/Pg 23 0 R /Pg 25 0 R /Lang (EN-US) /Lang (EN-US) /Lang (EN-US) /Pg 19 0 R endobj /K 1415 /Lang (EN-US) /P 6517 0 R /K 1 << /K 1325 /Lang (EN-US) /Lang (EN-US) /S /P /S /Artifact /Lang (EN-US) >> /P 4794 0 R endobj /S /P /Lang (EN-US) /S /P << /P 10 0 R /P 4921 0 R << >> 2000 0 R null 2001 0 R null 2002 0 R null 2003 0 R null 2004 0 R null /Pg 20 0 R 2572 0 obj << /S /Artifact /Lang (EN-US) /Pg 23 0 R endobj /S /Link Indices - Direct Lending: Cliffwater Direct Lending Index, Private Equity: CA US Private Equity Index, High-Yield Bonds: Bloomberg Barclays High-Yield Index. /P 6444 0 R 1596 0 obj endobj /S /P << >> << << /Lang (EN-US) endobj 257 0 R 258 0 R 259 0 R 260 0 R 261 0 R 262 0 R 263 0 R 264 0 R 265 0 R 266 0 R /S /Artifact 2718 0 obj /Lang (EN-US) endobj /K 1287 /S /P /Pg 23 0 R /Pg 22 0 R >> >> /K 189 /K 287 endobj endobj /Pg 25 0 R 3294 0 obj /K 907 << /S /P << >> /K 1290 /P 5642 0 R << /P 5446 0 R /Pg 25 0 R /S /P << /S /P /S /Artifact endobj << 66 0 obj << << endobj >> /Pg 18 0 R /K 900 /K 1506 /Pg 22 0 R >> << /Lang (EN-US) >> /K 848 endobj >> 2973 0 obj /S /Artifact /P 6261 0 R 118 0 obj << /S /P << /S /Artifact /Pg 22 0 R /S /P /Pg 24 0 R /K 1537 /Lang (EN-US) << 2614 0 obj << 385 0 obj /Lang (EN-US) /S /Artifact >> /S /Artifact /S /Artifact >> /S /P /S /Artifact 1862 0 obj /K 406 /P 5973 0 R 267 0 obj >> /Lang (EN-US) /Lang (EN-US) /Pg 13 0 R << >> 3396 0 obj >> /S /P /S /Link /S /Artifact /Lang (EN-US) /Lang (EN-US) /K 1225 460 0 obj /Pg 23 0 R >> /K 1258 /P 10 0 R >> /P 5827 0 R endobj /Lang (EN-US) << /S /P 2883 0 obj /K 1491 /K 803 /K 1378 >> << /S /Artifact 151 0 obj 776 0 obj /Lang (EN-US) /S /P endobj << endobj /K 1096 endobj 2992 0 obj /Pg 23 0 R endobj /Lang (EN-US) << /Pg 22 0 R /P 4709 0 R endobj << >> >> /S /P /Pg 13 0 R 1134 0 obj << >> /S /P /S /Artifact /S /Artifact << >> endobj << endobj /Lang (EN-US) /S /Artifact /K 1109 /Pg 17 0 R /K 1361 /S /Artifact /S /P /P 10 0 R 3113 0 obj /Pg 25 0 R endobj /Lang (EN-US) endobj /P 5811 0 R /Parent 4 0 R << /K 1395 2639 0 obj >> /Pg 25 0 R >> /Lang (EN-US) /Pg 25 0 R 2607 0 R null 2608 0 R null 2609 0 R null 2610 0 R null null null 3146 0 obj /Lang (EN-US) /K 207 >> /Pg 23 0 R << >> /Pg 22 0 R 607 0 obj 671 0 obj /Lang (EN-US) /Pg 14 0 R /S /P /K 88 /P 10 0 R /Pg 22 0 R endobj 220 0 obj << /S /P /Pg 23 0 R << /P 6330 0 R >> >> /Pg 25 0 R << 539 0 obj /S /P endobj >> << << endobj >> endobj /K 431 /Lang (EN-US) << /S /Artifact /K 86 >> /K 374 1173 0 obj /S /Artifact /K 109 /P 5417 0 R /K 17 /Lang (EN-US) endobj 555 0 obj endobj /K 1268 /Lang (EN-US) 2224 0 obj /S /P << /P 5497 0 R << /Pg 23 0 R FOR SALE! /Pg 22 0 R /P 6285 0 R << /S /Artifact 2013 0 obj /P 5694 0 R 2136 0 