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51 0 R 51 0 R 60 0 R 60 0 R 60 0 R 60 0 R 67 0 R << endobj /K 1180 /Pg 25 0 R endobj /S /P >> /K 1264 /K 1 /Pg 23 0 R null null 824 0 R null null null 825 0 R null 826 0 R null /K 192 /S /P null 3879 0 R null 3880 0 R null 3881 0 R null null null 3882 0 R /Pg 23 0 R /K 513 2188 0 obj /Pg 18 0 R /P 4757 0 R /Lang (EN-US) /K 56 /S /P /K 1252 /K 884 /P 5203 0 R 960 0 obj >> /S /P /K 1295 endobj << /P 5341 0 R 1501 0 obj /K 1284 /S /P /P 5749 0 R /K 379 /S /P /Pg 22 0 R /S /P /Pg 25 0 R >> /Lang (EN-US) /P 6293 0 R /Pg 24 0 R /S /Artifact << endobj /Pg 25 0 R 3545 0 obj /Lang (EN-US) /S /P >> /S /P /K 1339 /K 1230 /Lang (EN-US) /S /P << >> /K 1006 /S /P /Pg 25 0 R /Pg 22 0 R 1926 0 R null null null 1927 0 R null null null 1928 0 R null << << 1990 0 obj /K 637 >> endobj /S /P /Pg 24 0 R /S /P endobj /Lang (EN-US) >> endobj /P 10 0 R /S /Artifact 3301 0 obj /K 714 << endobj << /K 63 /Pg 23 0 R /S /P << /S /P 3562 0 obj 1530 0 obj /S /Artifact /K 453 /Pg 19 0 R << >> /K 322 /S /Artifact /Lang 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1070 2057 0 obj >> << /S /P null null null 2478 0 R null null null 2479 0 R null 2480 0 R << >> << << endobj /Pg 20 0 R /P 10 0 R 258 0 obj /Pg 13 0 R 2333 0 R 2334 0 R 2335 0 R 2336 0 R 2337 0 R 2338 0 R 2339 0 R 2340 0 R 2341 0 R 2342 0 R /S /Artifact /P 6173 0 R /S /P << 189 0 obj endobj endobj /S /Artifact /P 5695 0 R >> /P 10 0 R /S /P endobj /K 19 /S /P << /Pg 24 0 R << << /K 913 >> 1727 0 obj << /K 216 /S /Artifact 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) /Pg 25 0 R /P 5739 0 R >> /K 1296 << 3549 0 obj /K 1265 3317 0 obj endobj /K 1146 /S /LBody /P 5086 0 R 4181 0 obj >> 2043 0 obj /K [37 4670 0 R] 2400 0 obj /S /Artifact /Pg 23 0 R /Pg 24 0 R >> /StructParent 1 endobj << >> endobj << /K 23 295 0 obj /K 1311 /Pg 25 0 R endobj >> << /K 1173 endobj /Lang (EN-US) /S /P >> /Pg 23 0 R >> /P 5017 0 R /Pg 25 0 R /Pg 23 0 R 1640 0 obj /S /Artifact /K 21 /Pg 25 0 R << /Pg 22 0 R << /P 10 0 R endobj endobj >> 4057 0 obj endobj /K 172 /S 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R >> >> endobj >> /P 6307 0 R /K 1378 /K 1271 << << /K 1438 Sign in or Register Sign in / Register Database LP Search endobj 773 0 obj >> >> endobj 1297 0 obj >> /P 5026 0 R /Lang (EN-US) /Pg 25 0 R 2182 0 obj /Pg 22 0 R /K 1398 /Pg 23 0 R /K 1065 endobj /S /P 4315 