cliffwater direct lending index

<< endobj 3779 0 obj endobj /Lang (EN-US) >> /Pg 18 0 R endobj /Pg 22 0 R /S /P /K 815 /Lang (EN-US) /P 10 0 R /P 5106 0 R << 1106 0 obj << /K 1083 /K 804 /S /Artifact 1065 0 obj /Pg 23 0 R /Lang (EN-US) >> endobj /S /P /K 1460 /Lang (EN-US) /S /P /K 657 /Pg 19 0 R /Pg 24 0 R /S /Artifact /Pg 24 0 R 1699 0 obj 3425 0 R null 3426 0 R null 3427 0 R 3428 0 R null 3429 0 R null 3430 0 R /H /I /Lang (EN-US) /Pg 25 0 R /Pg 22 0 R This book dissects direct loans as a class, providing the critical background 385397403217. << /K 78 /Pg 22 0 R endobj 4176 0 obj /Lang (EN-US) /S /Artifact /Lang (EN-US) endobj /Parent 8 0 R /K 72 609 0 obj /S /P 521 0 obj /P 5662 0 R /S /Artifact 3322 0 obj << 2617 0 obj >> >> << endobj endobj /K 442 /Pg 25 0 R /P 10 0 R /S /Artifact /P 10 0 R /K 10 /S /P << /Pg 13 0 R /Pg 23 0 R /S /P /Pg 23 0 R /S /Artifact >> /P 5515 0 R /S /P 2508 0 obj endobj endobj << /Pg 22 0 R >> /S /Artifact /Lang (EN-US) 273 0 obj /K 1357 /K 1165 /Pg 19 0 R 3001 0 obj << /S /P << /Lang (EN-US) endobj >> >> /K 877 /K 1116 << /Lang (EN-US) /P 5442 0 R endobj /S /P >> endobj /Pg 24 0 R /Pg 26 0 R /Lang (EN-US) >> /K [1334 1335] >> endobj /Pg 25 0 R /K 76 /Pg 25 0 R /K 1136 /P 5936 0 R /Pg 18 0 R endobj /K 1453 /Lang (EN-US) endobj /Lang (EN-US) >> /Pg 24 0 R 3374 0 obj endobj << /S /P << /Pg 25 0 R endobj << /Pg 25 0 R 43 0 obj << >> /S /Artifact << /S /P /Pg 18 0 R /Lang (EN-US) /Pg 20 0 R /Type /Annot /K 836 /Pg 24 0 R endobj /Lang (EN-US) /Pg 24 0 R /S /Artifact /P 4978 0 R /MediaBox [0 0 612 792] /S /P 4236 0 obj /P 6751 0 R 2786 0 obj /Pg 22 0 R 501 0 obj /K 540 /Pg 24 0 R /S /Artifact /Lang (EN-US) /P 6233 0 R << >> /Lang (EN-US) /K 601 /S /Artifact /S /Artifact /Pg 25 0 R /K 28 /S /P 606 0 obj /Lang (EN-US) 2272 0 obj /Lang (EN-US) /S /Artifact >> /Pg 24 0 R /P 6201 0 R /Pg 22 0 R /S /P /Lang (EN-US) 793 0 obj << 1882 0 obj /Lang (EN-US) >> 3261 0 obj 911 0 obj >> /Pg 23 0 R <> /K 1455 /P 5780 0 R << /K 1533 /S /P << 3466 0 obj /K 1502 /K 864 >> >> 2840 0 obj << 4252 0 obj >> >> 3323 0 obj 2297 0 obj << 416 0 obj /K 802 /K 624 /Lang (EN-US) >> endobj >> endobj << 3916 0 obj /S /P endobj endobj >> << 355 0 obj endobj >> >> << /S /Artifact /Lang (EN-US) /Lang (EN-US) /K 68 >> /S /P 491 0 obj /S /P /Lang (EN-US) /Lang (EN-US) >> << /K 214 >> 3824 0 R null 3825 0 R null 3826 0 R null 3827 0 R null 3828 0 R 3829 0 R null 1588 0 R null 1589 0 R null 1590 0 R null 1591 0 R null 1592 0 R /K 6 /K 1064 << /Lang (EN-US) >> 406 0 obj >> /S /Artifact >> /Lang (EN-US) >> /Lang (EN-US) >> >> /Pg 25 0 R /S /P /Lang (EN-US) 4008 0 obj 3823 0 obj << endobj 775 0 R null null null 776 0 R null null null 777 0 R null 4078 0 obj /P 5127 0 R >> >> 961 0 obj /P 33 0 R /P 10 0 R endobj /Pg 23 0 R /S /P endobj /Pg 22 0 R /Pg 24 0 R /K 1402 /Pg 24 0 R /P 6325 0 R /Pg 24 0 