cliffwater direct lending index

2023-04-19

/S /P <> >> >> << /S /Artifact /K 427 461 0 obj /Pg 25 0 R >> /P 5492 0 R /P 6357 0 R /P 5799 0 R endobj /Pg 24 0 R /Lang (EN-US) 748 0 R null 749 0 R null 750 0 R null 751 0 R null null null /K 63 /S /Artifact /Lang (EN-US) >> >> /S /Artifact endobj /P 10 0 R /K 1349 /P 10 0 R /K 126 endobj /Lang (EN-US) endobj 4075 0 obj /S /P /S /Artifact /Pg 23 0 R << /K 688 /S /P << endobj /S /P << /S /Artifact << /S /Artifact 3043 0 obj /Pg 23 0 R /S /Artifact endobj << /S /Artifact >> 1315 0 obj /P 5263 0 R 2669 0 obj /S /Artifact /S /P /Pg 25 0 R >> /S /P /Pg 23 0 R /Pg 20 0 R /K 1191 /K 1464 >> /S /Artifact endobj /Lang (EN-US) endobj /K 1440 endobj << /K 514 /S /P << /Pg 18 0 R /S /P /S /P /Lang (EN-US) /Pg 25 0 R /Pg 23 0 R 4123 0 obj >> >> /S /P /S /P /Lang (EN-US) endobj endobj endobj <> /Pg 25 0 R /Lang (EN-US) endobj << 3343 0 obj 1799 0 obj 1901 0 obj /P 5545 0 R /Pg 22 0 R >> /P 4770 0 R << >> /Lang (EN-US) endobj /S /P /K 1470 << << endobj 1893 0 obj endobj null null 2797 0 R null 2798 0 R null 2799 0 R null 2800 0 R null endobj >> /P 5576 0 R /S /P /Pg 22 0 R /S /P /S /Artifact 551 0 obj << 2816 0 obj endobj 949 0 obj /P 4787 0 R 2977 0 obj /S /P /Pg 23 0 R /Lang (EN-US) 1701 0 obj /Pg 23 0 R /K 545 2420 0 obj /Pg 23 0 R << << 2186 0 obj 1989 0 obj /K 830 /K 10 endobj /S /Artifact endobj /K 743 /Pg 24 0 R /Pg 23 0 R /S /Artifact >> endobj /K 1465 /S /Artifact /K 1436 endobj /K 466 /P 10 0 R First, the Cliffwater Direct Lending Index provides a benchmark for measuring risk, return, and manager performance in direct lending instruments. >> /K 1144 endobj /Lang (EN-US) /K 1464 /Lang (EN-US) /K 1550 endobj /Pg 24 0 R /Lang (EN-US) /Pg 23 0 R >> 727 0 obj /K 1225 /P 5454 0 R endobj /S /Artifact endobj /S /P /S /Artifact null null null null null 593 0 R null 594 0 R 595 0 R null >> /S /P >> /Lang (EN-US) >> >> /P 4840 0 R /Pg 25 0 R endobj 1105 0 obj >> /Lang (EN-US) Cliffwater Corporate Lending Fund. << /K 51 /Lang (EN-US) 3683 0 obj >> /Pg 25 0 R << /Pg 23 0 R /Pg 22 0 R /Lang (EN-US) null 1041 0 R null 1042 0 R null 1043 0 R null 1044 0 R null null /K 2 4535 0 R 4536 0 R 4537 0 R 4538 0 R 4539 0 R 4540 0 R 4541 0 R 4542 0 R 4543 0 R 4544 0 R endobj /Pg 17 0 R 2556 0 obj /S /Artifact 2568 0 obj endobj /S /P << /Pg 24 0 R The Cliffwater Direct Lending Index Our analysis relies heavily upon the Cliffwater Direct Lending Index, or CDLI, an asset-weighted index of over 6,000 direct loans totaling $87 billion in assets.1 The CDLI is a first-of-its-kind index used by well-known investment