obj /Pg 22 0 R /Pg 25 0 R /K 986 << /Pg 24 0 R /Lang (EN-US) 1039 0 obj /S /P /Pg 22 0 R /S /Artifact /P 6036 0 R 3933 0 obj << /S /P << endobj 262 0 obj /Lang (EN-US) /K 20 /K 1536 /S /P /P 6107 0 R endobj /S /Artifact /P 5569 0 R /Pg 25 0 R >> 3886 0 obj /S /Artifact /S /P /Pg 19 0 R endobj /S /P /S /P /Lang (EN-US) endobj << /S /P 912 0 obj /P 10 0 R /S /Artifact /Lang (EN-US) << >> /S /P /Lang (EN-US) << /S /P << /S /P 1164 0 obj endobj endobj >> /K 52 3780 0 obj 988 0 obj /S /Artifact << /S /P << /S /P >> /S /P 2340 0 obj /P 10 0 R /K 540 << /P 192 0 R /Pg 24 0 R endobj /Pg 24 0 R /K 695 /K 4 endobj >> /P 5404 0 R /Pg 24 0 R /Lang (EN-US) /Pg 22 0 R << endobj /Contents 4364 0 R /S /P 2288 0 obj 2122 0 obj /S /Artifact /Pg 24 0 R << /P 4949 0 R << << /P 5620 0 R /S /Artifact << /S /P >> /P 5180 0 R endobj 3553 0 obj 1216 0 obj /P 5674 0 R /Lang (EN-US) Direct Lending Download View Private Debt Research /Pg 25 0 R << >> 3807 0 obj /S /P >> endobj /P 5163 0 R /K 1511 endobj /Pg 20 0 R << /P 6326 0 R endobj 47 0 obj /S /P >> 3684 0 obj /K 1197 >> 2129 0 obj /P 6394 0 R 1317 0 obj /S /P endobj >> << /Pg 25 0 R /P 10 0 R 2364 0 obj 2912 0 obj << 1964 0 obj /K 19 /Pg 23 0 R 1488 0 obj endobj >> endobj /Pg 22 0 R /S /P 2663 0 obj Why is US unemployment falling even as interest rates are rising? 1805 0 obj /Pg 25 0 R /Pg 25 0 R /K 1359 >> /Lang (EN-US) 11 [311 0 R null 313 0 R null 1546 0 R null null 1547 0 R null null null 650 0 R 651 0 R null 652 0 R null 653 0 R null 654 0 R null >> << /P 6320 0 R /Pg 24 0 R endobj /Pg 22 0 R << /Pg 25 0 R /S /P << /K 1040 << 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 /K 1443 /Pg 24 0 R /S /P /P 5252 0 R >> << >> >> endobj /K 743 /K 351 << /Lang (EN-US) endobj endobj /Lang (EN-US) 2524 0 obj << << << /S /Artifact << 3098 0 obj 3917 0 obj >> << << /Pg 23 0 R /P 5478 0 R /Pg 23 0 R /Pg 23 0 R << endobj 3257 0 obj << /K 1480 << endobj 4069 0 obj /Lang (EN-US) /Lang (EN-US) /K 306 /S /P /S /P endobj << /P 5186 0 R 317 0 R 318 0 R 319 0 R 320 0 R 321 0 R 322 0 R 323 0 R 324 0 R 325 0 R 326 0 R /S /P /S /P /P 10 0 R /K 128 endobj 3047 0 R 3048 0 R 3049 0 R 3050 0 R 3051 0 R 3052 0 R 3053 0 R 3054 0 R 3055 0 R 3056 0 R /S /Artifact endobj /S /Artifact /S /P /Pg 22 0 R endobj /K 1356 /P 6251 0 R /S /P /Lang (EN-US) << /Lang (EN-US) /Pg 24 0 R 2246 0 R 2247 0 R 2248 0 R 2249 0 R 2250 0 R 2251 0 R 2252 0 R 2253 0 R 2254 0 R 316 0 R << << 3452 0 obj >> /S /Artifact << /Pg 24 0 R /Lang (EN-US) >> 238 0 obj /K 819 endobj /P 5504 0 R >> /Pg 24 0 R endobj /P 5161 0 R /Pg 24 0 R /S /P /S /Artifact /S /P 2733 0 obj /Pg 24 0 R 613 0 obj >> /P 4791 0 R endobj endobj endobj /S /P 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. >> endobj >> /P 10 0 R /Lang (EN-US) /K 635 /Pg 22 0 R >> /Lang (EN-US) /P 5246 0 R endobj /S /P 3942 0 obj 1571 0 obj 4101 0 obj /S /Artifact >> << endobj << 4044 0 obj 290 0 obj /S /P endobj << /Lang (EN-US) /S /P >> /P 6608 0 R >> endobj >> >> 255 0 obj /Lang (EN-US) /P 5440 0 R 3925 0 obj /P 6218 0 R >> /Pg 22 0 R /K 1151 >> /P 4840 0 R << endobj >> /S /P /Pg 24 0 R 3688 0 obj 1990 0 obj 2425 0 obj /S /P /S /P /Pg 24 0 R 1358 0 obj >> /P 6269 0 R /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 endobj /K 249 << /S /LBody << 3662 0 obj << << 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 6126 0 R endobj >> /Lang (EN-US) /Lang (EN-US) /S /Artifact /P 33 0 R /P 4720 0 R /Lang (EN-US) /S /P /K 898 /S /P /P 5792 0 R 3377 0 obj endobj 871 0 obj /S /Artifact /S /Artifact /Lang (EN-US) /P 6024 0 R << /MediaBox [0 0 612 792] /S /P << /K 84 >> /Pg 24 0 R << << 1533 0 obj /S /Artifact << /K 578 /S /P /S /P 3802 0 obj /S /P << null 978 0 R null 979 0 R 980 0 R null 981 0 R null 982 0 R null >> 1830 0 obj << endobj >> /S /Artifact endobj >> /P 10 0 R /S /Table /K 1252 /Pg 23 0 R << << /S /Artifact /S /P endobj endobj /Pg 23 0 R /K 1159 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 << Opportunities in Corporate Direct Lending", 2019. /Lang (EN-US) /Pg 22 0 R endobj /P 5809 0 R /Lang (EN-US) endobj endobj /K 879 << /Pg 22 0 R 1714 0 obj 4284 0 R 4285 0 R 4286 0 R 4287 0 R 4288 0 R 4289 0 R 4290 0 R 4291 0 R 4292 0 R 4293 0 R * "Direct Lending" is proxied by the Cliffwater Direct Lending Index - Senior (CDLI-S) which uses Current Yield as of June 30, 2021 in place of Yield to Worst. >> /S /Artifact /Lang (EN-US) 1015 0 obj >> /Pg 22 0 R /K 1352 << endobj 414 0 R 415 0 R 416 0 R 417 0 R] /Pg 25 0 R /Pg 24 0 R /Pg 23 0 R endobj 1906 0 obj endobj /S /P /S /P /Pg 24 0 R >> /Pg 24 0 R >> >> /Pg 24 0 R /S /P /Pg 23 0 R /K 61 >> /Lang (EN-US) >> /Pg 23 0 R /K 351 1013 0 obj /S /P /S /Artifact /Pg 25 0 R /S /P 2678 0 R null 2679 0 R null 2680 0 R null 2681 0 R null 2682 0 R null endobj endobj >> /Lang (EN-US) endobj /Pg 22 0 R endobj /Lang (EN-US) >> << /Pg 15 0 R /Lang (EN-US) << /K [39 40 41 42 43 44] /Lang (EN-US) /Pg 24 0 R 1377 0 obj << /P 6173 0 R 1992 0 obj /Lang (EN-US) /K 1120 endobj /P 5799 0 R /K 391 3515 0 obj /K 67 >> 1254 0 obj /K 752 >> >> /S /P endobj << << >> null null 1718 0 R null null null 1719 0 R null 1720 0 R null /Pg 13 0 R 787 0 obj /Pg 23 0 R << /Lang (EN-US) << << endobj 2858 0 obj >> >> /S /P /P 10 0 R >> >> << /Pg 25 0 R /Pg 23 0 R << /P 4994 0 R endobj /K 1510 null 3603 0 R null 3604 0 R null 3605 0 R null 3606 0 R null 3607 0 R endobj /S /P 2996 0 obj /Pg 22 0 R /S /Artifact /P 4692 0 R >> /K 1184 << endobj null 579 0 R 580 0 R null null 581 0 R null 582 0 R 583 0 R null >> endobj endobj >> 1339 0 obj >> /K 108 << /Pg 18 0 R /K 1220 1150 0 obj << endobj /S /Artifact << << /K 553 endobj /Lang (EN-US) << /K 1527 /S /P >> /Lang (EN-US) /P 10 0 R << /S /Artifact >> /K 1284 /Lang (EN-US) /K 388 >> 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 . >> endobj 3434 0 obj 3564 0 obj << /S /P << /Count 9 endobj /S /Artifact >> /S /Artifact 3142 0 obj 595 0 obj >> /S /P /Pg 23 0 R /Lang (EN-US) /K 608 /P 5047 0 R /P 10 0 R >> >> << /Pg 13 0 R << /S /P /Pg 25 0 R /P 10 0 R /S /P /Lang (EN-US) /Pg 24 0 R /Lang (EN-US) /K 1509 /S /P /K 1359 endobj 3929 0 obj /S /Artifact /P 6136 0 R << /P 5391 0 R 3117 0 obj /K 759 /K 950 endobj /P 6369 0 R 2578 0 obj 4059 0 obj << /S /Artifact 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 /P 10 0 R 1557 0 obj >> /Lang (EN-US) /S /Artifact << /Lang (EN-US) /K 40 /K 460 /P 5345 0 R >> 177 0 obj 755 0 obj 2453 0 obj /Pg 24 0 R /S /P /Lang (EN-US) 3671 0 obj /Lang (EN-US) /P 5256 0 R /Pg 23 0 R >> /K 206 /S /Artifact /Lang (EN-US) 1591 0 obj /S /P /K 9 endobj << endobj /P 5928 0 R 378 0 obj /Pg 25 0 R /Pg 19 0 R /K 2 3828 0 obj 2227 0 obj /Pg 24 0 R /Lang (EN-US) /S /P >> /K 1550 /K 20 >> 3775 0 R null 3776 0 R null 3777 0 R null 3778 0 R null 3779 0 R null /Pg 14 0 R /S /P 2150 0 obj >> << /K 241 /K 1113 endobj /Lang (EN-US) /Pg 22 0 R /P 5103 0 R /S /P /K 1249 2448 0 obj 428 0 obj 3689 0 obj 172 0 obj /K 1445 /S /P /S /P 2188 0 obj /Lang (EN-US) endobj /S /P endobj /S /Artifact /Pg 25 0 R << /P 5959 0 R << 3156 0 obj /S /Artifact << << 3334 0 R 3335 0 R 3336 0 R 3337 0 R 3338 0 R 3339 0 R 3340 0 R 3341 0 R 3342 0 R 3343 0 R /P 6627 0 R 3611 0 obj endobj /P 5987 0 R /S /P >> /K [47 4688 0 R] /P 10 0 R /S /Artifact << /Pg 25 0 R /K 61 << endobj /S /Artifact >> endobj endobj /S /P /K 711 1693 0 obj /K 11 /S /P /Pg 24 0 R 4332 0 obj 865 0 obj /S /Artifact endobj << /Pg 23 0 R /S /Artifact << /K [47 435 0 R 71] /S /P 311 0 obj /S /P << >> /Lang (EN-US) >> 3366 0 obj /K 1355 /Pg 24 0 R endobj /K 77 /Pg 25 0 R /K 953 3614 0 obj /K 314 << /P 4668 0 R null 3696 0 R 3697 0 R null 3698 0 R null 3699 0 R null 3700 0 R null /K 1510 endobj /S /Artifact endobj 577 0 obj /S /P >> >> 3016 0 obj /K 1540 /P 6673 0 R /S /P endobj /K 1013 >> /K 1179 /S /P << 2403 0 obj /K 846 endobj /S /Artifact << /K 99 /Lang (EN-US) /Lang (EN-US) /P 5588 0 R endobj >> /P 5111 0 R /Pg 25 0 R 3723 0 obj 186 0 obj /K 1257 << /Pg 24 0 R endobj /Lang (EN-US) endobj endobj /S /Artifact endobj /Pg 25 0 R 3877 0 obj /P 5695 0 R << /K 109 3335 0 obj /StructParent 17 1901 0 obj >> << << /K 329 1058 0 obj /K 58 endobj >> /Lang (EN-US) endobj /P 5615 0 