/S /P /Pg 22 0 R endobj 244 0 obj endobj /Lang (EN-US) /K 69 /K 1225 /K 1290 2760 0 obj /P 5881 0 R /P 5526 0 R >> 2290 0 obj endobj << /S /Artifact 3414 0 obj << /K 154 /P 6460 0 R PDF DIRECT LENDING - PERFORMANCE ANALYSIS - Alpinum Investment Management << /Pg 23 0 R 2851 0 obj /Pg 25 0 R << /Pg 23 0 R /K 70 << << /Pg 23 0 R >> endobj /K 1426 endobj /Pg 23 0 R << endobj /Pg 25 0 R endobj /K 1511 /Pg 23 0 R /S /Artifact /K 136 /K 31 /S /Artifact << 2582 0 obj /P 5508 0 R endobj /Pg 23 0 R /S /P /Lang (EN-US) /P 5388 0 R << >> /K 185 /K 1187 /P 6277 0 R 1562 0 obj /Pg 25 0 R 1089 0 obj /K 241 << << << /Pg 25 0 R /P 5747 0 R /Pg 25 0 R /Pg 24 0 R /S /P << 1179 0 obj /S /Artifact /P 5482 0 R << endobj /S /P >> endobj >> /K 530 << null null null 997 0 R null null null 998 0 R null 999 0 R endobj << 2210 0 obj /P 6625 0 R /Lang (EN-US) /S /P >> >> << endobj endobj >> >> 2978 0 obj /S /P 3221 0 obj 1440 0 obj 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 /Lang (EN-US) >> /Pg 22 0 R << 2250 0 obj 2365 0 obj /K 2 /Pg 25 0 R 4130 0 obj >> /P 4793 0 R /S /Artifact /K 1282 /K 1135 << /S /P 2787 0 obj /S /Artifact /S /P /K 886 /Pg 25 0 R /P 10 0 R << 421 0 obj /Lang (EN-US) endobj /P 6466 0 R /S /P >> /Lang (EN-US) /K 140 4149 0 obj >> /Pg 24 0 R /K 842 2224 0 obj 928 0 obj /Pg 20 0 R /S /Artifact >> >> << << /S /P << 352 0 obj 217 0 R 218 0 R 219 0 R 220 0 R 221 0 R 222 0 R 223 0 R 224 0 R 225 0 R 226 0 R 3463 0 obj << /P 6032 0 R /S /P 3115 0 obj 3864 0 obj /K 1273 /Lang (EN-US) << /P 5459 0 R /K 2 endobj /Lang (EN-US) >> << /K 1189 /Pg 22 0 R >> /K 1431 endobj endobj /K 1211 2566 0 obj /P 38 0 R /K 1124 /Lang (EN-US) /Pg 23 0 R /Pg 24 0 R null 405 0 R null 406 0 R null 407 0 R null 408 0 R null 409 0 R /Pg 22 0 R /S /Artifact endobj << /K 1503 >> endobj >> endobj /K 1337 394 0 obj >> /K 1262 endobj /Pg 24 0 R << /Lang (EN-US) 550 0 obj endobj /Pg 24 0 R /Pg 23 0 R 1405 0 R 1406 0 R 1407 0 R 1408 0 R 1409 0 R 1410 0 R 1411 0 R 1412 0 R 1413 0 R 1414 0 R 1539 0 obj /K 749 /P 5542 0 R >> endobj /P 5457 0 R << 2947 0 obj << /S /Artifact /Pg 22 0 R 460 0 obj << /K 27 4017 0 obj 944 0 obj << /Pg 23 0 R 1108 0 obj << /S /Artifact /P 6694 0 R >> >> 4269 0 obj /K 23 << /S /Artifact << /S /Artifact >> >> << << << 2432 0 obj >> /K 898 /Pg 25 0 R endobj >> 1997 0 obj /S /P /K [9 446 0 R 48] >> << /Pg 20 0 R 2098 0 obj endobj >> 546 0 obj /S /P << endobj /Pg 22 0 R endobj endobj 1391 0 obj endobj /K 1072 >> >> /Lang (EN-US) /Lang (EN-US) /K 1108 << /Lang (EN-US) /P 5183 0 R >> /S /Artifact endobj Cliffwater Direct Lending Index (CDLI) - Primary source of data on middle market corp orate private debt (>7,000 individual loans) - Quarterly performance benchmark for corporat e direct lending going back to Sept 2004 - Market data on yields, defaults, recoveries, borrower