Artifact /Type /Pages /Pg 24 0 R >> endobj endobj /S /P /S /P << /Lang (EN-US) /K 1488 >> /S /P << /P 6669 0 R 2460 0 obj endobj Morningstar computes standard deviation using trailing quarterly total returns for 15 years. /S /P /S /P The Index measures the unlevered, gross of fee performance of U.S. middle market corporate loans. >> /S /Artifact /S /Artifact /Type /Metadata endobj >> >> endobj >> /P 5773 0 R /Pg 22 0 R 3021 0 obj /K 1399 /Lang (EN-US) /Pg 25 0 R /S /Artifact /Pg 24 0 R << <> << endobj /S /Artifact 3579 0 obj << /Pg 24 0 R endobj >> /Pg 22 0 R endobj <> 2321 0 obj 2905 0 obj endobj /S /Artifact 2793 0 obj 2136 0 R 2137 0 R 2138 0 R 2139 0 R 2140 0 R 2141 0 R 2142 0 R 2143 0 R 2144 0 R 2145 0 R endobj /Lang (EN-US) /S /P /S /Artifact /S /P /Lang (EN-US) /S /P >> /Lang (EN-US) << /Lang (EN-US) << /S /P endobj << endobj >> /Lang (EN-US) >> /Lang (EN-US) /K 1372 /Lang (EN-US) /Pg 22 0 R /Lang (EN-US) endobj >> /Pg 25 0 R 607 0 obj /P 10 0 R << /Lang (EN-US) /Lang (EN-US) >> << /K 59 /K 1006 >> endobj /S /P /Pg 23 0 R /Pg 17 0 R /Pg 22 0 R /Pg 23 0 R Private Equity generally outperforms Public Equities in almost all environments except the 'low inflation/low growth' regime. endobj /K 695 4108 0 obj >> /Pg 23 0 R /Lang (EN-US) << endobj <> /P 5660 0 R /K 1208 /K 370 /K 2 57 0 R 58 0 R 59 0 R 60 0 R 61 0 R 62 0 R 63 0 R 64 0 R 65 0 R 66 0 R /Pg 24 0 R /S /P >> /K 166 endobj /K 47 >> /S /Artifact /Pg 25 0 R /S /P /Pg 23 0 R /P 5336 0 R /K 771 /S /Artifact >> endobj /Pg 23 0 R /P 4833 0 R >> /Lang (EN-US) /S /P 4304 0 obj << /Lang (EN-US) /Pg 22 0 R << /Lang (EN-US) /K 397 >> << 2427 0 obj >> /S /Artifact /K 1139 /S /Artifact /P 5963 0 R << /Lang (EN-US) 712 0 obj /Lang (EN-US) /K 327 /Lang (EN-US) /P 5508 0 R >> endobj null 1071 0 R null 1072 0 R null 1073 0 R null 1074 0 R null 1075 0 R /S /Artifact 2668 0 obj /P 6633 0 R /S /Artifact /Lang (EN-US) endobj 2572 0 obj >> >> 3360 0 obj 3798 0 R null null null 3799 0 R null 3800 0 R null 3801 0 R null /T () /K 8 3923 0 obj /K 1235 >> /S /P /Pg 24 0 R /Pg 25 0 R 864 0 obj endobj /K 992 /Lang (EN-US) /S /P 1573 0 obj << /Lang (EN-US) /K 1322 /P 5119 0 R << endobj /S /Artifact endobj /K 185 /K 1263 endobj 2181 0 obj /P 6454 0 R /P 4806 0 R 36 0 obj << /S /P /P 5671 0 R << endobj /Lang (EN-US) /P 5529 0 R 8 [230 0 R 231 0 R 233 0 R 234 0 R 235 0 R 236 0 R 237 0 R 238 0 R 239 0 R 240 0 R /K 1279 /Pg 23 0 R /Pg 23 0 R << << 122 0 obj 822 0 obj /S /Artifact 2484 0 obj >> << /Lang (EN-US) /Pg 25 0 R /S /Artifact 1617 0 obj 3798 0 obj /K 1156 1748 0 obj endobj 4039 0 obj >> 2193 0 obj >> /K 878 <> endobj /S /Artifact /P 4763 0 R /Lang (EN-US) /Lang (EN-US) /S /Artifact /K 1473 endobj /Pg 24 