cliffwater direct lending index

/Pg 24 0 R /Pg 25 0 R /S /Artifact endobj /S /P /P 6420 0 R >> >> /S /P /Lang (EN-US) endobj /P 5150 0 R /K 851 /P 6758 0 R /Pg 25 0 R 231 0 obj << 977 0 obj /S /P /Border [0 0 0] << 1101 0 obj endobj << /K 879 /Pg 23 0 R endobj >> /Pg 26 0 R null 3767 0 R null 3768 0 R 3769 0 R null 3770 0 R null 3771 0 R null >> /P 6388 0 R << 1551 0 R null 1552 0 R null 1553 0 R null 1554 0 R null 1555 0 R 1556 0 R /Lang (EN-US) 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 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 /P 4831 0 R endobj /Pg 24 0 R /Resources 4371 0 R /S /Artifact 57 0 R 58 0 R 59 0 R 60 0 R 61 0 R 62 0 R 63 0 R 64 0 R 65 0 R 66 0 R >> 2298 0 obj /Pg 23 0 R 2474 0 obj /P 5982 0 R endobj << endobj /P 5801 0 R 572 0 obj endobj /S /P /Pg 19 0 R /K 1230 3909 0 obj /Pg 22 0 R >> 2948 0 obj /Pg 14 0 R /K 406 /P 10 0 R /P 5157 0 R << >> /Pg 25 0 R /K 354 /Pg 23 0 R << <> endobj << /Pg 23 0 R 1967 0 obj endobj /P 10 0 R /K 1156 /Lang (EN-US) /S /P 3944 0 obj 4075 0 obj /K 424 /K 635 /K 1152 /Pg 22 0 R /Lang (EN-US) /K 576 214 0 obj << << /S /Artifact endobj >> /K 1209 /Pg 24 0 R /K 97 /Pg 22 0 R /S /P /S /P 3465 0 obj /S /P endobj /S /Artifact Acrobat PDFMaker 22 for Word >> /Pg 22 0 R << /StructParents 0 endobj Bloomberg >> /P 5081 0 R /Pg 25 0 R endobj /Pg 22 0 R 1138 0 R 1139 0 R 1140 0 R 1141 0 R 1142 0 R 1143 0 R 1144 0 R 1145 0 R 1146 0 R 1147 0 R endobj 4059 0 obj << << endobj >> 1113 0 obj >> /Lang (EN-US) /K 1539 endobj >> 1248 0 obj /K 562 1628 0 obj >> << << /Lang (EN-US) /S /Artifact 3585 0 obj 2173 0 obj << /S /Artifact /S /Artifact << /K 21 /Pg 22 0 R >> << 389 0 obj 1738 0 obj /P 10 0 R 3196 0 obj 3007 0 obj /P 4978 0 R 642 0 obj /P 5579 0 R << >> /K [1117 1118] /Pg 24 0 R 1216 0 obj /Pg 24 0 R /Parent 8 0 R >> << /S /P /Pg 22 0 R >> /Pg 23 0 R /S /P << /K 1542 618 0 obj /Pg 25 0 R /P 4985 0 R /Lang (EN-US) endobj >> /Pg 25 0 R endobj 454 0 obj The Cliffwater Direct Lending index, which represents $260 billion in private credit assets, unlevered, returned 6.6% for the 12 months ended Sept. 30, compared to 14.25% for the prior 12-month . /Pg 25 0 R /K 156 /P 33 0 R /K 1004 /P 4400 0 R /Pg 18 0 R >> /K 1315 1447 0 obj endobj /Pg 24 0 R endobj /Lang (EN-US) 4293 0 obj endobj /Lang (EN-US) << /Pg 25 0 R << 3913 0 obj /S /Artifact /S /P >> << endobj /Lang (EN-US) endobj /K 161 << /Lang (EN-US) /K 1204 /S /P /P 4800 0 R endobj /S /Artifact /Pg 23 0 R null 3554 0 R null 3555 0 R null 3556 0 R null 3557 0 R null 3558 0 R /S /P 3466 0 obj /S /Artifact /Tabs /S endobj endobj >> /P 5783 0 R /Pg 24 0 R 2562 0 obj << endobj /P 6216 0 R /Lang (EN-US) << /S /P /K 51 /S /P endobj 1869 0 obj << endobj 3245 0 obj /Pg 22 0 R << /Lang (EN-US) /P 5617 0 R endobj /S /P << 1853 0 obj >> >> >> /P 4815 0 R /Lang (EN-US) /K 1029 3055 0 obj /P 5553 0 R << /K 1444 /S /P /Pg 24 0 R 1593 0 R null 1594 0 R null 1595 0 R null 1596 0 R null 1597 0 R null /Lang (EN-US) /Lang (EN-US) /P 5770 0 R /K 26 1643 0 obj /Pg 22 0 R << /K 408 /Pg 25 0 R /S /P /Lang (EN-US) /Lang (EN-US) >> /P 5473 0 R /P 5680 0 R >> 184 0 R 541 0 R 192 0 R 542 0 R 538 0 R 543 0 R 544 0 R 545 0 R 546 0 R 547 0 R >> /K 1369 /K 1475 /Pg 23 0 R 2604 0 obj << /K 1364 /Pg 22 0 R /Lang (EN-US) /S /Artifact /Pg 22 0 R /S /Artifact /Lang (EN-US) /Lang (EN-US) /P 5371 0 R /Pg 23 0 R 1280 0 obj /S /P endobj /Lang (EN-US) /S /P >> /S /Artifact >> 778 0 R null 779 0 R null 780 0 R null 781 0 R null 782 0 R 783 0 R /S /Figure endobj /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] 3816 0 obj 2537 0 obj /S /P 622 0 obj /Pg 24 0 R /Pg 24 0 R 905 0 obj >> /K 586 /K 725 >> /Pg 23 0 R /Lang (EN-US) endobj endobj /S /P 4065 0 obj /Pg 23 0 R /Lang (EN-US) endobj /Lang (EN-US) << /Pg 23 0 R /Lang (EN-US) << endobj 2004 0 obj /S /Artifact /S /Artifact endobj 3569 0 obj <> 4247 0 obj /S /Artifact /P 5772 0 R /P 6597 0 R /Lang (EN-US) >> 1661 0 obj >> << /Pg 22 0 R >> /K 553 3160 0 obj /P 5049 0 R /S /P 2069 0 obj /S /P endobj << 237 0 obj null 645 0 R null 646 0 R null 647 0 R null 648 0 R null 649 0 R /S /Artifact endobj /S /Artifact << >> /K 1503 endobj /K 870 << /K 194 /K [95 96 97 98 99 100 101 102 103] endobj /S /P /K 1072 >> 1684 0 obj >> 340 0 obj /K 1331 /S /P endobj /S /Artifact >> /Pg 23 0 R 1278 0 R 1279 0 R 1280 0 R 1281 0 R 1282 0 R 1283 0 R 1284 0 R 1285 0 R 1286 0 R 1287 0 R /K 197 /S /P /Pg 22 0 R /S /P /Lang (EN-US) /K 37 /InlineShape /Figure /S /P /P 5806 0 R 2158 0 obj 1103 0 obj >> 4128 0 obj /S /Artifact << /S /Artifact /P 6399 0 R /Pg 23 0 R endobj <> /K 349 562 0 obj 3828 0 obj /Pg 23 0 R null 721 0 R null 722 0 R 723 0 R null 724 0 R null 725 0 R null /K 663 >> 2611 0 obj 1383 0 obj /K 1539 4157 0 obj /S /Artifact /S /P >> /S /Artifact 1835 0 obj /K 1180 Cliffwater is an alternative investment adviser and fund manager. endobj >> /Lang (EN-US) /K 1402 409 0 obj /S /Artifact >> /K 148 1563 0 obj /P 5344 0 R 2971 0 obj /K 668 >> 3780 0 R 3781 0 R null 3782 0 R null 3783 0 R null 3784 0 R null 3785 0 R >> 2387 0 obj /K 230 /S /Artifact 2314 0 obj << /Pg 22 0 R null null null 2856 0 R null null null 2857 0 R null 2858 0 R /K 1333 endobj /Pg 24 0 R 1480 0 obj endobj /Pg 23 0 R >> /P 6490 0 R /K 983 /Pg 23 0 R 2143 0 obj endobj << /Pg 23 0 R /K 1163 << endobj 1813 0 obj 3112 0 obj << /Pg 24 0 R << >> << endobj endobj /S /P /K 195 /K 1016 /K 19 /Pg 24 0 R 903 0 obj /Pg 22 0 R >> /S /P << endobj /P 5407 0 R 109 0 obj /Lang (EN-US) endobj /P 5195 0 R /S /P 1863 0 obj /P 6240 0 R endobj /Pg 25 0 R endobj /K 521 << /Lang (EN-US) 2190 0 obj /Lang (EN-US) /Pg 23 0 R /Lang (EN-US) /P 10 0 R /Lang (EN-US) >> /K 381 /K 1107 /Pg 25 0 R endobj /K 1424 /S /P /Pg 25 0 R /Pg 25 0 R /Lang (EN-US) /K 39 /K 1380 >> /S /P /Pg 24 0 R << << endobj /P 5725 0 R /S /P endobj endobj /K 1124 2747 0 obj 2559 0 obj /Lang (EN-US) /Pg 23 0 R /S /Artifact 4187 0 obj <> << /S /P /K 1149 >> >> 485 0 obj >> << >> /P 10 0 R /K 589 /K 1512 >> /Lang (EN-US) null 2624 0 R null 2625 0 R null 2626 0 R null 2627 0 R null 2628 0 R /S /P /P 5448 0 R /S /P endobj /Pg 25 0 R /Resources 4356 0 R 1149 0 obj 940 0 obj /S /Artifact << /Pg 24 0 R /Pg 22 0 R /Lang (EN-US) /K 890 /Lang (EN-US) /Pg 25 0 R 2233 0 obj >> << >> 435 0 R 426 0 R 89 0 R 92 0 R 92 0 R 94 0 R 94 0 R 98 0 R 434 0 R 434 0 R >> >> /Lang (EN-US) 3574 0 obj << endobj /Lang (EN-US) /P 33 0 R 1392 0 obj << /K 530 2227 0 obj << 629 0 obj /K 545 endobj 3507 0 obj endobj /K 1317 /P 40 0 R /Lang (EN-US) 1231 0 obj >> << /S /P 2226 0 obj /P 5565 0 R endobj 3680 0 obj endobj /P 6214 0 R endobj /K [4483 0 R 4484 0 R 4485 0 R 4486 0 R 4487 0 R 4488 0 R 4489 0 R 4490 0 R 4491 0 R 4492 0 R << >> /K 585 /P 6651 0 R << /Pg 22 0 R /Pg 23 0 R /S /Artifact 4306 0 obj endobj endobj /K 1448 911 0 obj endobj << >> /S /P /Pg 18 0 R << /Lang (EN-US) << endobj << >> /K 72 /S /P <> /K 1187 /S /P /K 480 /K 840 /S /Artifact << endobj /Lang (EN-US) << 3545 0 obj /S /Artifact /K 22 /S /Artifact 3238 0 obj >> /K 771 /Pg 25 0 R /S /P 518 0 obj endobj >> endobj << /S /Artifact /S /Artifact >> >> /Lang (EN-US) /K 610 >> /K 171 /K 1334 /Pg 25 0 R /K 948 /S /P /P 6209 0 R >> /Pg 22 0 R /CropBox [0 0 612 792] /K 94 endobj 47 0 obj /P 5083 0 R /Pg 22 0 R >> /Lang (EN-US) >> /Lang (EN-US) 4244 0 obj 1786 0 obj 3309 0 obj /S /Artifact /Lang (EN-US) /Pg 23 0 R endobj 2201 0 obj endobj /K 1258 endobj /S /P 284 0 obj /Pg 23 0 R /K 374 /S /P /Pg 25 0 R /P 4708 0 R endobj endobj /K 1550 /Pg 22 0 R /Pg 25 0 R /Lang (EN-US) /S /Artifact 3684 0 obj null 2904 0 R null null null 2905 0 R null 2906 0 R null 2907 0 R /P 4665 0 R endobj /P 5768 0 R 3643 0 R 3644 0 R null 3645 0 R null 3646 0 R null 3647 0 R null 3648 0 R endobj /Pg 25 0 R /P 5227 0 R /S /P /K 871 /K 206 endobj /Lang (EN-US) /P 6013 0 R /K 1175 /S /P /Pg 25 0 R /Lang (EN-US) 547 0 obj 734 0 R 735 0 R null 736 0 R null 737 0 R null 738 0 R null 739 0 R /K 