0 obj << /Pg 23 0 R /Lang (EN-US) /Pg 23 0 R << endobj >> /P 6716 0 R /K 424 2437 0 obj endobj /K 1464 /Lang (EN-US) /S /P 1725 0 obj endobj /S /P /S /P << << endobj /Lang (EN-US) 420 0 obj >> /K 608 endobj /K 353 /S /Artifact << << 3326 0 obj endobj /K 1172 /K 70 << /K 17 >> /P 5009 0 R /Lang (EN-US) << >> /S /P endobj /S /Artifact /S /P /P 5345 0 R /Lang (EN-US) /K 1325 /K 1421 535 0 obj >> >> endobj << /A 4687 0 R << 3060 0 obj /Pg 23 0 R 3849 0 obj << /Pg 24 0 R 2190 0 obj /Lang (EN-US) /Lang (EN-US) >> endobj /K 9 /K 509 /K 1305 /Lang (EN-US) /S /Artifact null 400 0 R null 401 0 R null 402 0 R null 403 0 R null 404 0 R << /S /P endobj 214 0 obj 1636 0 obj >> /S /Artifact /P 5693 0 R 1720 0 obj endobj endobj >> /P 5582 0 R 2421 0 obj /K 1459 /P 6709 0 R endobj /Pg 22 0 R /Lang (EN-US) 3573 0 obj /K 691 /S /P 3009 0 obj endobj >> /K 48 /Pg 23 0 R 2658 0 obj /S /P /S /P << /Pg 24 0 R 1690 0 obj 513 0 R 514 0 R 515 0 R null 516 0 R null 517 0 R null 518 0 R 519 0 R /Pg 17 0 R /S /Artifact 1688 0 obj endobj << /K 1333 >> >> null 2807 0 R null null null 2808 0 R null null null 2809 0 R /S /P 1809 0 obj /S /Artifact /K 1347 endobj endobj /S /P /K 666 /Lang (EN-US) 253 0 obj 3497 0 obj /K 199 /S /P /Pg 23 0 R /P 6531 0 R /P 5064 0 R /K 20 endobj << /Pg 23 0 R endobj << /K 954 2044 0 obj endobj >> /Pg 22 0 R endobj 779 0 obj /K 1426 /K 1491 << /S /P << /Pg 22 0 R 2021 0 obj /Lang (EN-US) /Lang (EN-US) << /Pg 23 0 R /Pg 22 0 R endobj /S /Artifact /K 1294 893 0 obj /P 5835 0 R >> endobj /Pg 15 0 R /P 5867 0 R /P 5408 0 R << endobj null 2531 0 R null 2532 0 R null 2533 0 R 2534 0 R null 2535 0 R null /K 792 >> /S /P /K 1420 /K 19 /P 4968 0 R << >> /P 5709 0 R 1579 0 R null 1580 0 R 1581 0 R null 1582 0 R null 1583 0 R null 1584 0 R /S /Artifact /K [191 4748 0 R] << /S /Artifact endobj << << /P 6473 0 R /S /LBody /Pg 24 0 R endobj 1907 0 R null 1908 0 R null 1909 0 R 1910 0 R null 1911 0 R null 1912 0 R endobj << /Pg 24 0 R /S /P /Pg 25 0 R >> >> endobj /S /P << /S /P endobj /Pg 24 0 R 1466 0 obj /Pg 25 0 R /Pg 24 0 R /K 60 /S /P /S /Artifact /Pg 22 0 R << >> /K 878 << 326 0 obj endobj >> /K 1123 << /S /P endobj /Pg 23 0 R /Pg 18 0 R /Pg 13 0 R << 1093 0 obj >> /Pg 22 0 R >> /K 34 /S /Artifact << >> >> >> << << /K 1534 /P 5966 0 R /S /Artifact /Lang (EN-US) >> /P 10 0 R /K 1470 /P 4836 0 R /K 1084 /Pg 25 0 R >> /P 5697 0 R /K 1447 /Pg 22 0 R /K 1137 