R endobj /K 113 /S /Artifact >> /Pg 23 0 R /S /Artifact /P 10 0 R >> /K 424 /P 5060 0 R 127 0 R 128 0 R 129 0 R 130 0 R 131 0 R 132 0 R 133 0 R 134 0 R 135 0 R 136 0 R null 672 0 R null 673 0 R null 674 0 R 675 0 R null 676 0 R null /S /P /Pg 22 0 R /K 1185 >> /Pg 22 0 R endobj /Lang (EN-US) endobj endobj << /S /Artifact >> 1281 0 obj << 1646 0 R null null null 1647 0 R null 1648 0 R null 1649 0 R null 1827 0 obj 3931 0 obj /P 4883 0 R endobj 1980 0 obj >> >> /Pg 24 0 R << /S /P /K 782 /Lang (EN-US) endobj /S /P /Pg 25 0 R 768 0 obj /P 10 0 R /S /Artifact /K 34 >> 3152 0 obj /K 466 /S /Artifact >> /S /Artifact 477 0 obj /S /P endobj /Parent 8 0 R /Pg 24 0 R /Pg 24 0 R endobj /Pg 22 0 R 3014 0 obj /P 5193 0 R << 1140 0 obj /P 6280 0 R /S /P >> /K 612 93 0 obj endobj >> << endobj << << /Pg 17 0 R endobj endobj 2906 0 obj /Pg 23 0 R /Pg 23 0 R /S /Artifact endobj /Lang (EN-US) << /S /Artifact /Lang (EN-US) /P 10 0 R /K 1457 << endobj 1337 0 obj endobj /S /P >> /Pg 25 0 R 3107 0 R 3108 0 R 3109 0 R 3110 0 R 3111 0 R 3112 0 R 3113 0 R 3114 0 R 3115 0 R 3116 0 R 4288 0 obj /S /P << /S /Artifact /Pg 21 0 R << << << /Lang (EN-US) /K 1548 /Pg 25 0 R << /Pg 25 0 R endobj /P 5511 0 R /K 1352 /S /Link /K 109 /Pg 25 0 R << /Pg 25 0 R /Pg 24 0 R >> /S /Artifact /Pg 23 0 R /S /Artifact /K 1485 3625 0 obj /Pg 25 0 R /P 6285 0 R << 3732 0 obj /Pg 22 0 R >> >> >> /S /Artifact /K 1456 Middle-market direct lending has evolved over the last 20 years, and many institutional investors increasingly view it as a strategic portfolio allocation. >> /Pg 22 0 R /S /Artifact endobj << 113 0 obj /K 929 >> endobj << /Pg 23 0 R >> 45 0 obj << >> >> /K 40 /A 4408 0 R /S /Artifact /P 5598 0 R 2933 0 obj 2823 0 R null 2824 0 R null 2825 0 R null 2826 0 R 2827 0 R null 2828 0 R /Pg 23 0 R >> /Lang (EN-US) >> << /K 732 4115 0 obj endobj /Lang (EN-US) /P 5112 0 R 644 0 obj /S /P /K 1483 endobj /S /P /Pg 25 0 R /Lang (EN-US) << /Pg 22 0 R >> /K 798 /K 140 /Pg 23 0 R << /K 1139 1365 0 R 1366 0 R 1367 0 R 1368 0 R 1369 0 R 1370 0 R 1371 0 R 1372 0 R 1373 0 R 1374 0 R >> /K 410 endobj /P 4952 0 R endobj endobj /S /P << <> endobj endobj << /Pg 22 0 R << /P 10 0 R 3217 0 obj endobj /S /Artifact /Pg 23 0 R /S /Artifact endobj /P 6239 0 R /S /P 1513 0 obj null 765 0 R null 766 0 R null 767 0 R null 768 0 R null 769 0 R /Pg 23 0 R /S /P 1578 0 obj /Pg 25 0 R /Pg 19 0 R 3333 0 obj 1893 0 obj /Lang (EN-US) 879 0 obj endobj >> /Lang (EN-US) /K 62 <> null 978 0 R null 979 0 R 980 0 R null 981 0 R null 982 0 R null /K 1491 1728 0 obj >> endobj << /K 73 /Pg 14 0 R /Pg 23 0 R /Pg 24 0 R <> /K 1200 endobj endobj /Pg 22 0 R /K 410 573 0 obj << 1081 0 obj >> /CropBox [0 0 612 792] /K 210 << /Pg 24 0 R >> << /S /Artifact /P 5712 0 R /K 859 /Pg 23 0 R /S /P /Pg 24 0 R 3109 0 obj 2637 0 obj << /Pg 15 0 R /Lang (EN-US) endobj >> /Pg 22 0 R /S /Artifact >> /Pg 25 0 R /Pg 25 0 R 3735 0 obj /K 1115 endobj 4042 0 obj /Lang (IT-IT) /S /Artifact /Pg 25 0 R 3386 0 obj /CropBox [0 0 612 792] >> >> /K 1199 3147 0 obj >> >> /S /P 2666 0 obj Patrick Wolfe, Managing Director, is a member of Blackrock's Global Credit Platform. /K 1218 << << /S /P endobj /K 1234 << /S /P endobj /S /Artifact /Lang (EN-US) /K 1353 << endobj /S /P /S /P 1180 0 obj << endobj /Pg 25 0 R endobj << 1233 0 obj /K 1467 /Pg 24 0 R /S /P /K 1499 /K 186 endobj 2139 0 obj /Lang (EN-US) << endobj >> << /S /P 1923 0 obj /Parent 9 0 R /S /Artifact /K 469 /K 647 3808 0 obj << << endobj /Lang (EN-US) endobj endobj >> /Pg 24 0 R << << /S /P /K 543 /P 5579 0 R /K 1281 >> /K 1195 /S /P endobj >> /Pg 24 0 R << 639 0 obj /S /Artifact /Pg 25 0 R /S /Artifact /S /Artifact /S /Artifact /S /P /Rotate 0 /K 130 /P 4876 0 R >> endobj >> /S /Artifact /K 608 /S /Artifact /K 7 /Pg 22 0 R 1310 0 obj /P 6452 0 R << << >> /S /Artifact endobj >> /S /P >> >> 598 0 obj << /S /Artifact /P 6329 0 R /K 1114 /P 5284 0 R /Lang (EN-US) /S /Artifact endobj >> << endobj /Pg 24 0 R /Pg 25 0 R endobj /S /Artifact /K 574 /K 1190 /Pg 24 0 R /Pg 22 0 R /K 1259 endobj First, the Cliffwater Direct Lending Index provides a benchmark for measuring risk, return, and manager performance in direct lending instruments. << endobj >> endobj <> >> endobj /Pg 22 0 R /Pg 24 0 R /S /Link >> /Pg 19 0 R << endobj endobj /Lang (EN-US) >> endobj 2596 0 obj >> >> /Pg 24 0 R /S /P /K 936 /Pg 24 0 R /Pg 24 0 R /P 10 0 R /Lang (EN-US) >> /P 4849 0 R >> /K 921 /S /P /Pg 25 0 R << 2369 0 obj /K 1501 /S /P /S /Artifact /Lang (EN-US) /P 6212 0 R >> << endobj endobj endobj >> /K 28 >> << << /Lang (EN-US) >> 2313 0 R 2314 0 R 2315 0 R 2316 0 R 2317 0 R 2318 0 R 2319 0 R 2320 0 R 2321 0 R 2322 0 R endobj >> >> 1400 0 obj << >> 115 0 obj 2269 0 obj <> /Lang (EN-US) << /K 3 /S /Artifact /K 432 /S /P /S /Artifact endobj >> << endobj << /Lang (EN-US) /S /Artifact <> << >> /Pg 22 0 R 864 0 obj 4331 0 obj 4094 0 obj /P 10 0 R 2866 0 obj >> /Pg 24 0 R 3288 0 obj << << endobj >> endobj >> 214 0 obj endobj >> /Pg 22 0 R >> /S /Artifact >> /P 6376 0 R /Pg 13 0 R /S /Artifact 2 Demand for capital from /S /P >> /Lang (EN-US) endobj >> endobj /P 6482 0 R /Pg 24 0 R >> 1000 0 obj 4134 0 R 4135 0 R 4136 0 R 4137 0 R 4138 0 R 4139 0 R 4140 0 R 4141 0 R 4142 0 R 4143 0 R 946 0 obj /K 1532 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<< 2526 0 obj >> /Lang (EN-US) /Lang (EN-US) /Lang (EN-US) /K 873 /S /Artifact /S /Artifact << << /Lang (EN-US) /Pg 23 0 R 660 0 obj /S /P endobj /K 1241 /K 901 237 0 obj 2116 0 obj >> /Pg 23 0 R /S /P /K 869 /Lang (EN-US) /K 904 /Lang (EN-US) <> >> null null null 2576 0 R null 2577 0 R null 2578 0 R null 2579 0 R >> /K 1079 >> << >> >> << 1769 0 obj /Pg 22 0 R /K 73 /P 6408 0 R 3439 0 obj 20 0 obj /Lang (EN-US) >> /Lang (EN-US) 1954 0 obj << /S /P 2494 0 obj /Pg 25 0 R /S /Artifact endobj /S /P endobj /P 5402 0 R endobj >> /Lang (EN-US) << << << /K 127 /K 322 endobj /P 10 0 R /P 5231 0 R 2148 0 obj >> /S /P 2684 0 obj /K 1268 /Pg 25 0 R endobj endobj << << /S /Artifact /S /Artifact /S /P >> /Pg 20 0 R 49 0 obj /Pg 23 0 R endobj >> 1124 0 obj >> /Pg 25 0 R /S /P /K 718 endobj /Lang (EN-US) /P 5549 0 R << endobj endobj << endobj /K 484 1871 0 obj 2350 0 obj >> endobj >> /Pg 25 0 R /S /Artifact /Pg 22 0 R <> >> /Pg 25 0 R /Lang (EN-US) >> 12 0 obj endobj /Superscript /Span /Pg 24 0 R <> /Lang (EN-US) /S /Artifact /Pg 20 0 R /P 5971 0 R endobj 3279 0 obj >> /Lang (EN-US) >> << /K 1161 /K 4 endobj 3064 0 obj /K 1201 /S /Artifact << >> /Pg 22 0 R /K 32 4273 0 obj << endobj 3694 0 obj endobj /Pg 25 0 R >> /K 1421 /Pg 23 0 R /K 1537 <> /K 552 /S /P /Pg 25 0 R /K 26 /Pg 23 0 R << >> /K 859 /S /Artifact endobj /Pg 24 0 R << /S /Artifact /K 1069 /Lang (EN-US) /P 5593 0 R /Pg 22 0 R /Pg 25 0 R /K 38 /S /Artifact /P 5151 0 R >> /K 1274 /S /P endobj /K 1042 2398 0 obj /Pg 23 0 R /Lang (EN-US) /S /Figure /P 5022 0 R /S /Artifact /Pg 24 0 R >> /Lang (EN-US) /Lang (EN-US) endobj 3882 0 obj /K 69 >> /P 5516 0 R /Pg 20 0 R 2316 0 obj >> /S /Artifact /Lang (EN-US) /Lang (EN-US) /Pg 24 0 R /S /P endobj endobj /S /Artifact /Lang (EN-US) /K 71 >> endobj << /K [1334 1335] <> /S /P << /Pg 24 0 R << /K 57 /Lang (EN-US) /Lang (EN-US) /Pg 25 0 R endobj endobj 2562 0 obj << 2704 0 obj /S /Artifact /P 6647 0 R 2286 0 obj /S /Artifact /P 5814 0 R <> 2798 0 obj 2388 0 obj /K 1135 << endobj endobj /P 5700 0 R << 1160 0 obj /S /P /Pg 22 0 R >> /S /P /S /P /K 1343 635 0 obj << /K 1201 3156 0 obj /S /P /Pg 24 0 R endobj We are not afraid to talk about it. /K 384 endobj /Lang (EN-US) /Pg 18 0 R /Pg 24 0 R endobj /S /Artifact /Lang (EN-US) endobj endobj << /Lang (EN-US) 670 0 obj >> << /Pg 23 0 R /S /P endobj /Pg 23 0 R /S /Artifact << endobj 3239 0 obj << /S /P /Pg 21 0 R /Pg 22 0 R /Lang (EN-US) >> /K 18 /P 5050 0 R >> /S /Table /S /P /Pg 23 0 R << /Lang (EN-US) /Pg 22 0 R /Pg 23 0 R /P 6267 0 R endobj 2652 0 obj >> >> /Lang (EN-US) /P 10 0 R /S /Artifact >> /S /P >> >> endobj /Pg 25 0 R /P 4834 0 R /P 6659 0 R /K 1131 /Lang (EN-US) >> null 1815 0 R null 1816 0 R null 1817 0 R null 1818 0 R null null /K 1106 /S /Artifact /P 4980 0 R /K 127 /Lang (EN-US) /K 756 /S /P /Pg 22 0 R /K 1328 << /K 31 2921 0 R null 2922 0 R 2923 0 R null 2924 0 R null 2925 0 R null 2926 0 R /K 1518 >> endobj /S /Artifact /S /Artifact endobj >> >> 3289 0 obj endobj >> /K [7 438 0 R 40] 2506 0 obj endobj >> /K 1479 /Pg 24 0 R /K 1186 /Lang (EN-US) >> /K 1442 endobj 268 0 obj endobj /S /P /Pg 22 0 R endobj <H3^k3 Mn ctfq49H35^`6UuaY=Der t:C 1461 0 obj 3076 0 obj /P 6200 0 R 757 0 obj >> 856 0 obj endobj /Lang (EN-US) endobj endobj 2618 0 obj /Pg 23 0 R /K 1398 >> /K 975 << /S /P /Pg 25 0 R << /S /Artifact endobj /Lang (EN-US) >> <> /S /Artifact /S /Artifact /S /P /Pg 18 0 R << /K 1228 /Pg 25 0 R << >> /S /P /Pg 22 0 R /K 1277 << /H /I endobj endobj 601 0 R null null 602 0 R null 603 0 R 604 0 R null null 605 0 R << 2045 0 obj /P 10 0 R /K 1501 2758 0 obj endobj >> /K 1513 /S /P /K 81 /Lang (EN-US) >> >> endobj /K 57 /K 39 << >> /K 101 /S /P /Lang (EN-US) endobj /Pg 22 0 R 2188 0 obj /K 105 >> 4 0 obj << /K 709 endobj >> /P 5223 0 R << /Lang (EN-US) endobj /Pg 22 0 R /S /Artifact << 4093 0 obj 2517 0 R null 2518 0 R null 2519 0 R null 2520 0 R null 2521 0 R 2522 0 R /S /P 2184 0 obj /K 1533 /Pg 22 0 R /S /P /S /Artifact endobj /K 213 /S /P 2349 0 obj 1897 0 obj <> /S /P >> 2716 0 obj 647 0 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1478 << /K 1493 /K 1497 /K 1392 /K 1312 endobj >> /Pg 23 0 R >> /Pg 24 0 R 4055 0 obj 1342 0 obj 3081 0 obj 918 0 obj << 399 0 obj << /S /Artifact endobj >> /K 1538 null null 1718 0 R null null null 1719 0 R null 1720 0 R null << /Pg 22 0 R /K 720 /Lang (EN-US) /Pg 24 0 R /P 6503 0 R /Lang (EN-US) endobj << >> /A 4685 0 R /S /Artifact << 546 0 obj >> 1329 0 obj endobj endobj /K 385 >> << /S /P << >> /S /Artifact /S /P /P 5848 0 R /K 4 1729 0 obj >> /Pg 24 0 R /Pg 22 0 R 805 0 R null 806 0 R 807 0 R null 808 0 R null 809 0 R null 810 0 R >> >> /S /Artifact << 3866 0 obj /Pg 23 0 R 251 0 obj >> /S /Artifact 3478 0 obj /K 1094 /Pg 25 0 R endobj >> /K 1304 /K 1315 endobj >> >> /Pg 22 0 R /P 5547 0 R null 1727 0 R null 1728 0 R null 1729 0 R null null null 1730 0 R 3770 0 obj >> endobj endobj 2261 0 obj /Pg 22 0 R << endobj /Lang (EN-US) 1840 0 obj /Pg 23 0 R endobj >> /P 6642 0 R 2908 0 obj << 2810 0 obj /Pg 23 0 R /S /Artifact /P 4895 0 R /K 1321 << >> endobj endobj /S /P <> << /Annots [4351 0 R 4352 0 R 4353 0 R 4354 0 R] >> endobj /S /P endobj /Pg 16 0 R /Pg 23 0 R /Pg 18 0 R /P 6188 0 R /K 1303 /Pg 25 0 R null 1921 0 R 1922 0 R null 1923 0 R null 1924 0 R null 1925 0 R null 429 0 R null 430 0 R null 431 0 R null 432 0 R 95 0 R 433 0 R 434 0 R /K 1360 >> /K 65 /Pg 23 0 R >> /Lang (EN-US) endobj << 959 0 obj /Lang (EN-US) /Lang (EN-US) /Pg 25 0 R >> >> /Pg 23 0 R /S /P >> << >> >> 3360 0 obj >> /P 6460 0 R /S /P << /K 912 endobj << <> >> /S /Artifact /K 1200 <> /S /Artifact /K 639 /K 587 /Lang (EN-US) /S /P /Pg 24 0 R << 3678 0 obj /S /P /P 5429 0 R /K 1079 1248 0 R 1249 0 R 1250 0 R 1251 0 R 1252 0 R 1253 0 R 1254 0 R 1255 0 R 1256 0 R 1257 0 R << << /S /P endobj /Lang (EN-US) /K 54 /S /Artifact /Pg 25 0 R /P 4913 0 R << /K 478 /K 1545 << /K 105 endobj /P 5646 0 R /Pg 23 0 R >> endobj endobj endobj 836 0 obj /K 262 /K 1217 /K 1423 /P 4985 0 R /S /P endobj endobj << << /S /P >> >> << /K 27 >> /Lang (EN-US) /S /Artifact >> /Pg 25 0 R /P 6407 0 R /K 1416 endobj /K 1073 2775 0 obj 1370 0 