cliffwater direct lending indexcliffwater direct lending index

/Pg 24 0 R /K 495 << << /P 4812 0 R /Pg 23 0 R /K 7 << << /S /P endobj /S /P 3966 0 obj << /Pg 25 0 R 135 0 obj >> /P 5701 0 R << /Pg 23 0 R /K 1360 751 0 obj /Lang (EN-US) /P 6101 0 R << /K 1062 /Pg 23 0 R endobj /K 441 endobj >> 3191 0 obj >> /Pg 24 0 R << /K 1449 << /K 1098 /Lang (EN-US) /S /P >> /Lang (EN-US) /Lang (EN-US) /S /Artifact /S /P >> >> >> >> /S /Artifact /Pg 18 0 R /Pg 23 0 R /P 6644 0 R /K 476 /K 133 235 0 obj Indices - Cliffwater LLC /S /LBody endobj endobj /Pg 25 0 R endobj /P 6351 0 R /Lang (EN-US) 168 0 obj /S /P >> 3763 0 obj >> /P 10 0 R /S /Artifact /K 1281 >> /Pg 13 0 R endobj /S /P endobj endobj endobj /K 1417 endobj >> endobj /Lang (EN-US) << endobj endobj 2875 0 obj << >> /S /Artifact /K 241 /S /P >> /Lang (EN-US) /S /Artifact /Pg 23 0 R endobj 2901 0 obj 1268 0 obj >> << << >> endobj /P 10 0 R endobj >> /K 1447 >> 2691 0 obj << /S /LBody >> 167 0 obj >> >> << endobj /Pg 24 0 R /S /P endobj 60 0 obj << endobj << /S /Artifact /K 1470 /Pg 22 0 R >> /K 1228 /P 4755 0 R /K 965 endobj /Pg 23 0 R /Pg 21 0 R 1454 0 obj /Pg 24 0 R /K 136 1367 0 obj >> 3389 0 obj >> /Pg 25 0 R endobj /S /P 2507 0 obj /S /P /S /P /Lang (EN-US) >> /P 5981 0 R /Lang (EN-US) /K 1383 endobj /Pg 25 0 R /Parent 9 0 R /Pg 24 0 R /P 4726 0 R /Lang (EN-US) /S /P /Lang (EN-US) /S /Artifact << endobj << << /S /Artifact endobj >> /Lang (EN-US) endobj /S /P /K 1270 /K 128 /Lang (EN-US) endobj /K 1224 endobj /P 6603 0 R /S /P /Lang (EN-US) >> >> 878 0 obj /Pg 23 0 R /K 826 854 0 R 855 0 R null 856 0 R null 857 0 R null 858 0 R null 859 0 R endobj 1513 0 obj /P 6360 0 R 3534 0 obj /Pg 25 0 R /Pg 18 0 R /K 61 /K 1121 << /Pg 25 0 R 1946 0 obj /Pg 14 0 R endobj << /Lang (EN-US) /K 44 /K 218 >> /K 1438 /Lang (EN-US) /S /Artifact endobj /Lang (EN-US) /K 1510 >> /P 4741 0 R /S /Artifact >> Opportunities in Corporate Direct Lending", 2019. << >> >> /K 1244 >> /Pg 23 0 R /K 1170 << /S /P 3183 0 obj /K 636 1744 0 obj /S /Artifact 114 0 obj << endobj /P 4923 0 R /P 6559 0 R >> 4304 0 obj 4316 0 obj 350 0 obj /S /P /S /Link /P 6402 0 R /K 531 >> /S /P endobj 2982 0 obj /K 786 /Length 6768 0 R << 3314 0 obj 1556 0 obj /S /P /Pg 24 0 R /K 1083 PDF M E K E T a I N V E S T M E N T G R O U P << /S /Artifact null 841 0 R null 842 0 R 843 0 R null 844 0 R null 845 0 R null /P 6066 0 R >> /K 35 << 3042 0 obj /P 4772 0 R /Pg 16 0 R endobj /P 10 0 R >> /Pg 25 0 R >> >> /S /Artifact /K 1533 << /K 1126 << << /S /P endobj /S /Artifact endobj /Lang (EN-US) /Pg 18 0 R endobj 2574 0 obj >> 1346 0 obj /K 1 /Pg 24 0 R /P 5392 0 R >> endobj /K 1415 endobj endobj /Lang (EN-US) endobj /S /P endobj /Pg 23 0 R /K 398 /Lang (EN-US) 801 0 obj /S /Artifact endobj >> /S /Artifact /S /P 717 0 obj 1113 0 obj 1748 0 R 1749 0 R null 1750 0 R null 1751 0 R null 1752 0 R null 1753 0 R 307 0 R 308 0 R 309 0 R 310 0 R 311 0 R 312 0 R 313 0 R 314 0 R 315 0 R 316 0 R >> /P 6225 0 R << >> /Pg 13 0 R /Pg 13 0 R 2406 0 obj /Lang (EN-US) endobj << /S /P 601 0 R null null 602 0 R null 603 0 R 604 0 R null null 605 0 R The CDLI. endobj /K 91 /K 360 >> /K 1373 >> endobj << /P 6299 0 R 1097 0 obj >> endobj endobj /Lang (EN-US) endobj >> << /P 6442 0 R 2166 0 R 2167 0 R 2168 0 R 2169 0 R 2170 0 R 2171 0 R 2172 0 R 2173 0 R 2174 0 R 2175 0 R endobj >> /S /P /K 1471 4054 0 obj /K 152 /Pg 25 0 R /K 1136 endobj /Pg 22 0 R /Pg 22 0 R /S /Artifact /P 10 0 R >> endobj 4014 0 obj endobj /Pg 23 0 R /K 1191 endobj << 373 0 obj << /P 5325 0 R << /Pg 22 0 R endobj endobj /K 695 /P 5939 0 R << >> 1082 0 obj >> /P 6202 0 R endobj 4003 0 obj endobj /S /P endobj /P 5550 0 R /S /Artifact /K 155 /Pg 20 0 R >> endobj endobj /Pg 24 0 R /S /P /Pg 21 0 R endobj 2410 0 obj /Pg 25 0 R /Pg 25 0 R 438 0 obj 1243 0 obj /Lang (EN-US) 1800 0 obj 3802 0 obj >> 1762 0 obj >> /K 1019 /Pg 18 0 R /K 1405 endobj << 3662 0 obj /K 1163 << << /P 5927 0 R /K 1331 >> /K 747 /Pg 19 0 R 909 0 obj >> /S /Artifact /S /P /P 5208 0 R /Lang (EN-US) /K 454 /K 734 /P 5258 0 R >> /Pg 23 0 R endobj /Pg 23 0 R >> /Lang (EN-US) << 2637 0 obj 2332 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endobj << endobj /S /P endobj /Lang (EN-US) /P 6022 0 R /Lang (EN-US) 4050 0 obj /K 1389 << /K 1157 /S /P /S /P endobj endobj /P 5365 0 R /K 15 /K 126 /Lang (EN-US) endobj >> 3808 0 obj >> /Pg 25 0 R 255 0 obj /P 5219 0 R /K 1309 2914 0 obj >> /S /P /P 6650 0 R endobj endobj >> /Lang (EN-US) /Pg 23 0 R /K 55 /Lang (EN-US) << >> /Pg 24 0 R /Subscript /Span >> /K 1108 /Pg 22 0 R endobj /K 1279 /Lang (EN-US) /P 6370 0 R /K 50 /K 573 /K 870 /Pg 25 0 R >> 3588 0 obj >> null 2643 0 R null 2644 0 R null 2645 0 R null 2646 0 R null null /Pg 23 0 R /S /P /S /P /P 5501 0 R /P 4937 0 R 2614 0 obj endobj endobj /S /P /K 44 Home - Cliffwater LLC << >> >> /Lang (EN-US) /S /P << 3344 0 R 3345 0 R 3346 0 R 3347 0 R 3348 0 R 3349 0 R 3350 0 R 3351 0 R 3352 0 R 3353 0 R /Pg 23 0 R >> /Lang (EN-US) /Lang (EN-US) 3589 0 obj >> /Lang (EN-US) /Lang (EN-US) /K 6 endobj null 2949 0 R null 2950 0 R null 2951 0 R null null null 2952 0 R 688 0 obj /S /P << 8 0 obj /P 5430 0 R << null 3600 0 R null null null 3601 0 R null null null 3602 0 R /P 5904 0 R /S /Artifact /S /Artifact >> /Pg 23 0 R /S /P /S /P endobj /Lang (EN-US) /T () /Lang (EN-US) << /K 1115 << /Pg 23 0 R endobj << << /Contents 4355 0 R /K 166 >> 1631 0 obj /Pg 25 0 R endobj << >> /K 244 /S /P << /Pg 24 0 R << /Pg 19 0 R /Lang (EN-US) endobj << /P 10 0 R /Lang (EN-US) endobj /P 4817 0 R /Lang (EN-US) /Pg 25 0 R /P 6119 0 R 1888 0 obj /S /Artifact /P 5692 0 R /S /P 4127 0 obj /P 6656 0 R >> /S /Artifact 3073 0 obj /Pg 24 0 R << endobj endobj /P 10 0 R endobj /S /P >> endobj /Pg 22 0 R endobj /S /P /P 6036 0 R 3 0 obj /Lang (IT-IT) 207 0 R 207 0 R 207 0 R 207 0 R 207 0 R 590 0 R 591 0 R] << 548 0 obj /S /P /K 1430 /K 1467 /K 1436 3678 0 R null null null 3679 0 R null 3680 0 R null 3681 0 R null endobj >> /K 587 /Pg 24 0 R 1449 0 obj endobj 1825 0 obj /K 468 Cliffwater Direct Lending Index 3rd Quarter, 2022 - YouTube /K 148 /Pg 23 0 R /S /P /Lang (EN-US) /Lang (EN-US) /K 1158 /Lang (EN-US) << >> /K 684 << /S /Artifact << << /K 1411 /K 364 /S /P << /Pg 24 0 R /S /P 220 0 obj endobj /P 6673 0 R /Pg 25 0 R >> /P 5045 0 R >> /Lang (EN-US) 3223 0 obj /S /Artifact /P 10 0 R endobj /Pg 24 0 R endobj /P 6309 0 R /S /P /S /P endobj /Lang (EN-US) /Lang (EN-US) /Pg 22 0 R /P 5472 0 R << << /P 5828 0 R >> 588 0 obj 2225 0 obj endobj /S /P /Lang (EN-US) >> 1545 0 obj /S /P >> /K 89 endobj 3837 0 obj 1731 0 obj /Pg 20 0 R << /Pg 22 0 R /K 1463 /K 166 endobj /S /Artifact >> /K 422 1041 0 obj << /Pg 18 0 R endobj /P 6523 0 R /K 1060 >> << endobj << >> /K 1382 endobj /Pg 24 0 R 3821 0 R null null null 3822 0 R null null null 3823 0 R null 2026 0 obj >> >> << << 1851 0 obj 4070 0 obj endobj >> endobj /S /P /Lang (EN-US) 2736 0 obj 3600 0 obj endobj << /P 6007 0 R /Pg 24 0 R 298 0 obj /P 6149 0 R >> /Pg 23 0 R /Lang (EN-US) /S /P 793 0 obj /P 6581 0 R /P 5095 0 R endobj 1242 0 obj >> /K 129 >> << 3380 0 obj /K 585 /Pg 24 0 R /S /P /Pg 25 0 R << << endobj /Pg 20 0 R /S /Artifact /P 4637 0 R 2105 0 obj /K 556 endobj /S /P /Pg 24 0 R /S 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4587 0 R] /Lang (EN-US) >> /K 1403 endobj endobj /P 4717 0 R >> /Lang (EN-US) 4028 0 obj >> 3742 0 obj /Lang (EN-US) << >> >> /S /Artifact >> endobj >> /S /Artifact << /Pg 23 0 R /K 1005 3248 0 obj /S /P /P 5534 0 R /Pg 24 0 R /Pg 25 0 R << /Pg 23 0 R endobj >> /P 4703 0 R /Lang (EN-US) /K 271 endobj endobj endobj /K 381 /S /Link << endobj /Lang (EN-US) /S /P 3913 0 obj << << << endobj /Lang (EN-US) 2716 0 obj /Pg 23 0 R << /S /P 3398 0 obj endobj /S /Artifact << << /S /Artifact /S /P endobj /Pg 23 0 R >> 3647 0 obj /K 815 >> /Superscript /Span 1033 0 obj /K 1396 /Pg 25 0 R endobj 4004 0 obj << /P 6341 0 R << endobj >> Cliffwater draws up direct lending index - Private Debt Investor /K 1357 /K 194 /K 1213 /Pg 