cliffwater direct lending index

670 0 obj /K 1488 /P 4735 0 R endobj /K 585 1168 0 obj >> >> /Lang (EN-US) /Lang (EN-US) /P 6514 0 R /K 252 /S /Artifact /S /P 1177 0 obj 2414 0 obj /Pg 23 0 R 1335 0 obj /P 5136 0 R >> /K 1492 endobj 148 0 obj /Pg 24 0 R 2524 0 obj << endobj >> >> 966 0 obj /K 1206 /P 5008 0 R endobj /S /Artifact /Pg 25 0 R 41 0 obj /S /P endobj /Lang (EN-US) /K 738 >> endobj >> f325a0f1-a9d5-4034-846d-c1ef2129f6d0 /S /P /K 971 2606 0 obj endobj << /S /P /P 5541 0 R 3748 0 obj 4002 0 obj /Lang (EN-US) 2115 0 obj 436 0 obj /Pg 23 0 R << << 2765 0 obj << << >> /Pg 25 0 R /Pg 24 0 R /K 1359 endobj /Pg 23 0 R /S /Artifact << /K 641 709 0 obj << << 3930 0 obj << /S /Artifact /S /Artifact /Pg 24 0 R >> /S /P /Pg 23 0 R 1109 0 obj << /K 1298 /S /Artifact /K 3 /P 6731 0 R /K 32 << << endobj << /K 55 >> << /Chart /Figure >> << 2724 0 obj /Pg 18 0 R 4029 0 obj endobj /P 6380 0 R /Pg 25 0 R 4152 0 obj 3596 0 obj /P 5075 0 R /K 1282 /S /P 3058 0 obj << endobj /Pg 13 0 R >> /Lang (EN-US) /Pg 24 0 R << /K 135 /Lang (EN-US) endobj /S /P >> /S /Artifact /K 530 /K 844 3390 0 obj endobj /Parent 9 0 R /Pg 26 0 R << /S /Artifact endobj endobj /Lang (EN-US) /Pg 24 0 R /Pg 24 0 R /Pg 24 0 R /Pg 18 0 R /Lang (EN-US) /Pg 22 0 R Direct lending - Institutional | BlackRock /S /Artifact endobj << >> /Pg 23 0 R 2774 0 obj endobj << endobj >> /S /P Is Private Credit a Bubble, or Just a Little Frothy? 1572 0 obj /S /P 2867 0 obj /K 289 /K 1302 /S /P 112 0 obj >> endobj /K 1483 endobj /Pg 25 0 R /P 6073 0 R >> /Pg 24 0 R /K 1460 /S /P /S /Artifact 3400 0 obj endobj endobj >> /S /P null 2829 0 R null 2830 0 R null 2831 0 R null null null 2832 0 R /K 27 /Lang (EN-US) 233 0 obj endobj endobj >> /Pg 23 0 R /Lang (EN-US) endobj /S /P >> endobj >> 3041 0 obj /K 1482 endobj /S /Artifact /S /P >> /S /Artifact /Lang (EN-US) /Pg 22 0 R << 3350 0 obj /S /P /K 1275 2548 0 obj >> /P 6682 0 R /P 6664 0 R endobj /S /P /K 1134 /S /Artifact >> >> /Pg 22 0 R /K 1399 184 0 R 541 0 R 192 0 R 542 0 R 538 0 R 543 0 R 544 0 R 545 0 R 546 0 R 547 0 R /Lang (EN-US) /S /P /S /Artifact 3067 0 R 3068 0 R 3069 0 R 3070 0 R 3071 0 R 3072 0 R 3073 0 R 3074 0 R 3075 0 R 3076 0 R /P 5579 0 R >> /S /Artifact 3358 0 obj /K 526 3710 0 obj endobj /S /Artifact endobj >> /Lang (EN-US) /S /Artifact /S /P << endobj endobj /Pg 24 0 R /S /P /Lang (EN-US) endobj endobj /H /I /S /Artifact >> >> 2168 0 obj /K 1029 /Pg 25 0 R /Pg 23 0 R endobj << /S /P /S /P /Pg 25 0 R endobj endobj /S /Artifact /S /P endobj endobj /K 830 /Lang (EN-US) endobj endobj /P 5275 0 R 722 0 obj /S /P /K 689 /S /P endobj /K 1013 << 2453 0 R 2454 0 R 2455 0 R 2456 0 R 2457 0 R 2458 0 R 2459 0 R 2460 0 R 2461 0 R 2462 0 R >> /S /P /P 4881 0 R >> null null null 2478 0 R null null null 2479 0 R null 2480 0 R endobj 457 0 R null 458 0 R 459 0 R 460 0 R null 461 0 R null 462 0 R null Patrick Wolfe, Managing Director, is