obj >> 1287 0 obj 632 0 obj /Pg 24 0 R /P 6256 0 R 2400 0 obj 2423 0 obj endobj endobj >> /S /P /Pg 24 0 R /Lang (EN-US) endobj endobj /S /P /K 428 >> >> << /Pg 25 0 R endobj /S /P /K 1025 526 0 obj /K 1407 >> endobj /K 7 /Lang (EN-US) << /Pg 25 0 R >> endobj /P 6530 0 R endobj 3264 0 R 3265 0 R 3266 0 R 3267 0 R 3268 0 R 3269 0 R 3270 0 R 3271 0 R 3272 0 R 3273 0 R 3293 0 obj /K 1163 /Pg 24 0 R <> /P 5683 0 R 878 0 obj /P 5396 0 R /P 5053 0 R >> >> 1974 0 obj endobj /Lang (EN-US) >> /K 1500 74 0 obj endobj /K 351 endobj /S /P 271 0 obj >> As of 03/01/2023 EDT. 2374 0 obj endobj /K 459 /S /Artifact 1222 0 obj 2031 0 obj 1178 0 obj 1439 0 obj << /BS 6763 0 R /K 1322 >> /K 1286 2330 0 obj >> >> /P 6585 0 R << 3185 0 obj endobj 3077 0 R 3078 0 R 3079 0 R 3080 0 R 3081 0 R 3082 0 R 3083 0 R 3084 0 R 3085 0 R 3086 0 R endobj endobj /Pg 22 0 R /Pg 24 0 R /S /P >> endobj endobj /Lang (EN-US) /K 1056 << /S /Artifact /S /P /P 4707 0 R /S /P /Lang (EN-US) /P 6034 0 R << /S /Artifact >> << /S /Artifact /Pg 23 0 R >> /K 1305 /Pg 24 0 R 172 0 obj >> null 3691 0 R null 3692 0 R null 3693 0 R null 3694 0 R null 3695 0 R /Pg 25 0 R 1440 0 obj 3157 0 R 3158 0 R 3159 0 R 3160 0 R 3161 0 R 3162 0 R 3163 0 R 3164 0 R 3165 0 R 3166 0 R /Lang (EN-US) /S /P /Pg 22 0 R /S /P >> << 2167 0 obj /Lang (EN-US) endobj /Pg 23 0 R /S /P /Lang (EN-US) endobj /Lang (EN-US) 1034 0 obj 3082 0 obj << /S /Artifact /S /Artifact /K 1518 /S /Artifact endobj endobj >> << /S /P /K 1163 2362 0 obj /Pg 23 0 R /P 10 0 R >> /P 10 0 R /Lang (EN-US) >> /S /Artifact 1581 0 obj >> /K 628 3051 0 obj /Pg 23 0 R /Pg 22 0 R 3581 0 obj >> /K 1451 /Pg 23 0 R 4075 0 obj endobj 1032 0 obj endobj 3639 0 obj <> /Pg 23 0 R /P 4848 0 R /P 4931 0 R endobj /K 680 2038 0 R 2039 0 R 2040 0 R 2040 0 R 2041 0 R 2042 0 R 2043 0 R 2044 0 R 2045 0 R 2045 0 R >> CLIFFWATER and the CLIFFWATER LLC logo are trademarks of Cliffwater LLC. /A 4671 0 R << /Pg 25 0 R /Pg 22 0 R /S /P /K 1457 /Pg 25 0 R /Lang (EN-US) /Pg 22 0 R /Lang (EN-US) /Lang (EN-US) /K 103 /S /Artifact << >> /Lang (EN-US) /S /Artifact /P 5995 0 R >> endobj 1131 0 obj >> /S /LBody endobj /S /Artifact /P 6749 0 R /S /Artifact << << /S /P >> << >> Cliffwater Direct Lending Fund (the " Fund ") is a closed-end management investment company registered under the Investment Company Act of 1940, as amended (the "Investment Company Act"), and organized as a Delaware statutory trust. /P 4968 0 R /K 162 /Pg 25 0 R 3957 0 obj /Lang (EN-US) >> >> 222 0 obj endobj >> endobj 1755 0 obj 2597 0 obj >> 3222 0 obj >> 3909 0 obj endobj /K 1508 >> /K 826 366 0 R 367 0 R 368 0 R 369 0 R null null 370 0 R null 371 0 R 372 0 R >> /Pg 23 0 R 310 0 obj << 2605 0 obj 3685 0 obj /Pg 23 0 R /Pg 23 0 R /S /P /S /Artifact /S /Artifact /Pg 22 0 R /S /Artifact /S /Artifact /Contents 4372 0 R /S /P /Lang (EN-US) 4202 0 obj endobj endobj /K 833 >> << /K 1266 /S /Artifact 120 0 obj /Pg 24 0 R /Pg 24 0 R endobj >> /K 728 /P 6097 0 R Survey of Corporate Pension Disclosures for Fiscal Years Ending 2003 /S /P /P 6730 0 R /S /Artifact endobj << -*[\]!