<< /Pg 22 0 R 3166 0 obj /P 5686 0 R 1394 0 obj 3158 0 obj /Lang (EN-US) << /K 1113 /Pg 22 0 R endobj /P 5733 0 R >> << << /Pg 24 0 R /Lang (EN-US) >> >> /Lang (EN-US) endobj /Pg 25 0 R /K 967 /P 5465 0 R /Pg 18 0 R << /Pg 14 0 R /K 804 /Pg 25 0 R /P 6589 0 R /Pg 24 0 R /S /P /P 193 0 R << << /S /P /CropBox [0 0 612 792] >> << >> /P 5576 0 R /K 1213 << endobj endobj << endobj endobj >> /S /P endobj << /K 1348 /S /Artifact << endobj 194 0 obj /Pg 25 0 R << /S /P 3884 0 obj >> endobj 3309 0 obj << /Pg 25 0 R /K 424 /Pg 23 0 R endobj /K 457 /K 1393 /P 5708 0 R endobj /K 1330 /Pg 22 0 R /Pg 25 0 R /P 4830 0 R /K 1313 /Lang (EN-US) /Lang (EN-US) /P 10 0 R /Lang (EN-US) /K 403 << /K 1467 /Pg 23 0 R 4004 0 obj /T () null null null 1754 0 R null null null 1755 0 R null 1756 0 R In the U.S., direct lending assets under management jumped by over 800% in the decade following the GFC. >> /P 4732 0 R endobj /Pg 24 0 R endobj >> /Pg 24 0 R /K 1230 /S /Artifact /Pg 25 0 R endobj /S /LBody /S /P /K 441 /P 10 0 R endobj /S /P endobj endobj << stream /S /P << 4261 0 obj << /Lang (EN-US) /K 89 endobj << >> >> endobj /Pg 24 0 R >> << /K 1170 /Pg 22 0 R /K 1333 /P 6105 0 R endobj /Pg 25 0 R 2405 0 obj endobj endobj << /K 1360 /K 580 2222 0 obj /S /Artifact << >> /S /Artifact >> >> /S /Artifact /P 10 0 R >> /S /P /Lang (EN-US) /P 6077 0 R /Lang (EN-US) >> endobj /Pg 23 0 R 3308 0 obj endobj endobj 1419 0 obj /Lang (EN-US) << /S /Artifact << << /P 6474 0 R /S /Artifact 2146 0 obj endobj /K 1311 >> /K 713 2023. /Pg 24 0 R << /Lang (EN-US) /S /Artifact /S /P << endobj endobj /P 5201 0 R /S /Artifact /S /P << /K 1 /P 5890 0 R /P 5526 0 R /K 1222 /K 1397 endobj /Pg 24 0 R << /Lang (EN-US) << /K 237 /Pg 23 0 R << /P 5738 0 R /S /Artifact endobj /Resources 4350 0 R /K 954 >> >> /S /P 3099 0 obj /S /P << >> /Lang (EN-US) /K 1549 /Pg 23 0 R << 2873 0 obj /S /Artifact /Pg 23 0 R /Pg 25 0 R 1822 0 obj >> /Pg 25 0 R /Lang (EN-US) /P 10 0 R /S /P /S /P /P 5535 0 R >> /S /Artifact /S /Artifact >> 1929 0 obj 3893 0 obj 2629 0 obj endobj /K 1527 3723 0 R null 3724 0 R null 3725 0 R null null null 3726 0 R null >> >> 1084 0 R null 1085 0 R null 1086 0 R null 1087 0 R 1088 0 R null 1089 0 R /P 6634 0 R >> /Lang (EN-US) /Pg 25 0 R /Pg 25 0 R >> endobj << /K 1187 /Pg 22 0 R << >> /Pg 23 0 R /Pg 22 0 R 923 0 obj /Pg 25 0 R endobj /Lang (EN-US) /Pg 23 0 R /P 6459 0 R /K 28 endobj Their interest has been fueled by an appetite for floating rate income streams; the attractiveness of a senior secured creditor position; and a need for reduced correlation among . /K 1286 /S /Artifact endobj << /K 1458 << /P 5561 0 R << /S /P 2036 0 obj << /S /P >> << >> endobj << >> /S /Artifact >> 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 null 1607 0 R null 1608 0 R null 1609 0 R null null null 1610 0 R << << /P 4634 0 R /K 1316 /K 1471 /Pg 22 0 R 688 0 obj /P 10 0 R /P 5389 0 R /S /P /K 1309 endobj /Lang (EN-US) 714 0 obj /S /Artifact 568 0 obj 959 0 obj /Lang (EN-US) >> /S /Artifact 3906 0 obj >> /P 4760 0 R /K 264 endobj 1555 0 obj /P 4807 0 R /P 5572 0 R /K 1114 /K 1496 << /S /P /S /P /K 1069 >> /Lang (EN-US) 3488 0 obj 3286 0 obj 1993 0 obj endobj >> << /Lang (EN-US) /Pg 14 0 R /Pg 21 0 R /K 1275 /Lang (EN-US) >> >> /P 10 0 R 2998 0 obj endobj << << >> >> endobj >> /S /Artifact endobj 4043 0 obj 999 0 obj /MediaBox [0 0 612 792] /Lang (EN-US) /K 1402 >> >> 2317 0 obj /K 63 >> /Lang (EN-US) /P 5403 0 R /Pg 24 0 R /K 1474 /Pg 25 0 R /P 10 0 R /K 979 /Lang (EN-US) >> >> /K 328 /K 1232 >> << /P 6316 0 R endobj /P 6023 0 R << /K 13 >> null 1678 0 R null 1679 0 R null 1680 0 R null 1681 0 R null null /Pg 24 0 R << >> >> endobj 2022 Q1 Report on U.S. Direct Lending - Cliffwater << 497 0 obj /K 1510 >> /K 792 << 2214 0 obj 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 /P 6563 0 R /K 1354 /Lang (EN-US) << endobj 3386 0 obj << 3480 0 obj endobj /Lang (EN-US) /Pg 24 0 R 2762 0 obj /Pg 23 0 R /K 1323 /K 566 /K 104 /K 89 /Pg 22 0 R << endobj /S /Artifact /K 484 2357 0 obj 4265 0 obj 2172 0 obj 3785 0 obj null null null 740 0 R null null null 741 0 R null 742 0 R 2534 0 obj 3895 0 obj >> /Pg 23 0 R >> endobj 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 . /K 778 endobj /K 90 /K 1286 4251 0 obj /P 10 0 R << << << /Pg 22 0 R endobj /K 1425 1529 0 obj /Pg 23 0 R /S /P endobj /S /Artifact >> /Pg 24 0 R 1219 0 obj /S /Artifact << 1639 0 obj endobj << /K 368 /K 720 /P 5226 0 R /P 5591 0 R /Pg 19 0 R /Pg 23 0 R endobj endobj /K 1279 /K 30 /Lang (EN-US) /Pg 22 0 R endobj 2773 0 obj << /K 531 >> endobj << 3685 0 obj /Pg 16 0 R /Pg 23 0 R >> 3137 0 R 3138 0 R 3139 0 R 3140 0 R 3141 0 R 3142 0 R 3143 0 R 3144 0 R 3145 0 R 3146 0 R /Pg 24 0 R /K 1436 /K 428 << /S /Artifact /S /P /S /P /Lang (EN-US) /K 451 null 1656 0 R null 1657 0 R null null null 1658 0 R null null /K 130 /S /P /P 4876 0 R /P 6361 0 R /K 1223 1545 0 R] << endobj 4247 0 obj 635 0 obj /Pg 24 0 R /K 29 1280 0 obj 3777 0 obj >> /MediaBox [0 0 612 792] /S /Artifact << /K 1504 << /S /P /Pg 24 0 R endobj /S /Artifact >> << Cliffwater is an alternative investment adviser and fund manager. /P 6736 0 R /P 6197 0 R /Pg 22 0 R /K 1367 /Pg 22 0 R 37 0 R 38 0 R 39 0 R 40 0 R 41 0 R 42 0 R 43 0 R 44 0 R 45 0 R 46 0 R 1069 0 obj << << /Pg 23 0 R /K 1353 >> >> endobj endobj /Pg 14 0 R /Pg 25 0 R 4274 0 R 4275 0 R 4276 0 R 4277 0 R 4278 0 R 4279 0 R 4280 0 R 4281 0 R 4282 0 R 4283 0 R /S /Table /K 796 << /Lang (EN-US) 3516 0 obj /P 5082 0 R endobj >> /K [43 4684 0 R] << << null 672 0 R null 673 0 R null 674 0 R 675 0 R null 676 0 R null /K 140 /P 4837 0 R /K 256 709 0 obj /K 662 /K 986 /K 1417 >> /Pg 24 0 R /K 40 /S /Artifact >> /K 990 endobj /K 720 << /P 5085 0 R endobj endobj USA & International; Australia; Canada; France; /K 402 /K 1413 /S /P /S /Artifact /S /Artifact /Pg 23 0 R endobj /Pg 24 0 R /K 490 >> << endobj /S /Artifact /S /P /S /P >> /Lang (EN-US) /S /P 2650 0 obj /P 5638 0 R >> /S /P /P 6654 0 R 1833 