firms to help understand asset class /P 5048 0 R >> /Pg 15 0 R >> /S /P /K 140 endobj endobj /Pg 25 0 R /K 74 << /K 1199 /Lang (EN-US) /P 5380 0 R /Pg 24 0 R /Lang (EN-US) >> endobj /Pg 24 0 R /Lang (EN-US) /S /Artifact << /K 1227 /Pg 24 0 R /S /P 4193 0 obj endobj /P 6228 0 R endobj /Lang (EN-US) endobj 754 0 obj 627 0 R null 628 0 R null 629 0 R null 630 0 R null 631 0 R null /Lang (EN-US) << 3492 0 obj /P 5268 0 R endobj /P 6639 0 R /K 711 << >> /P 152 0 R << /S /P /P 6440 0 R /S /Artifact /Pg 24 0 R >> /Lang (EN-US) 4058 0 obj /P 6508 0 R null 3453 0 R null 3454 0 R null 3455 0 R null 3456 0 R null null /P 4643 0 R /Pg 23 0 R 470 0 obj /K 67 /P 5310 0 R 3472 0 obj 356 0 obj endobj 3138 0 obj << endobj << /S /Artifact /Pg 25 0 R /K 325 /Pg 23 0 R >> /K 167 /Lang (EN-US) << /K 489 << /Lang (EN-US) /Pg 19 0 R >> 2788 0 obj >> << endobj /S /P endobj >> /S /P /Pg 24 0 R /K 69 /Pg 25 0 R /P 4901 0 R /P 4726 0 R /K 536 /P 6051 0 R /P 5083 0 R endobj /K 179 2942 0 obj /Pg 25 0 R /Pg 22 0 R /K 181 << << >> /P 5595 0 R /S /P >> >> /S /P /Pg 22 0 R >> /Pg 23 0 R << null 921 0 R null 922 0 R null 923 0 R null 924 0 R null null /Pg 24 0 R null 565 0 R null null null 566 0 R null null null 567 0 R << /Pg 22 0 R >> << /K 826 << /P 10 0 R /Lang (EN-US) << /S /Artifact /S /P /K 1218 endobj So we built one. /K 1060 endobj << /Pg 23 0 R 3628 0 obj << /Pg 25 0 R /P 5934 0 R /Lang (EN-US) /S /P /S /P /Pg 24 0 R /K 1548 955 0 obj /S /Artifact /S /P >> /Pg 24 0 R /Pg 23 0 R /Pg 23 0 R >> /Lang (EN-US) <> << /S /Artifact 193 0 obj /P 5548 0 R endobj /Pg 24 0 R /K 34 << >> endobj >> /Pg 25 0 R /Pg 18 0 R /Pg 24 0 R /K 1117 << >> /K 1 /K 1256 << >> >> 2509 0 obj /S /P 2496 0 obj 1124 0 obj /S /Artifact /Pg 22 0 R 1719 0 obj endobj /K 108 /K 1446 endobj /Pg 23 0 R CHAPTER 13 Selecting Direct Lending Managers - O'Reilly Online Learning /K 78 null 2527 0 R null null null 2528 0 R null 2529 0 R null 2530 0 R << <> << 2377 0 obj /S /P endobj /P 4935 0 R /K 1331 >> /Lang (EN-US) /S /P /K 1458 /K 33 865 0 R null 866 0 R null 867 0 R null 868 0 R null 869 0 R null /S /Artifact /S /P endobj << /K 1474 << /S /P 1477 0 obj >> << /K 1510 /S /Artifact /K 933 /K 1150 >> /K 175 >> /Pg 24 0 R 1181 0 obj Cliffwater Direct Lending Index Performance Annual Total Returns Since Inception Annual Income Returns Since Inception As of 12/31/21. /K 1208 >> endobj /K 132 /S /Artifact /S /P 1579 0 R null 1580 0 R 1581 0 R null 1582 0 R null 1583 0 R null 1584 0 R << /K 1423 /S /Figure endobj /Lang (EN-US) /K 1165 218 0 obj /S /Artifact null 1845 0 R null 1846 0 R