$S!0]4sD+}),yE2p'.H%6D'fg[(/ "6=gEl:]U?fgp@4Y3yD$30FOx@Ml 16Kjy[/LAnpeKjJ'=P8*IQ5H6;'yE'HY*ZX}r pdL'A$8$5ZOGYPYX^'suPt " xrB ]0Ha' de,%|;m~'D yI7Jv=eWd{\6yF,8c+1`6*MW-/"AC@b8r?18hOY;(N'/Wu!#%V)+PGv;9+*2+D_S@5+E4IUVdT;RC&=hygu%+=I6.M@ jDJkK9%(BW|IGoQi& ]weMN[$zYH@W&zSRz gN_z[Hn`l)$;N/lc [zzoaF;`4]^nDCGdr$G[[6u7=*wF7;n_l8= >> /Pg 15 0 R null 2957 0 R null 2958 0 R 2959 0 R null 2960 0 R null 2961 0 R null /S /P /S /P /K 680 endobj /S /P << /S /P endobj 157 0 R 158 0 R 159 0 R 160 0 R 161 0 R 162 0 R 163 0 R 164 0 R 165 0 R 166 0 R 3066 0 obj 1046 0 obj << /K 819 3263 0 obj >> /Pg 25 0 R <> /S /Artifact /S /P /Pg 15 0 R /S /P 2884 0 obj endobj 3005 0 obj /Type /Page /Lang (EN-US) /K 553 /S /P /S /P << << /Pg 25 0 R /S /P /P 5482 0 R /Pg 13 0 R >> /Lang (EN-US) /K 1286 endobj /S /LBody 4021 0 obj /S /Artifact >> endobj 3383 0 obj 853 0 obj /Pg 26 0 R >> 197 0 R 198 0 R 199 0 R 200 0 R 201 0 R 202 0 R 203 0 R 204 0 R 205 0 R 206 0 R endobj endobj /Pg 13 0 R /S /P /P 5174 0 R /Pg 20 0 R >> endobj endobj /S /Artifact endobj endobj >> 2551 0 obj >> /S /P /Pg 22 0 R endobj /K 1198 >> /K 739 4265 0 obj 930 0 obj /Pg 25 0 R /Pg 19 0 R 2331 0 obj /P 4815 0 R endobj /Pg 19 0 R /Pg 25 0 R /Lang (EN-US) /K 1415 /S /P 3403 0 obj /S /P /Lang (EN-US) /K 871 283 0 obj 1691 0 obj /S /Artifact /S /Artifact /P 5953 0 R 3330 0 obj << 1839 0 obj << 536 0 obj /K 605 /Lang (EN-US) 927 0 obj 210 0 obj /P 10 0 R 53 0 obj /Pg 22 0 R >> /Pg 22 0 R << endobj /Lang (EN-US) >> endobj /S /P << /Lang (EN-US) /K [1111 1112] >> 1162 0 obj /S /P >> endobj /K 1542 /Pg 23 0 R /K 1176 /Pg 24 0 R /S /P /Lang (EN-US) 3034 0 obj >> /K 351 /Lang (EN-US) 4332 0 obj 1860 0 obj /P 5600 0 R endobj /P 5517 0 R /S /Artifact /S /Artifact /Pg 25 0 R /Pg 24 0 R /Pg 25 0 R /Pg 22 0 R endobj >> /K 32 /P 6117 0 R /S /Artifact << /K 1420 /Lang (EN-US) /Lang (EN-US) /Pg 14 0 R 778 0 obj /K 1214 << >> /S /Artifact /S /P endobj /P 5589 0 R /P 33 0 R /S /P /S /P /P 6472 0 R /S /P /P 5728 0 R /Pg 22 0 R 1253 0 obj endobj endobj endobj /S /Artifact 687 0 obj /P 6341 0 R /Pg 25 0 R >> /Lang (EN-US) /Pg 23 0 R 167 0 obj /Pg 25 0 R endobj 806 0 obj /K 1170 >> << /S /P >> 770 0 obj /Lang (EN-US) 2806 0 obj 3134 0 obj 2375 0 obj endobj /K 155 >> << 1206 0 obj /Pg 25 0 R /K 978 1495 0 obj /Lang (EN-US) >> /Pg 23 0 R /Pg 20 0 R endobj /Pg 25 0 R endobj >> /S /Artifact /P 6700 0 R /Pg 23 0 R /K 1391 /S /P << /Pg 24 0 R /S /P >> endobj /K 679 << /S /P /S /P /S /Artifact << /Lang (EN-US) << << endobj /Lang (EN-US) endobj /K 1408 /K 1412 /Pg 23 0 R >> 4024 0 obj << /S /P /Lang (EN-US) 1125 0 obj /Pg 22 0 R /P 10 0 R /K 507 /Lang (EN-US) >> /K 1230 >> >> /Lang (EN-US) 2491 0 R null null null 2492 0 R null 2493 0 R null 2494 0 R null << /Pg 24 0 R /Lang (EN-US) /K 131 /K 47 /Lang (EN-US) endobj /K 1300 /StructParent 1 /S /P << /Pg 25 0 R /K 863 >> /Lang (EN-US) /P 10 0 R >> /P 10 0 R >> endobj 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 >> /Lang (EN-US) /Pg 25 0 R /P 6729 0 R /Pg 24 0 R << 742 0 obj << /Lang (EN-US) /Pg 25 0 R endobj << 1301 0 obj >> /S /Artifact /Pg 24 0 R >> endobj /Pg 15 0 R /Pg 22 0 R null 2700 0 R null 2701 0 R 2702 0 R null 2703 0 R null 2704 0 R null endobj /Lang (EN-US) << 3704 0 obj 4264 0 obj endobj /Pg 22 0 R /P 5282 0 R << /S /P /S /P << 3529 0 obj endobj /S /Artifact /Lang (EN-US) >> 3875 0 obj << << 3800 0 obj >> /P 4916 0 R /Pg 24 0 R /Pg 24 0 R endobj 375 0 obj /Lang (EN-US) /Pg 25 0 R /S /P endobj /P 6078 0 R 337 0 obj 3384 0 R 3385 0 R 3386 0 R 3387 0 R 3388 0 R 3389 0 R 3390 0 R 3391 0 R 3392 0 R 3393 0 R /K 1419 /Pg 24 0 R << 2079 0 obj /K 570 /P 6066 0 R endobj /S /P 1766 0 obj /Lang (EN-US) /K 348 /P 5149 0 R /Lang (EN-US) /P 6020 0 R /Pg 20 0 R /K 1497 /S /P /Pg 24 0 R /S /P /Pg 25 0 R >> /Pg 25 0 R /S /P /S /P 558 0 obj Direct lending represented by the Cliffwater Direct Lending Index (CDLI). >> /S /P endobj /K 212 >> /S /P /Lang (EN-US) >> >> << << 3850 0 obj 649 0 obj 722 0 obj /Lang (EN-US) /S /P /S /Artifact /Pg 22 0 R endobj Not surprisingly, some managers have produced better outcomes than others, and by wide margins. 3320 0 obj Cliffwater is an alternative investment adviser and fund manager. >> /Lang (EN-US) /S /Artifact << 2196 0 R 2197 0 R 2198 0 R 2199 0 R 2200 0 R 2201 0 R 2202 0 R 2203 0 R 2204 0 R 2205 0 R endobj /Pg 24 0 R /Pg 25 0 R endobj /S /P /K 769 << /K 18 /P 6303 0 R /K 1179 4248 0 obj /Pg 24 0 R 3141 0 obj null null 801 0 R null 802 0 R null 803 0 R null 804 0 R null /K 1544 endobj /P 5706 0 R 1507 0 obj /Lang (EN-US) endobj /Pg 15 0 R /S /P endobj /K 735 4050 0 obj >> /Lang (EN-US) /S /Artifact 3190 0 obj endobj endobj /Lang (EN-US) 425 0 obj << << 3417 0 obj /S /P 1505 0 R 1506 0 R 1507 0 R 1508 0 R 1509 0 R 1510 0 R 1511 0 R 1512 0 R 1513 0 R 1514 0 R >> >> << /Pg 24 0 R >> /Pg 13 0 R 493 0 obj 29 0 obj /Pg 24 0 R endobj endobj /S /P /K 1197 /K 905 << >> /S /P /K [1340 1341] 1455 0 obj /K 1254 /Pg 24 0 R /K 67 endobj /S /P << >> 3230 0 obj /K 1480 /Lang (EN-US) /S /P >> /K 1381 >> /K 1215 /S /P /P 4786 0 R >> >> endobj /Lang (EN-US) /S /Artifact /Pg 22 0 R << /K 903 /K 1534 /P 6075 0 R /Pg 24 0 R /S /P /S /P null null 2683 0 R null null null 2684 0 R null 2685 0 R null >> >> /S /P endobj << /K [386 0 R 387 0 R 388 0 R] >> 619 0 obj << /S /P << >> endobj /K 16 /Pg 24 0 R /S /P /Pg 23 0 R << /Pg 22 0 R /S /P endobj 2880 0 obj /Pg 22 0 R endobj << /Lang (EN-US) << /S /Artifact endobj

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