size, sponsorship, loan-to-value, etc. /K 343 /S /P << /S /P endobj << /Pg 25 0 R >> /Pg 14 0 R endobj endobj >> << /S /P /Lang (EN-US) >> /Pg 18 0 R 4255 0 obj >> /S /P /K 8 147 0 obj 1268 0 R 1269 0 R 1270 0 R 1271 0 R 1272 0 R 1273 0 R 1274 0 R 1275 0 R 1276 0 R 1277 0 R /Pg 25 0 R 719 0 obj /Pg 25 0 R << >> /Lang (EN-US) << /Pg 23 0 R >> /S /P /Pg 25 0 R 4067 0 R 4068 0 R 4069 0 R 4070 0 R 4071 0 R 4072 0 R 4073 0 R 4074 0 R 4075 0 R 4076 0 R /S /Artifact >> 295 0 obj << << 2616 0 obj /Lang (EN-US) /K 1435 >> /Lang (EN-US) >> << << /K 538 /K 152 endobj << /P 10 0 R >> << /P 5518 0 R << /Pg 25 0 R /Lang (EN-US) >> /Pg 25 0 R /K 148 4097 0 R 4098 0 R 4099 0 R 4100 0 R 4101 0 R 4102 0 R 4103 0 R 4104 0 R 4105 0 R 4106 0 R 184 0 obj << /Lang (EN-US) endobj /Pg 25 0 R /P 4701 0 R /Lang (EN-US) /K 728 >> endobj /P 10 0 R >> /P 5875 0 R 1826 0 obj /Pg 20 0 R endobj endobj 219 0 obj /K 1371 2340 0 obj /Pg 25 0 R >> >> endobj /S /Artifact /Pg 22 0 R << /K 1229 1305 0 obj /K 1510 /P 6291 0 R /Lang (EN-US) /Pg 22 0 R >> /S /TextBox /Pg 24 0 R endobj endobj /S /Artifact << /Pg 22 0 R /Lang (EN-US) /Pg 21 0 R 2792 0 obj << /Lang (EN-US) << endobj /Pg 23 0 R 2320 0 obj /Lang (EN-US) << /P 5239 0 R /S /Artifact /Lang (EN-US) << 2670 0 obj /K 1363 endobj /K 1410 /A 4675 0 R << /Pg 24 0 R << 2737 0 obj endobj /S /P /Pg 21 0 R >> endobj /K 1345 /P 5401 0 R /Lang (EN-US) /S /P 2864 0 obj /K 794 /Pg 18 0 R /K 853 << endobj << /P 4957 0 R << /Pg 25 0 R /Lang (EN-US) endobj >> 2027 0 R null 2028 0 R null 2029 0 R 2030 0 R null 2031 0 R null 2032 0 R >> << endobj /S /P /Pg 22 0 R /S /Artifact /Lang (EN-US) >> Access to this resource is limited to existing Cliffwater clients and qualified prospects for our Funds, By clicking "Login", I accept Terms of Use, If you are an RIA, institutional investors, or other prospect for Funds, please contact us to gain access, By clicking "Accept", I accept Terms of Use, For more information to login, call (310) 448-5000 or email [email protected], {{CDLI.indexValue}}Index Value ({{CDLI.indexDate}}), {{CDLI.assetFairValue}}BAssets (Fair Value), {{CDLI_S.indexValue}}Index Value ({{CDLI_S.indexDate}}), {{CDLI_S.assetFairValue}}BAssets (Fair Value), {{CDLI_V.indexValue}}Index Value ({{CDLI_V.indexDate}}), {{CDLI_V.assetFairValue}}BAssets (Fair Value), {{CWBDC.indexValue}} Index Value ({{CWBDC.indexDate}}), {{CWBDC.numberofCompanies}}Number of Companies, {{CWBDC.marketCapitalization}}BMarket Capitalization, {{CWBDC.navPremium}}%NAV Premium/Discount. endobj << /K 1357 3240 0 obj >> endobj >> /Pg 18 0 R 1966 0 obj /S /P << endobj /Pg 24 0 R /K 1180 1705 0 obj /S /P << /Lang (EN-US) endobj /Pg 24 0 R >> endobj << /S /Artifact /K 192 /K 1518 2341 0 obj 4216 0 obj /S /Artifact /Pg 24 0 R /K 1258 214 0 obj 4198 0 obj /Pg 25 