23 0 R >> null 788 0 R null null null 789 0 R null 790 0 R null 791 0 R 3038 0 obj << /P 10 0 R /K 894 << /P 4959 0 R 4156 0 obj endobj /Lang (EN-US) /Lang (EN-US) /Pg 24 0 R /Pg 24 0 R /K 1503 /Lang (EN-US) /Pg 23 0 R << /K 1323 endobj /P 4403 0 R >> /Pg 24 0 R /Pg 14 0 R endobj << /S /Artifact endobj 2032 0 obj /S /P << endobj endobj /S /Artifact /K [441 0 R 442 0 R] 3097 0 R 3098 0 R 3099 0 R 3100 0 R 3101 0 R 3102 0 R 3103 0 R 3104 0 R 3105 0 R 3106 0 R /S /P /Lang (EN-US) 3526 0 obj << 2445 0 obj /Pg 23 0 R /S /P /S /P >> << /P 33 0 R >> << null 3532 0 R null 3533 0 R null 3534 0 R null 3535 0 R 3536 0 R null /K 90 endobj /S /Artifact /Pg 23 0 R /Pg 22 0 R /K 183 >> >> << /P 6236 0 R /Lang (EN-US) /S /P /P 5288 0 R /Pg 17 0 R /K 39 << /S /P endobj /K 3 1954 0 obj >> 455 0 obj >> << >> /S /P /S /Artifact 2397 0 obj endobj >> /Pg 23 0 R endobj 989 0 obj /Pg 23 0 R /S /P /S /P << /Pg 22 0 R >> /Pg 23 0 R /P 6483 0 R /S /P /K 184 /Pg 22 0 R 4243 0 obj >> << /K 1194 /Pg 23 0 R CS HY Index, Barclays US IG, Moody's, Cliffwater, Refinitiv LPC as of December 2022. endobj 3347 0 obj /P 6116 0 R /P 4848 0 R /Pg 24 0 R /S /P >> /Pg 23 0 R /Pg 25 0 R /Lang (EN-US) /S /P /P 10 0 R >> << /K 1496 /K 1149 << >> >> endobj /Lang (EN-US) /K 267 /Lang (EN-US) endobj endobj >> << /Pg 24 0 R >> /Pg 23 0 R /Pg 24 0 R << << >> endobj /K 195 /P 10 0 R /P 5652 0 R endobj endobj /S /Artifact /K 1212 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 /K 14 /P 6010 0 R 723 0 obj /Lang (EN-US) 3016 0 obj /K 36 >> /K 169 endobj /Pg 24 0 R /S /Artifact /K [386 0 R 387 0 R 388 0 R] /S /Artifact /S /P /P 4892 0 R /S /Artifact /S /P >> /Lang (EN-US) /Pg 23 0 R 65 0 R 66 0 R 68 0 R 69 0 R 70 0 R null 72 0 R 73 0 R 75 0 R 76 0 R /Pg 24 0 R >> /Pg 23 0 R << << /Lang (EN-US) /Lang (EN-US) /Pg 23 0 R /S /Artifact 3722 0 obj /P 5615 0 R 1170 0 obj /Pg 24 0 R /P 10 0 R << /P 5644 0 R << endobj 1772 0 obj 1568 0 obj << /Pg 25 0 R >> << >> << /Lang (EN-US) /P 4866 0 R /S /P /K 1166 /Lang (EN-US) endobj endobj /Pg 23 0 R 3971 0 obj >> /P 6689 0 R /Pg 22 0 R /Pg 23 0 R /Lang (EN-US) /K 668 endobj /S /P /Lang (EN-US) endobj /Pg 24 0 R << >> << /K 533 << >> /K 1543 >> >> >> /Lang (EN-US) endobj endobj /K 1324 2876 0 obj /S /P /S /P /P 10 0 R 1179 0 obj /S /Artifact /S /Artifact >> /Pg 23 0 R << 2812 0 obj /S /P >> 1601 0 obj /P 5843 0 R << /K 1166 endobj /S /P /S /P >> << endobj /S /Artifact /Pg 21 0 R endobj >> /Pg 25 0 R >> endobj 2801 0 R null 2802 0 R 2803 0 R null 2804 0 R null 2805 0 R null 2806 0 R /S /Artifact endobj /Lang (EN-US) endobj /K 1540 endobj << /K 1343 >> /Pg 19 0 R endobj /P 10 0 R /K 1159 /Lang (EN-US) /Pg 