null 1847 0 R null 1848 0 R null 1849 0 R /Pg 13 0 R << endobj << /S /P /Lang (EN-US) /S /P endobj >> /P 6124 0 R endobj endobj /P 4898 0 R endobj null 3630 0 R null 3631 0 R 3632 0 R null 3633 0 R null 3634 0 R null /S /P << << << /Pg 25 0 R << 2868 0 obj /Pg 24 0 R endobj /S /Artifact /K 402 /Pg 24 0 R >> /Pg 25 0 R >> 3209 0 obj 4098 0 obj << /S /P /K 1418 >> /K 637 /P 6745 0 R /S /P /Pg 22 0 R >> /S /P 347 0 R 348 0 R 349 0 R 350 0 R 351 0 R 352 0 R 353 0 R 354 0 R] /K 1549 /S /Artifact << 854 0 R 855 0 R null 856 0 R null 857 0 R null 858 0 R null 859 0 R /K 61 >> << /Pg 22 0 R /K 1367 /P 6728 0 R /Lang (EN-US) /K 297 /Pg 24 0 R << /S /P << 815 0 obj /MediaBox [0 0 612 792] 261 0 obj >> endobj /Pg 22 0 R /K 988 endobj 641 0 obj /S /P /P 10 0 R >> /P 10 0 R >> /Lang (EN-US) 521 0 obj /S /Artifact /Pg 24 0 R 4000 0 obj >> 1536 0 obj /S /P << /K 62 /P 6274 0 R >> /Pg 23 0 R 866 0 obj /P 10 0 R /Lang (EN-US) >> /Pg 24 0 R >> endobj /Pg 25 0 R /S /Artifact /K 1471 /K 175 /S /Artifact 1837 0 obj endobj /P 4906 0 R << 4315 0 obj 3784 0 obj /Lang (EN-US) 4109 0 obj /K [135 4664 0 R] << Cliffwater draws up direct lending index - Private Debt Investor 4236 0 obj 3109 0 obj /P 6358 0 R /Lang (EN-US) /Pg 23 0 R >> endobj /S /P >> /Pg 24 0 R /S /P >> /T () /Pg 22 0 R /K [386 0 R 387 0 R 388 0 R] << >> 2063 0 obj /K 1495 >> << 3198 0 obj 2841 0 obj /S /Artifact /K 1306 /Lang (EN-US) << /Lang (EN-US) /Pg 23 0 R /P 5601 0 R endobj /P 5572 0 R /K 1361 endobj /Pg 22 0 R /P 6180 0 R /K 851 >> 3528 0 obj /Pg 23 0 R >> Because direct lending uses rates that "float," cash coupons have been increasing as interest rates have . endobj /K 1158 endobj >> 4308 0 obj endobj >> /P 5990 0 R /K 1056 /Pg 23 0 R 2097 0 obj endobj endobj /K 6 >> >> /S /Artifact endobj >> 4027 0 R 4028 0 R 4029 0 R 4030 0 R 4031 0 R 4032 0 R 4033 0 R 4034 0 R 4035 0 R 4036 0 R >> /P 192 0 R /S /Artifact /K 637 >> 3355 0 obj >> /S /P endobj >> << >> << 1220 0 obj << /Lang (EN-US) /P 6462 0 R << null 3554 0 R null 3555 0 R null 3556 0 R null 3557 0 R null 3558 0 R /K 33 /K 589 endobj /Pg 22 0 R endobj endobj 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 /Pg 22 0 R endobj >> endobj << /Lang (EN-US) >> endobj 1144 0 obj endobj >> /K 145 /K [11 355 0 R 138] /K [27 0 R 28 0 R 29 0 R 30 0 R 31 0 R 32 0 R 33 0 R 34 0 R 35 0 R 36 0 R Average Loss Rates /K 1402 << endobj /K 607 endobj /Pg 25 0 R >> >> <> 88 0 obj 3936 0 obj >> /Lang (EN-US) /Pg 25 0 R /Lang (EN-US) /Pg 25 0 R << >> 3807 0 obj /K 34 >> /Lang (EN-US) 4177 0 obj >> /Pg 17 0 R /K 1224 >> /S /P << << /K 1047 