a member of Blackrock's Global Credit Platform. /Parent 9 0 R endobj /K 1463 endobj 2290 0 obj /Pg 25 0 R 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. << 362 0 obj /S /P >> /Pg 25 0 R /K 940 1988 0 obj /Pg 25 0 R /K 1224 /S /P /K 331 2532 0 obj /Pg 22 0 R /Pg 25 0 R << /Pg 23 0 R /P 5553 0 R 2933 0 obj >> /K 659 >> 1871 0 obj 3374 0 R 3375 0 R 3376 0 R 3377 0 R 3378 0 R 3379 0 R 3380 0 R 3381 0 R 3382 0 R 3383 0 R << /CropBox [0 0 612 792] >> /K 1265 /Lang (EN-US) >> /Pg 23 0 R << endobj 4134 0 obj /K 797 3661 0 obj /S /P /Pg 25 0 R 831 0 obj /P 5824 0 R endobj /S /P 278 0 obj /S /P /Lang (EN-US) /Pg 25 0 R /Pg 19 0 R /S /Artifact << endobj << /S /P /S /Artifact /Lang (EN-US) /P 5455 0 R endobj /Lang (EN-US) /P 5816 0 R /S /Artifact /Pg 23 0 R /P 5583 0 R >> 124 0 obj >> /S /Artifact /Pg 25 0 R /K 1108 /P 10 0 R /K 748 /K 67 /P 10 0 R 1020 0 obj /Pg 24 0 R 3731 0 obj << endobj endobj 1885 0 obj /S /P /Lang (EN-US) endobj endobj >> << 2793 0 R null 2794 0 R null 2795 0 R null null null 2796 0 R null /S /Artifact 3191 0 obj /Pg 23 0 R /K 1441 endobj 80 0 obj /Pg 17 0 R /Pg 22 0 R << >> endobj >> /Pg 22 0 R /Pg 25 0 R endobj /P 5343 0 R endobj >> << 2540 0 obj /Pg 24 0 R /S /Artifact /Pg 23 0 R 3127 0 obj >> /Pg 24 0 R /Lang (EN-US) << 1632 0 obj endobj 4309 0 obj endobj /Lang (EN-US) /Pg 16 0 R /Pg 25 0 R /Pg 22 0 R null 3532 0 R null 3533 0 R null 3534 0 R null 3535 0 R 3536 0 R null >> endobj << 3120 0 obj >> >> /Lang (EN-US) /K 1440 /K 1424 endobj << endobj endobj 3293 0 obj endobj /Pg 19 0 R 47 0 obj << << /Pg 24 0 R 2594 0 obj endobj 2622 0 obj << endobj /P 5769 0 R << /Lang (EN-US) /K 1090 /Pg 25 0 R 2371 0 obj /K 212 endobj /P 4989 0 R /K 1475 /K 635 >> >> /Pg 24 0 R endobj /K 19 endobj 1827 0 obj /S /Artifact 699 0 R null 700 0 R null 701 0 R null 702 0 R null 703 0 R null 1390 0 obj 557 0 obj endobj 3168 0 obj endobj /Pg 22 0 R >> /Pg 22 0 R /Pg 24 0 R endobj << << << >> << /S /Artifact endobj /K 385 1300 0 obj /S /Artifact 1055 0 obj /S /P /S /P 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/Lang (EN-US) /K 954 << << << 2780 0 obj /P 4714 0 R /Pg 22 0 R /S /Artifact 473 0 obj /Pg 24 0 R << /Lang (EN-US) /Pg 23 0 R >> endobj >> /P 5578 0 R /P 5131 0 R >> << /Pg 25 0 R 3006 0 obj >> /K 994 endobj /Pg 24 0 R endobj << /Pg 23 0 R /Pg 23 0 R endobj << /K 1158 >> 1897 0 obj << /Pg 23 0 R 3618 0 obj /Lang (EN-US) /K 836 endobj /K 21 /K 1412 /S /Artifact endobj << /S /Artifact /S /P /Lang (EN-US) /S /P /K 43 172 0 R 172 0 R] /Pg 22 0 R 3051 0 obj /K 108 <> >> << /K 1371 /Lang (EN-US) /P 4702 0 R /Pg 20 0 R endobj endobj << /K 1198 /P 5886 0 R >> << /Pg 14 0 R << /Lang (EN-US) << 2123 0 obj /S /P /S /P /P 10 0 R <> 2344 0 obj >> << /K 1292 >> /K 1292 endobj /Lang (EN-US) >> /K 1503 /Pg 25 0 R 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 << /S /P 2650 0 obj /Lang (EN-US) /K 216 /S /Artifact /S /P /K 