1282 /P 4838 0 R 1860 0 obj /S /P 2634 0 obj /K 542 /P 5812 0 R << << endobj endobj /Lang (EN-US) /Pg 24 0 R 2485 0 obj /S /Artifact << endobj /K 1288 /Pg 25 0 R /P 4702 0 R 3724 0 obj /K 763 /Lang (EN-US) << >> /K 383 /Pg 23 0 R 602 0 obj /Pg 23 0 R /P 6412 0 R 310 0 obj >> endobj endobj >> 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 << << /Pg 24 0 R 3261 0 obj endobj /K 74 /K 436 /K 1375 >> endobj >> 295 0 R 296 0 R 298 0 R 299 0 R 300 0 R 301 0 R 302 0 R 303 0 R null null /Pg 23 0 R endobj /Pg 22 0 R /K 102 /K 803 << 673 0 obj endobj /K 1466 >> >> 4146 0 obj /Lang (EN-US) >> 1334 0 obj /K 1392 /Pg 23 0 R << >> /K 1399 /Pg 23 0 R /S /P /Pg 25 0 R endobj /Lang (EN-US) 2943 0 R null 2944 0 R null 2945 0 R null 2946 0 R 2947 0 R null 2948 0 R /P 10 0 R /Lang (EN-US) /Lang (EN-US) /K 1290 /Lang (EN-US) /S /P /S /P 2146 0 R 2147 0 R 2148 0 R 2149 0 R 2150 0 R 2151 0 R 2152 0 R 2153 0 R 2154 0 R 2155 0 R /Pg 22 0 R 7 0 obj << /Lang (EN-US) 2897 0 obj << /K 1093 endobj >> /S /Artifact /Lang (EN-US) /Pg 24 0 R 3817 0 obj /Lang (EN-US) /P 4839 0 R 1934 0 obj /K [212 213 214] /Pg 24 0 R /K 1473 /Pg 24 0 R /K 273 /P 6126 0 R /K 1309 << 1288 0 R 1289 0 R 1290 0 R 1291 0 R 1292 0 R 1293 0 R 1294 0 R 1295 0 R 1296 0 R 1297 0 R /Pg 22 0 R 3893 0 obj /Lang (EN-US) >> >> /S /Artifact endobj >> endobj /Pg 22 0 R /K 237 << /Lang (EN-US) /S /P /Pg 22 0 R /S /P /K 489 /P 5143 0 R >> << 879 0 obj endobj /P 5314 0 R Average Loss Rates 3606 0 obj >> /Pg 25 0 R /Pg 23 0 R /S /P /Pg 23 0 R >> endobj 2101 0 obj /K 442 null 1045 0 R null null null 1046 0 R null 1047 0 R null 1048 0 R << /Pg 23 0 R /Pg 21 0 R /S /Artifact endobj /S /Artifact >> 2408 0 obj 449 0 obj 2803 0 obj << /Pg 24 0 R >> /Pg 24 0 R /Lang (EN-US) /Pg 25 0 R >> /Pg 25 0 R /S /P /Lang (EN-US) /Pg 22 0 R >> /K 1094 endobj 1794 0 obj >> >> endobj endobj 1419 0 obj /P 5287 0 R 3404 0 R] /S /P /S /Artifact >> endobj 1124 0 obj << /K 187 /Pg 23 0 R << << /Pg 24 0 R 3208 0 obj 3539 0 obj << 1884 0 obj >> /S /P /S /Artifact << /Pg 25 0 R 2841 0 obj 2624 0 obj /Lang (EN-US) endobj /S /P /Lang (EN-US) endobj /Lang (EN-US) endobj /Pg 18 0 R >> << /Pg 23 0 R 3388 0 obj /K 1271 /S /Artifact /Pg 23 0 R /P 4844 0 R << /Rect [149.6000061035 387.0660095215 153.43699646 399.3500061035] /Pg 23 0 R /Pg 23 0 R /Lang (EN-US) 829 0 obj endobj >> endobj 3824 0 R null 3825 0 R null 3826 0 R null 3827 0 R null 3828 0 R 3829 0 R /Lang (EN-US) /Lang (EN-US) /S /P /Pg 22 0 R /Pg 23 0 R /S /P /P 6060 0 R 3959 0 obj /Pg 23 0 R 2467 0 obj << /Pg 24 0 R CHAPTER 13 Selecting Direct Lending Managers - O'Reilly Online Learning 2368 0 obj /P 6665 0 R