cliffwater direct lending index

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4228 0 obj 2408 0 obj >> >> /K 17 >> endobj /K [7 438 0 R 40] null 1045 0 R null null null 1046 0 R null 1047 0 R null 1048 0 R >> /Pg 25 0 R << /K 1496 /K 20 /Lang (EN-US) endobj /K 674 4303 0 obj /Lang (EN-US) /K 264 << 1628 0 obj /Lang (EN-US) /S /P /Pg 22 0 R >> /Lang (EN-US) 706 0 obj /Pg 20 0 R 4075 0 obj 2076 0 obj /S /P endobj /P 5965 0 R /S /Artifact /S /P /K 1229 /K 1532 /S /P /K 356 3861 0 obj endobj /S /P /K 716 /Lang (EN-US) /Lang (EN-US) /K 1104 3730 0 obj >> /S /Artifact 1606 0 obj /S /P >> << >> >> 3321 0 obj endobj << /Lang (EN-US) /Tabs /S /K 641 /K 44 /K 1146 3 [81 0 R 82 0 R 83 0 R 84 0 R 85 0 R 86 0 R 87 0 R 88 0 R 89 0 R 91 0 R << 1367 0 obj << << /Pg 22 0 R /Pg 25 0 R /Lang (EN-US) 2017 0 obj /Lang (EN-US) /S /P << << 1076 0 R null 1077 0 R null 1078 0 R null 1079 0 R null 1080 0 R null >> /Pg 25 0 R /K 1256 3342 0 obj /K 554 endobj 799 0 obj >> null 1845 0 R null 1846 0 R null 1847 0 R null 1848 0 R null 1849 0 R 1933 0 obj >> /Pg 23 0 R /P 5964 0 R endobj 2043 0 obj 2007 0 obj >> 2496 0 obj /P 5799 0 R << /S /Artifact << endobj /S /Artifact endobj endobj /K 1004 /Parent 4 0 R /S /P /Lang (EN-US) /K 718 3889 0 obj << /Lang (EN-US) /K 1137 >> << << /S /P /K 1223 3464 0 obj /P 5269 0 R /S /P >> >> /P 5341 0 R endobj /K 1251 /S /P /S /P >> /Pg 24 0 R 811 0 obj /K 1286 endobj 1641 0 obj endobj << >> Hewlett-Packard Company endobj /Count 14 /K 1146 2445 0 obj endobj 4214 0 obj /Pg 25 0 R /Pg 25 0 R /Lang (EN-US) endobj /P 6357 0 R >> endobj /Lang (EN-US) 4212 0 obj << /K 722 /P 4712 0 R << /Pg 24 0 R << endobj 2563 0 obj /P 4806 0 R endobj /Pg 25 0 R /P 5344 0 R endobj null 833 0 R null 834 0 R null 835 0 R null null null 836 0 R 2635 0 obj << 1425 0 R 1426 0 R 1427 0 R 1428 0 R 1429 0 R 1430 0 R 1431 0 R 1432 0 R 1433 0 R 1434 0 R /Pg 23 0 R /K 97 /S /Artifact /Pg 24 0 R 2246 0 obj << /Lang (EN-US) /P 5539 0 R << 1281 0 obj null null 681 0 R null 682 0 R null 683 0 R null 684 0 R null /K [1111 1112] /S /Artifact << >> << << endobj /K 177 /K 271 /Lang (EN-US) << /Lang (EN-US) << << /Lang (EN-US) /P 4709 0 R 1652 0 obj <> /K 1447 /Lang (EN-US) << /Lang (IT-IT) /K 988 /S /Artifact 1279 0 obj /K 1501 /K 64 << endobj endobj 2340 0 obj PDF Relative Attractiveness of Direct Lending: Term and Credit Risk /P 6082 0 R << << /Lang (EN-US) endobj Cliffwater is an alternative investment adviser and fund manager. /S /P 2851 0 obj >> /Pg 25 0 R >> endobj /Pg 24 0 R 1699 0 R null 1700 0 R 1701 0 R null 1702 0 R null 1703 0 R null 1704 0 R The Cliffwater Direct Lending index, which represents $260 billion in private credit