0 obj /K 1269 /Pg 24 0 R /K 1456 << /K 604 << /Pg 23 0 R 1074 0 obj endobj 2815 0 R null 2816 0 R null 2817 0 R null 2818 0 R null 2819 0 R null >> /P 5236 0 R >> << /S /P >> /Pg 25 0 R /Pg 24 0 R << 3531 0 obj /K 1318 /K 1149 /P 4437 0 R 2178 0 obj /Lang (EN-US) /Lang (EN-US) /S /P /Pg 25 0 R /S /Artifact 1481 0 obj >> /K [159 540 0 R 190] /K 5 >> /S /Artifact /Pg 22 0 R endobj endobj /P 5532 0 R /P 6683 0 R /Lang (EN-US) /Pg 22 0 R << << /P 4651 0 R endobj << 1442 0 obj /P 6280 0 R 1949 0 obj /Pg 24 0 R /S /P << >> << << /K 1487 /K 54 << /K 111 endobj >> /S /Artifact /P 10 0 R /S /Artifact /Pg 25 0 R /P 5794 0 R endobj /P 10 0 R 1172 0 obj endobj /K 30 218 0 obj /Pg 22 0 R /K 52 4157 0 obj << >> 2817 0 obj endobj /K 1284 endobj /P 10 0 R /P 6227 0 R /S /P >> /Lang (EN-US) >> /K 846 1862 0 obj /S /P /Lang (EN-US) /Lang (EN-US) /S /Artifact /P 6497 0 R /K 695 2049 0 obj endobj endobj /P 4974 0 R /K 223 /K 1177 >> 3937 0 obj endobj /K 136 >> /Lang (EN-US) >> endobj /Pg 23 0 R endobj /K 21 /P 5678 0 R /K 276 627 0 R null 628 0 R null 629 0 R null 630 0 R null 631 0 R null endobj << 472 0 obj /Lang (EN-US) 2264 0 R 2265 0 R 2265 0 R 2266 0 R 2267 0 R 2268 0 R 2269 0 R 2270 0 R 2271 0 R 2272 0 R /Pg 23 0 R /P 4963 0 R /S /Artifact << 710 0 obj 2680 0 obj << /Pg 23 0 R 2353 0 R 2354 0 R 2355 0 R 2356 0 R 2357 0 R 2358 0 R 2359 0 R 2360 0 R 2361 0 R 2362 0 R /Contents 4376 0 R 1170 0 obj /Pg 22 0 R 3738 0 obj /P 5365 0 R null null 3652 0 R null null null 3653 0 R null null null /S /P /S /Artifact 3238 0 obj >> /K 1278 2389 0 obj /S /Artifact endobj /K 1239 /K 1292 /S /Artifact endobj 3731 0 R null 3732 0 R 3733 0 R null 3734 0 R null 3735 0 R null 3736 0 R /P 5309 0 R /Pg 22 0 R endobj 2693 0 obj /Pg 24 0 R /Pg 24 0 R >> /S /Artifact endobj << 3670 0 obj /S /Artifact /Lang (EN-US) /S /P /S /P /Lang (EN-US) /Pg 22 0 R /Pg 22 0 R /S /Artifact /K 1194 /P 6209 0 R << /S /P /S /P 1160 0 obj /K 1539 >> /ParentTree 11 0 R >> 2135 0 obj /Lang (EN-US) 2932 0 obj /P 5036 0 R << << 2232 0 obj /K 1446 994 0 obj /P 4700 0 R The index is currently comprised of over 5000 direct loans valued at about $75 billion. /S /Artifact /S /Artifact >> /Pg 24 0 R endobj /P 5385 0 R /K 1266 << /S /P /K 466 << >> /S /Artifact /P 4734 0 R /Pg 23 0 R /K 1326 /S /P 3743 0 obj << endobj /K 19 /Pg 25 0 R /S /Artifact >> endobj << /K 172 >> >> /Pg 23 0 R /Pg 23 0 R /Pg 22 0 R >> >> << endobj /Lang (EN-US) 176 0 obj endobj /K 882 /K 1214 /P 4859 0 R /Pg 22 0 R >> /S /P endobj /Lang (EN-US) /K 31 /P 6673 0 R << 2 Demand for capital from >> /Lang (EN-US) << /S /P << >> endobj /Pg 17 0 R 4587 0 R] /P 5316 0 R >> endobj >> /Pg 20 0 R /S /P /K 614 >> /Lang (EN-US) 3817 0 obj >> endobj >> /Pg 22 0 R /S /P /P 4923 0 R /Pg 24 0 R /Pg 18 0 R endobj >> /P 6013 0 R 3093 0 obj >> /S /P /S /P 2104 0 obj << >> /S /Link We are not afraid to talk about it. /Pg 22 0 R /S /P /S /P 526 0 obj /Lang (EN-US) << /S /Artifact /S /Artifact /Pg 23 0 R << 2267 0 obj >> /S /Artifact /P 6669 0 R 2656 0 obj null 1823 0 R null 1824 0 R null 1825 0 R 1826 0 R null 1827 0 R null /Pg 24 0 R endobj 2765 0 obj /S /Artifact /Pg 23 0 R /S /Artifact endobj /Pg 23 0 R /Resources 4385 0 R /Pg 25 0 R /K 1120 /Lang (EN-US) /K 218 2897 0 obj endobj >> /Lang (EN-US) endobj /S /P 3744 0 obj endobj >> endobj >> /K 823 /Pg 19 0 R 3179 0 obj /K 1251 /Lang (EN-US) /P 6532 0 R /S /Artifact << >> /Pg 22 0 R << << /S /Artifact /Pg 13 0 R /S /P /K 746 /Lang (EN-US) /K 352 407 0 obj /K 65 endobj /S /Artifact 1935 0 obj endobj /P 6651 0 R /S /Artifact >> << >> /S /P << /Pg 22 0 R /Pg 23 0 R /Pg 24 0 R /P 10 0 R /Pg 24 0 R 3289 0 obj /S /P << >> >> 140 0 obj 2202 0 obj endobj /K 505 /K 1037 /Lang (EN-US) /Pg 24 0 R /K 716 /Pg 22 0 R /Pg 25 0 R >> /K 262 2925 0 obj /Pg 22 0 R /S /P << << /StructParents 14 >> endobj /Pg 24 0 R /Rotate 0 /K 1355 1812 0 obj /Lang (EN-US) /Pg 23 0 R /S /Artifact /Lang (EN-US) /Pg 23 0 R << /S /P /Lang (EN-US) /K 46 /S /Artifact null 3860 0 R null 3861 0 R null 3862 0 R null 3863 0 R null 3864 0 R << endobj >> << endobj /K 851 /S /P /Pg 23 0 R 227 0 R 228 0 R 229 0 R 230 0 R 231 0 R 232 0 R 233 0 R 234 0 R 235 0 R 236 0 R /Lang (EN-US) /K 1279 >> /Pg 24 0 R /K 1440 null 3600 0 R null null null 3601 0 R null null null 3602 0 R >> 2585 0 R null 2586 0 R null null null 2587 0 R null null null /K 869 endobj /S /P 2697 0 obj endobj /Pg 22 0 R endobj << endobj >> << 2397 0 obj 589 0 R null 221 0 R 222 0 R 223 0 R 224 0 R 225 0 R 226 0 R 227 0 R 228 0 R 471 0 obj 805 0 obj << /S /P 1228 0 obj /Lang (EN-US) /P 6232 0 R endobj << /K 168 >> /K 1423 /Pg 22 0 R >> >> CHAPTER 13 Selecting Direct Lending Managers - O'Reilly Online Learning -*[\]!$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= /S /P /Pg 22 0 R << << 1005 0 R null 1006 0 R null 1007 0 R null 1008 0 R null null null << /P 5951 0 R endobj << /K 1369 >> 2426 0 obj /Pg 22 0 R /K 1037 endobj 2269 0 obj /Lang (EN-US) endobj /S /P >> endobj /K 205 /Pg 22 0 R >> /P 6014 0 R /P 10 0 R >> >> >> 2660 0 obj endobj 2676 0 obj >> /P 5992 0 R /S /Artifact /K 1330 >> endobj /Lang (EN-US) /Pg 25 0 R /Pg 25 0 R 3920 0 obj /S /P /S /P /S /P endobj /Pg 22 0 R /S /P /K 1545 /K 662 3584 0 obj >> /Lang (EN-US) /K 379 << /S /P PDF Investor Guide First Eagle Credit Opportunities Fund << /K 1543 /S /Artifact /K 562 /K 1150 /S /P /Pg 24 0 R /S /P /K 805 /S /Artifact /Pg 19 0 R endobj 1649 0 obj 2840 0 obj /S /P 3714 0 obj << /S /P /K 148 /Pg 25 0 R endobj /Pg 22 0 R 1035 0 obj endobj /K 711 /K 1273 158 0 obj >> >> >> << /Lang (EN-US) endobj >> /K 660 /S /P endobj Volatile public markets and interest rate increases could lead more investors to boost their exposure to private credit at a time when the same economic factors are threatening to slow transaction. 