endobj 1423 0 obj >> /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] /S /P /Pg 22 0 R endobj << endobj /Pg 23 0 R /K 1487 1602 0 obj /Lang (EN-US) >> /Pg 22 0 R 3076 0 obj /Pg 25 0 R << >> 36 163 0 obj /S /P /Pg 18 0 R /S /Artifact /S /P /S /P /Pg 23 0 R /Pg 22 0 R /S /P >> /S /P >> << << >> /S /Artifact /Lang (EN-US) /S /P >> >> >> << /K 451 /P 6680 0 R >> endobj 1089 0 obj /K 1382 /S /P /Lang (EN-US) 1805 0 obj 710 0 obj endobj endobj << << endobj /P 6041 0 R /P 6492 0 R /Lang (EN-US) /S /P << << << /K 1262 3506 0 obj /S /Artifact 4276 0 obj 493 0 obj endobj /K 341 /S /Artifact /Lang (EN-US) >> endobj 3480 0 obj 2630 0 obj /K 347 /K 1278 /Pg 23 0 R /Lang (EN-US) endobj /S /P /Pg 18 0 R >> 3002 0 obj 1683 0 obj 3317 0 obj 126 0 obj /S /Artifact >> /P 6518 0 R endobj << 2625 0 obj << << endobj /S /P >> /S /Artifact /K 2 << /Pg 15 0 R /S /P 3046 0 obj >> endobj endobj /S /Artifact /Lang (EN-US) /S /P /P 5267 0 R /P 5787 0 R << endobj endobj /Lang (EN-US) endobj /K 1478 /Lang (EN-US) /K 1035 1075 0 obj >> endobj /S /P /K 71 <> << /S /P << >> endobj /K 1363 /S /Artifact /K 3 3494 0 obj 3366 0 obj /Lang (EN-US) /P 4896 0 R /Lang (EN-US) endobj /Lang (EN-US) >> 676 0 obj /S /P /S /Artifact /K 18 2626 0 obj /P 10 0 R >> /P 5550 0 R endobj /Pg 24 0 R /A 6764 0 R /Pg 22 0 R >> /Pg 24 0 R /S /Artifact << Performance. endobj >> /K 648 << 3886 0 obj /Pg 13 0 R /K 108 /Pg 24 0 R /Pg 25 0 R /S /P /K 1365 endobj endobj >> /K 173 1386 0 obj endobj >> endobj << endobj << << << << endobj << >> /Lang (EN-US) /P 10 0 R /P 6520 0 R 1381 0 obj endobj 3791 0 obj << >> /P 6715 0 R /S /Artifact /Lang (EN-US) /Pg 25 0 R /K 1303 endobj /S /P /BS 6761 0 R >> endobj /P 4667 0 R /P 5786 0 R /K 7 /S /Artifact We are proactive with our advice and recommendations to clients so they may achieve desired outcomes. /P 6590 0 R << >> /S /P /Lang (EN-US) endobj >> /K 651 /Pg 22 0 R 145 0 obj /Pg 25 0 R >> /S /Artifact 705 0 obj 818 0 obj 123 0 obj endobj >> >> /P 6425 0 R endobj 757 0 obj /Lang (EN-US) /Lang (EN-US) /Pg 18 0 R << /Pg 24 0 R << 1691 0 obj >> /P 6693 0 R /S /Artifact endobj endobj << >> /K 1494 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 /P 5897 0 R /S /P >> 4289 0 obj 3779 0 obj 4284 0 obj <> /Pg 25 0 R /S /Artifact 2956 0 obj /P 5217 0 R endobj << 3956 0 obj << >> /K 950 << 1517 0 obj /S /P 2937 0 obj /Lang (EN-US) 1533 0 obj /Lang (EN-US) << /Pg 18 0 R << /S /P /Pg 22 0 R /Pg 22 0 R /Pg 18 0 R endobj /S /Artifact /Pg 17 0 R /Pg 25 0 R /Pg 25 0 R /K 96 << <> 2102 0 obj /K 1486 748 0 obj 1650 0 R null 1651 0 R null 1652 0 R 