R 3603 0 obj /P 5219 0 R /Pg 25 0 R /Pg 22 0 R << /Pg 23 0 R << /Pg 22 0 R endobj /Lang (EN-US) /S /P endobj null null 3727 0 R null 3728 0 R null 3729 0 R null 3730 0 R null endobj /S /Artifact /S /P << 2114 0 obj /P 5673 0 R >> /S /Artifact >> /S /P /K 709 /K 591 >> /S /Artifact 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 /K 1098 >> /K 1029 /S /Artifact endobj endobj << endobj << << /Lang (EN-US) /K 158 /Lang (EN-US) 3735 0 obj << /S /Artifact /K [70 4678 0 R] /Pg 23 0 R /S /P /Lang (EN-US) /Pg 25 0 R /Pg 24 0 R /P 4401 0 R /S /Artifact >> >> /Pg 22 0 R /K 959 >> /Lang (EN-US) /Pg 23 0 R >> >> endobj /Lang (EN-US) endobj 3086 0 obj /P 10 0 R << /S /Artifact /Pg 23 0 R 1304 0 obj /K 1390 /K 78 endobj /Lang (EN-US) << /K 88 << 3249 0 obj /K 464 << /S /P >> endobj endobj endobj /S /P endobj >> >> 916 0 obj >> >> /K 1258 /Pg 22 0 R /K 1217 3115 0 obj >> << /Count 5 /Lang (EN-US) 2001 0 obj /Lang (EN-US) /P 5776 0 R /K 639 164 0 obj << /Pg 25 0 R endobj /Pg 24 0 R >> /K 152 << endobj /S /P << /Lang (EN-US) /Pg 24 0 R /Lang (EN-US) >> 1328 0 obj /K 392 >> /K 1525 endobj /P 6601 0 R 1665 0 obj endobj /K 967 /S /P 2967 0 obj << << /S /P 2038 0 R 2039 0 R 2040 0 R 2040 0 R 2041 0 R 2042 0 R 2043 0 R 2044 0 R 2045 0 R 2045 0 R << /K 1393 4087 0 obj /Lang (EN-US) >> >> 2649 0 obj /Lang (EN-US) /S /Artifact << /S /Artifact /P 5121 0 R << endobj 1351 0 obj 882 0 obj /S /P /Pg 25 0 R << 1363 0 obj /Lang (EN-US) /K 638 /K 1352 << 1355 0 R 1356 0 R 1357 0 R 1358 0 R 1359 0 R 1360 0 R 1361 0 R 1362 0 R 1363 0 R 1364 0 R >> /K 1269 endobj /Lang (EN-US) endobj /P 5181 0 R /Pg 23 0 R << /P 5377 0 R /P 5757 0 R >> /Pg 24 0 R /Lang (EN-US) null 1705 0 R null null null 1706 0 R null null null 1707 0 R /P 6546 0 R /P 5423 0 R endobj 931 0 obj endobj /Pg 13 0 R /Lang (EN-US) >> << /Pg 23 0 R /S /Artifact /CropBox [0 0 612 792] endobj << /K 628 /Lang (EN-US) 1447 0 obj /Pg 22 0 R 3967 0 R 3968 0 R 3969 0 R 3970 0 R 3971 0 R 3972 0 R 3973 0 R 3974 0 R 3975 0 R 3976 0 R << << 2799 0 obj 4282 0 obj /K 725 1864 0 obj 2427 0 obj >> /T () endobj /S /P 971 0 obj >> endobj /A 4683 0 R endobj >> /K 1160 4092 0 obj /S /Artifact >> >> << >> >> 2928 0 obj 2106 0 R 2107 0 R 2108 0 R 2109 0 R 2110 0 R 2111 0 R 2112 0 R 2113 0 R 2114 0 R 2115 0 R /P 5076 0 R << /Lang (EN-US) >> 1696 0 obj << endobj /Contents 4382 0 R /Pg 25 0 R /S /P << << >> endobj /S /Artifact 915 0 R null 916 0 R null 917 0 R null 918 0 R null 919 0 R 920 0 R /S /P endobj 658 0 R null 659 0 R null 660 0 R null 661 0 R null 662 0 R 663 0 R 23 0 obj 4302 0 obj << 20 0 obj << 259 0 obj /Lang (EN-US) 1800 0 obj << /Pg 24 0 R /K 74 /K 1527 /K 873 /Lang (EN-US) /Pg 22 0 R /S /P << endobj 1491 0 obj /Pg 24 0 