cliffwater direct lending index

/K 1289 >> << endobj /Pg 24 0 R >> 1796 0 obj /Pg 18 0 R endobj >> << /Lang (EN-US) /S /Table /K 223 /K 1356 /S /Artifact /S /P /P 6285 0 R /Pg 24 0 R >> >> /P 5947 0 R << << /Pg 25 0 R endobj /Lang (EN-US) /K 1454 /Lang (EN-US) /Pg 22 0 R 3572 0 obj 17 0 obj /S /P endobj 3224 0 R 3225 0 R 3226 0 R 3227 0 R 3228 0 R 3229 0 R 3230 0 R 3231 0 R 3232 0 R 3233 0 R /K 1428 /K 1520 /S /P /P 5823 0 R 2328 0 obj /Pg 22 0 R 1438 0 obj /P 4888 0 R /Lang (EN-US) 1579 0 obj /Pg 25 0 R endobj /S /Artifact 564 0 obj << /S /P /S /Artifact /P 5618 0 R /K 198 351 0 obj /Pg 22 0 R 2541 0 obj endobj /Lang (EN-US) /S /P 103 0 obj 1766 0 obj >> /Pg 24 0 R 4263 0 obj 376 0 obj >> endobj /Pg 23 0 R /Pg 21 0 R /Pg 25 0 R endobj /Pg 22 0 R 3981 0 obj 2166 0 obj /K 1361 /Pg 25 0 R << /Pg 13 0 R >> /P 6032 0 R << << << /S /P /P 10 0 R /Pg 22 0 R 3023 0 obj << 2547 0 obj /P 5211 0 R /K 1483 << >> << >> /K 8 endobj endobj << /S /P /Pg 24 0 R endobj endobj >> 2358 0 obj << /Lang (EN-US) /P 5708 0 R /Pg 25 0 R /S /P /S /Artifact /Lang (EN-US) /K 635 << /Pg 25 0 R /Pg 18 0 R endobj 833 0 obj << /S /P >> endobj endobj 2653 0 obj >> /Pg 25 0 R /S /P >> endobj 4108 0 obj 3039 0 obj /K 1180 /K 197 << >> >> << 1369 0 obj /K 790 /S /Artifact /Pg 22 0 R 2334 0 obj endobj 2490 0 obj << << /Pg 23 0 R /K 1264 /K [4440 0 R 4441 0 R 4442 0 R 4443 0 R 4444 0 R 4445 0 R 4446 0 R 4447 0 R] >> << 3058 0 obj << 3098 0 obj 1647 0 obj >> /Pg 25 0 R 2352 0 obj 3564 0 obj /K 429 /Pg 24 0 R >> endobj 827 0 obj >> 1903 0 R null null null 1904 0 R null 1905 0 R null 1906 0 R null 384 0 obj /P 5625 0 R 2936 0 obj /K 1357 << /Pg 22 0 R /K 270 >> endobj >> /DropCap /Figure /P 5330 0 R /S /Artifact >> endobj >> /Pg 22 0 R /P 5716 0 R 3353 0 obj /K 1376 /S /Artifact /Lang (EN-US) /Pg 25 0 R /K 994 1300 0 obj >> /S /Artifact /Pg 25 0 R /K 90 /Pg 23 0 R /Pg 13 0 R /P 6083 0 R /K 971 937 0 obj /S /Link /S /P << 2285 0 obj 46 0 obj << /S /P /P 6531 0 R /S /P /Pg 24 0 R /Pg 26 0 R endobj 3373 0 obj /Lang (EN-US) endobj /Pg 23 0 R << Why Private Credit? | Blackstone Private Credit Fund /P 6226 0 R /Pg 22 0 R >> endobj >> /P 6304 0 R /S /Artifact 1448 0 obj 413 0 obj endobj /S /P /P 6734 0 R /Lang (EN-US) /S /P /Pg 22 0 R 3117 0 obj /K 25 >> >> endobj /Lang (EN-US) endobj /K [441 0 R 442 0 R] 561 0 obj /K 1250 << 1440 0 obj endobj >> /S /P endobj << 1209 