904 Private Debt: Opportunities in Corporate Direct Lending (Wiley Finance) >> /Lang (EN-US) /S /P >> endobj endobj endobj << /K 1021 >> /Pg 22 0 R /Pg 22 0 R 1532 0 obj /P 5692 0 R /K 1388 /Pg 25 0 R endobj /S /P /P 5298 0 R /P 6308 0 R /P 6737 0 R /Pg 22 0 R endobj /K 219 /Lang (EN-US) /Pg 25 0 R << /Pg 24 0 R /S /Artifact /Pg 25 0 R endobj >> endobj /Pg 24 0 R << /K 3 /K 1469 null 1098 0 R null 1099 0 R 1100 0 R null 1101 0 R null 1102 0 R null /S /Artifact << 1961 0 obj /Pg 22 0 R /Pg 23 0 R /Pg 25 0 R /S /Artifact << << /Rotate 0 1790 0 obj /S /P /Pg 23 0 R 1387 0 obj << /Pg 24 0 R /Pg 18 0 R /Pg 24 0 R endobj /Pg 25 0 R /CropBox [0 0 612 792] /Lang (EN-US) >> >> /S /P 809 0 obj /Lang (EN-US) << /Lang (EN-US) /Lang (EN-US) /S /P << /K 391 /S /Artifact /Pg 22 0 R 3167 0 obj /Pg 22 0 R /K 1550 /Lang (EN-US) /S /P >> >> endobj >> /P 5698 0 R /Pg 25 0 R /Lang (EN-US) /Lang (EN-US) /Pg 23 0 R << /S /P /K 1415 endobj << 3304 0 R 3305 0 R 3306 0 R 3307 0 R 3308 0 R 3309 0 R 3310 0 R 3311 0 R 3312 0 R 3313 0 R >> /S /Artifact << /Lang (EN-US) /S /P << << 1636 0 obj /Pg 25 0 R /P 6478 0 R << null null null 1611 0 R null 1612 0 R null 1613 0 R null 1614 0 R << /K 956 endobj /Pg 24 0 R << /S /P /S /P << /K 1035 /K 22 /Lang (EN-US) /K 1549 /K 437 0 R /P 5117 0 R /S /Artifact >> 3254 0 obj >> 3848 0 obj /P 6720 0 R << /S /P /Pg 18 0 R /Pg 23 0 R 4131 0 obj 3233 0 obj /K 1470 /P 4635 0 R /Pg 25 0 R endobj endobj /S /P >> /Lang (EN-US) /S /Artifact /P 6526 0 R 3408 0 obj >> /K 464 /S /Artifact endobj /Pg 23 0 R endobj <> 2755 0 obj /Pg 23 0 R >> /K 1182 /Lang (EN-US) 655 0 R null null null 656 0 R null null null 657 0 R null /Pg 25 0 R /S /P << >> endobj 1874 0 obj /Lang (EN-US) /P 6355 0 R /K 341 /S /P /Pg 24 0 R /K 952 endobj 4283 0 obj endobj 1415 0 obj /S /Artifact >> /S /Artifact /Lang (EN-US) >> endobj >> /P 5952 0 R /P 10 0 R << /K 1131 << /K 631 /Pg 24 0 R /Pg 23 0 R /S /Artifact << /S /P 1903 0 obj Cliffwater for Direct Lending by the Cliffwater Direct Lending Index (CDLI). << 1389 0 obj 790 0 obj >> /Pg 22 0 R /P 6037 0 R /S /Artifact /K 1412 >> /S /P /Lang (EN-US) /S /P << /Pg 22 0 R /S /Link 708 0 obj /K 1075 endobj /Lang (EN-US) endobj /S /P /P 5764 0 R /K 79 1585 0 obj >> /K 1314 << 1001 0 obj endobj endobj /K 708 /S /P /K 9 /K 1018 << /Pg 23 0 R /Pg 25 0 R >> /S /P endobj /S /Artifact >> >> /K 824 3678 0 R null null null 3679 0 R null 3680 0 R null 3681 0 R null >> endobj /Lang (EN-US) /S /Artifact 19 0 obj << 506 0 obj /S /P /Lang (EN-US) << /Pg 25 0 R << /K 1505 /Pg 22 0 R >> 3753 0 R null 3754 0 R null 3755 0 R null 3756 0 R 3757 0 R null 3758 0 R endobj Direct lending represented by the Cliffwater Direct Lending Index (CDLI). 