R /P 4847 0 R 2309 0 obj << /Pg 25 0 R << 3354 0 R 3355 0 R 3356 0 R 3357 0 R 3358 0 R 3359 0 R 3360 0 R 3361 0 R 3362 0 R 3363 0 R /S /L /S /Artifact /Pg 25 0 R << /Lang (EN-US) endobj << << << 91 0 obj /Lang (EN-US) endobj /S /P 3674 0 R null 3675 0 R null 3676 0 R null 3677 0 R null null null 21 0 obj 246 0 obj /S /P endobj /Lang (EN-US) /Type /Annot << /Pg 24 0 R /P 6531 0 R /Pg 23 0 R /Pg 24 0 R /Pg 22 0 R >> /K 1480 /K 1322 4125 0 R 4125 0 R 4126 0 R 4127 0 R 4128 0 R 4129 0 R 4130 0 R 4131 0 R 4132 0 R 4133 0 R endobj /Lang (EN-US) /Pg 14 0 R /Pg 23 0 R /P 5325 0 R >> 3530 0 obj endobj /K 1355 /K 478 endobj /K [1340 1341] /K 1163 /K 1083 /S /P /Lang (EN-US) endobj endobj /Pg 23 0 R /K 1146 3489 0 obj >> /K 409 3242 0 obj 2128 0 obj /Lang (EN-US) 3187 0 obj 1900 0 obj /Lang (EN-US) 3845 0 obj endobj /Pg 22 0 R /Lang (EN-US) /S /P /K 318 /K 1216 << endobj 2022 0 obj << /P 4878 0 R >> >> /S /Artifact >> /P 10 0 R /S /P >> 3727 0 obj /P 5706 0 R /Pg 24 0 R << endobj /Pg 25 0 R /S /P /K 1039 /P 5395 0 R /K 1548 /S /P /S /P 370 0 obj /S /P /Pg 25 0 R /S /P /P 5147 0 R /K 630 >> endobj endobj /MediaBox [0 0 612 792] << /Subtype /Link /Pg 22 0 R 986 0 obj endobj endobj /S /P endobj /Lang (EN-US) /K [78 79 433 0 R 69] << /S /P /K 1163 67 0 obj /K 1404 /K 520 390 0 obj /S /Artifact 3548 0 obj 684 0 obj /Pg 25 0 R >> /S /P /P 6574 0 R /P 4855 0 R /P 5044 0 R /S /P 3770 0 obj endobj /K 1308 /K 1274 >> /K 84 >> 909 0 obj endobj /S /Artifact /Pg 22 0 R /S /P /P 5432 0 R Not surprisingly, some managers have produced better outcomes than others, and by wide margins. null 645 0 R null 646 0 R null 647 0 R null 648 0 R null 649 0 R /Pg 24 0 R << /P 5835 0 R 2558 0 R null 2559 0 R null 2560 0 R null 2561 0 R null 2562 0 R null 10 0 obj /P 6751 0 R /K 1391 3212 0 obj << << endobj /Pg 24 0 R /Pg 22 0 R /Lang (EN-US) /S /Artifact /P 6041 0 R >> endobj /Pg 23 0 R /P 5379 0 R /Lang (EN-US) << /P 6098 0 R /K 1187 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 << /Pg 18 0 R /K 1528 /Pg 21 0 R /S /Artifact >> /K 1067 << endobj /Lang (EN-US) endobj /Pg 23 0 R 1362 0 obj /K 187 /S /Artifact /Pg 23 0 R /S /Artifact >> /K 828 >> 853 0 obj /Pg 22 0 R /K 1177 << endobj 1412 0 obj endobj 997 0 obj endobj /Pg 22 0 R /Pg 22 0 R /P 10 0 R endobj /P 5418 0 R 147 0 R 148 0 R 149 0 R 150 0 R 151 0 R 152 0 R 153 0 R 154 0 R 155 0 R 156 0 R endobj /P 5598 0 R /Pg 22 0 R endobj /Pg 24 0 R /Pg 22 0 R /K 43 /S /P endobj /Lang (EN-US) /P 6413 0 R >> /Resources 4356 0 R /P 10 0 R /Pg 22 0 R >> /P 10 0 R /Lang (EN-US) 1662 0 obj << >> /Pg 25 0 R << /Pg 25 0 R /Pg 24 0 R >> << 1465 0 R 1466 0 R 1467 0 R 1468 0 R 1469 0 R 1470 0 R 1471 0 R 1472 0 R 1473 0 R 1474 0 R /P 6558 0 R