0 obj /S /P 569 0 obj 815 0 obj /S /Footnote endobj >> 328 0 obj 3079 0 obj >> /K 7 434 0 obj << endobj /K 293 /Pg 22 0 R /S /P << 3009 0 obj /Pg 22 0 R << >> endobj >> /K 1447 >> >> << >> 429 0 R null 430 0 R null 431 0 R null 432 0 R 95 0 R 433 0 R 434 0 R endobj /S /P endobj /K 513 endobj /S /Artifact endobj /S /Artifact /S /Artifact >> /K 1472 <> >> /S /Artifact /Creator (Acrobat PDFMaker 22 for Word) /S /P /S /P /P 6193 0 R /S /P /Pg 22 0 R /Lang (EN-US) /S /P endobj /Pg 22 0 R endobj /P 5577 0 R 4545 0 R] /Lang (EN-US) 3394 0 obj /S /Artifact /Lang (EN-US) /Pg 22 0 R /Lang (EN-US) /Pg 22 0 R 1400 0 obj 1467 0 obj /Pg 25 0 R /Pg 24 0 R 2591 0 obj /K 670 >> << >> 1218 0 R 1219 0 R 1220 0 R 1221 0 R 1222 0 R 1223 0 R 1224 0 R 1225 0 R 1226 0 R 1227 0 R /Pg 24 0 R /Pg 21 0 R endobj /K 925 3184 0 obj /Lang (EN-US) 699 0 R null 700 0 R null 701 0 R null 702 0 R null 703 0 R null << 2715 0 obj endobj >> /K 303 endobj <> << 1623 0 R null 1624 0 R null 1625 0 R null 1626 0 R null 1627 0 R null >> Cliffwater Direct Lending Index Our performance analysis relies on the Cliffwater Di-rect Lending Index ("CDLI"), an asset-weighted in-dex of over 6,000 directly originated middle market loans totaling $99 billion in assets. endobj endobj 455 0 obj 3719 0 obj /S /P /K 44 >> endobj /K 1261 /K 1405 /K 836 << /Lang (EN-US) >> 2403 0 R 2404 0 R 2405 0 R 2406 0 R 2407 0 R 2408 0 R 2409 0 R 2410 0 R 2411 0 R 2412 0 R /Lang (EN-US) 76 0 obj /P 6683 0 R /Lang (EN-US) /S /Artifact /K 100 /S /Artifact >> /K 1476 << /K 1468 <> >> /S /P /P 4933 0 R 2114 0 obj >> /Lang (EN-US) << 606 0 obj /Pg 22 0 R endobj endobj 1716 0 obj /S /P << << 4331 0 obj 757 0 obj Middle-market direct lending has evolved over the last 20 years, and many institutional investors increasingly view it as a strategic portfolio allocation. >> endobj >> << 3663 0 obj /S /Artifact 2193 0 obj /K 1363 2706 0 obj 3830 0 obj /Pg 24 0 R >> /P 5066 0 R 2231 0 obj >> endobj >> /Pg 15 0 R endobj /S /P /Pg 23 0 R /Lang (EN-US) /K 736 endobj endobj /S /P endobj << /Pg 24 0 R /K 1513 /K 543 /S /Artifact /Lang (EN-US) /Pg 22 0 R /K 324 /P 6187 0 R endobj /S /P endobj /Lang (EN-US) >> 1350 0 obj endobj 1965 0 obj /K 51 /Pg 23 0 R >> << endobj /Lang (EN-US) << << >> /K 41 >> endobj >> /Lang (EN-US) << /Pg 24 0 R >> /S /P /S /P << 2857 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 /Lang (EN-US) /K 1175 /K 1509 >> << 1410 0 obj 3455 0 obj null 1049 0 R null 1050 0 R null 1051 0 R 1052 0 R null 1053 0 R null /Pg 24 0 R >> endobj 1903 0 obj null null 2917 0 R null 2918 0 R null 2919 0 R null 2920 0 R null /Rect [69.75 410.1940002441 207.7660064697 422.1940002441] /Pg 19 0 R /Lang (EN-US) /S /Artifact /P 5675 0 R /Pg 25 0 R >> >> /K 1049 /S /Artifact /P 6284 0 R endobj /Lang (EN-US) /A 4409 0 R << 2527 0 obj /Lang (EN-US) endobj /K 1099 /K 61 << 2677 0 obj /Lang (EN-US) /K 1088 >> endobj /Pg 24 0 R /P 5205 0 R endobj >> endobj /S /Artifact endobj >> /S /P /Pg 23 0 R 785 0 obj >> endobj << << << /S /P /K 643 1509 0 obj /K 28 /K 819 /Lang (EN-US) /Pg 23 0 R Cliffwater Corporate Lending Fund. 2864 0 R null 2865 0 R null 2866 0 R null 2867 0 R null null null << /K [2 444 0 R 44] /Pg 23 0 R /S /Artifact /S /P /Lang (EN-US) 3926 0 obj /Pg 25 0 R /P 4974 0 R << /Lang (EN-US) /P 5407 0 R /P 4988 0 R /Lang (EN-US) >> /Pg 23 0 R >> /S /Artifact /P 6153 0 R 3842 0 obj << /S /P /S /P >> /S /Artifact endobj /S /P /S /Artifact /S /Artifact endobj >> /P 6546 0 R << /Pg 22 0 R /Pg 24 0 R /K 1234 3046 0 obj /P 4866 0 R /Pg 22 0 R << 296 0 obj /K 244 /K 271 >> /Pg 23 0 R /K 1188 /Lang (EN-US) /S /P /Lang (EN-US) 4016 0 obj 3404 0 obj /Pg 23 0 R /Pg 23 0 R 1665 0 obj /Lang (EN-US) << 2730 0 obj /P 6311 0 R 4191 0 obj endobj >> endobj 4203 0 obj /S /P /Lang (EN-US) << /K 1080 >> >> 3531 0 obj /Lang (EN-US) /Pg 25 0 R endobj /Pg 24 0 R >> /K 709 endobj endobj 3234 0 R 3235 0 R 3236 0 R 3237 0 R 3238 0 R 3239 0 R 3240 0 R 3241 0 R 3242 0 R 3243 0 R endobj /P 5461 0 R 2765 0 obj /S /P endobj 4237 0 obj /S /P 3347 0 obj /P 4828 0 R /Lang (EN-US) /Lang (EN-US) << endobj 247 0 obj 2023 0 obj >> 1967 0 obj /P 5341 0 R 1846 0 obj /K 1431 endobj 3287 0 obj /S /Artifact /S /P /Pg 24 0 R /P 4954 0 R << << /S /Artifact >> /Pg 23 0 R /S /Artifact >> << /K 478 /Lang (EN-US) 1031 0 obj /S /P /K 1402 /Pg 23 0 R endobj endobj /Pg 24 0 R >> /P 4961 0 R /S /P /Pg 24 0 R << 522 0 obj /Pg 22 0 R /K 292 /S /P 1515 0 R 1516 0 R 1517 0 R 1518 0 R 1519 0 R 1520 0 R 1521 0 R 1522 0 R 1523 0 R 1524 0 R endobj endobj /Lang (EN-US) /Pg 16 0 R /Lang (EN-US) /S /Artifact endobj << << /Pg 18 0 R endobj /Lang (EN-US) /S /Artifact >> /K 13 endobj /K 2 /S /P << >> /S /Artifact /K 3 2433 0 R 2434 0 R 2435 0 R 2436 0 R 2437 0 R 2438 0 R 2439 0 R 2440 0 R 2441 