41 0 obj /K 453 >> endobj /K 511 << /Pg 23 0 R null null null 2478 0 R null null null 2479 0 R null 2480 0 R /P 5777 0 R /S /P >> /S /P >> << /K 1526 /Pg 25 0 R 2880 0 obj /Pg 20 0 R 2373 0 R 2374 0 R 2375 0 R 2376 0 R 2377 0 R 2378 0 R 2379 0 R 2380 0 R 2381 0 R 2382 0 R /K 1155 endobj /Pg 23 0 R /Pg 22 0 R /S /P /P 5124 0 R /S /Artifact /Pg 22 0 R << /S /P 1424 0 obj endobj << /K 359 /Pg 18 0 R endobj /Lang (EN-US) >> >> /S /Artifact endobj >> endobj /S /Artifact /S /P /S /Artifact /Lang (EN-US) endobj /P 5014 0 R >> /Lang (EN-US) endobj endobj /S /Artifact /Pg 19 0 R /S /P /Lang (EN-US) /K 1302 << << endobj /K 211 /Pg 22 0 R /Pg 13 0 R /K 491 /P 5194 0 R /K 617 657 0 obj /K 1542 /S /Artifact >> << 942 0 R null 943 0 R 944 0 R null 945 0 R null 946 0 R null 947 0 R /Lang (EN-US) 4329 0 obj /Pg 23 0 R << >> << endobj /Lang (EN-US) /Lang (EN-US) /S /P /Lang (EN-US) /P 6177 0 R /Pg 23 0 R 3125 0 obj endobj endobj >> /K 710 /K 1229 /Pg 23 0 R /K 1278 >> << >> /K 6 >> 600 0 obj 2793 0 R null 2794 0 R null 2795 0 R null null null 2796 0 R null /K 773 /P 10 0 R /P 6055 0 R /K 1466 /Pg 22 0 R 275 0 obj /Pg 13 0 R /Lang (EN-US) /S /P /Lang (EN-US) /S /Artifact /S /P << /P 6138 0 R >> /S /Artifact 685 0 R null 686 0 R 687 0 R null 688 0 R null 689 0 R null 690 0 R /S /P << >> >> 2514 0 R null null null 2515 0 R null null null 2516 0 R null endobj /Pg 22 0 R /Lang (EN-US) /S /Artifact << >> 3615 0 obj endobj /S /P << 2669 0 obj /K 26 /Lang (EN-US) /Pg 23 0 R /K 23 endobj >> /K 387 /Lang (EN-US) << 1064 0 obj /S /P /Lang (EN-US) endobj /S /P /K 819 /Pg 24 0 R 624 0 obj /Pg 25 0 R << /Pg 24 0 R << << null 3649 0 R 329 0 R null 331 0 R null 3650 0 R null null 3651 0 R endobj << 3892 0 obj /Pg 22 0 R 44 0 obj /Lang (EN-US) 1021 0 obj /Pg 23 0 R >> /P 5268 0 R 2804 0 obj /K 1288 /K 480 /Pg 24 0 R /S /P /Pg 23 0 R << 3406 0 obj /Lang (EN-US) endobj /Lang (EN-US) /Pg 23 0 R /K 1262 /Pg 23 0 R /K 90 /S /P >> /K 1391 /S /P << >> >> /K 1516 endobj << /Pg 22 0 R << /K 399 1164 0 obj /Lang (EN-US) /Pg 25 0 R 2713 0 obj << /Pg 22 0 R /P 6564 0 R >> /K 1478 /P 4940 0 R /K 1400 >> /Lang (EN-US) /K 1488 /K 554 1830 0 obj >> 2141 0 obj endobj 3698 0 obj /Pg 25 0 R >> 2667 0 obj >> The Cliffwater Direct Lending Index, or CDLI, is an asset-weighted index of 11,884 directly originated middle market loans totaling $264 billion as of September 30, 2022. /S /Artifact /K 1539 1827 0 obj /Pg 22 0 R >> << 1243 0 obj << /K 128 2307 0 obj endobj endobj 4039 0 obj >> /S /P /Lang (EN-US) /Lang (EN-US) << 355 0 obj /Pg 24 0 R /Pg 22 0 R endobj << /P 10 0 R /S /P >> >> endobj 2766 0 obj /K 1236 1946 0 obj << 98 0 obj 2063 0 obj /K 106 << endobj /K 49 << /P 5221 0 R << /P 4759 0 R >> /S /P /Pg 25 0 R 3581 0 obj /K 480 << /Lang (EN-US) /P 4813 0 R endobj /Pg 23 0 R /S /P /P 4703 0 R /K 439 4303 0 obj /Pg 25 0 R << << /P 6052 0 R /S /P /K 462 /P 4979 0 R /Lang (EN-US) endobj /S /P /Pg 14 0 R /Lang (EN-US) /K 1263 /Pg 24 0 R 1878 0 obj /K [9 446 0 R 48] /K 1333 endobj endobj /P 5863 0 R /K 217 endobj /Lang (EN-US) 940 0 obj /Pg 25 0 R /Pg 22 0 R /K 412 2476 0 obj >> >> /Lang (EN-US) /K 1493 >> /K 1367 /P 6060 0 R >> 1088 0 obj endobj /S /Artifact /K 1442 endobj endobj >> /P 5378 0 R /S /Artifact 4326 0 obj endobj >> >> /P 6422 0 R /S /Artifact /S /P /P 5940 0 R /K 659 /Pg 24 0 R /K 1295 << >> endobj /Pg 22 0 R /S /P /Pg 24 0 R /Lang (EN-US) /S /P /K 277 /Lang (EN-US) << << /Pg 25 0 R /S /Artifact /Pg 23 0 R >> 3849 0 obj /Pg 22 0 R >> /S /P << Markets currently appear to need further sequential evidence before pricing in a more sustained period of higher yields endobj /S /Artifact endobj >> /S /P 233 0 obj /S /P /S /Artifact 2578 0 obj 3275 0 obj /S /P /K 354 << endobj /K 1479 << /K 1324 endobj endobj >> /S /P /S /Artifact /Lang (EN-US) >> >> /S /P /S /P /K 675 /Lang (EN-US) endobj 380 0 R 381 0 R 382 0 R null 383 0 R null 384 0 R null 385 0 R 44 0 R 765 0 obj 2807 0 obj /S /P >> >> /Pg 13 0 R /Pg 22 0 R 4027 0 obj >> /Pg 23 0 R 768 0 obj /S /P 2199 0 obj /S /Artifact >> 53 0 obj << /Pg 24 0 R << << /Pg 22 0 R << /S /Artifact 3535 0 obj /S /Artifact 3594 0 R null 3595 0 R 3596 0 R null 3597 0 R null 3598 0 R null 3599 0 R /S /P /Pg 23 0 R endobj /P 5675 0 R 1039 0 obj /Lang (EN-US) /S /Artifact /Pg 23 0 R /S /P /K 842 /Pg 22 0 R /Lang (EN-US) /Lang (EN-US) /Parent 8 0 R << endobj 1158 0 obj endobj endobj /K 51 >> /S /Artifact << << >> /Pg 25 0 R /K 207 endobj /S /Artifact /Lang (EN-US) /Lang (EN-US) >> null null 1952 0 R null 1953 0 R null 1954 0 R null 1955 0 R null << /K 264 /S /P << /Pg 23 0 R >> 4232 0 obj 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 /S /P /K 1354 /P 6010 0 R endobj /Pg 25 0 R endobj endobj endobj /P 6456 0 R /Pg 25 0 R /S /Link /S /P /S /Artifact 1046 0 obj << With this data, we can run a successive - more robust - analysis of the direct lending . << /K 1268 /K 283 /Pg 21 0 R /S /Artifact << << /P 5647 0 R endobj /Pg 25 0 R /K 1322 /P 6125 0 R /Lang (EN-US) endobj /K 9 << /Lang (EN-US) /Pg 25 0 R >> << 1828 0 R null 1829 0 R null 1830 0 R null null null 1831 0 R null >> endobj /K 1229 /Pg 23 0 R /K 826 /Lang (EN-US) /K 1338 >> /K [1117 1118] /Pg 23 0 R endobj /Lang (EN-US) /P 5142 0 R /K 931 1988 0 obj 1152 0 obj endobj /Lang (EN-US) 1359 0 obj /Pg 22 0 R /K 1140 /K 1305 /Pg 25 0 R /Contents 4384 0 R /Lang (EN-US) endobj /Pg 22 0 R /P 5636 0 R /S /P >> << << >> << /Lang (EN-US) /K 426 endobj /K 511 endobj /Pg 24 0 R /Contents 4386 0 R /S /Artifact /K 607 4028 0 obj /K 55 /P 5755 0 R >> >> 2151 0 obj >> /P 5847 0 R /Pg 23 0 R /K 433 /Lang (EN-US) endobj 3561 0 obj << /S /P endobj /K 894 /S /Artifact /K 932 /Pg 20 0 R /Lang (EN-US) 2565 0 obj << 2243 0 obj /Lang (EN-US) /K 1285 434 0 obj /Pg 18 0 R /S /P 3243 0 obj << >> /S /Artifact >> >> /S /Artifact 1941 0 obj endobj /S /Artifact >> /P 6312 0 R << /Pg 22 0 R endobj /K 1110 /K 819 /S /P >> >> /Pg 25 0 R /K 16 851 0 obj /S /P /Lang (EN-US) /K 32 >> endobj endobj >> 77 0 R 78 0 R 79 0 R 80 0 R 81 0 R 82 0 R 83 0 R 84 0 R 85 0 R 86 0 R /K 1331 endobj 895 0 obj /Pg 22 0 R /Lang (EN-US) /K 868 /K 539 << /Pg 23 0 R /S /Artifact /P 10 0 R /Pg 22 0 R endobj /Pg 