22 0 R /K 20 >> /Lang (EN-US) /S /Artifact >> >> endobj 3117 0 obj >> endobj << /S /P /S /Artifact /Pg 25 0 R /S /P >> endobj >> 2196 0 obj >> >> >> endobj /S /P >> /S /P /P 10 0 R /Lang (EN-US) /P 4867 0 R endobj >> endobj /Lang (EN-US) << endobj /S /P 4089 0 obj << >> endobj endobj /Pg 13 0 R /Pg 25 0 R /Lang (EN-US) 703 0 obj /S /Artifact endobj endobj /K 333 /P 5610 0 R endobj /S /Artifact /S /Artifact endobj /Pg 22 0 R 1940 0 obj endobj /P 10 0 R /K 142 /P 6059 0 R /Pg 23 0 R >> /Lang (EN-US) >> << /P 5017 0 R endobj /Lang (EN-US) /Pg 22 0 R /P 10 0 R /S /Artifact /Pg 22 0 R endobj endobj >> 1098 0 obj >> /Lang (EN-US) /Pg 23 0 R /K 896 << 1612 0 obj /K 847 /K 326 << endobj endobj << endobj /P 10 0 R /Lang (EN-US) /P 6100 0 R >> /K 1195 /S /Artifact 2095 0 obj /S /Artifact /S /Artifact 2117 0 obj >> /Pg 25 0 R 2737 0 obj /Pg 25 0 R /Lang (EN-US) /S /Artifact Evaluating the Historical Performance of Cliffwater Direct Lending Index Data (CDLI) Cliffwater, LLC - which provides a range of services in the alternative asset space - created a direct lending index. /K 152 /Lang (EN-US) endobj << endobj >> /Pg 14 0 R /K 734 /Lang (EN-US) /Pg 23 0 R >> endobj 3307 0 obj /Lang (EN-US) endobj 273 0 obj << /Pg 22 0 R << 1406 0 obj 1437 0 obj /Pg 23 0 R 1552 0 obj 2433 0 obj endobj 2426 0 obj 1316 0 obj >> /S /P endobj << << endobj endobj /K 1331 << /Pg 25 0 R << /P 10 0 R << /Lang (EN-US) 2299 0 obj /S /P << /P 6457 0 R /S /Artifact /S /Artifact /Lang (EN-US) /K 904 /Pg 23 0 R endobj << /S /P 1783 0 obj /P 4800 0 R << >> endobj /Lang (EN-US) << endobj /S /P /Lang (EN-US) << /Pg 24 0 R endobj Manager selection, therefore, is part of investing in direct loans. /Pg 23 0 R /Pg 22 0 R << >> >> << /Pg 14 0 R /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] 1370 0 obj >> endobj /S /P >> >> /Pg 22 0 R /Pg 24 0 R 117 0 R 118 0 R 119 0 R 120 0 R 121 0 R 122 0 R 123 0 R 124 0 R 125 0 R 126 0 R /Pg 25 0 R /S /P 2874 0 obj 2059 0 obj << /S /P << /S /Artifact << endobj >> /S /Artifact endobj >> >> /P 4865 0 R >> << /S /P endobj /P 10 0 R 353 0 R 354 0 R] 2771 0 R null null null 2772 0 R null null null 2773 0 R null /K 160 2201 0 obj /Pg 23 0 R >> /Pg 24 0 R /S /Artifact >> /S /P 2296 0 obj >> endobj /K 616 /S /P /P 6388 0 R 3577 0 obj /K 588 /P 4921 0 R /K 69 /Pg 24 0 R endobj >> /S /Artifact << endobj 193 0 obj /P 5418 0 R endobj >> endobj /S /P /S /Artifact /Pg 25 0 R /S /P /P 6122 0 R endobj /K 62 756 0 R null 757 0 R null 758 0 R 759 0 R null 760 0 R null 761 0 R /K 772 << << /P 6146 0 R /A 4745 0 R << /Lang (EN-US) endobj /K 601 /Lang (EN-US) /P 4777 0 R /S /P 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/S /Artifact << /S /Artifact 2635 0 obj /K [1117 1118] /S /Artifact /K 215 /Pg 25 0 R /Pg 25 0 R /K 1161 1032 0 R null null null 1033 0 R null null null 1034 0 R null endobj 1049 0 obj << << << /Lang (EN-US) /CropBox [0 0 612 792] << /K 1259 << /A 4661 0 R /P 33 0 R /Lang (EN-US) endobj /P 6541 0 R /P 5864 0 R 3395 0 obj /Pg 23 0 R << /K 817 /K 368 endobj endobj /K 82 /K [64 4672 0 R] endobj /P 5370 0 R /S /Table << /P 5727 0 R /S /Artifact endobj /Pg 23 0 R /Pg 24 0 R /K 36 /Pg 23 0 R >> /P 4920 0 R /S /Artifact /Pg 16 0 R endobj >> << /Lang (EN-US) >> /Lang (EN-US) /K 1537 >> endobj 4073 0 obj << /K 1427 2516 0 obj >> 2675 0 obj endobj 1926 0 obj /Lang (EN-US) endobj 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 endobj /Lang (EN-US) /Lang (EN-US) 4081 0 obj 4002 0 obj << >> /K 1140 /P 6546 0 R << >> /K 194 endobj /Lang (EN-US) endobj /K 1506 >> /Lang (EN-US) /Pg 23 0 R /S /Artifact >> endobj endobj << endobj /Pg 25 0 R /K 1021 /P 5378 0 R >> 3690 0 obj 3237 0 obj /S /P /S /P 2779 0 obj /Pg 23 0 R << /S /Artifact endobj << endobj /S /P /S /P >> << endobj /Lang (EN-US) /Pg 22 0 R /K 263 << /S /P /Pg 24 0 R << endobj << /S /Artifact << /Pg 18 0 R endobj /K 1186 /K 102 >> >> >> /P 5164 0 R << endobj 2814 0 obj /P 6395 0 R /Lang (EN-US) endobj >> << /Pg 22 0 R /K 1267 /Lang (EN-US) endobj /Lang (EN-US) /P 5155 0 R >> endobj 731 0 obj endobj 1828 0 R null 1829 0 R null 1830 0 R null null null 1831 0 R null /K 1158 >> 2566 0 obj endobj >> endobj endobj /S /Artifact endobj /P 5198 0 R 1544 0 obj >> /S /P /Pg 22 0 R /K 59 endobj >> 2287 0 obj << /Lang (EN-US) /Lang (EN-US) Index. /Pg 22 0 R endobj /K 1298 >> 870 0 obj /K 1525 endobj >> /S /Artifact /Pg 24 0 R /K 427 /Pg 24 0 R /Pg 23 0 R >> endobj /Pg 22 0 R /K 1486 /Pg 23 0 R >> 1525 0 obj /Pg 23 0 R /Pg 22 0 R 254 0 obj endobj /Pg 25 0 R endobj << /K 1124 /P 4844 0 R endobj << /Lang (EN-US) 96 0 obj /Pg 25 0 R /K 1106 >> /Lang (EN-US) /S /Artifact /Pg 15 0 R /S /P << /K 540 Here's my overview of the Corporate Transparency Act, a new federal law that will require most private U.S. companies to report to the U.S. Treasury the names endobj /S /Artifact endobj endobj 3057 0 R 3058 0 R 3059 0 R 3060 0 R 3061 0 R 3062 0 R 3063 0 R 3064 0 R 3065 0 R 3066 0 R /Lang (EN-US) /S /P endobj 2216 0 obj >> /K 5 /Pg 25 0 R /P 5290 0 R 1724 0 obj /S /Artifact >> endobj 2402 0 obj /K 1447 /Pg 23 0 R /Pg 22 0 R << /Pg 25 0 R /S /Artifact /Pg 25 0 R /K 28 >> 17 0 obj /Pg 22 0 R 2151 0 obj endobj /K 999 /S /Artifact /Lang (EN-US) << /Lang (EN-US) /Pg 22 0 R 834 0 obj null 3554 0 R null 3555 0 R null 3556 0 R null 3557 0 R null 