/S /P /P 10 0 R 1936 0 obj /K 1009 /Lang (EN-US) /S /P /Lang (EN-US) endobj 3738 0 obj 2836 0 obj /Lang (EN-US) >> 93 0 obj 1385 0 R 1386 0 R 1387 0 R 1388 0 R 1389 0 R 1390 0 R 1391 0 R 1392 0 R 1393 0 R 1394 0 R /K 1159 720 0 obj << endobj >> /Pg 24 0 R /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 264 0 obj /K 1406 endobj /S /P >> /S /P /S /P /Pg 25 0 R endobj /K 1525 1493 0 obj /K 1199 >> >> /Lang (EN-US) << /K 905 /Pg 24 0 R << endobj endobj /Pg 21 0 R << /P 5225 0 R /Pg 22 0 R /P 10 0 R >> /Pg 23 0 R /P 4818 0 R null null null null null null null null null null endobj << /Pg 20 0 R /P 6629 0 R /S /P /S /Artifact >> /Pg 23 0 R << 2039 0 obj /Lang (IT-IT) /Lang (EN-US) /S /P << >> 1260 0 obj /K 99 >> /Pg 23 0 R >> /S /Artifact /K 570 /S /Artifact << 83 0 obj << endobj >> endobj /Pg 25 0 R endobj << << /Pg 23 0 R /S /P 1837 0 obj /S /P /K 541 /S /P /Pg 23 0 R endobj /K 532 << /S /P /K 994 /S /P /Pg 21 0 R 3904 0 obj /Lang (EN-US) /K 603 /Pg 23 0 R endobj /P 4847 0 R 2834 0 obj 4047 0 R 4048 0 R 4049 0 R 4050 0 R 4051 0 R 4052 0 R 4053 0 R 4054 0 R 4055 0 R 4056 0 R /Lang (EN-US) 2688 0 obj >> << >> << /Pg 25 0 R /S /Artifact >> 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 /Lang (EN-US) /P 6274 0 R 1711 0 obj 2766 0 obj << 2392 0 obj /S /P /S /P endobj << /K 428 endobj << /Pg 22 0 R 4016 0 obj /Lang (EN-US) >> null 784 0 R null 785 0 R null 786 0 R null 787 0 R null null >> >> /Pg 23 0 R /P 6166 0 R >> >> << /S /Artifact 1090 0 obj /K 235 /S /P /S /Artifact << << >> /Lang (EN-US) /Lang (EN-US) >> endobj /Lang (EN-US) endobj /Lang (EN-US) 1085 0 obj /S /Artifact /K 1220 /K 1481 /S /P /P 5824 0 R /K 1369 /S /Artifact /P 5209 0 R /Pg 24 0 R /S /P /S /P /Lang (EN-US) /Pg 22 0 R /Resources 4381 0 R /P 6129 0 R /Pg 24 0 R null 876 0 R null 877 0 R null null null 878 0 R null 879 0 R /P 4897 0 R /S /Artifact Opportunities in Corporate Direct Lending", 2019. << 797 0 R null 798 0 R null 799 0 R null null null 800 0 R null /Lang (EN-US) /Pg 22 0 R /K 1460 96 0 obj /S /P << /K 457 /P 5964 0 R endobj 2150 0 obj >> 2962 0 R null 2963 0 R null 2964 0 R 319 0 R 2965 0 R 2966 0 R 2967 0 R 2968 0 R /K 1307 /K 1015 /Lang (EN-US) /S /P /P 5821 0 R /Pg 24 0 R /K 1550 /S /Artifact >> >> endobj /S /P >> << /Pg 19 0 R >> /K 840 /Pg 24 0 R /Lang (EN-US) /P 4936 0 R /Pg 22 0 R As shown in Exhibit 1, Preqin1 reported that private debt funds raised an aggregate $92.6 billion of capital globally in 2016 with direct lending funds accounting for $23.2 billion of the aggregate capital. >> /S /Artifact << endobj 2696 0 obj endobj /Pg 23 0 R /S /Artifact 746 0 obj /Pg 20 0 R endobj << >> 2918 0 obj /S /P endobj endobj /Pg 25 0 R 3428 0 obj /Pg 23 0 R 2802 0 obj /Pg 19 0 R /S /P /K 1241 /S /P /P 6714 0 R << /S /Artifact /S /Artifact 1132 0 obj /S /LBody << endobj endobj /S /P /K 790 endobj endobj /S /P endobj endobj /S /Artifact >> /S /Artifact << /Pg 22 0 R /Lang (EN-US) >> 1227 0 obj 2562 0 obj << << >> << >> /S /P 3547 0 obj /S /P 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. 