0 R << /P 10 0 R /Pg 22 0 R endobj << >> 2976 0 obj 2559 0 obj << /K 1209 /S /P /S /P endobj 3253 0 obj /S /P /Pg 23 0 R >> endobj /P 5020 0 R /Pg 24 0 R /K 73 << endobj /S /P /S /P /Pg 24 0 R 2758 0 obj 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. /P 10 0 R /K 32 /P 6477 0 R /Lang (EN-US) /S /Artifact /K 222 /S /P endobj >> /Pg 24 0 R endobj endobj >> /P 33 0 R /Pg 22 0 R /K 410 /Pg 23 0 R << /P 6468 0 R /S /P /P 6558 0 R endobj /K 1132 /S /Artifact /S /Artifact >> /Pg 24 0 R /P 6300 0 R >> >> >> null 123 0 R 124 0 R 125 0 R 126 0 R 127 0 R 128 0 R 129 0 R 130 0 R 131 0 R << 3205 0 obj endobj endobj /Lang (EN-US) 1359 0 obj /Lang (EN-US) /P 6471 0 R << /P 5471 0 R << 3967 0 obj /MediaBox [0 0 612 792] >> << /P 10 0 R 638 0 obj >> /S /P /Lang (EN-US) /S /Artifact >> endobj 924 0 obj /K 1339 /K 1432 endobj /K 51 endobj /K 1040 /Lang (EN-US) /Pg 25 0 R /Pg 24 0 R /P 10 0 R >> 570 0 obj endobj << endobj /K [4449 0 R 4450 0 R 4451 0 R 4452 0 R 4453 0 R 4454 0 R 4455 0 R 4456 0 R] /S /P /P 5460 0 R /Pg 23 0 R << /S /Artifact endobj /K 1388 /Pg 20 0 R /K 747 /S /P << 3615 0 obj endobj >> >> /Pg 22 0 R endobj << /Pg 13 0 R /S /Artifact /K 189 << Cliffwater is an alternative investment adviser and fund manager. >> << << /P 5944 0 R /P 5259 0 R endobj << endobj 3165 0 obj 2702 0 obj /Pg 23 0 R /K 724 endobj /K 1549 << /Pg 25 0 R /S /Artifact /Pg 23 0 R /S /P << /K 1169 /Pg 22 0 R >> endobj /Pg 23 0 R endobj 3543 0 obj 3577 0 obj /S /Artifact /Pg 24 0 R endobj /Pg 22 0 R endobj 2310 0 obj /Lang (EN-US) /S /P << << endobj >> /S /P /P 5306 0 R /Pg 25 0 R /Lang (EN-US) << << /K 10 2267 0 obj 926 0 obj endobj /Pg 23 0 R endobj endobj /P 5516 0 R /P 5015 0 R /K 29 >> /Pg 24 0 R /S /Artifact >> /P 5505 0 R endobj << /P 6299 0 R << /Lang (EN-US) endobj >> /K 1442 /Pg 13 0 R /S /Artifact /P 10 0 R /S /P endobj /S /P /K 289 >> /S /Artifact /A 4683 0 R /P 5603 0 R /K 14 >> >> /S /Artifact null 2739 0 R null 2740 0 R null 2741 0 R null 2742 0 R 2743 0 R null /Lang (EN-US) /Pg 24 0 R /K 878 /K 1231 /Lang (EN-US) /K 1184 /Lang (EN-US) /Pg 25 0 R /K 751 /Pg 23 0 R /Pg 22 0 R /S /Artifact << << /S /Artifact 1016 0 obj endobj /P 5384 0 R /P 6653 0 R /K 22 /P 6387 0 R 1870 0 obj /S /P /Pg 25 0 R /Pg 13 0 R /S /P << >> 4205 0 obj /S /P /P 10 0 R >> >> endobj /Pg 25 0 R 3128 0 obj >> /S /Artifact >> 1993 0 obj >> /S /Artifact /P 5340 0 R /K 1396 >> /Lang (EN-US) << 778 0 obj /P 6388 0 R /Lang (EN-US) >> /K 875 520 0 R null 521 0 R null 522 0 R 523 0 R null 524 0 R 525 0 R null >> /K 985 /P 6707 0 R /Pg 24 0 R /S /Artifact /Pg 22 0 R >> /Pg 25 0 R << /P 10 0 R /Lang (EN-US) /S /P endobj endobj >> /StructParents 10 /S /Artifact /Pg 23 0 R /S /Footnote endobj /S /P /S /P >> /K 1485 endobj << endobj endobj endobj >> endobj endobj /P 5606 0 R endobj /S /P /Pg 24 0 R >> 1131 0 obj << 20 432 0 R 21 433 0 R 22 435 0 R 23 438 0 R 24 443 0 R /Lang (EN-US) /Pg 19 0 R >> endobj >> >> /K 1121 endobj >> /K 52 278 0 obj /Lang (EN-US) /S /P >> /Pg 19 0 R /S /Artifact /S /Artifact /K 1130 /K 803 >> 3409 0 obj endobj 1007 0 obj << /Pg 25 0 R /K 1544 endobj null null null 422 0 R null null null 423 0 R null null /K 43 /Lang (EN-US) /S /P /K 797 /K 1374 /Lang (EN-US) >> /Lang (EN-US) << /S /P /K 1445 << /Lang (EN-US) /S /P /Pg 23 0 R /K 160 /K 1221 << /S /Figure 2329 0 obj /K 1180 endobj endobj /S /P /Lang (EN-US) >> >> 995 0 obj /P 10 0 R /Lang (EN-US) /K 229 << 158 0 R 160 0 R 161 0 R 162 0 R 163 0 R 164 0 R 165 0 R 166 0 R 167 0 R 168 0 R << /Lang (EN-US) endobj /P 5218 0 R << /K 642 /Pg 22 0 R /Pg 25 0 R /Lang (EN-US) /S /P /K 1102 endobj 714 0 obj endobj 1050 0 obj << /S /Artifact /K 1404 /Creator (Acrobat PDFMaker 22 for Word) /K 17 >> /S /P /K 716 endobj << Should I Invest in Alternative/Direct Lending (LENDX)? /K 1384 /S /Artifact 3628 0 obj >> /S /P /S /P << /K 1227 endobj endobj << endobj /S /P << << endobj /S /P /K 274 /S /P /Pg 23 0 R endobj /Pg 23 0 R /Lang (EN-US) 1703 0 obj endobj /K 1310 /S /Link 3723 0 R null 3724 0 R null 3725 0 R null null null 3726 0 R null 73 0 obj /K 1522 endobj /P 5246 0 R /S /Artifact /P 6431 0 R endobj /P 6550 0 R endobj 2864 0 R null 2865 0 R null 2866 0 R null 2867 0 R null null null /S /Artifact /K 635 /K 1406 /S /Artifact /K 1390 << It is often said policy takes around 6-12 months to take effect. 48 0 obj /Pg 25 0 R 2989 0 obj 3917 0 obj /S /Artifact >> /Pg 23 0 R endobj /K 122 >> endobj /Pg 13 0 R endobj /S /P >> >> /K 341 3941 0 obj /K 1438 /P 6669 0 R endobj /K 1537 The CDLI assists investors to better understand asset class characteristics and to benchmark manager performance. 4190 0 obj /P 10 0 R /S /Artifact >> << 2747 0 obj >> /Lang (EN-US) endobj /P 5445 0 R /Lang (EN-US) /Pg 25 0 R endobj /Lang (EN-US) >> /Pg 22 0 R endobj /P 5880 0 R /S /P endobj endobj 223 0 obj << /S /P /Pg 25 0 R endobj /P 5601 0 R >> /K 77 /Pg 22 0 R /Lang (EN-US) >> /K 1277 1387 0 obj /S /P /K 1407 451 0 obj << /P 5586 0 R 2520 0 obj /P 5029 0 R /Pg 22 0 R /S /P /K 678 endobj 1334 0 obj >> /K 27 endobj /K 1407 << /Pg 25 0 R 4170 0 obj << 1651 0 obj >> endobj /K 981 >> /K 1526 >> /Pg 19 0 R << /S /P /S /Artifact /K 1276 << /Lang (EN-US) /S /P /K 455 >> /Pg 24 0 R /S /P /Pg 22 0 R << 733 0 obj >> 2488 0 obj >> /P 5372 0 R /Pg 25 0 R /Lang (EN-US) /S /Artifact /Pg 22 0 R 69 0 obj /Pg 22 0 R 2423 0 R 2424 0 R 2425 0 R 2426 0 R 2427 0 R 2428 0 R 2429 0 R 2430 0 R 2431 0 R 2432 0 R /K 145 /P 6179 0 R /S /P {{featuredResearch.formattedEffectiveDate}}, {{featuredWebcasts.formattedEffectiveDate}}, {{latestAssetAllocation.formattedEffectiveDate}}.

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