3558 0 R /K 1151 /S /P << /P 5861 0 R /S /P /K 775 endobj /Pg 23 0 R /Pg 22 0 R << endobj endobj << endobj 2804 0 obj /K 1534 /Pg 19 0 R /K 40 /K 1523 /K 1436 2985 0 obj endobj /Lang (EN-US) /Pg 25 0 R >> /Lang (EN-US) << 1700 0 obj /P 6316 0 R /S /P >> 1490 0 obj /K 956 >> /K 1213 994 0 obj << endobj >> /Lang (EN-US) /Lang (EN-US) >> /S /P /Pg 22 0 R /K 742 << << << /Lang (EN-US) /K 792 /K 518 /K 749 >> /P 5483 0 R /K 809 /Pg 25 0 R /Lang (EN-US) << /Pg 22 0 R << << /P 6170 0 R endobj >> 3596 0 obj /K 55 1172 0 obj >> /P 5338 0 R /Pg 24 0 R 2039 0 obj /Lang (EN-US) endobj >> << /S /Artifact /Pg 25 0 R >> /S /Artifact >> << << /K [70 4678 0 R] 4196 0 obj >> /K [4388 0 R 4389 0 R 4390 0 R 4391 0 R 4392 0 R 4393 0 R] << /Pg 23 0 R >> 2247 0 obj /K 1280 /Pg 22 0 R /K 23 /Pg 22 0 R endobj << /S /P 2106 0 R 2107 0 R 2108 0 R 2109 0 R 2110 0 R 2111 0 R 2112 0 R 2113 0 R 2114 0 R 2115 0 R endobj 2042 0 obj >> /K 352 /Lang (EN-US) /Pg 25 0 R /Lang (EN-US) /P 5346 0 R /K 1035 /S /Artifact endobj endobj >> << 59 0 obj << Regime Change: The Role of Private Equity in the'Traditional' Portfolio /K 1281 endobj endobj /Pg 22 0 R /K 11 2215 0 obj 502 0 obj << >> /Lang (EN-US) endobj /K 1445 /Lang (EN-US) /Pg 22 0 R << /S /P /Pg 24 0 R << endobj /K 1311 /S /P /K 131 >> 2872 0 R null 2873 0 R null 2874 0 R 2875 0 R null 2876 0 R null 2877 0 R /K 1549 Market Closed. 3515 0 R null 3516 0 R null null null 3517 0 R null null null << << /S /P /Pg 23 0 R /K [15 411 0 R 134] /S /Artifact >> /Pg 24 0 R >> >> The unsmoothed volatility adjustment for the CDLI is 4.5%, which is roughly less than that of the blended public credit index (shown in Exhibit C). << /Lang (EN-US) 1232 0 obj /Lang (EN-US) << endobj /P 10 0 R endobj >> /K 1373 << 2619 0 obj 2313 0 obj endobj /Pg 23 0 R /Pg 23 0 R << null null 681 0 R null 682 0 R null 683 0 R null 684 0 R null >> endobj /Pg 25 0 R /Lang (EN-US) /K 368 2886 0 obj endobj /Pg 24 0 R /S /P >> /Lang (EN-US) /S /P 4279 0 obj 3361 0 obj /P 10 0 R /K 1257 1004 0 obj /K 1297 << /Lang (EN-US) /Lang (EN-US) /K 698 /Pg 25 0 R 473 0 obj /P 5380 0 R 1380 0 obj /S /Artifact /P 5605 0 R /S /P /Pg 20 0 R endobj >> >> /S /P /P 4811 0 R endobj /Lang (EN-US) 2959 0 obj 3328 0 obj /Pg 23 0 R /Lang (EN-US) /Tabs /S 3823 0 obj null null 1975 0 R null null null 1976 0 R null 1977 0 R null << Volatility is measured using standard deviation. /P 5093 0 R /S /P << >> /K 816 4285 0 obj 4191 0 obj 1336 0 R 1336 0 R 1337 0 R 1338 0 R 1339 0 R 1340 0 R 1341 0 R 1342 0 R 1343 0 R 1344 0 R /P 5101 0 R /Pg 22 0 R endobj << 4315 0 obj /S /P /P 5432 0 R /Pg 25 0 R /Pg 25 0 R << endobj >> /Lang (EN-US) 2715 0 