endobj /Pg 24 0 R /Pg 18 0 R /Lang (EN-US) /Lang (EN-US) /Lang (EN-US) /K 1437 /S /P /Pg 25 0 R 4239 0 obj /K 820 >> 646 0 obj /P 4742 0 R << >> endobj 2999 0 obj /Pg 23 0 R << endobj /S /P /K 408 /S /P 1634 0 obj >> << /P 4829 0 R /S /P << /Pg 22 0 R /Lang (EN-US) 2269 0 obj /S /Artifact /K 156 << endobj << /S /P /P 6350 0 R endobj endobj 469 0 obj /S /Artifact 1570 0 obj /Lang (EN-US) /K 729 >> >> /S /P /K 140 /K 1285 /Lang (EN-US) null null null 740 0 R null null null 741 0 R null 742 0 R 4004 0 obj /Pg 22 0 R /S /Artifact >> /S /Artifact /K 131 /K 18 /S /Artifact /Lang (EN-US) /Pg 24 0 R << << /K 134 834 0 obj /P 4847 0 R 57 0 obj >> /Lang (EN-US) >> /S /Artifact 2314 0 obj endobj << /K 1543 /S /P << >> << /Pg 23 0 R /P 5897 0 R >> /K 1301 << >> /K 1411 /Lang (EN-US) << endobj >> /P 5845 0 R /P 10 0 R /K 701 /S /Artifact /Lang (EN-US) << >> /Pg 22 0 R /K 1400 << /K 764 4216 0 obj /K 52 /Lang (EN-US) >> 2137 0 obj endobj >> /P 6200 0 R endobj >> /Pg 25 0 R << << /S /P /Lang (EN-US) >> 1030 0 obj >> /P 6290 0 R /Pg 24 0 R /Pg 24 0 R /Lang (EN-US) /Pg 25 0 R endobj /K 1069 /Lang (EN-US) /S /Artifact A repricing of real estate is underway. /Pg 22 0 R /K 1010 /Pg 18 0 R /S /Artifact /K 1436 426 0 obj /P 5167 0 R endobj /Pg 23 0 R endobj 1161 0 obj /S /Artifact /S /P /Pg 25 0 R /S /Artifact << endobj /S /P /Lang (EN-US) << /S 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R /Pg 25 0 R /P 6128 0 R endobj >> 2350 0 obj /S /P 3371 0 obj 3191 0 obj /Pg 23 0 R /P 5862 0 R /S /Artifact endobj >> /P 10 0 R /K 1383 /K 42 /Pg 23 0 R /P 6640 0 R /Lang (EN-US) /Pg 22 0 R /Pg 21 0 R /P 5113 0 R /Pg 22 0 R << << endobj << endobj << /P 6135 0 R 501 0 obj /Pg 23 0 R 895 0 obj endobj /Pg 24 0 R /P 5550 0 R /S /P /S /P >> /Lang (EN-US) endobj /Pg 22 0 R << endobj /S /Artifact >> 1426 0 obj /Pg 24 0 R endobj << /K 896 /S /P /Pg 25 0 R endobj << /Pg 25 0 R /K 1391 >> /Pg 23 0 R /S /Artifact /K 1029 1173 0 obj /Pg 24 0 R << 3455 0 obj 1192 0 obj endobj /S /Artifact /S /Artifact /K 1059 endobj << /Lang (EN-US) << 2935 0 obj 2644 0 obj << /S /Artifact endobj >> /K 1242 /S /Artifact 2550 0 obj /P 6102 0 R 481 0 obj endobj /S /Artifact 4086 0 obj 1277 0 obj << /K 265 /K 1437 /K 43 /P 5259 0 R endobj 1199 0 obj 1050 0 obj >> /Lang (EN-US) /Pg 25 0 R << /K 724 /S /Artifact /S /P /K 1277 /Lang (EN-US) /K 1409 /P 5832 0 R endobj /S /P << << << /Lang (EN-US) >> << 3157 0 