2672 0 obj /K 236 /Pg 24 0 R 1061 0 obj >> /Lang (EN-US) endobj /P 10 0 R << >> /Pg 24 0 R 4329 0 obj 3423 0 obj 4124 0 obj /P 4783 0 R /K 214 /K 2 endobj 396 0 obj /Lang (EN-US) /S /P /K 1177 /Pg 22 0 R endobj << >> 3659 0 obj >> /Pg 23 0 R 3011 0 obj /K 310 /K 47 /S /Artifact >> /K 401 /S /Artifact endobj /S /Artifact /Lang (EN-US) /Lang (EN-US) << endobj endobj 23 0 obj 3666 0 obj 4042 0 obj /P 10 0 R 2381 0 obj endobj endobj /K 17 /P 6052 0 R 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 >> /K [4 445 0 R 46] /Pg 22 0 R /Pg 24 0 R << /Pg 23 0 R /Pg 24 0 R endobj /K 1220 /Pg 21 0 R endobj endobj << /Pg 22 0 R /S /P /Pg 23 0 R endobj /Pg 24 0 R endobj /S /Artifact endobj /Pg 23 0 R /K 1357 >> 495 0 obj <> >> >> << /S /Artifact 4043 0 obj /K 140 >> endobj << /Lang (EN-US) >> /S /Artifact /K 1523 /K 1455 << 2364 0 obj /S /P /P 5028 0 R /S /P << /Lang (EN-US) << /K 1283 /S /Artifact /Lang (EN-US) endobj /Pg 13 0 R endobj endobj /S /Artifact /S /P << /K 1331 /K 1126 4078 0 obj 4049 0 obj /Pg 25 0 R endobj 3865 0 R null 3866 0 R null 3867 0 R null 3868 0 R null 3869 0 R null endobj >> /K 1152 endobj /K 1442 /P 6150 0 R << endobj /Pg 25 0 R >> /Pg 23 0 R /K 1200 2711 0 obj >> /K 632 << /K 1409 >> >> 665 0 obj << /S /P >> /P 6239 0 R >> << >> /K 1514 endobj /Pg 23 0 R endobj endobj /P 10 0 R /S /P << >> /Lang (EN-US) /Type /StructTreeRoot /P 6202 0 R /P 4966 0 R /Pg 24 0 R /DropCap /Figure >> /S /Artifact 3262 0 obj endobj >> <> /Pg 24 0 R 1187 0 obj /Pg 24 0 R << endobj 3069 0 obj 118 0 obj 4275 0 obj endobj 4202 0 obj >> /S /Artifact 2991 0 obj /K 1449 /Lang (EN-US) /K 1121 endobj endobj null 1984 0 R null 1985 0 R null 1986 0 R null null null 1987 0 R << 2803 0 obj /P 4938 0 R /Pg 23 0 R 1947 0 obj << /K 1465 endobj /K 12 /P 10 0 R 1625 0 obj /P 6261 0 R /Pg 22 0 R << << endobj 3404 0 obj /S /Artifact endobj /S /P endobj 501 0 R null 502 0 R null 503 0 R 504 0 R 505 0 R null 506 0 R null endobj >> << /K 820 /S /P endobj /P 10 0 R >> << /Pg 23 0 R /P 6703 0 R << 3985 0 obj 2157 0 obj 1338 0 obj 3545 0 obj null 3581 0 R null 3582 0 R null 3583 0 R 3584 0 R null 3585 0 R null << >> 154 0 obj /Lang (EN-US) >> >> /Pg 24 0 R /K 668 /K 267 endobj 1170 0 obj >> endobj /S /Artifact >> /Pg 23 0 R /Pg 23 0 R << /Pg 22 0 R << /Lang (EN-US) 4135 0 obj /K 202 /S /P /K 220 2677 0 obj /K 158 >> 3274 0 R 3275 0 R 3276 0 R 3277 0 R 3278 0 R 3279 0 R 3280 0 R 3281 0 R 3282 0 R 3283 0 R /StructParents 14 /P 5858 0 R /Pg 15 0 R null null 863 0 R null null null 864 0 R null null null endobj /K 678 /K 853 endobj /Pg 21 0 R /Pg 22 0 R 1336 0 obj /S /P endobj /K 1296 << /Pg 23 0 R >> There can be no assurance that historical trends will continue during the life of any fund. 2931 0 obj /S /P << endobj /K 201 << /S /Artifact endobj /S /P >> /S /Artifact endobj /S /P 67 0 R 68 0 R 69 0 R 70 0 R 71 0 R 72 0 R 73 0 R 74 0 R 75 0 R 76 0 R /Pg 23 0 R /S /P /S /P /K 674 /K 25 /P 10 0 R endobj /Lang (EN-US) >> /K 244 endobj /Pg 25 0 R endobj /P 6558 0 R /Lang (EN-US) /Pg 24 0 R <> 3048 0 obj /K 1383 /P 6648 0 R /S /Artifact /Pg 22 0 R endobj 928 0 