obj endobj endobj /Pg 23 0 R /S /P 1062 0 R null 1063 0 R 1064 0 R null 1065 0 R null 1066 0 R null 1067 0 R /S /P << /K 1541 >> /S /P /Lang (EN-US) endobj /Pg 25 0 R /Pg 25 0 R << 2390 0 obj /Parent 8 0 R /K 1317 /P 6622 0 R endobj << /S /P 1128 0 R 1129 0 R 1130 0 R 1131 0 R 1132 0 R 1133 0 R 1134 0 R 1135 0 R 1136 0 R 1137 0 R << /Pg 22 0 R 829 0 obj /S /Artifact /Lang (EN-US) endobj 3129 0 obj /S /Artifact /S /P << /K 1087 /S /P >> 447 0 obj /Pg 22 0 R /P 143 0 R >> /K 1217 /Pg 22 0 R << /Lang (EN-US) /P 5014 0 R >> /S /P << >> /S /Artifact << endobj << /P 10 0 R endobj /Pg 25 0 R 762 0 obj /P 5452 0 R /Pg 23 0 R /Pg 23 0 R /Lang (EN-US) /S /P /Lang (EN-US) << << /S /Artifact /P 10 0 R << >> /K 743 endobj >> >> >> /K 1 endobj /Pg 25 0 R /S /Artifact /P 6666 0 R /S /P << endobj /S /P /K 1310 << /P 4751 0 R /Pg 23 0 R /K 1477 2891 0 obj /Pg 18 0 R /S /P /Pg 22 0 R << >> /S /P /Pg 22 0 R << /S /P >> /P 5257 0 R 3518 0 obj << >> endobj endobj endobj >> endobj endobj >> endobj << /K 1527 /S /Artifact /S /P /Lang (EN-US) /K 1193 >> /S /Artifact /Pg 24 0 R /K 1417 << endobj 2127 0 obj /Lang (EN-US) /P 10 0 R endobj endobj /S /P /K 384 << /P 5209 0 R /K 46 827 0 obj endobj endobj >> /P 6655 0 R 908 0 obj /S /Artifact /Lang (EN-US) /Pg 24 0 R /P 5671 0 R << >> >> 2106 0 obj << /P 5560 0 R 561 0 obj /S /Artifact << /K 1404 2076 0 R 2077 0 R 2078 0 R 2079 0 R 2080 0 R 2081 0 R 2082 0 R 2083 0 R 2084 0 R 2085 0 R /P 10 0 R /K 1338 /Pg 22 0 R endobj /P 6648 0 R >> 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. /S /P 1011 0 obj << /S /P /Pg 23 0 R /P 5829 0 R /K 1393 /K 1189 endobj 1597 0 obj << /Lang (EN-US) 3523 0 obj /S /P /S /Artifact >> >> /Pg 24 0 R 2070 0 obj << /Lang (EN-US) /S /Artifact /Pg 23 0 R >> >> endobj << /P 4715 0 R 4234 0 R 4235 0 R 4236 0 R 4237 0 R 4238 0 R 4239 0 R 4240 0 R 4241 0 R 4242 0 R 4243 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 endobj >> endobj null 390 0 R null 391 0 R null 392 0 R null 393 0 R null 394 0 R /P 5975 0 R 1910 0 obj /P 5715 0 R /Lang (EN-US) endobj endobj >> /P 4713 0 R /Lang (EN-US) endobj /K 1123 /K 1300 /Lang (EN-US) This index captures both mark-to-market volatility (based on quarterly loan valuation changes) as well /S /Artifact endobj /Pg 22 0 R /K 877 endobj >> << /Lang (EN-US) /P 5331 0 R endobj >> /Pg 22 0 R /S /P >> /S /P /Pg 25 0 R Together with management fees, Cliffwater estimates that total fees and expenses for direct lending private partnerships equals 3.56% of net asset value. /Pg 22 0 R /K 1485 /Lang (EN-US) /Pg 24 0 R >> >> /S /Artifact << >> << /P 4864 0 R
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