0 R 1846 0 obj << /S /Artifact << >> /P 6133 0 R /S /P /S /P 120 0 obj /Pg 24 0 R << /Pg 23 0 R >> << /Lang (EN-US) << /K 181 /S /Artifact /S /P endobj >> << endobj endobj 620 0 obj << << <> /P 434 0 R 863 0 obj /K 721 << /K 1299 << /S /Artifact /S /Artifact /S /P >> /K 514 /S /Artifact /Pg 23 0 R /K 1100 endobj 3501 0 obj /Lang (EN-US) /S /P /S /P << << << /K 1065 >> /Lang (EN-US) >> >> /P 10 0 R /P 10 0 R /S /Artifact /Lang (EN-US) << /Tabs /S /K 131 /K 695 null 3603 0 R null 3604 0 R null 3605 0 R null 3606 0 R null 3607 0 R /K 870 endobj >> /S /P << endobj /S /P /Pg 24 0 R 4034 0 obj << /Pg 25 0 R /K 319 2553 0 obj /K 1411 >> << << 3078 0 obj << 3821 0 obj /Pg 18 0 R /S /P << << /K 1318 /Lang (EN-US) << /Lang (EN-US) /Pg 23 0 R /Pg 24 0 R /K 737 /K 3 /K [4435 0 R 4436 0 R 4437 0 R 4438 0 R] >> /Pg 25 0 R << 1734 0 obj /K 77 /Pg 22 0 R 1198 0 obj >> /P 5253 0 R << >> /P 5895 0 R /Count 5 /S /P /P 6214 0 R /P 5321 0 R 1015 0 obj /K 1153 << endobj /K 1514 /Lang (EN-US) >> /K 30 << endobj << 3875 0 obj /K 31 /P 5782 0 R /K 123 /Pg 25 0 R /Pg 24 0 R 1076 0 obj /Lang (EN-US) 2273 0 R 2274 0 R 2275 0 R 2276 0 R 2277 0 R 2278 0 R 2279 0 R 2280 0 R 2281 0 R 2282 0 R >> << >> 2523 0 obj << >> /S /P /Lang (EN-US) /K 1314 endobj /K 961 /Pg 22 0 R 105 0 obj endobj endobj >> /P 6429 0 R /Pg 23 0 R /K 1343 null 1588 0 R null 1589 0 R null 1590 0 R null 1591 0 R null 1592 0 R endobj /P 5591 0 R /K 1226 endobj endobj 523 0 obj /Pg 22 0 R /P 5294 0 R /Pg 22 0 R << /Lang (EN-US) 4239 0 obj /Pg 25 0 R >> /Lang (EN-US) /S /Artifact >> endobj 2068 0 obj 3356 0 obj 1607 0 obj << << /Pg 25 0 R >> endobj 1390 0 obj /Pg 23 0 R /S /P /S /Artifact /S /Artifact 1029 0 obj 3869 0 obj >> /K 165 >> endobj endobj >> endobj /Pg 13 0 R 2255 0 obj /S /Artifact /S /Artifact /Pg 22 0 R /Lang (EN-US) /K 459 /S /P endobj >> << 400 0 obj 3287 0 obj /S /Artifact << /S /Artifact /Lang (EN-US) /P 6627 0 R 3518 0 obj 1482 0 obj /S /P endobj /S /P /K 621 >> null 2531 0 R null 2532 0 R null 2533 0 R 2534 0 R null 2535 0 R null endobj /Pg 24 0 R null null null 1868 0 R null 1869 0 R null 1870 0 R null 1871 0 R /A 4458 0 R 2849 0 obj >> << << endobj null 765 0 R null 766 0 R null 767 0 R null 768 0 R null 769 0 R /S /P 3949 0 obj /K 1031 << /K 221 << >> 1571 0 obj endobj /K 1373 /K 944 /S /Artifact >> << << 2894 0 obj << endobj 2342 0 obj /S /Artifact /Pg 17 0 R /K [1111 1112] endobj 2656 0 R null 2657 0 R null 2658 0 R null null null 2659 0 R null /S /Artifact 4329 0 obj 3311 0 obj << endobj >> /S /Artifact 436 0 R 436 0 R] << /Pg 25 0 R << /Lang (EN-US) /Lang (EN-US) >> /H /I /Lang (EN-US) /S /Artifact /S /P >> << /K 108 1055 0 obj 2133 0 obj >> >> /P 4709 0 R null 2602 0 R null 