obj /Pg 25 0 R /Pg 22 0 R /K 1510 /K 1043 /P 10 0 R /K 278 /Lang (EN-US) /Lang (EN-US) /Pg 22 0 R /Pg 25 0 R << /S /P /Pg 22 0 R /P 6022 0 R 4184 0 R 4185 0 R 4186 0 R 4187 0 R 4188 0 R 4189 0 R 4190 0 R 4191 0 R 4192 0 R 4193 0 R << << /S /Artifact !A4( Ezn&Z] | 3444 0 obj endobj /S /Artifact 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 >> /S /P /S /Artifact Live from New York and Hong Kong,. /S /P 3128 0 obj /K 1251 >> 3833 0 obj << /Pg 24 0 R endobj >> << /Lang (EN-US) << /S /P endobj >> 3450 0 obj /K 1458 /S /P /K 643 /Pg 23 0 R /K 1113 null null null 3883 0 R null 3884 0 R null 3885 0 R null 3886 0 R /Type /Page /K 1226 2712 0 obj /P 5794 0 R /Pg 17 0 R /Pg 22 0 R << /K 733 851 0 obj /P 10 0 R 3744 0 obj /Pg 22 0 R /P 6388 0 R /Pg 25 0 R /Pg 23 0 R /P 5966 0 R /P 5892 0 R /S /P 3357 0 obj /P 5800 0 R endobj /Pg 24 0 R << /Pg 23 0 R /S /Artifact >> /P 10 0 R /K 54 >> >> << endobj >> 1393 0 obj /S /Artifact /S /Artifact endobj << /S /P << /Pg 23 0 R /S /P << >> 1150 0 obj endobj /S /P 2346 0 obj /S /Artifact endobj /P 6559 0 R /K 1395 /Pg 22 0 R 1646 0 R null null null 1647 0 R null 1648 0 R null 1649 0 R null /K 1479 endobj /Lang (EN-US) 526 0 R null 527 0 R 528 0 R null 529 0 R 530 0 R null 531 0 R null /Lang (EN-US) /S /Artifact /P 6267 0 R /P 5144 0 R 5 [140 0 R 142 0 R 143 0 R 144 0 R 145 0 R 147 0 R 149 0 R 150 0 R 151 0 R 152 0 R /S /P >> /S /P << /S /P /P 6588 0 R >> >> /S /P /Pg 25 0 R << /S /Artifact << 4064 0 obj >> /K 1128 /S /Artifact /P 5750 0 R /S /P << /S /P /P 5155 0 R >> 3782 0 obj /K 1476 /S /P /S /Artifact /P 145 0 R << /Lang (EN-US) << endobj /Lang (EN-US) >> << /K 1461 /K 158 /P 5598 0 R 4194 0 obj /Pg 24 0 R /Pg 25 0 R /S /P /P 4791 0 R >> endobj /K 75 << /S /P endobj << 892 0 obj >> << >> << /Lang (EN-US) >> /Pg 22 0 R >> endobj endobj /S /Artifact /S /P 1171 0 obj /Pg 23 0 R /Lang (EN-US) >> >> /P 6450 0 R >> << >> endobj /S /P endobj >> /Pg 24 0 R /A 4659 0 R /S /Artifact /S /P 900 0 obj endobj /K 796 /K 554 /Pg 21 0 R /Lang (EN-US) endobj << >> >> /P 6691 0 R 2915 0 obj << >> << /S /P /P 5293 0 R /Pg 24 0 R /Lang (EN-US) /Pg 25 0 R << 1041 0 obj >> endobj << 1740 0 obj /Pg 23 0 R << /S /P << /Pg 25 0 R endobj /S /P >> << endobj <> << >> <> endobj << /K 1507 << 1701 0 obj >> << endobj /P 6499 0 R /S /P << /Lang (EN-US) >> endobj 1138 0 R 1139 0 R 1140 0 R 1141 0 R 1142 0 R 1143 0 R 1144 0 R 1145 0 R 1146 0 R 1147 0 R 601 0 R null null 602 0 R null 603 0 R 604 0 R null null 605 0 R << endobj /K 1394 endobj >> /Pg 24 0 R /Lang (EN-US) /S /Artifact /P 33 0 R /Pg 22 0 R endobj endobj /K 61 /K 1017 << /S /Artifact << 1234 0 obj << /S /Artifact /Pg 22 0 R /Pg 23 0 R /P 5670 0 R >> << /Pg 24 0 R /S /P /P 5107 0 R /Pg 23 0 R endobj endobj 4161 /Lang (EN-US) 297 0 obj /Pg 24 0 R endobj >> /Lang (EN-US) >> 1378 0 obj endobj 4274 0 R 4275 0 R 4276 0 R 4277 0 R 4278 0 R 4279 0 R 4280 0 R 4281 0 R 4282 