R 3158 0 R 3159 0 R 3160 0 R 3161 0 R 3162 0 R 3163 0 R 3164 0 R 3165 0 R 3166 0 R >> << 3195 0 R 3195 0 R 3196 0 R 3197 0 R 3198 0 R 3199 0 R 3200 0 R 3201 0 R 3202 0 R 3203 0 R /P 5405 0 R /P 5854 0 R /K 87 /Pg 25 0 R endobj >> endobj endobj /Pg 18 0 R /K 414 2689 0 obj 511 0 obj /Lang (EN-US) /Lang (EN-US) << /P 5777 0 R 695 0 obj endobj 3647 0 obj /Lang (EN-US) endobj >> << /S /P /S /Artifact /Lang (EN-US) >> << /Lang (EN-US) << /K 1134 >> /P 6458 0 R /S /Artifact >> /K 472 << << /Pg 19 0 R >> 1120 0 obj /P 6080 0 R /S /Artifact >> >> /Lang (EN-US) /Pg 22 0 R /S /P null 2014 0 R null 2015 0 R null 2016 0 R null 2017 0 R 2018 0 R null >> 2893 0 obj /Lang (EN-US) endobj >> /Pg 21 0 R /S /Artifact /K 1295 /S /Artifact /S /P 4 By 2020, the total U.S. direct lending market had grown to around $800 billion, according to a Refinitiv estimate. << /Pg 25 0 R >> endobj /S /P endobj << /P 6111 0 R /P 10 0 R << /S /P endobj /Pg 24 0 R /P 10 0 R /Pg 22 0 R << >> /Pg 24 0 R endobj /S /P 833 0 obj /Pg 24 0 R endobj endobj endobj endobj /K 51 /S /P >> endobj /Lang (EN-US) >> /S /P >> /S /P 4022 0 obj /Pg 22 0 R >> /P 6129 0 R 1328 0 obj >> /P 5932 0 R /Pg 22 0 R 3296 0 obj << /Lang (EN-US) >> 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 1590 0 obj endobj >> /S /Artifact endobj /Pg 24 0 R /Lang (EN-US) /Lang (EN-US) endobj << /Lang (EN-US) /S /P /K 304 /Lang (EN-US) /Pg 23 0 R 3226 0 obj >> endobj /Pg 22 0 R /S /P /Pg 25 0 R /Rotate 0 /S /P /Pg 21 0 R /P 6482 0 R << << /Pg 22 0 R /K 16 << >> >> /K 1382 >> /K 1297 /Pg 22 0 R /K 1355 585 0 obj >> endobj >> >> /S /P /S /P << 2206 0 obj /Lang (EN-US) >> /K 1186 >> >> /S /Artifact /Pg 22 0 R << >> << << >> /P 4874 0 R /Pg 22 0 R endobj 714 0 obj endobj /K 1550 << 3735 0 obj /P 6637 0 R /K 35 2118 0 obj >> /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 info@cliffwater.com, {{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. /Pg 22 0 R /S /P << /Pg 22 0 R << >> >> /Pg 24 0 R << >> 2912 0 obj /K 407 /Pg 24 0 R /Pg 24 0 R 2615 0 obj endobj /Pg 23 0 R /Pg 25 0 R 4049 0 obj 3776 0 obj >> 1614 0 obj /P 5551 0 R /Lang (EN-US) /Lang (EN-US) >> endobj >> endobj /P 5910 0 R /Pg 24 0 R 2496 0 obj /Pg 25 0 R /Lang (EN-US) /S /Artifact /P 5698 0 R null 2761 0 R null 2762 0 R null 2763 0 R null 2764 0 R null 2765 0 R endobj >> /Pg 23 0 R /Pg 23 0 R >> /P 6231 0 R >> 207 0 R 208 0 R 209 0 R 210 0 R 211 0 R 