428 0 obj >> /P 5143 0 R /S /Artifact 1110 0 R 1111 0 R 1111 0 R 1112 0 R 1113 0 R 1114 0 R 1115 0 R 1116 0 R 1116 0 R 1117 0 R /Tabs /S /P 5473 0 R << /P 4862 0 R << /S /P >> /K 1004 << null null 3727 0 R null 3728 0 R null 3729 0 R null 3730 0 R null /P 6307 0 R /P 5694 0 R 3446 0 obj /S /Artifact endobj 4301 0 obj endobj << endobj /Lang (EN-US) /K 499 414 0 obj /S /Artifact /S /P /K 458 1327 0 R 1328 0 R 1329 0 R 1330 0 R 1331 0 R 1331 0 R 1332 0 R 1333 0 R 1334 0 R 1335 0 R << /K 846 /P 5981 0 R 3761 0 obj /P 5128 0 R >> << 757 0 obj >> endobj >> >> endobj /S /P 337 0 obj 1774 0 obj /S /Artifact /S /P /P 5951 0 R /P 6128 0 R /P 5693 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. endobj /K 3 endobj endobj 3553 0 obj 1375 0 R 1376 0 R 1377 0 R 1378 0 R 1379 0 R 1380 0 R 1381 0 R 1382 0 R 1383 0 R 1384 0 R /S /Artifact << /K 1430 /S /Artifact /S /P /S /P >> /Pg 22 0 R /Lang (EN-US) >> endobj << /K 1545 >> /Lang (EN-US) /Rect [69.75 410.1940002441 207.7660064697 422.1940002441] /P 5760 0 R /K 9 << CDLI Quote - Cliffwater Direct Lending Index - Total Return << << endobj endobj /S /P /Pg 26 0 R /K 707 >> 2262 0 obj >> /P 10 0 R /Pg 25 0 R /P 5090 0 R << 4132 0 obj /K 1136 /S /Artifact >> /Pg 22 0 R /P 5176 0 R >> /S /Artifact 2173 0 obj /S /P /S /P 4050 0 obj << 3425 0 obj /S /P 2882 0 obj >> /P 4698 0 R /Lang (EN-US) /Lang (EN-US) /S /P >> /Lang (EN-US) /S /P /P 10 0 R /P 5803 0 R endobj /Pg 19 0 R endobj /Pg 24 0 R >> endobj endobj /Lang (EN-US) /K 1215 /S /Artifact endobj /K 137 /Pg 22 0 R /Pg 24 0 R /Lang (EN-US) endobj >> << /Lang (EN-US) /Pg 22 0 R /P 33 0 R endobj /K 194 << /P 5362 0 R /Pg 22 0 R >> 3362 0 obj /K 747 endobj >> /S /P >> endobj 3333 0 obj /Pg 22 0 R /Pg 24 0 R 3442 0 obj /Lang (EN-US) 3932 0 obj << /Pg 15 0 R endobj >> /Pg 24 0 R 3431 0 obj /Lang (EN-US) >> /Pg 23 0 R >> >> << >> >> endobj /Lang (EN-US) >> 1350 0 obj >> >> /Lang (EN-US) 3885 0 obj /P 4718 0 R /Lang (EN-US) << << 2792 0 obj >> 3601 0 obj >> /P 6016 0 R /Lang (EN-US) /S /Artifact /K 52 /K 161 /K 1463 /S /Artifact /P 185 0 R /K 1219 /P 6725 0 R /K 1457 /K 1192 /Pg 23 0 R >> /S /P << << 3925 0 obj /K 422 4046 0 obj endobj /K 801 /P 10 0 R << >> /S /P 3145 0 obj 586 0 obj /S /Artifact /S /Artifact 2391 0 obj 182 0 obj >> >> 247 0 R 248 0 R 249 0 R 250 0 R 251 0 R 252 0 R 253 0 R 254 0 R 255 0 R 256 0 R /K 1550 2155 0 obj endobj 3612 0 obj 311 0 obj endobj /S /P << 570 0 obj /Resources 4387 0 R /S /P /P 4708 0 R endobj >> /K 1470 /Pg 25 0 R /Pg 22 0 R /Pg 23 0 R /Pg 24 0 R /S /P /K 1116 endobj >> /Pg 22 0 R << /P 10 0 R /P 4899 0 R << /S /Artifact /P 5120 0 R /Lang (EN-US) /Pg 22 0 R /Lang (EN-US) >> /S /P /K 1448 /Pg 17 0 R 3579 0 obj /S /P /S /P /S /Artifact << /K 882 endobj endobj endobj << /S /P /Pg 24 0 R << /S /P >> /S /P Ask us about our performance. /K 1363 >> << endobj /Lang (EN-US) /K 1521 20 0 obj 2485 0 obj /Pg 24 0 R >> 2783 0 obj /K 1374 /Tabs /S << endobj endobj endobj /S /Artifact /Pg 22 0 R << endobj /S /Artifact 2045 0 obj 2530 0 obj << 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 1370 0 obj << 2971 0 obj << /P 5632 0 R /S /Artifact /Pg 24 0 R /P 5560 0 R /Lang (EN-US) /S /Artifact /Pg 25 0 R >> /Pg 22 0 R 1223 0 obj << << /S /P /Type /Page endobj endobj /S /P /K [15 411 0 R 134] /K 19 << /K 1106 3682 0 R null 3683 0 R null 3684 0 R 3685 0 R null 3686 0 R null 3687 0 R /K 60 /StructParents 10 /K 1354 /K 1025 >> << >> /S /Artifact 2716 0 obj << /S /P endobj << 4210 0 obj 2728 0 obj 1217 0 obj endobj /S /P /Lang (EN-US) /S /P Direct Lending) endobj /K 1368 /P 5434 0 R /P 5767 0 R << /S /P >> >> 2 Annualized volatility and return based on the period between 2005 and 2022. endobj /Pg 22 0 R 1903 0 R null null null 1904 0 R null 1905 0 R null 1906 0 R null << << 3567 0 R null 3568 0 R null 3569 0 R null 3570 0 R null 3571 0 R 3572 0 R 4261 0 obj /S /P /Lang (EN-US) /S /Artifact endobj << /Pg 23 0 R << /Lang (EN-US) << /Lang (EN-US) /S /Artifact /P 5041 0 R 749 0 obj 1567 0 obj << << /P 6624 0 R 3846 0 obj /Pg 25 0 R endobj << >> /Pg 25 0 R /Pg 24 0 R 2664 0 obj /Pg 23 0 R /Pg 23 0 R /Lang (EN-US) << Loan Note: Private debt's growing muscle; Cliffwater issues return forecasts How private debt firms are gaining market share at the large end of the market; Cliffwater issues its latest return forecasts; and caution surrounds real estate. /P 96 0 R /S /P /Pg 23 0 R endobj /P 4928 0 R 4309 0 obj /K 29 << >> /S /Artifact null 978 0 R null 979 0 R 980 0 R null 981 0 R null 982 0 R null << /K 1295 endobj /Pg 23 0 R 3788 0 obj /K 1292 /Pg 23 0 R /Lang (EN-US) 3748 0 obj 583 0 obj 1451 0 obj >> endobj endobj >> >> /S /P Hanneke Veringa on LinkedIn: U.S. Regional Outlook /Lang (EN-US) /Pg 25 0 R /Pg 24 0 R Private Credit vs. Other Private Capital Asset Classes /S /Figure /K 998 >> /P 5683 0 R /S /P /Lang (EN-US) /P 10 0 R >> /K 1306 << >> << /Pg 25 0 R >> endobj /Pg 20 0 R 901 0 obj 1926 0 R null null null 1927 0 R null null null 1928 0 R null 712 0 obj << endobj /Lang (EN-US) endobj endobj /Lang (EN-US) /K 506 << endobj /S /Artifact /Pg 22 0 R >> endobj 2060 0 obj 3416 0 obj endobj endobj << /S /P /Pg 18 0 R >> endobj endobj /Pg 22 0 R 3957 0 R 3958 0 R 3959 0 R 3960 0 R 3961 0 R 3962 0 R 3963 0 R 3964 0 R 3965 0 R 3966 0 R << /S /P /S /Artifact /S /Artifact >> /Pg 