0 R 2442 0 R /Pg 23 0 R 1294 0 obj /P 10 0 R >> /Lang (EN-US) /S /P /S /Artifact /Pg 23 0 R << /Pg 18 0 R /S /Artifact /Lang (EN-US) endobj endobj /K [4435 0 R 4436 0 R 4437 0 R 4438 0 R] /K 1476 << >> 194 0 obj /Pg 24 0 R /S /P /S /P >> /CropBox [0 0 612 792] endobj /K 1122 >> /Pg 22 0 R /K 1006 /Pg 25 0 R 3343 0 obj << /S /Artifact 1035 0 obj endobj /S /Artifact /Pg 23 0 R /Pg 25 0 R >> /K 1146 << 1445 0 obj /K 187 /Pg 22 0 R >> endobj >> 1170 0 obj endobj << 1344 0 obj /K 1369 << endobj >> << endobj /S /P /Lang (EN-US) /S /Artifact >> 2044 0 obj /Pg 23 0 R /K 601 722 0 obj /K 1276 /K 816 null 3710 0 R null 3711 0 R null 3712 0 R null 3713 0 R null null >> /K 1342 761 0 obj /Lang (EN-US) /S /Artifact << >> << /Lang (EN-US) /Pg 23 0 R 822 0 obj /P 5484 0 R endobj 2665 0 obj endobj /Pg 25 0 R /K 977 >> >> /Lang (EN-US) /S /P /Lang (EN-US) endobj 2890 0 obj >> endobj endobj /Lang (EN-US) /S /P /S /Artifact << /Lang (EN-US) >> << << 451 0 R null 452 0 R null 453 0 R 454 0 R 455 0 R null 456 0 R null 3680 0 obj endobj 3161 0 obj endobj /S /P /P 4769 0 R /Lang (EN-US) endobj /Lang (EN-US) /Pg 25 0 R /Pg 22 0 R PDF The Cliffwater Direct Lending Index - storage.googleapis.com /K 1417 /P 4987 0 R /Pg 17 0 R /Lang (EN-US) /P 6046 0 R >> /Pg 25 0 R /Lang (EN-US) /K 1256 endobj /S /P /K 608 /Lang (EN-US) /K 121 <> 2232 0 obj 3696 0 obj /Lang (EN-US) /K 1508 148 0 R 148 0 R 148 0 R 148 0 R 159 0 R 159 0 R 159 0 R 159 0 R 172 0 R 172 0 R /S /P /K 46 endobj endobj /Pg 13 0 R << 2004 0 obj >> 22 >> endobj /Pg 25 0 R << /Pg 25 0 R >> 1199 0 obj >> 135 0 obj /S /P /Pg 22 0 R /S /Artifact /K 1069 /Pg 24 0 R /S /P /K 415 /K 1230 3086 0 obj /K 1164 /K 511 /Pg 25 0 R /Pg 25 0 R << 425 0 obj 3230 0 obj /K 7 /Pg 22 0 R >> 28 0 obj /K 846 <> << /Pg 22 0 R /Pages 4 0 R /Lang (EN-US) /P 6695 0 R /Pg 24 0 R /K 701 /Pg 23 0 R /Lang (EN-US) /S /Artifact /K 330 endobj PDF DIRECT LENDING - PERFORMANCE ANALYSIS - Alpinum Investment Management /K 1214 << 1713 0 R null 1714 0 R null 1715 0 R null 1716 0 R null 1717 0 R null >> /P 6428 0 R /Pg 25 0 R /Lang (EN-US) 51 0 R 51 0 R 51 0 R 51 0 R 51 0 R 60 0 R 60 0 R 60 0 R 60 0 R 67 0 R /P 6120 0 R >> 2756 0 obj 3377 0 obj >> /K 23 /K 239 <> endobj << endobj endobj /Lang (EN-US) /K 1169 /P 5624 0 R endobj Volatility is measured using standard deviation. << /Lang (EN-US) /P 6072 0 R /S /P endobj /Parent 9 0 R << /Pg 25 0 R endobj endobj endobj /S /P << /K 451 /P 6388 0 R 885 0 R null 886 0 R null 887 0 R null 888 0 R null null null null 3714 0 R null null null 3715 0 R null 3716 0 R null 3717 0 R /K 1254 /S /P /S /Artifact << endobj /P 4965 0 R endobj /K 1120 /Lang (EN-US) /P 146 0 R /Lang (EN-US) << endobj << endobj /S /P >> /P 5838 0 R >> 1961 0 obj 1650 0 R null 1651 0 R null 1652 0 R 1653 0 R null 1654 0 R null 1655 0 R /P 6749 0 R endobj /K 135 /K 145 /CropBox [0 0 612 792] /Pg 25 0 R >> /P 6111 0 R 4254 0 R 4255 0 R 4256 0 R 4257 0 R 4258 0 R 4259 0 R 4260 0 R 4261 0 R 4262 0 R 4263 0 R endobj >> /Lang (EN-US) endobj 3743 0 obj >> /Pg 24 0 R /Pg 25 0 R endobj endobj /K 1502 65 0 obj /Pg 23 0 R /Pg 24 0 R /Pg 25 0 R << /Pg 23 0 R /Pg 24 0 R endobj /S /Artifact /K 1227 << << endobj /S /P /K 1062 >> /K 1076 /K 686 3562 0 obj /Pg 25 0 R 2 0 obj << << /S /P /S /P << endobj /K 16 /Lang (EN-US) /Pg 15 0 R /P 6417 0 R endobj << >> /K [43 4684 0 R] /S /P /Pg 24 0 R /Pg 25 0 R /K 1233 << /S /P /P 4801 0 R 275 0 obj /P 6712 0 R /Lang (EN-US) endobj endobj endobj /S /P /K 664 /K 1432 /P 6659 0 R << >> endobj 36 /K 343 endobj endobj >> /K 1409 endobj >> << /S /Artifact /Lang (EN-US) >> /Pg 24 0 R /Pg 24 0 R /S /P /S /P /K 1150 endobj /P 10 0 R 2846 0 obj /Lang (EN-US) endobj /Lang (EN-US) /Pg 24 0 R /Pg 23 0 R /Pg 21 0 R /K 1170 >> /Pg 24 0 R << >> >> /K 84 endobj /K 1299 /Lang (EN-US) /Pg 23 0 R /S /P /S /P /K 821 /K 1222 endobj << /S /P /Pg 18 0 R /Pg 18 0 R /P 5854 0 R 2 Annualized volatility and return based on the period between 2005 and 2022. /S /P /P 5426 0 R /Pg 24 0 R /K 1233 << /K 898 << /Lang (EN-US) 1896 0 obj /P 4902 0 R /P 6143 0 R endobj << 3459 0 obj /Pg 13 0 R /P 10 0 R >> << /S /Artifact /S /P /S /P /Pg 25 0 R /Lang (EN-US) endobj << << << endobj << endobj << /K 1516 /Pg 24 0 R << << null 2572 0 R null 2573 0 R null 2574 0 R null null null 2575 0 R /K 1524 2595 0 obj 2960 0 obj /Lang (EN-US) /K 1379 /K 877 endobj /Lang (EN-US) 3182 0 obj /Lang (EN-US) /P 6540 0 R /S /Artifact 1245 0 obj PRIVATE DEBT - Yield, Safety and the Emergence of Alternative Lending: Opportuni - 36.01. << >> >> endobj /Pg 22 0 R /Pg 22 0 R /K 1504 endobj /P 5967 0 R /Pg 24 0 R /K 70 endobj >> /P 5793 0 R 2086 0 R 2087 0 R 2088 0 R 2089 0 R 2090 0 R 2091 0 R 2092 0 R 2093 0 R 2094 0 R 2095 0 R /Pg 23 0 R /P 6017 0 R 140 0 obj << /Pg 25 0 R /S /P