2603 0 R null 2604 0 R null 2605 0 R 2606 0 R null /K 755 /S /P /Pg 24 0 R endobj >> << 356 0 obj >> /Pg 25 0 R endobj Opportunities in Corporate Direct Lending", 2019. >> endobj /P 5681 0 R endobj /S /Artifact Infra: Bloomberg mnemonic Infra300 Index; Private Credit: Cliffwater Direct Lending Index; Real Estate: . /K 1120 << /K 1524 /S /P >> 931 0 obj >> /Pg 19 0 R << endobj endobj 1927 0 obj >> 1394 0 obj /Lang (EN-US) >> << endobj endobj 2031 0 obj >> /K 1018 << 2900 0 obj /K 678 4524 0 R] << /Pg 24 0 R 4482 0 R] /Author (Bloomberg) << << /Pg 25 0 R endobj endobj endobj /Pg 26 0 R endobj /S /P endobj /Pg 24 0 R /P 6604 0 R /Pg 24 0 R << /S /Artifact /P 6113 0 R endobj /Lang (EN-US) >> 1946 0 obj /Pg 19 0 R 3444 0 obj << >> /Pg 23 0 R >> /S /Artifact /S /Artifact /Lang (EN-US) endobj >> /S /Artifact /P 6485 0 R << >> /S /P /P 6091 0 R /Pg 23 0 R /K 1214 << /K 1469 4224 0 R 4225 0 R 4226 0 R 4227 0 R 4228 0 R 4229 0 R 4230 0 R 4231 0 R 4232 0 R 4233 0 R >> /A 4409 0 R 733 0 obj endobj /S /P /Pg 25 0 R /S /P /Lang (EN-US) /Lang (EN-US) 661 0 obj /S /P endobj endobj endobj 1864 0 obj /S /P null 3581 0 R null 3582 0 R null 3583 0 R 3584 0 R null 3585 0 R null >> /S /Artifact endobj /K 1391 /K 1392 <> /K 1449 /S /Artifact /P 6345 0 R endobj /K 212 /S /P /Lang (EN-US) >> 1133 0 obj << /Lang (EN-US) 317 0 R 318 0 R 319 0 R 320 0 R 321 0 R 322 0 R 323 0 R 324 0 R 325 0 R 326 0 R << /K 110 >> /P 5456 0 R /S /P >> 856 0 obj /K 1305 /Pg 24 0 R /K 1419 /Pg 24 0 R /Lang (EN-US) >> /K 16 /Pg 25 0 R 4111 0 obj /P 10 0 R 2229 0 obj /P 10 0 R 3647 0 obj << endobj endobj /K 28 /S /Artifact 1419 0 obj endobj /P 5329 0 R >> /K 926 null 743 0 R null 744 0 R null 745 0 R null 746 0 R 747 0 R null 3148 0 obj endobj 2153 0 obj /S /Artifact /P 5771 0 R >> /P 10 0 R /P 6457 0 R endobj /Pg 18 0 R /K 522 << /Lang (EN-US) endobj /Pg 23 0 R /S /Artifact 2780 0 obj 1729 0 obj /Pg 22 0 R >> /S /P /P 4937 0 R /S /P >> 1302 0 obj 1694 0 obj /Pg 25 0 R null 2580 0 R null 2581 0 R 2582 0 R null 2583 0 R null 2584 0 R null /Pg 24 0 R /S /P null 1894 0 R null 1895 0 R null 1896 0 R null 1897 0 R 1898 0 R null /P 5131 0 R /K 248 /S /P << /Pg 24 0 R /P 10 0 R /P 10 0 R /Tabs /S << /Lang (EN-US) 1730 0 obj endobj 4076 0 obj /S /P <> /S /Artifact <> 3928 0 obj endobj /P 4636 0 R /K 1348 4289 0 obj /Pg 23 0 R /Pg 22 0 R << /Lang (EN-US) 833 0 obj /S /Artifact /K 763 /S /P /Lang (EN-US) /K 832 /S /P /Pg 22 0 R >> 1621 0 obj 3228 0 obj endobj /Pg 22 0 R 2180 0 obj /Pg 24 0 R << >> /Lang (EN-US) /Pg 23 0 R 1699 0 obj endobj 3393 0 obj /Pg 23 0 R endobj /Pg 24 0 R /Pg 22 0 R << endobj endobj endobj /Lang (EN-US) >> >> /S /P /S /Artifact /P 5243 0 R << endobj /Lang (EN-US) /Pg 25 