23 0 R endobj /K 120 1863 0 obj 2628 0 obj >> /Pg 25 0 R /S /P /Lang (EN-US) << /Pg 25 0 R endobj << null 3714 0 R null null null 3715 0 R null 3716 0 R null 3717 0 R /Lang (EN-US) /S /P endobj /P 10 0 R 797 0 obj /Pg 25 0 R << /Lang (EN-US) endobj << >> /Lang (EN-US) /Pg 22 0 R /K 2 /K 1308 /Alt 876 0 obj endobj 1601 0 R null 1602 0 R null 1603 0 R null 1604 0 R 1605 0 R null 1606 0 R /Lang (EN-US) << 2144 0 obj /Pg 24 0 R /P 5672 0 R /Pg 24 0 R /Pg 25 0 R << << >> /K 1215 /S /P /P 6681 0 R endobj /Lang (EN-US) /Pg 22 0 R /K 1500 /K 105 /Pg 25 0 R << << endobj endobj /K 1249 /Lang (EN-US) /P 5580 0 R 2810 0 obj >> endobj endobj null 2927 0 R null null null 2928 0 R null null null 2929 0 R >> endobj /Pg 17 0 R /K 51 /P 5799 0 R /Lang (EN-US) endobj /P 4638 0 R >> /Pg 20 0 R endobj << endobj /P 5039 0 R /Pg 22 0 R /Lang (EN-US) >> << /P 5336 0 R /Pg 24 0 R >> endobj << /Pg 22 0 R /S /P /Pg 24 0 R /S /Artifact /Pg 22 0 R /K 1261 /Pg 23 0 R << /Pg 25 0 R endobj endobj /K 1446 807 0 obj /K 44 >> endobj >> In fact, in comparison with high-yield and traded loans, the Cliffwater Direct Lending Index (CDLI) has delivered an average yield pickup of 391 basis points (bps) and 547 bps, respectively, since 2005. 3582 0 obj >> endobj /K 532 /Lang (EN-US) >> /K 661 /Lang (EN-US) 3624 0 obj /Pg 21 0 R endobj endobj endobj >> >> 2839 0 obj 2439 0 obj /P 10 0 R /Pg 25 0 R /K 99 << 2985 0 obj /Pg 23 0 R 18 0 obj << /Pg 22 0 R /K 934 /Pg 23 0 R 1404 0 obj 377 0 obj /K 850 /S /Artifact << >> /P 4921 0 R /Pg 22 0 R /P 5600 0 R endobj >> /K 578 1226 0 obj /S /P null 3453 0 R null 3454 0 R null 3455 0 R null 3456 0 R null null << /S /P 4055 0 obj endobj << >> endobj /P 4785 0 R /S /P 1087 0 obj endobj << >> /Lang (EN-US) << /Lang (EN-US) /K 1252 473 0 obj endobj /K 1206 endobj /S /P /K 100 endobj /Pg 23 0 R endobj << >> /K 1012 2399 0 obj << >> << << 1313 0 obj endobj /Pg 25 0 R >> 40 0 obj /Pg 25 0 R /K 1250 /S /P /S /P /Lang (EN-US) /K 566 endobj 2117 0 obj /Lang (EN-US) endobj /Lang (EN-US) /S /Artifact /K 952 /P 6371 0 R endobj /Pg 24 0 R /S /Artifact 668 0 obj /Pg 20 0 R >> /Pg 23 0 R 1347 0 obj /Resources 4387 0 R /K 1234 3865 0 R null 3866 0 R null 3867 0 R null 3868 0 R null 3869 0 R null endobj /S /P /Pg 24 0 R >> endobj 1348 0 obj << /Lang (EN-US) endobj /S /Artifact /Lang (EN-US) /K 631 << /P 6601 0 R /S /P >> >> /P 6758 0 R /Pg 18 0 R /S /P /Pg 23 0 R /K 1176 3498 0 obj << /K 1119 /S /LBody 389 0 obj /K 653 /K 1512 3638 0 R null 3639 0 R null 3640 0 R null 3641 0 R null 3642 0 R null << endobj << /Lang (EN-US) /Subtype /Link /S /Artifact >> Loans are made or arranged pursuant to a California Financing Law license. /K 1008 /P 5306 0 R endobj /K 90 endobj >> /Pg 25 0 R /K 1087 endobj /Pg 23 0 R /Pg 25 0 R /S /Artifact /K 1460 /S /Artifact << /S /P endobj /S /P << 2886 0 obj /Lang (EN-US) endobj /Pg 24 0 R >> endobj /K [45 4686 0 R] /P 5321 0 R /P 10 0 R /Pg 25 0 R /S /P /Rotate 0 /S /P /K 1239 1291 0 obj << endobj /A 