1653 0 R null 1654 0 R null 1655 0 R /Pg 22 0 R /S /P >> /K 1329 >> /K 1149 /Lang (EN-US) /K 1489 << << endobj endobj 3696 0 obj /S /P /Lang (EN-US) /Pg 25 0 R /P 4657 0 R /S /Artifact /K 21 endobj /K 137 endobj /Pg 22 0 R /K 99 /Lang (EN-US) /Pg 22 0 R >> /P 5931 0 R /Lang (EN-US) 2789 0 obj 1351 0 obj << /Lang (EN-US) >> /K 1271 endobj >> /K 1214 /P 10 0 R << >> >> 1647 0 obj endobj /S /P 3217 0 obj /S /P endobj /K 1161 /S /P >> /Pg 22 0 R /P 5315 0 R 467 0 obj 2832 0 obj /Pg 22 0 R << /K 12 /K 712 << endobj /K 1390 /S /P /K 1516 /Pg 22 0 R /S /Artifact /S /Artifact /P 5253 0 R >> >> /P 5874 0 R /K 430 /S /Artifact << >> 3191 0 obj /Pg 24 0 R /K 1296 endobj /K [1117 1118] 3553 0 obj << /Pg 25 0 R /Pg 24 0 R >> 2275 0 obj /S /P /S /P << /K 1447 endobj << endobj 4150 0 obj >> /K 176 /Pg 25 0 R /S /P null null 961 0 R null null null 962 0 R null 963 0 R null << /K 206 << /S /Artifact endobj /Pg 23 0 R /Pg 25 0 R endobj endobj << /Lang (EN-US) /Pg 23 0 R 1343 0 obj /K 262 /Pg 24 0 R endobj << /K 1188 /Pg 24 0 R 3068 0 obj /Pg 22 0 R /K 170 >> /Lang (EN-US) /Pg 23 0 R << /Pg 23 0 R >> endobj << << >> /Pg 23 0 R /Lang (EN-US) >> /A 4457 0 R /K 1260 >> /Pg 24 0 R /K 1541 endobj /Pg 25 0 R 2219 0 obj /S /P 2539 0 obj /Lang (EN-US) <> /P 5839 0 R << /K [54 55] endobj /K 172 endobj 842 0 obj << /K 816 >> << /Lang (EN-US) /Pg 24 0 R /K 52 endobj /P 10 0 R endobj endobj endobj <> /Pg 23 0 R >> 106 0 obj >> /Lang (EN-US) /S /Artifact << 2024 0 obj >> >> << 45 0 R null 386 0 R null 387 0 R null 388 0 R null null 389 0 R >> << << << /Pg 24 0 R endobj /S /P /Pg 23 0 R 55 0 obj 1528 0 obj /S /P endobj /S /P endobj << /Pg 23 0 R /Pg 24 0 R null 1705 0 R null null null 1706 0 R null null null 1707 0 R 3843 0 R null 3844 0 R null 3845 0 R null null null 3846 0 R null /Pg 24 0 R /Pg 22 0 R << /Pg 18 0 R endobj /P 6465 0 R /S /P /K 1348 >> << 89 0 obj /K 1480 endobj endobj /Lang (EN-US) /Pg 24 0 R endobj << endobj /S /P /Pg 22 0 R endobj /Lang (EN-US) /Pg 22 0 R << /K 1442 2022 0 obj /K 1205 endobj /S /P << /P 6049 0 R /Lang (EN-US) 2644 0 obj /S /P /Pg 25 0 R /Pg 22 0 R /Lang (EN-US) /S /P /K 28 /Pg 13 0 R /S /Artifact << endobj /K 155 /P 6378 0 R /K 1520 endobj << /K 1540 /S /Artifact /K 15 <> /K 616 /Pg 23 0 R endobj >> >> << 2738 0 obj /S /Artifact endobj endobj null 443 0 R 140 0 R 444 0 R 143 0 R 445 0 R 145 0 R 446 0 R 152 0 R 148 0 R 392 0 obj >> endobj /S /Artifact 2686 0 R null 2687 0 R null 2688 0 R null 2689 0 R 2690 0 R null 2691 0 R /Pg 25 0 R /Lang (EN-US) /Pg 23 0 R /Pg 24 0 R /P 4952 0 R /Pg 22 0 R /Pg 24 0 R endobj /S /Artifact << << endobj /Pg 16 0 R << /S /P /Lang (EN-US) 998 0 obj /Pg 22 0 R 1732 0 obj /S /Artifact /Pg 25 0 R 2000 0 obj /K 1291 /Lang (EN-US) /Pg 22 0 R >> /P 6122 0 R /Pg 23 0 R /P 10 0 R endobj endobj >> /K 6 /S /Artifact endobj endobj /S /P endobj /Lang (EN-US) endobj endobj 4067 0 obj >> << >> /Pg 25 0 R <> /S /P /S /P /K 239 endobj /S /Artifact /Lang (EN-US) endobj /S /Artifact >> >> /S /P null null 2683 0 R null null null 2684 0 R null 2685 0 R null /Pg 17 0 R 2752 0 R null 2753 0 R null 2754 0 R 2755 0 R null 2756 0 R null 2757 0 R << Markets currently appear to need further sequential evidence before pricing in a more sustained period of higher yields /Pg 24 0 R /K 1440 /Pg 24 0 R /K 617 >> /K 1222 /Pg 22 0 R /K 1255 << << /S /P 1520 0 obj << 40 0 obj /Pg 20 0 R << << << /Lang (EN-US) 431 0 obj >> 4227 0 obj /Pg 25 0 R >> 2288 0 obj << /S /Artifact endobj 3303 0 obj >> 527 0 obj /K 725 >> /S /P endobj /Pg 24 0 R >> /Pg 25 0 R << endobj 1557 0 obj /P 6022 0 R /Pg 25 0 R /P 5821 0 R /Lang (EN-US) endobj >> /S /Artifact endobj 2549 0 obj /K 1320 >> /K 1115 endobj /Pg 23 0 R null 2692 0 R null 2693 0 R null 2694 0 R null null null 2695 0 R /Pg 23 0 R /S /P /K 880 >> endobj /K 49 endobj 4101 0 obj << 152 0 obj /P 4638 0 R /S /P 2746 0 obj >> /Pg 13 0 R endobj /P 5637 0 R << >> /P 5043 0 R >> 2254 0 obj /S /P /S /P /P 5784 0 R /K 1234 /K 179 2699 0 obj /S /Artifact >> /S /P endobj /K 1430 /Lang (EN-US) /Lang (EN-US) /K 1006 >> /S /P >> >> 573 0 obj endobj /S /P >> << endobj /S /Artifact 839 0 obj /K 1397 /K 1125 361 0 obj /S /Artifact /S /P >> /P 6186 0 R << >> /K 612 /Rect [449.6000061035 546.3229980469 451.7309875488 554.9949951172] << 484 0 obj /S /P /P 5306 0 R /S /Artifact >> /Pg 23 0 R 1216 0 obj >> /Pg 23 0 R /S /Artifact /K 82 /S /Footnote /Pg 23 0 R /K 12 /S /P 2515 0 obj >> /S /Artifact >> /S /P /S /Artifact endobj endobj /P 5323 0 R << endobj << 3362 0 obj endobj /P 5368 0 R 2322 0 obj >> /P 5330 0 R 2835 0 obj << /Lang (EN-US) 934 0 obj /Lang (EN-US) endobj /S /P endobj /S /Artifact endobj endobj << << /Lang (EN-US) << endobj << /Pg 25 0 R /S /P /S /Footnote /K 130 <> /S /Artifact /S /Artifact 1098 0 obj endobj /S /Artifact endobj 1561 0 obj /Pg 23 0 R /S /P 2005 0 R 2006 0 R null 2007 0 R null 2008 0 R null 2009 0 R null 2010 0 R endobj >> >> >> 545 0 obj 3702 0 obj /P 5941 0 R /Pg 25 0 R null 951 0 R null 952 0 R null 953 0 R null 954 0 R null 955 0 R >> endobj >> endobj << >> /Pg 24 0 R 650 0 obj /K 548 >> /Pg 21 0 R 4079 0 obj /Lang (EN-US) endobj <<

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