0 R /S /Artifact << 3224 0 obj 3268 0 obj endobj /Pg 24 0 R 111 0 R 107 0 R 107 0 R 107 0 R 107 0 R 107 0 R 133 0 R 133 0 R 133 0 R 133 0 R /S /P endobj /K 71 /Annots [4335 0 R 4336 0 R 4337 0 R 4338 0 R] /S /P << << endobj /S /P /K 158 endobj endobj << /Pg 19 0 R endobj 3230 0 obj endobj 3796 0 obj /K 599 << 1545 0 obj << endobj endobj /K 289 endobj /Lang (EN-US) 1850 0 R null 1851 0 R null 1852 0 R null 1853 0 R null 1854 0 R null 524 0 obj /P 4897 0 R endobj 180 0 obj /P 5482 0 R 1084 0 obj << 630 0 obj /K 627 /Pg 23 0 R /S /Artifact endobj endobj /K 24 >> >> << /K 1322 << /S /P 4024 0 obj >> >> /K 1048 << /Lang (EN-US) /K 616 << endobj /Pg 25 0 R << /S /P /Lang (EN-US) << /S /Artifact /Lang (EN-US) 313 0 obj 2468 0 obj /Lang (EN-US) /K 2 endobj 527 0 obj 2775 0 obj /Pg 22 0 R /Type /Page /P 6322 0 R >> /P 4813 0 R endobj /Lang (EN-US) /S /P /P 5662 0 R << /Pg 25 0 R endobj << 1074 0 obj 729 0 R null 730 0 R null 731 0 R null 732 0 R null 733 0 R null 1047 0 obj /P 4814 0 R 11 0 obj 3974 0 obj 995 0 obj << endobj /P 6152 0 R /Lang (EN-US) << << /K 641 /Pg 24 0 R /S /Artifact 4038 0 obj /Pg 22 0 R 3461 0 obj /Pg 22 0 R 1805 0 R null 1806 0 R null 1807 0 R null null null 1808 0 R null /K 1482 /Pg 18 0 R /S /Artifact << << /P 5224 0 R endobj /Lang (EN-US) 2732 0 obj endobj endobj /Pg 23 0 R /S /Artifact /Pg 24 0 R /K 1044 /S /Artifact 1378 0 obj /S /Artifact /P 5879 0 R /P 5691 0 R << /Pg 25 0 R /K 635 /Lang (EN-US) /Pg 22 0 R /Pg 23 0 R /P 5716 0 R /S /P endobj >> /Lang (EN-US) >> << /Pg 22 0 R endobj /S /Artifact << /S /P /Pg 25 0 R endobj /K 356 >> /S /P /Lang (EN-US) << endobj >> /Lang (EN-US) /K 988 /S /P 3390 0 obj << /K 1116 /S /P /Lang (EN-US) /K 152 /K 555 /Lang (EN-US) endobj /Pg 23 0 R /K 1096 /Pg 22 0 R /Pg 24 0 R /K 1454 /K 60 /Lang (EN-US) /P 6683 0 R /Lang (EN-US) >> <> /Pg 25 0 R /Pg 16 0 R >> /K 1130 /P 10 0 R 3841 0 obj >> 32 0 obj endobj null null 2563 0 R null null null 2564 0 R null 2565 0 R null /K 1520 /S /Table 3643 0 R 3644 0 R null 3645 0 R null 3646 0 R null 3647 0 R null 3648 0 R >> /P 4825 0 R Live from New York and Hong Kong,. 723 0 obj << /Lang (EN-US) >> /Lang (EN-US) /Lang (EN-US) /Pg 25 0 R /Pg 16 0 R << 147 0 R 148 0 R 149 0 R 150 0 R 151 0 R 152 0 R 153 0 R 154 0 R 155 0 R 156 0 R << << >> >> /Pg 20 0 R <> << << >> /P 6581 0 R << /Pg 25 0 R /S /P endobj endobj >> endobj >> endobj endobj /S /P /P 6445 0 R endobj /K 1131 >> endobj >> /Pg 22 0 R >> endobj /Pg 22 0 R /K [1340 1341] endobj /Pg 18 0 R /Lang (EN-US) 1138 0 obj 493 0 obj /Lang (EN-US) /P 96 0 R /Pg 25 0 R << 3734 0 obj /Pg 24 0 R /P 5804 0 R endobj /K 1360 endobj /S /P >> /K 1408 /Pg 24 0 R /Pg 25 0 R /K 303 >> <> 811 0 obj << 3543 0 obj endobj >> /Pg 24 0 R 4075 0 obj /K 143 /Pg 22 0 R /Pg 24 0 R 4092 0 obj /S /Artifact /K 1463 >> /K 774 endobj /Pg 22 0 R 2653 0 obj << << /S /P /Lang (EN-US) /S /P /K 842 /S /Artifact 1820 0 obj /K 953 endobj >> 1096 0 obj >> Cliffwater is an alternative investment adviser and fund manager. << /Lang (EN-US) /S /Artifact endobj /K 709 <> endobj 2522 0 obj 1576 0 obj /Pg 23 0 R 2789 0 obj /Pg 24 0 R /S /P 1389 0 obj <> /S /Artifact /Pg 24 0 R >> endobj 2609 0 obj /S /Artifact endobj >> /P 6128 0 R /Pg 22 0 R /S /Artifact 1618 0 obj >> << 1224 0 obj 1496 0 obj >> >> /Pg 22 0 R /K 610 >> << /Pg 24 0 R /Lang (EN-US) /Pg 22 0 R >> endobj >> endobj >> /S /Artifact 3553 0 obj 3727 0 obj /S /Artifact /P 10 0 R /Pg 25 0 R /K 1197 endobj /Lang (EN-US) /Pg 24 0 R >> /Lang (EN-US) /P 6127 0 R << /Pg 22 0 R endobj 3407 0 obj /P 6491 0 R 3980 0 obj 2611 0 obj >> /Pg 24 0 R /Lang (EN-US) << endobj /K 418 /Pg 22 0 R /S /P endobj << /Pg 23 0 R << endobj /Type /Page >> /Lang (EN-US) << /K 1124 /Pg 24 0 R /P 5022 0 R /Pg 23 0 R << /S /Artifact <> /P 5645 0 R /Lang (EN-US) /S /P endobj /K 1163 >> /Pg 20 0 R /P 5648 0 R /S /P /Pg 23 0 R 3143 0 obj /Pg 23 0 R 187 0 obj endobj endobj /S /P /Lang (EN-US) /Pg 22 0 R endobj << /K [135 4664 0 R] 263 0 obj /S /P /K 580 << 4144 0 obj << 498 0 obj /K 368 /P 4983 0 R >> /Pg 16 0 R << >> /S /Artifact endobj >> /Pg 16 0 R /Pg 25 0 R >> endobj /P 10 0 R /S /P /K 82 /Pg 13 0 R >> /S /P >> << 687 0 obj << endobj << endobj 3432 0 obj /P 6290 0 R /CropBox [0 0 612 792] << endobj >> /K 1046 /Lang (EN-US) /K 719 /Pg 23 0 R 633 0 obj /Pg 23 0 R >> /P 5372 0 R /S /P << /K 711 /K 273 Stephen Nesbitt provides an update on the Cliffwater Direct Lending Index ("CDLI"), an asset-weighted index of 11,884 directly originated middle market loans totaling $264 billion. /K 1088 1088 0 obj endobj /K 1216 << /Pg 24 0 R /S /P /Border [0 0 0] endobj /Pg 24 0 R << 970 0 obj /K 795 /S /P /Pg 25 0 R endobj 1078 0 obj << /K 6 /Pg 22 0 R 2955 0 obj endobj /K 986 /P 5734 0 R endobj 3775 0 obj >> 246 0 obj << << /K 35 endobj endobj /Pg 24 0 R /S /P /K 803 >> /Pg 23 0 R >> /Lang (EN-US) << endobj >> >> /Pg 23 0 R /Pg 25 0 R /S /P /Lang (EN-US) /K 1229 /S /Artifact /K 156 /P 4795 0 R /S /P /S /P /Lang (EN-US) 3853 0 obj /S /P 1457 0 obj /Pg 14 0 R /K 1326 3750 0 obj 3528 0 obj 3564 0 obj endobj /K 1089 /Pg 25 0 R /Lang (EN-US) /K 1223 /K 1521 /K 632 /Lang (EN-US) /S /Artifact /Lang (EN-US) >> endobj /K 405 << 3605 0 obj /Pg 17 0 R /Lang (EN-US) /Pg 22 0 R /P 5206 0 R 3024 0 obj /Lang (EN-US) 938 0 obj <> /P 6017 0 R /P 6452 0 R /K 34 /S /P 2443 0 obj >> << /K 445 /Pg 25 0 R /Pg 24 0 R >> endobj 3994 0 obj << /K 975 endobj >> >> >> /K 660 /K 1194 >> /Lang (EN-US) /K 1541 /S /Artifact /K 449 /Pg 22 0 R /S /P 235 0 obj endobj << /Pg 24 0 R endobj /Lang (EN-US) endobj /Lang (EN-US) << /Lang (EN-US) /S /P /P 6687 0 R >> /K 1399 2654 0 obj << /S /P << /S /Artifact /K 1130 /S /Artifact >> /Lang (EN-US) << /Pg 24 0 R /MediaBox [0 0 612 792] /Lang (EN-US) /S /Artifact /K 1409 /Lang (EN-US) >> endobj /P 6730 0 R /K 198 /S /P /S /P endobj /Pg 24 0 R /S /Artifact /K 954 /Lang (EN-US) 3608 0 R null 3609 0 R null 3610 0 R null 3611 0 R null 3612 0 R null /S /P /K 1161 /S /Artifact 980 0 obj endobj >> /Pg 25 0 R >> >> >> >> 1255 0 obj << /Pg 22 0 R /Lang (EN-US) /Lang (EN-US) endobj >> endobj 2657 0 obj endobj endobj 1456 0 obj endobj 3394 0 obj >> << /S /Artifact endobj << /Pg 24 0 R >> /P 6325 0 R /Lang (EN-US) /P 6518 0 R 4161 /F 4 /Lang (EN-US) /K 1120 /Pg 25 0 R /S /P /Pg 23 0 R /S /Artifact /Pg 25 0 R /S /Artifact endobj /Lang (EN-US) >> >> endobj << /Pg 22 0 R /Lang (EN-US) 3523 0 R 3524 0 R null 3525 0 R null 3526 0 R null 3527 0 R null 3528 0 R endobj /P 4754 0 R /P 4932 0 R >> /S /Artifact 737 0 obj endobj /P 6596 0 R endobj << endobj 1433 0 obj /P 6210 0 R endobj endobj /S /Artifact 1478 0 obj endobj /K 1495 >> /K 679 /Pg 22 0 R >> endobj >> << endobj 257 0 R 258 0 R 259 0 R 260 0 R 261 0 R 262 0 R 263 0 R 264 0 R 265 0 R 266 0 R /Pg 23 0 R /Pg 23 0 R 3550 0 obj /Pg 25 0 R 573 0 obj << /K 1362 168 0 obj /P 4770 0 R /Lang (EN-US) CLIFFWATER and the CLIFFWATER LLC logo are trademarks of Cliffwater LLC. /S /Artifact 2265 0 obj >> /K 1484 /P 5581 0 R 3245 0 obj << /S /P endobj << endobj /K 984 /K 277 /S /P 3258 0 obj /Lang (EN-US) /K 1069 << /K 253 /S /Artifact 2033 0 obj 296 0 obj << /Pg 16 0 R /S /P << /S /P 1718 0 obj << /K 1527 /K 809 4324 0 R 4325 0 R 4326 0 R 4327 0 R 4328 0 R 4329 0 R 4330 0 R 4331 0 R 4332 0 R 4333 0 R /K 1388 <> /K 770 /Pg 22 0 R << endobj <> >> /Pg 22 0 R /K 1139 << 3906 0 obj /Pg 23 0 R /Pg 23 0 R /S /P << << /Pg 16 0 R 38 0 obj /Lang (EN-US) >> /P 5151 0 R /S /Artifact 3006 0 obj << /K 1310 /K 1217 /Pg 22 0 R /Lang (EN-US) /S /P /K 233 endobj >> 2034 0 obj /Pg 23 0 R /Pg 23 0 R /K 1273 /Pg 25 0 R << << << /S /Artifact /K 208 /K 530 << endobj /K 1215 2388 0 obj 677 0 R null 678 0 R null 679 0 R null null null 680 0 R null /Pg 22 0 R /K 1214 /P 5597 0 R /Pg 25 0 R >> << /K 192 /K 1100 4147 0 obj 1009 0 obj /P 6513 0 R >> /Pg 22 0 R >> >> 2666 0 obj /P 5893 0 R /P 4694 0 R /Lang (EN-US) << << endobj endobj endobj >> >> /Pg 24 0 R >> /K 1509 /S /Artifact /Pg 23 0 R << /Pg 22 0 R >> << endobj /S /Artifact /S /Artifact /K 26 endobj endobj >> /Pg 23 0 R >> /S /P endobj 507 0 obj /P 5821 0 R /P 5644 0 R /K 358 << endobj /K 1374 /S /P endobj 3105 0 obj /Pg 25 0 R /P 5835 0 R