cliffwater direct lending index

endobj /K 13 /Pg 25 0 R /Pg 18 0 R << /S /Artifact /K 1250 /Lang (EN-US) /K 625 >> /Lang (EN-US) >> /K 104 << 3755 0 obj endobj >> 711 0 obj endobj << /Pg 22 0 R << endobj /P 10 0 R endobj /S /P /P 5734 0 R /K 1352 2040 0 obj >> /K 1339 /K 1430 1873 0 obj /K 907 /Lang (EN-US) << /Subscript /Span << >> /P 5013 0 R >> >> /Pg 24 0 R /P 4920 0 R >> Past performance is not a guarantee of future results. endobj /K 235 /K 1203 endobj endobj /Lang (EN-US) /K 1200 Loan Note: Credit cycle takes a turn; ESG due diligence template nears /S /P endobj endobj /K 149 /Pg 22 0 R endobj /Pg 25 0 R /Pg 23 0 R endobj /Pg 25 0 R << 733 0 obj /P 6535 0 R >> /Lang (EN-US) /Pg 24 0 R /Pg 23 0 R >> >> >> /K 1065 /Pg 22 0 R << /Pg 24 0 R << /S /P 3090 0 obj /Pg 24 0 R /Pg 25 0 R /K 1266 endobj /Lang (EN-US) /Pg 25 0 R /K 431 /P 5755 0 R endobj 3442 0 obj /Pg 20 0 R /S /P >> /Pg 23 0 R endobj /Pg 24 0 R endobj << 20 0 obj /K 1125 /K 1373 /Pg 25 0 R << /S /P >> /K 744 /S /P 16 0 obj /K 978 << >> >> 704 0 obj /K 486 /Pg 24 0 R /K 34 /K 1260 /Pg 24 0 R >> /S /Artifact /P 6529 0 R /K 3 /Pg 25 0 R /Pg 24 0 R << 3437 0 obj /K 975 /K 869 endobj /P 37 0 R 3130 0 obj /Pg 25 0 R >> <> It is often said policy takes around 6-12 months to take effect. 3795 0 obj endobj /Lang (EN-US) /S /P /K 322 << /Lang (EN-US) 3672 0 obj /Pg 24 0 R << 2664 0 R null 2665 0 R 2666 0 R null 2667 0 R null 2668 0 R null 2669 0 R /K 430 /Pg 24 0 R endobj /S /Artifact /P 5819 0 R /S /Artifact << 951 0 obj /P 38 0 R endobj /Pg 22 0 R 1335 0 obj 2190 0 obj /K 89 /S /Artifact endobj /Pg 23 0 R >> >> /K 767 /K 1394 << /Pg 24 0 R << /S /Artifact 323 0 obj << /Lang (EN-US) endobj << << >> >> /Pg 23 0 R << >> /K 1128 >> 122 0 obj /Pg 24 0 R endobj /S /Artifact /K 869 << /S /P 887 0 obj 2570 0 obj >> /S /P 3404 0 R] /Lang (EN-US) /P 4872 0 R 1945 0 obj >> /Lang (EN-US) 1508 0 obj >> /Lang (EN-US) endobj endobj 893 0 R null 894 0 R null 895 0 R 896 0 R null 897 0 R null 898 0 R endobj << /S /P 3305 0 obj /P 5340 0 R endobj 1902 0 obj /K 17 endobj >> /P 6228 0 R << << /Pg 24 0 R << /Pg 23 0 R /K 875 2212 0 obj /Pg 19 0 R /P 5788 0 R <> /S /P /K 349 >> /Pg 23 0 R endobj /K 1465 4182 0 obj /Lang (EN-US) << 889 0 R null null null 890 0 R null 891 0 R null 892 0 R null 3620 0 obj /K 743 /K 1174 /Pg 20 0 R null null 1695 0 R null 1696 0 R null 1697 0 R null 1698 0 R null /S /P /S /Artifact Source: Morningstar, Cliffwater Direct Lending Index, as of December 31, 2021. /Lang (EN-US) /P 4634 0 R 2456 0 obj endobj /Pg 25 0 R << /K 79 343 0 obj << << As of December 31, 2021. /S /P /P 4965 0 R 590 0 obj /K 1430 << << 263 0 obj endobj /Pg 25 0 R 3493 0 obj /S /Artifact >> /S /P /S /Artifact << >> /K 27 /P 33 0 R /P 10 0 R /K 578 3993 0 obj endobj /Pg 25 0 R 683 0 obj << /K 1475 /K 1210 endobj /Pg 25 0 R << /K 1283 endobj endobj /Pg 24 0 R endobj /S /Artifact 3640 0 obj >> endobj /Pg 25 0 R << /S /Artifact << >> << >> >> 1452 0 obj /P 5126 0 R 3084 0 obj <> << /K 1061 << /P 5551 0 R /S /P endobj /Pg 25 0 R /S /P /Parent 8 0 R endobj endobj /K 1363 << endobj << << /Lang (EN-US) << /K 116 /K 871 /Pg 22 0 R 348 0 obj /S /Artifact /P 5358 0 R /S /P << /S /P 2303 0 R 2304 0 R 2305 0 R 2306 0 R 2307 0 R 2308 0 R 2309 0 R 2310 0 R 2311 0 R 2312 0 R >> /Pg 24 0 R << >> >> endobj >> endobj /Pg 14 0 R /S /P >> /Pg 22 0 R << /S /P >> /Pg 23 0 R /S /Artifact /S /P /K 884 /P 10 0 R 3370 0 obj 1926 0 obj /K 157 /Pg 25 0 R 3353 0 obj /Pg 23 0 R 330 0 obj /Lang (EN-US) /K 106 /S /Artifact /K 1384 /P 5573 0 R 4278 0 obj 457 0 R null 458 0 R 459 0 R 460 0 R null 461 0 R null 462 0 R null /Pg 24 0 R >> /P 10 0 R /P 6194 0 R /P 5939 0 R /Pg 24 0 R endobj endobj /Lang (EN-US) /S /P /Lang (EN-US) 2253 0 obj /Pg 24 0 R 3599 0 obj << /K 1122 >> /Pg 25 0 R 2459 0 obj /K 566 endobj 3899 0 R 3900 0 R 3900 0 R 3901 0 R 3902 0 R 3903 0 R 3904 0 R 3905 0 R 3905 0 R 3906 0 R >> /Lang (EN-US) /Pg 24 0 R /P 5611 0 R /K 480 /Pg 25 0 R 2555 0 obj /S /P >> /K 71 /S /P << >> /S /Artifact >> /Pg 25 0 R endobj /Lang (EN-US) 11 0 obj endobj /S /P endobj /Lang (EN-US) <> /S /P << << 4274 0 obj 677 0 R null 678 0 R null 679 0 R null null null 680 0 R null 4315 0 obj /S /Artifact /Lang (EN-US) /Pg 23 0 R << 4201 0 obj 2780 0 obj null 1735 0 R null 1736 0 R 1737 0 R null 1738 0 R null 1739 0 R null /S /Artifact 2679 0 obj >> /Pg 23 0 R >> 1660 0 obj >> /K 459 /K 1303 /S /P 3242 0 obj << endobj endobj << 3326 0 obj << >> 3842 0 obj 3126 0 obj /K 1144 << << /S /P /Pg 23 0 R /Lang (EN-US) /Pg 25 0 R /K 711 /P 10 0 R /K 732 /S /P /S /P /P 10 0 R << endobj /Pg 24 0 R endobj /K 1541 3017 0 R 3018 0 R 3019 0 R 3020 0 R 3021 0 R 3022 0 R 3023 0 R 3024 0 R 3025 0 R 3026 0 R /K 197 << << << /S /P 1857 0 obj 1333 0 obj /S /P /P 4655 0 R /Pg 23 0 R endobj /K 1515 3757 0 obj /K 16 endobj /K 653 /P 5353 0 R /P 5234 0 R /K 1469 << 1704 0 obj >> 3487 0 obj 2844 0 obj >> /Lang (EN-US) <> << /K 1347 endobj /K 1190 1156 0 obj endobj /Lang (EN-US) /S /Artifact endobj /Pg 24 0 R /Lang (EN-US) /S /P /P 5646 0 R /Pg 22 0 R endobj >> 2077 0 obj 1005 0 R null 1006 0 R null 1007 0 R null 1008 0 R null null null >> /S /P /Pg 24 0 R endobj >> << /Alt endobj 2136 0 obj 4566 0 R] /Lang (EN-US) /Lang (EN-US) endobj endobj << >> /Pg 25 0 R /P 5692 0 R << 3398 0 obj >> >> 2486 0 obj endobj >> /K 1191 /P 5233 0 R /Pg 22 0 R /Lang (EN-US) /S /P >> /S /P /Lang (EN-US) /Lang (EN-US) endobj /S /P /S /Artifact 3865 0 obj endobj <> /K 98 endobj /Pg 22 0 R /S /Artifact 2794 0 obj /S /Artifact /S /Artifact /K 1133 /S /P Access to this resource is limited to existing Cliffwater clients and qualified prospects for our Funds, By clicking "Login", I accept Terms of Use, If you are an RIA, institutional investors, or other prospect for Funds, please contact us to gain access, By clicking "Accept", I accept Terms of Use, For more information to login, call (310) 448-5000 or email info@cliffwater.com, {{CDLI.indexValue}}Index Value ({{CDLI.indexDate}}), {{CDLI.assetFairValue}}BAssets (Fair Value), {{CDLI_S.indexValue}}Index Value ({{CDLI_S.indexDate}}), {{CDLI_S.assetFairValue}}BAssets (Fair Value), {{CDLI_V.indexValue}}Index Value ({{CDLI_V.indexDate}}), {{CDLI_V.assetFairValue}}BAssets (Fair Value), {{CWBDC.indexValue}} Index Value ({{CWBDC.indexDate}}), {{CWBDC.numberofCompanies}}Number of Companies, {{CWBDC.marketCapitalization}}BMarket Capitalization, {{CWBDC.navPremium}}%NAV Premium/Discount. /S /Artifact /K 1100 /Pg 23 0 R /Lang (EN-US) << >> /Lang (EN-US) /S /P /K 221 << << /Pg 23 0 R /K 1489 << << /K 503 /Lang (EN-US) /Lang (EN-US) 4149 0 obj /P 6663 0 R 911 0 obj /S /P >> /Pg 24 0 R /P 6400 0 R >> << Cliffwater's Condrell: Middle-market credits smooth portfolio - AICA >> /P 5337 0 R 3549 0 obj << << 351 0 obj /Pg 25 0 R /S /Artifact << << << >> /Pg 22 0 R /K 967 /Pg 24 0 R 2246 0 R 2247 0 R 2248 0 R 2249 0 R 2250 0 R 2251 0 R 2252 0 R 2253 0 R 2254 0 R 316 0 R /S /P 2771 0 R null null null 2772 0 R null null null 2773 0 R null /Lang (EN-US) /Pg 25 0 R << endobj /P 5731 0 R /K 1527 /S /Artifact << <> endobj /K 30 << /S /Artifact /P 10 0 R /P 5804 0 R 3539 0 obj /Lang (EN-US) /Pg 20 0 R << endobj /P 5026 0 R 1068 0 obj /K 597 /Pg 13 0 R 2048 0 obj /P 4923 0 R /Pg 24 0 R /K 29 /S /P /Lang (EN-US) endobj >> /K 1246 /S /Artifact /S /Artifact /K 1387 /Pg 23 0 R >> /P 6040 0 R >> >> /S /P endobj endobj /P 5677 0 R /K 460 >> /K 1321 endobj /K 59 >> /P 5250 0 R endobj >> /S /Artifact >> 4289 0 obj endobj 3432 0 obj 1400 0 obj >> /Pg 24 0 R /Pg 18 0 R /K 387 3472 0 obj /K 751 /K 1262 endobj << /Lang (EN-US) << /S /P 1644 0 obj /Pg 25 0 R endobj 3668 0 obj /K 1512 /Pg 23 0 R << /Pg 23 0 R >> /Lang (EN-US) /K 242 endobj /S /Artifact /S /Artifact /Lang (EN-US) endobj endobj /S /P endobj endobj 1331 0 obj 4170 0 obj 2134 0 obj << 2337 0 obj /P 6380 0 R endobj /Lang (EN-US) /Lang (EN-US) endobj << /K 1532 /Lang (EN-US) << 2194 0 obj << endobj /P 5768 0 R /S /Artifact /S /P /K 1452 endobj /P 6134 0 R /Pg 23 0 R << /Pg 24 0 R >> >> 1342 0 obj /P 4902 0 R >> >> 3427 0 obj <> /P 5453 0 