0 R 4283 0 R /Pg 25 0 R 2315 0 obj endobj /Pg 24 0 R /K 540 /S /Artifact << << << /Pg 21 0 R /K 38 endobj /K 1109 /S /P /P 5097 0 R 61 0 obj endobj /K 1436 /Lang (EN-US) /Pg 25 0 R endobj /S /P 1423 0 obj /K 187 endobj /K 1308 >> /S /P /S /Artifact /K 1075 endobj >> >> << endobj 2299 0 obj /K 1234 /K 1218 endobj << endobj 3566 0 obj << /S /P /Pg 23 0 R << 3800 0 obj /Pg 23 0 R 1065 0 obj /Pg 24 0 R /Lang (EN-US) endobj >> 2698 0 obj << endobj 1809 0 obj << /Pg 25 0 R >> /Lang (EN-US) >> endobj /S /P /K 1443 /S /Artifact /K 1172 /K 1153 482 0 obj 840 0 obj >> /P 10 0 R /K 1004 << /S /Artifact /K 1476 endobj /Pg 24 0 R /K 950 /P 4756 0 R /K 264 /Pg 23 0 R /Pg 25 0 R << /K 253 /S /P /P 4982 0 R /P 5072 0 R endobj /Lang (EN-US) /Pg 22 0 R << endobj 695 0 obj /Pg 22 0 R /K 1209 2306 0 obj /K 64 endobj endobj 3275 0 obj /Pg 23 0 R /Lang (EN-US) >> << /Lang (EN-US) /Pg 19 0 R << /Lang (EN-US) 1542 0 obj endobj >> endobj /S /P /S /Artifact << /Pg 24 0 R 3583 0 obj /Pg 24 0 R >> 1546 0 obj null 93 0 R null null 420 0 R null 421 0 R null 95 0 R 97 0 R 4608 0 R] << endobj 2898 0 obj /Pg 22 0 R >> /S /Artifact endobj /Pg 24 0 R /Lang (EN-US) >> << 1713 0 obj /Pg 19 0 R << /Pg 25 0 R endobj null 2523 0 R null 2524 0 R null 2525 0 R null 2526 0 R null null endobj 692 0 obj >> /P 5390 0 R /P 5972 0 R /K 1132 /Lang (EN-US) 468 0 obj 1467 0 obj 363 0 obj 161 0 obj /Pg 23 0 R << /K 1209 endobj << << /K 293 /Pg 25 0 R /K 55 /K 482 >> 5 /S /P endobj /P 5448 0 R /Lang (EN-US) /Kids [18 0 R 19 0 R 20 0 R 21 0 R 22 0 R 23 0 R 24 0 R 25 0 R 26 0 R] << endobj /K 25 /Pg 22 0 R /K 1031 /K 822 endobj /Pg 25 0 R 463 0 R 464 0 R 465 0 R null 466 0 R null 467 0 R null 468 0 R 469 0 R /Pg 25 0 R << /S /Artifact /Lang (EN-US) << /K 697 1605 0 obj /K 1150 << This index captures both mark-to-market volatility (based on quarterly loan valuation changes) as well /Pg 24 0 R /K 601 endobj /K 1295 /K 639 >> /S /P << << /K 1181 /Lang (EN-US) 1136 0 obj /P 5350 0 R /S /P null 929 0 R null 930 0 R null 931 0 R 932 0 R null 933 0 R null /Lang (EN-US) 2681 0 obj /S /P /K 530 /K 1468 /K 1386 925 0 obj >> >> /P 4778 0 R /S /Artifact 3145 0 obj /S /Artifact /P 10 0 R >> /K 1286 /K 1166 /K 1208 /K 83 /S /P 2093 0 obj /K 1165 /Pg 25 0 R /S /Artifact << 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. 1513 0 obj /S /P /Pg 26 0 R /S /Artifact /Pg 16 0 R endobj >> << << /Pg 13 0 R endobj endobj endobj /K 1531 >> /Lang (EN-US) << 553 0 obj >> /K 913 endobj >> /S /Artifact /S /P /S /P /K 1437 /S /Artifact /Lang (EN-US) 1292 0 obj << /S /P /K 24 908 0 obj /Pg 23 0 R /S /Artifact /S /Figure /S /P /S /P 1392 0 obj /Pg 25 0 R /Pg 17 0 R /Pg 22 0 R 3490 0 obj endobj endobj /P 10 0 R >> /P 6266 0 R endobj >> /Lang (EN-US) /K 1279 << endobj /S /P 3960 0 obj /Lang (EN-US) /Pg 24 0 R >> >> /K 26 << << >> << << /S /P /S /P /K 1551 << endobj /Pg 13 0 R /Pg 24 0 R /Pg 24 0 R 898 0 obj << << endobj << >> /Lang (EN-US) 2185 0 obj /Lang (EN-US) << endobj /P 5997 0 R 111 0 obj /K 749 /K 104 >> 4306 0 obj /Lang (EN-US) >> 322 0 obj /S /Artifact endobj /S /P >> >> >> >> /K 1010 /K 1546 /Pg 23 0 R /P 5699 0 R /Pg 24 0 R endobj 3249 0 obj 1246 0 obj << /S /P /Pg 24 0 R endobj >> 1861 0 obj endobj /K 751 /S /P >> << /Lang (EN-US) /Pg 23 0 R /Pg 19 0 R >> >> endobj <> endobj >> /Pg 24 0 R 3029 0 obj << endobj >> << /S /Artifact /Pg 22 0 R /Pg 24 0 R /K 1013 /P 5985 0 R /K 359 /K 148 /Pg 22 0 R /Pg 22 0 R 3313 0 obj endobj /S /Artifact >> >> << /Pg 13 0 R << >> /Lang (EN-US) 1907 0 R null 1908 0 R null 1909 0 R 1910 0 R null 1911 0 R null 1912 0 R endobj /S /Artifact /K 1183 2777 0 obj 2483 0 obj /S /P /Pg 25 0 R The Cliffwater Direct Lending Index (CDLI) seeks to measure the unlevered, gross of fee performance of U.S. middle market corporate loans, as represented by the asset-weighted performance of the underlying assets of Business Development Companies (BDCs), including both exchange-traded and unlisted BDCs, subject to certain eligibility . 3921 0 obj 2962 0 obj /K 12 /K 1414 endobj 1743 0 obj >> 945 0 obj /Pg 23 0 R << /S /P /S /P 3471 0 obj 1167 0 obj << >> /Pg 24 0 R /K 509 /P 5047 0 R /Pg 24 0 R 3498 0 obj /S /P >> /Pg 20 0 R /Pg 24 0 R null 596 0 R null 597 0 R 598 0 R null null 599 0 R null 600 0 R /S /P << /Pg 23 0 R /Pg 24 0 R /P 6673 0 R /Pg 22 0 R /K 959 << /K 346 >> 1957 0 obj << /S /P >> 599 0 obj /S /P /Pg 24 0 R 1894 0 obj << << /K 1445 3891 0 obj /P 6412 0 R 2420 0 obj /Lang (EN-US) /S /P /Pg 22 0 R >> /Pg 24 0 R /Pg 25 0 R /Pg 24 0 R >> /Pg 23 0 R /S /P << /Pg 22 0 R /S /P >> /K 459 1616 0 obj 2022-05-24T03:04:44-06:00 /S /P /S /Artifact /Pg 22 0 R /Pg 23 0 R << /S /Artifact /Pg 22 0 R << /K 851 3163 0 obj endobj /Pg 22 0 R 256 0 obj null 2692 0 R null 2693 0 R null 2694 0 R null null null 2695 0 R /Pg 25 0 R /Pg 22 0 R /S /P /StructParents 7 << >> /P 6088 0 R /Pg 26 0 R /Lang (EN-US) 664 0 obj endobj /Lang (EN-US) /S /Artifact 896 0 obj /S /Artifact endobj endobj 3047 0 obj <> 3769 0 obj >> /S /P 135 0 obj 4312 0 obj /K 1267 /P 5705 0 R /Fund#20Name (33) /K 374 /Lang (EN-US) /Pg 23 0 R /Pg 24 0 R /P 6424 0 R /K 1314 /K 242 /Lang (EN-US) << << /Lang (EN-US) << 424 0 obj /K 1423 3959 0 obj << << /S /Artifact >> /S /Artifact /Lang (EN-US) >> >> << endobj 994 0 obj 1700 0 obj endobj /S /P /H /I /K 1511 /P 6677 0 R 1545 0 obj /S /Artifact 3199 0 obj /P 5046 0 R >> << << endobj /K 9 /S /P /S /P >> endobj /S /Artifact /Pg 23 0 R >> /Lang (EN-US) 2860 0 obj /S /Artifact endobj << endobj /S /P /S /Artifact << << /Pg 23 0 R >> /Lang (EN-US) 745 0 obj endobj /P 4805 0 R /S /P << /Lang (EN-US) endobj /K 28 endobj /K 503 endobj >> >> /S /Artifact 3376 0 obj endobj >> /K 1104 << 4201 0 obj /Pg 24 0 R 3720 0 obj /K [439 0 R 440 0 R] 2655 0 obj /S /P /Pg 23 0 R /S /P /Pg 24 0 R /Pg 24 0 R << >> /K 337 endobj /K 135 