assets, unlevered, returned 6.6% for the 12 months ended Sept. 30, compared to 14.25% for the prior 12-month . <> >> endobj /P 6699 0 R >> 1337 0 obj /Pg 23 0 R /Pg 23 0 R /K 1217 /Pg 21 0 R /S /Artifact endobj /P 6670 0 R /Pg 24 0 R 1230 0 obj << >> << /Lang (EN-US) /S /P 2880 0 obj << endobj >> /Type /Annot << 3798 0 R null null null 3799 0 R null 3800 0 R null 3801 0 R null endobj >> 1095 0 obj null null null 2478 0 R 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>> /Pg 24 0 R /Lang (EN-US) endobj endobj /Lang (EN-US) 2665700.00000000 >> /K 1210 /S /Artifact He is a portfolio manager responsible for US Direct Lending funds, BlackRock Credit Strategies Fund, and middle-market CLOs in the US. /K 909 /Lang (EN-US) >> endobj << null 1872 0 R null 1873 0 R 1874 0 R null 1875 0 R null 1876 0 R null /Lang (EN-US) >> endobj /Lang (EN-US) << /K 19 >> /K 1013 /Lang (EN-US) 2201 0 obj << /A 4429 0 R /S /Artifact << << /S /P /Rect [449.6000061035 546.3229980469 451.7309875488 554.9949951172] /P 5006 0 R Derivative instruments may be used to hedge /Lang (EN-US) /K 94 >> >> endobj >> >> >> /S /Table << >> /Lang (EN-US) 1103 0 R null 1104 0 R null 1105 0 R 304 0 R 1106 0 R 1107 0 R 1108 0 R 1109 0 R endobj 1667 0 obj /Pg 22 0 R /S /Artifact /S /P /Lang (EN-US) >> 3412 0 obj endobj /Lang (EN-US) endobj /P 4762 0 R /Lang (EN-US) 2997 0 R 2998 0 R 2999 0 R 3000 0 R 3001 0 R 3002 0 R 3003 0 R 3004 0 R 3005 0 R 3006 0 R /Lang (EN-US) endobj >> /P 4938 0 R 1620 0 R null 1621 0 R null null null 1622 0 R null null null >> >> >> 552 0 obj /S /P << /Pg 24 0 R /K 132 << endobj /Lang (EN-US) /P 6210 0 R endobj << /Pg 24 0 R >> 541 0 obj /Pg 22 0 R /Pg 24 0 R >> << null 1071 0 R null 1072 0 R null 1073 0 R null 1074 0 R null 1075 0 R 230 0 obj /Pg 23 0 R /Pg 25 0 R 2050 0 obj 205 0 obj 2441 0 obj >> /K 50 endobj /K 1187 /P 6298 0 R /S /Artifact /P 6713 0 R 3978 0 obj >> >> /Pg 19 0 R /K 31 >> /S /P 2058 0 obj /S /P /S /P << /K 742 /Pg 24 0 R << 1647 0 obj >> << /Pg 23 0 R /K 90 /S /P /Lang (EN-US) 4 By 2020, the total U.S. direct lending market had grown to around $800 billion, according to a Refinitiv estimate. >> /Lang (EN-US) /S /P 965 0 obj /Lang (EN-US) /S /P /K 102 /S /Artifact endobj /Pg 19 0 R endobj /K [70 4678 0 R] << << endobj >> /Lang (EN-US) << << 2404 0 obj /K 1486 /Lang (EN-US) 1990 0 obj /Lang (EN-US) >> >> >> >> /Pg 22 0 R /Pg 22 0 R /S /P /Pg 22 0 R >> /Pg 23 0 R /P 6065 0 R /K 1498 3152 0 obj >> endobj 4274 0 obj /Lang (EN-US) << /S /Artifact << 2599 0 obj 2728 0 obj /K 50 /Pg 22 0 R <> /Rotate 0 /Lang (EN-US) 3083 0 obj 17 0 obj << endobj << /S /Artifact

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