4745 0 R /K 1357 endobj /Lang (EN-US) /Lang (EN-US) /Lang (EN-US) /K 185 endobj 3668 0 obj /P 5920 0 R << << >> 2487 0 obj endobj << /Pg 23 0 R /Pg 23 0 R /P 10 0 R /Lang (EN-US) << 1739 0 obj << >> >> /Lang (EN-US) 3750 0 obj Cliffwater Direct Lending Index is an asset-weighted index of over 8,000 directly originated middle market loans totaling $223 billion. /K 1030 /K 110 /K 72 /S /P 4007 0 obj /P 10 0 R endobj /K 137 << /Pg 24 0 R /K 1011 216 0 obj >> << /S /Artifact /Pg 22 0 R /Pg 23 0 R /Lang (EN-US) /P 4943 0 R << /S /P /Pg 25 0 R 3251 0 obj 4296 0 obj /Lang (EN-US) /K 1174 /Pg 25 0 R /P 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0 R 2137 0 R 2138 0 R 2139 0 R 2140 0 R 2141 0 R 2142 0 R 2143 0 R 2144 0 R 2145 0 R endobj << /P 5239 0 R /Pg 24 0 R >> 1557 0 obj << 343 0 obj 4319 0 obj << /S /P /P 5424 0 R /Pg 23 0 R >> >> /Pg 24 0 R endobj /S /P << endobj /S /P /S /P << >> /S /Artifact /P 5558 0 R /K 109 4189 0 obj 229 0 obj 968 0 obj >> 1223 0 obj /S /P 889 0 R null null null 890 0 R null 891 0 R null 892 0 R null /Pg 22 0 R /S /Artifact /S /P /Pg 22 0 R /K 68 /P 6320 0 R /Lang (EN-US) 1259 0 obj << << /Pg 24 0 R /Pg 26 0 R 1626 0 obj << endobj >> 1579 0 obj /Pg 23 0 R /S /Artifact >> >> /Lang (IT-IT) /Pg 25 0 R << /P 5388 0 R /S /P endobj /Lang (EN-US) /Lang (EN-US) /Lang (EN-US) >> Barry Cowen LinkedIn: Why is US unemployment falling even as /K 1165 /Pg 22 0 R << /P 6260 0 R 2983 0 obj /K 1141 /P 5273 0 R endobj /Pg 25 0 R /S /Artifact << /Pg 25 0 R >> >> /Lang (EN-US) endobj << >> endobj /K 152 /Lang (EN-US) >> /S /Table /Lang (EN-US) >> endobj >> /Lang (EN-US) /K 1404 /K 1385 /K 84 << /P 4833 0 R endobj 3469 0 obj 1667 0 obj /K 824 endobj /K 572 /S /P /Lang (EN-US) /S /Artifact /Pg 25 0 R << >> 2012 0 obj << /S /P endobj 88 0 obj endobj /P 5859 0 R << endobj endobj << /P 5853 0 R 1227 0 obj >> >> << /K 161 /P 10 0 R >> /Pg 22 0 R /K 1168 endobj /K 3 /S /P endobj /Pg 22 0 R /Pg 24 0 R /P 5977 0 R endobj /S /Artifact /P 5105 0 R endobj 3766 0 obj >> 1057 0 obj >> /K 25 endobj endobj /K 1156 /Lang (EN-US) /P 10 0 R << >> /Pg 22 0 R << /Pg 24 0 R endobj /K 1131 3002 0 obj /P 90 0 R /Lang (EN-US) /S /P endobj << 824 0 obj /Pg 23 0 R Alex Condrell, managing director at Cliffwater discusses the firm's direct lending index and corporate lending fund and how investments in middle-market corporate credit should stand up to the challenges of rising inflation and interest rates, providing something close to historic return levels of 9 percent for the asset class without . /Pg 23 0 R >> /Lang (EN-US) >> /K 1496 /Pg 25 0 R /S /P /Lang (EN-US) /K 1252 << /K 1167 /P 4787 0 R /S /Artifact /Lang (EN-US) /Pg 25 0 R 39 0 R 40 0 R 355 0 R null 41 0 R 42 0 R null 356 0 R null null /Lang (EN-US) /Pg 23 0 R /K 755 799 0 obj /K 1022 1496 0 obj >> endobj /S /P 43 0 obj endobj /K 1004 /S /P /P 5076 0 R /S /P /S /Artifact /K 826 >> >> endobj /Lang (EN-US) << << endobj 4141 0 obj /Pg 19 0 R endobj /Pg 23 0 R endobj