endobj << 2975 0 obj /K 651 endobj /S /Artifact 128 0 obj >> << <> >> /K 1363 endobj /Lang (EN-US) endobj /S /P << /Pg 22 0 R /Pg 25 0 R /S /Artifact /K 349 /P 4937 0 R << /K 1160 endobj >> /P 5122 0 R endobj /Pg 22 0 R endobj /K 1210 /Pg 22 0 R null 2553 0 R null 2554 0 R null 2555 0 R null 2556 0 R null 2557 0 R /K 90 3569 0 obj endobj 2400 0 obj /P 10 0 R >> /S /P >> endobj /S /Artifact /K 217 /K 229 /Pg 13 0 R /Lang (EN-US) << >> /P 4721 0 R >> >> << endobj >> /K 682 >> 2759 0 obj << << /S /P /S /P /S /Artifact >> >> 184 0 obj 3364 0 obj >> /K [133 4662 0 R] 3941 0 obj /Pg 22 0 R /Pg 24 0 R << >> 50 0 obj << /S /P >> /K 979 /Pg 16 0 R >> 3184 0 obj << /Pg 24 0 R /P 6438 0 R << /Pg 13 0 R endobj >> 3063 0 obj >> /Pg 23 0 R /S /P /Lang (EN-US) /S /Artifact << /K 400 endobj 3159 0 obj 1474 0 obj 2055 0 obj /S /Artifact /K 483 /S /Artifact /Pg 22 0 R /Pg 22 0 R << << >> >> <> endobj endobj /K 1505 2236 0 obj >> endobj /S /P 1263 0 obj /Pg 24 0 R << /K 1384 endobj /K 544 endobj 1135 0 obj >> /S /Artifact /P 10 0 R /Lang (EN-US) /S /P endobj /Pg 22 0 R << endobj 2106 0 obj /Pg 24 0 R 2938 0 obj >> endobj /S /Artifact endobj >> endobj /S /P 3100 0 obj /K 1019 /K 250 endobj /S /Artifact >> /Pg 25 0 R /K 806 /K 602 /S /Artifact /K 1206 1949 0 obj << << endobj endobj >> endobj endobj /S /P /K 737 1862 0 obj 2770 0 obj /K 1254 838 0 obj /P 6669 0 R /Pg 24 0 R 2876 0 obj /S /Artifact >> /S /P /P 10 0 R /P 5959 0 R >> /K 962 /P 10 0 R << /S /P 1703 0 obj /K 1144 >> /Lang (EN-US) /P 5757 0 R << /Pg 22 0 R endobj 777 0 obj 1538 0 obj >> /P 6038 0 R >> >> /K 1229 >> endobj << << 9 0 obj 459 0 obj /S /P /StructParent 1 /Pg 22 0 R /K 1381 /P 6362 0 R endobj /K 1243 /K 935 << /K 99 /P 6382 0 R >> /S /Artifact 3517 0 obj 2620 0 obj << /Pg 25 0 R 3396 0 obj 1829 0 obj /Pg 23 0 R /S /P 505 0 obj /P 5301 0 R /Pg 22 0 R << /K 630 endobj /K 1030 /Pg 24 0 R /K 1035 /Pg 24 0 R << >> /A 6760 0 R << endobj /S /P 562 0 obj /Pg 24 0 R 3686 0 obj endobj Stephen L. Nesbitt, "Private Debt. << /K 219 endobj /P 6561 0 R /S /P /S /Artifact /Lang (EN-US) >> /Lang (EN-US) /P 6196 0 R /P 4851 0 R /S /Artifact << /S /P /Lang (EN-US) /Pg 23 0 R /Pg 23 0 R 94 0 obj endobj << /Lang (EN-US) /Pg 24 0 R 1515 0 obj /Pg 25 0 R /P 193 0 R /Pg 24 0 R 1506 0 obj /S /Artifact /Pg 25 0 R 758 0 obj >> 2733 0 obj /K 804 >> /S /P /Rect [149.6000061035 387.0660095215 153.43699646 399.3500061035] Cliffwater draws up direct lending index - Private Debt Investor << 2037 0 obj >> << >> endobj >> endobj /Pg 25 0 R endobj /P 6133 0 R /K 1447 /S /Artifact <> /S /Artifact /Pg 24 0 R /Pg 23 0 R /Pg 24 0 R >> /Lang (EN-US) /S /P /Lang (EN-US) /Pg 25 0 R /K 999 << endobj /S /P endobj endobj /S /P /S /Artifact /S /P endobj /Lang (EN-US) endobj /K 1132 /S /P >> 2342 0 obj /Pg 25 0 R << >> /P 5279 0 R /P 5560 0 R /P 10 0 R >> /S /P /S /P >>
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