22 0 R /P 10 0 R /S /P /S /P 3687 0 obj >> /S /P << 1402 0 obj >> << << endobj >> >> /P 5692 0 R 3374 0 obj 2856 0 obj /K 1208 endobj << /S /Artifact endobj endobj /S /Artifact << /K 1377 << >> /S /Artifact /Pg 22 0 R endobj /Pg 23 0 R /S /P /K 1183 3318 0 obj >> >> /P 6196 0 R /Pg 16 0 R << << /K 446 /Lang (EN-US) 539 0 obj /Pg 25 0 R /Pg 23 0 R null 899 0 R null 900 0 R null null null 901 0 R null null /K 885 /Pg 18 0 R endobj >> /Pg 24 0 R << /Lang (EN-US) endobj >> 1265 0 obj /P 5397 0 R /S /P << endobj /S /P endobj << /P 6387 0 R 1917 0 obj 1151 0 obj /Pg 23 0 R /Pg 25 0 R /K 666 /S /Artifact /Pg 13 0 R 4048 0 obj /Lang (EN-US) /P 6145 0 R 744 0 obj /K 35 /Kids [13 0 R 14 0 R 15 0 R 16 0 R 17 0 R] 2643 0 obj 2481 0 obj /S /P << /Pg 13 0 R 2606 0 obj 4324 0 R 4325 0 R 4326 0 R 4327 0 R 4328 0 R 4329 0 R 4330 0 R 4331 0 R 4332 0 R 4333 0 R >> << >> endobj >> /S /P /Pg 25 0 R >> /P 6323 0 R endobj << << 188 0 obj /Pg 22 0 R 1117 0 obj >> /CropBox [0 0 612 792] /K 1206 /Lang (EN-US) /S /P /S /Artifact /K 1499 /Pg 22 0 R /K 98 /K 1486 261 0 R null null null 232 0 R 232 0 R 232 0 R 232 0 R 232 0 R 232 0 R << << /Pg 23 0 R /Lang (EN-US) 3278 0 obj /K 1237 endobj endobj /Pg 23 0 R /K 10 << >> << /P 10 0 R /K 1218 endobj << /S /Artifact >> << /P 10 0 R 166 0 obj /Lang (EN-US) >> >> << /K 1472 endobj /Pg 25 0 R 3388 0 obj >> /Pg 22 0 R endobj /K 1146 1844 0 obj >> 3913 0 obj /P 6610 0 R /S /P /K 1336 /Pg 21 0 R /Lang (EN-US) /K 1496 >> << 4246 0 obj endobj endobj 3060 0 obj /P 10 0 R /K 1300 506 0 obj /P 6696 0 R /K 406 /K 385 << /Pg 24 0 R 3127 0 R 3128 0 R 3129 0 R 3130 0 R 3131 0 R 3132 0 R 3133 0 R 3134 0 R 3135 0 R 3136 0 R << >> 1209 0 obj endobj /S /P /S /Artifact endobj << >> endobj /P 5003 0 R /P 6712 0 R /Pg 23 0 R /Pg 25 0 R /K 570 /K 1275 /P 5132 0 R endobj /S /Artifact /S /P There can be no assurance that historical trends will continue during the life of any fund. /Pg 24 0 R /K 1204 >> 4288 0 obj /S /P /P 6745 0 R endobj /K 229 << /Lang (EN-US) /Lang (EN-US) /Pg 24 0 R /Lang (EN-US) /P 5253 0 R /S /P >> /K 1547 << /Pg 24 0 R /Pg 22 0 R /K 1428 /Pg 24 0 R << 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 /S /Artifact endobj /S /P /Pg 23 0 R /S /Artifact /Pg 22 0 R >> /S /Artifact /P 6694 0 R endobj 2684 0 obj /Pg 14 0 R << /P 6509 0 R The Cliffwater Direct Lending Index (CDLI) seeks to measure the unlevered, gross of fee performance of U.S. middle market corporate loans, as represented by the asset-weighted performance of the underlying assets of Business Development Companies (BDCs), including both exchange-traded and unlisted BDCs, subject to certain eligibility requirements. /Lang (EN-US) 317 0 obj endobj /S /Artifact 1587 0 obj /S /Artifact
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