212 0 R 213 0 R 214 0 R 215 0 R 216 0 R /K 1448 endobj /S /Figure /K 433 /Pg 19 0 R /Lang (EN-US) /Pg 16 0 R /K 329 /Pg 25 0 R endobj << /H /I >> << endobj endobj /Pg 24 0 R << /Pg 22 0 R /Lang (EN-US) 2752 0 R null 2753 0 R null 2754 0 R 2755 0 R null 2756 0 R null 2757 0 R /Pg 25 0 R /K 1145 /S /P >> >> /S /P >> /Lang (EN-US) /K 1527 << /K 21 2166 0 R 2167 0 R 2168 0 R 2169 0 R 2170 0 R 2171 0 R 2172 0 R 2173 0 R 2174 0 R 2175 0 R /S /Artifact 3404 0 obj 2272 0 obj /S /P /Pg 25 0 R /P 5586 0 R 1128 0 obj /K 386 /Pg 23 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 3232 0 obj /S /P /P 4649 0 R /S /P /K 5 2325 0 obj /S /P endobj << 731 0 obj Indices - Direct Lending: Cliffwater Direct Lending Index, Private Equity: CA US Private Equity Index, High-Yield Bonds: Bloomberg Barclays High-Yield Index. >> >> /K 1486 endobj /S /P /K 1 /S /P /K 1261 >> /S /P 3221 0 obj /Pg 22 0 R 62 0 obj null 3887 0 R null 3888 0 R 3889 0 R null 3890 0 R null 3891 0 R null /S /Artifact /K 1014 /Pg 25 0 R endobj /K 1382 /Pg 24 0 R /K 28 << /Lang (EN-US) /K 1219 endobj endobj 660 0 obj << >> << 3302 0 obj /K 1079 endobj 636 0 obj /Lang (EN-US) /Pg 25 0 R /K 67 endobj >> /Pg 23 0 R /K 110 /P 10 0 R /P 6114 0 R endobj 2672 0 obj endobj /S /P >> /Lang (EN-US) /S /Artifact /K 1411 /Lang (EN-US) /K 462 >> 745 0 obj endobj endobj /Pg 24 0 R 3211 0 obj /S /Artifact << 18 0 obj 1390 0 obj /S /Artifact << >> /Pg 22 0 R << 1076 0 R null 1077 0 R null 1078 0 R null 1079 0 R null 1080 0 R null endobj << /S /P 4196 0 obj /S /Artifact /K 260 /Pg 25 0 R << 908 0 obj >> >> /K 1021 /Pg 23 0 R /K 1064 endobj /Lang (EN-US) null 1098 0 R null 1099 0 R 1100 0 R null 1101 0 R null 1102 0 R null /S /Artifact endobj /K 1527 /S /Artifact /Pg 24 0 R 964 0 R null 965 0 R null 966 0 R null 967 0 R 968 0 R null 969 0 R /S /P endobj >> 126 0 obj /K 192 >> endobj /Pg 24 0 R /K 433 endobj /Pg 22 0 R /K 456 /K 32 1434 0 obj endobj >> 640 0 obj /K 21 /Lang (EN-US) endobj endobj /Pg 23 0 R << /Pg 22 0 R endobj /K 554 3318 0 obj /K 163 /K 1453 22 << >> endobj endobj << 1110 0 obj /Lang (EN-US) << 1196 0 obj endobj /S /P /Pg 23 0 R >> /Pg 22 0 R << 2170 0 obj 180 0 obj >> /K 1532 << endobj /S /P endobj /S /Artifact /P 6517 0 R /Lang (EN-US) /P 73 0 R /Pg 25 0 R >> >> /Lang (EN-US) /Pg 22 0 R << /Pg 25 0 R << 231 0 obj /K 1449 /K 1385 4120 0 obj /Pg 23 0 R /Pg 23 0 R /P 10 0 R << 289 0 obj /K 1285 << << >> /S /Artifact >> /S /P << endobj /S /P >> /P 10 0 R /P 10 0 R /Pg 25 0 R /Lang (EN-US) 759 0 obj /P 5825 0 R /S /P /Lang (EN-US) << endobj /S /Artifact /P 10 0 R /Lang (EN-US) /Lang (EN-US) /S /Artifact /K 1114 /Pg 24 0 R << /Pg 24 0 R /Pg 19 0 R << /K 1401 3971 0 obj /S /P << /K 459 /S /Artifact /S /P << /S /P endobj /Pg 23 0 R 2419 0 obj /K 1151 >> endobj /K 1352 /P 4800 0 R /Pg 22 0 R /K 1337 242 0 obj endobj endobj /Pg 22 0 R /K 1508 /Pg 23 0 R << endobj << /P 33 0 R endobj /S /Artifact 3418 0 obj /P 6610 0 R endobj /Pg 22 0 R /Pg 18 0 R /P 6283 0 R >> /Pg 25 0 R /K [46 47 48 49 50] /Pg 22 0 R >> >> >> /S /Artifact endobj >> << /K 364 >> /CropBox [0 0 612 792] >> 3194 0 obj /P 6393 0 R >> << /S /P 1608 0 obj /Pg 25 0 R >> /Pg 25 0 R /P 4707 0 R << /P 40 0 R 3962 0 obj /Lang (EN-US) /Pg 23 0 R /K 1402 endobj /Pg 22 0 R /Lang (EN-US) /Pg 23 0 R /K 167 << >> /S /Artifact endobj 627 0 R null 628 0 R null 629 0 R null 630 0 R null 631 0 R null endobj >> << endobj /Pg 25 0 R endobj /P 5091 0 R /K 142 /Pg 25 0 R endobj >> 3356 0 obj << /Pg 20 0 R 3775 0 R null 3776 0 R null 3777 0 R null 3778 0 R null 3779 0 R null /Lang (EN-US) /P 5985 0 R endobj /Lang (EN-US) 4232 0 obj /Lang (EN-US) /Pg 18 0 R 2637 0 R null 2638 0 R null 2639 0 R null 2640 0 R null 2641 0 R 2642 0 R /P 5510 0 R /K 86 /Lang (EN-US) 2177 0 obj 1101 0 obj /K 1380 << endobj endobj endobj /Pg 23 0 R /K 94 /P 6159 0 R /Pg 25 0 R endobj /Lang (EN-US) << 2038 0 obj /S /Artifact /Pg 19 0 R 954 0 obj /Pg 24 0 R /S /P /Pg 23 0 R /K 399 /S /P /Lang (EN-US) 1413 0 obj << /S /Artifact /K 1261 /K 434 2205 0 obj >> /K 165 /S /Artifact /K 1454 2581 0 obj /S /Artifact << >> 2603 0 obj >> << /Pg 24 0 R << 1216 0 obj /K 1226 2012 0 obj /Pg 25 0 R >> /P 5234 0 R endobj endobj /Lang (EN-US) /K 449 >> /K 1521 /S /P /S /Artifact /Pg 22 0 R /S /P >> 896 0 obj << >> 3533 0 obj << /Lang (EN-US) >> >> << 279 0 obj >> 2985 0 obj /Lang (EN-US) endobj /K 499 3578 0 obj /Pg 24 0 R >> /S /Artifact /Pg 24 0 R /P 5967 0 R 2684 0 obj >> 2281 0 obj 3238 0 obj endobj 4608 0 R] 2972 0 obj /Lang (EN-US) 1796 0 obj /Lang (EN-US) endobj /S /P 3250 0 obj /S /Artifact endobj /Lang (EN-US) << >> /S /Artifact << /S /Artifact /P 4902 0 R >> 3463 0 obj /K 1121 /Pg 22 0 R >> /K 98 /S /P /P 10 0 R endobj >> 4032 0 obj << << endobj endobj endobj /K 929 3943 0 obj endobj >> /Pg 23 0 R >> /Pg 22 0 R /Lang (EN-US) endobj /Pg 