R 4080 0 obj /Lang (EN-US) /P 6171 0 R /S /P /K 3 << /K 118 /Lang (EN-US) /Pg 25 0 R << /Pg 24 0 R 1194 0 obj /S /P /P 4971 0 R /K 1326 <> 2376 0 obj endobj endobj >> 2551 0 obj /S /Artifact /P 4958 0 R /Pg 24 0 R /K 26 endobj << endobj /K 1185 << /S /Artifact << /K 40 /S /P >> /Pg 20 0 R /S /Artifact /Pg 24 0 R /Pg 25 0 R /S /P /K 1245 << endobj endobj 1761 0 obj 2862 0 obj /P 10 0 R /Lang (EN-US) endobj << >> /Pg 24 0 R /P 5982 0 R /Pg 25 0 R null null null 837 0 R null 838 0 R null 839 0 R null 840 0 R /P 5247 0 R >> 1997 0 obj << /S /Artifact << >> endobj /Lang (EN-US) 570 0 obj /K 761 /S /P /Pg 25 0 R <> over the past several years as direct lending strategies have accounted for a larger portion of fundraising. /P 6217 0 R << endobj << /Pg 22 0 R /Lang (EN-US) >> << /S /P /P 6369 0 R /S /P 2166 0 obj 206 0 obj 692 0 obj /S /P /K 945 /Lang (EN-US) /Pg 13 0 R 2343 0 obj /Pg 23 0 R 2096 0 R 2097 0 R 2098 0 R 2099 0 R 2100 0 R 2101 0 R 2102 0 R 2103 0 R 2104 0 R 2105 0 R /Pg 23 0 R >> /Pg 25 0 R /K 84 /S /Artifact /P 6021 0 R /S /Artifact /K [41 4682 0 R] endobj >> /Pg 22 0 R /K 516 4116 0 R 4117 0 R 4118 0 R 4119 0 R 4120 0 R 4120 0 R 4121 0 R 4122 0 R 4123 0 R 4124 0 R /K 1197 /Pg 23 0 R /K 1094 /Lang (EN-US) >> /K 214 >> /S /Artifact >> /S /P << /K 1191 >> endobj /S /Artifact << /Pg 25 0 R /K 640 >> 1669 0 obj /Pg 22 0 R 694 0 obj /K 764 /K 1297 408 0 obj >> /K 566 /Lang (EN-US) << 1844 0 obj 29 0 obj /S /Artifact >> << >> /Pg 21 0 R endobj /Lang (EN-US) /Lang (EN-US) /Pg 22 0 R /S /P /S /Artifact endobj endobj /P 5870 0 R /Pg 22 0 R endobj /Pg 22 0 R endobj /S /P /K 1143 1623 0 R null 1624 0 R null 1625 0 R null 1626 0 R null 1627 0 R null /P 5723 0 R endobj >> 942 0 R null 943 0 R 944 0 R null 945 0 R null 946 0 R null 947 0 R endobj /Lang (EN-US) 1602 0 obj /S /Artifact /P 6527 0 R /K 799 << /Lang (EN-US) <> /Pg 25 0 R 1132 0 obj /K 530 /K 14 << endobj endobj /Lang (EN-US) << /K 397 >> >> >> /P 4718 0 R /Pg 25 0 R /K 64 >> >> /Pg 24 0 R endobj /Lang (EN-US) 2083 0 obj /S /P << /S /P /Lang (EN-US) /Lang (EN-US) /S /P /S /P endobj /P 4997 0 R << /Lang (EN-US) /K 749 >> /Lang (EN-US) << >> /Pg 25 0 R >> /P 5178 0 R endobj << 253 0 obj /Lang (EN-US) endobj 3907 0 R 3908 0 R 3909 0 R 3910 0 R 3911 0 R 3912 0 R 3913 0 R 3914 0 R 3915 0 R 3916 0 R /P 6267 0 R endobj endobj /S /Artifact /S /P >> endobj >> /K 1124 /P 5170 0 R /P 5890 0 R << /P 6704 0 R 3808 0 obj << /P 10 0 R /S /P /P 5001 0 R /K 956 2590 0 obj 2108 0 obj /P 6045 0 R 452 0 obj endobj /T () /K 1408 1933 0 obj /K 559 endobj /K 1135 <> /Lang (EN-US) /K 1170 /S /P /S /Artifact 1640 0 obj >> endobj /S /Artifact >> 3323 0 obj 2670 0 obj /K 171 << >> /Lang (EN-US) endobj /P 5545 0 R 56 0 obj /K 28 endobj /K 20 >> /S /P endobj endobj /Pg 25 0 R /S /P <> 2802 0 obj >> /H /I >> endobj << >> /P 38 0 R /Pg 24 0 R /Lang (EN-US) 4188 0 obj << /K 1394 /S /P 2986 0 obj << /Pg 24 0 R endobj 2057 0 obj /Lang (EN-US) /S /P 1258 0 R 1259 0 R 1260 0 R 1261 0 R 1262 0 R 1263 0 R 1264 0 R 1265 0 R 1266 0 R 1267 0 R /Lang (EN-US) >> /Pg 25 0 R endobj 3496 0 obj /Pg 23 0 R /Pg 23 0 R Regime Change: The Role of Private Equity in the'Traditional' Portfolio /K 610 1623 0 obj << /Pg 23 0 R /S /Artifact /K 818 /P 5120 0 R /Pg 23 0 R /K 1206 /S /P /K 936 /K 1496 /S /P /K 578 >> /S /P endobj /Pg 24 0 R >> /Lang (EN-US) /S /Artifact >> /Pg 22 0 R /Pg 22 0 R endobj ~bXc'lc=FdC_[xZ"~FD>H3^k3 Mn ctfq49H35^`6UuaY=Der t:C /K 1418 /Pg 23 0 R /K 1242 endobj uuid:30597d73-1730-4471-be3e-6267c552ffc2 << 2536 0 obj 2886 0 obj /Pg 24 0 R >> endobj /K 1271 /P 6624 0 R /Pg 24 0 R /P 6469 0 R 2624 0 obj << /Lang (EN-US) /S /Table 4038 0 obj /Lang (EN-US) << null null null 619 0 R null null null 620 0 R null 621 0 R /S /P /K 1449 /K 1421 >> /S /P /S /P endobj 394 0 obj 3844 0 obj /K 532 /Pg 26 0 R /Pg 23 0 R /S /P endobj /K 1120 >> /P 6719 0 R /Lang (EN-US) /S /P >> 1284 0 obj << /Pg 25 0 R /Pg 23 0 R 2625 0 obj << /Lang (EN-US) /Pg 24 0 R << /Pg 22 0 R 783 0 obj /K 405 /K 823 /Pg 13 0 R >> << >> /K 1252 /S /P 327 0 R 328 0 R 329 0 R 330 0 R 331 0 R 332 0 R 333 0 R 334 0 R 335 0 R 336 0 R /P 5292 0 R /Kids [8 0 R 9 0 R] 3195 0 obj endobj << 3349 0 obj endobj endobj >> /Lang (EN-US) /S /P << endobj /K 1383 /S /P /Pg 25 0 R >> << >> >> 3273 0 obj /S /P /K 456 endobj endobj >> 810 0 obj /P 4437 0 R /Pg 22 0 R << /S /P >> /P 5347 0 R /K 1463 /K 1062 endobj /S /P /S /Artifact /Pg 24 0 R /P 5399 0 R << /S /P /S /Artifact /Pg 23 0 R endobj >> /S /P /Pg 25 0 R endobj Average Realized Loss (2006 - 2021) Average realized loss is the historical average of the realized gains/losses for the Cliffwater Direct Lending Index. endobj << 2704 0 obj /Pg 24 0 R /K 994 /S /P << Editor, Real Assets Adviser magazine; producer and host of the podcast Novelist Spotlight, availabe on all major podcast platforms 3d /Pg 19 0 R /K 1129 /Pg 22 0 R /K 1126 4162 0 obj /K 1238 >> /K 1030 /P 6320 0 R /K 1324 /Pg 23 0 R 2615 0 obj /P 5743 0 R >> 2317 0 obj /S /Figure /K 27 3082 0 obj << /K 269 endobj /Pg 24 0 R /Pg 25 0 R 4166 0 obj endobj /Lang (EN-US) >> endobj >> /S /P /Pg 24 0 R endobj /Lang (EN-US) << >> << /K 69 endobj 328 0 obj endobj /S /P /S /Artifact endobj endobj /S /Artifact <> /K 1258 /P 10 0 R Monroe Capital Corp Management'S Discussion and Analysis of Financial << /Pg 23 0 R

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