23 0 R << endobj << /K 268 /Tabs /S /K 154 << 2762 0 obj null 3759 0 R null 3760 0 R null 3761 0 R null null null 3762 0 R /Pg 24 0 R endobj /Pg 25 0 R endobj /P 6113 0 R /Lang (EN-US) << << /S /P >> /K 1141 3274 0 obj /S /P << 2212 0 obj /Pg 23 0 R endobj /Pg 22 0 R /K 1344 /Lang (EN-US) /P 10 0 R /Pg 22 0 R 3748 0 obj /Pg 23 0 R /Lang (EN-US) << << << /P 6242 0 R endobj /K 1135 2007 0 obj << /K 234 /K 104 /Pg 25 0 R endobj << 3974 0 obj /S /P >> << 671 0 obj /K 1513 2849 0 obj << << /K 352 /K 630 /Pg 23 0 R /K 1512 endobj >> 4214 0 R 4215 0 R 4216 0 R 4217 0 R 4218 0 R 4219 0 R 4220 0 R 4221 0 R 4222 0 R 4223 0 R /P 5980 0 R 3370 0 obj /K 1129 /Pg 25 0 R >> /P 10 0 R /K 602 /P 5163 0 R 3702 0 obj /S /Artifact << endobj /K 1012 /K 670 /Pg 24 0 R >> >> 1419 0 obj /Lang (EN-US) << >> 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 endobj /S /Artifact endobj /K 1266 2369 0 obj /Pg 23 0 R 1592 0 obj /S /P /K 148 /Pg 23 0 R endobj /S /P << >> /Lang (EN-US) << /S /Artifact 4319 0 obj endobj /K 426 endobj /Pg 22 0 R /Lang (EN-US) /K 763 << << /K 1107 /Pg 23 0 R >> /K 624 endobj endobj >> /Pg 22 0 R /Lang (EN-US) endobj endobj 870 0 obj 3425 0 R null 3426 0 R null 3427 0 R 3428 0 R null 3429 0 R null 3430 0 R /Pg 25 0 R /A 4683 0 R << 2065 0 obj /Lang (EN-US) >> /K 1465 /K 1471 /Pg 24 0 R /K 587 /P 6106 0 R >> 4259 0 obj /K 455 /S /Artifact << /Pg 24 0 R 3675 0 obj /Lang (EN-US) /Lang (EN-US) /P 5808 0 R << /K 424 /Lang (EN-US) /K 1383 /P 10 0 R >> /Pg 25 0 R 1128 0 R 1129 0 R 1130 0 R 1131 0 R 1132 0 R 1133 0 R 1134 0 R 1135 0 R 1136 0 R 1137 0 R >> /K 1338 1541 0 obj 994 0 obj /Lang (EN-US) << Get the latest insights and knowledge delivered to your inbox. 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 /P 5566 0 R /Lang (EN-US) /K 1288 /Lang (EN-US) endobj >> /K 1469 >> << 1323 0 obj endobj /Pg 23 0 R 474 0 obj /K 25 /Pg 22 0 R /Pg 23 0 R /K 760 endobj /Pg 24 0 R /K 1154 /S /Artifact 3774 0 obj << /Pg 22 0 R This book dissects direct loans as a class, providing the critical background 385397403217. << Together with management fees, Cliffwater estimates that total fees and expenses for direct lending private partnerships equals 3.56% of net asset value. endobj 1044 0 obj 756 0 R null 757 0 R null 758 0 R 759 0 R null 760 0 R null 761 0 R /Lang (EN-US) >> 335 0 obj << endobj << /Pg 25 0 R << /K 573 /K 1205 /Pg 23 0 R /Pg 25 0 R /Pg 17 0 R << /Lang (EN-US) >> /S /Artifact endobj /S /Artifact << /S /P /S /P 216 0 obj endobj /Pg 22 0 R /P 6069 0 R /Pg 25 0 R /K 385 /Pg 24 0 R /Lang (EN-US) 3494 0 obj /Pg 25 0 R /S /P >> >> /S /P /Lang (EN-US) /Lang (EN-US) 956 0 R null 957 0 R null 958 0 R null 959 0 R null 960 0 R null /S /Artifact /P 6198 0 R /Lang (EN-US) /P 10 0 R /Pg 18 0 R << /Pg 25 0 R endobj /Pg 25 0 R /MediaBox [0 0 612 792] 3316 0 obj 123 0 obj /S /P /Lang (EN-US) /Pg 22 0 R endobj << >> /A 4434 0 R /K 472 /S /P /Pg 25 0 R << endobj /S /Artifact /K 1191 /Lang (EN-US) endobj >> >> endobj endobj << >> /S /Artifact /S /Artifact >> 293 0 obj << /S /P /S /P endobj /K 1249 << 667 0 obj << /Pg 25 0 R /P 6677 0 R 3655 0 obj 3867 0 obj >> /P 10 0 R /P 6453 0 R /P 10 0 R /S /Artifact 4204 0 R 4205 0 R 4206 0 R 4207 0 R 4208 0 R 4209 0 R 4210 0 R 4211 0 R 4212 0 R 4213 0 R /Lang (EN-US) /P 10 0 R /Lang (EN-US) /S /Artifact /K 981 application/pdf >> endobj >> >> 498 0 obj /P 4879 0 R 3247 0 obj /P 6428 0 R /K 343 /K 601 /Pg 24 0 R >> /P 6203 0 R << /Pg 13 0 R 581 0 obj /Pg 23 0 R /Lang (EN-US) /S /Artifact endobj 2201 0 obj << 2878 0 obj /Lang (EN-US) << >> /K 143 3778 0 obj Index Methodology Comparison3 3 Except for the Russell family of indices, most benchmarks and value managers use multiple value metrics, of which price-to-book is the most common. /S /P >> /S /Artifact /S /Artifact /Lang (EN-US) >> /S /Artifact /S /P endobj >> endobj endobj /Pg 25 0 R endobj /Pg 23 0 R >> 2435 0 obj /S /Artifact >> /Pg 18 0 R >> /Lang (EN-US) 3259 0 obj /P 6625 0 R >> /P 5765 0 R endobj 547 0 obj << /Pg 22 0 R 3012 0 obj /Pg 23 0 R >> null null null 619 0 R null null null 620 0 R null 621 0 R >> /Pg 24 0 R /P 6158 0 R << << << /P 6110 0 R /P 5959 0 R >> >> /Pg 24 0 R << endobj /Pg 22 0 R /Pg 25 0 R /Pg 19 0 R /Lang (EN-US) /Pg 22 0 R /K 1470 /S /Artifact /Pg 25 0 R /K 987 /Lang (EN-US) >> /Pg 24 0 R /S /Artifact << /Pg 25 0 R << << endobj /S /Artifact endobj /S /Artifact << 1821 0 obj /Pg 23 0 R /S /P /Pg 13 0 R /Pg 24 0 R 3365 0 obj 2750 0 obj /S /Artifact endobj /S /P /S /Artifact /P 6737 0 R 2586 0 obj 2947 0 obj << /S /P /Pg 23 0 R endobj /K 1432 endobj endobj 3327 0 obj /Pg 25 0 R /K 66 /K 1324 158 0 obj /P 10 0 R /Pg 25 0 R >> << /Lang (EN-US) endobj /S /P /Pg 23 0 R /K 1109 /Lang (EN-US) /K 1526 4284 0 obj /S /P /Pg 25 0 R 4244 0 R 4245 0 R 4246 0 R 4247 0 R 4248 0 R 4249 0 R 4250 0 R 4251 0 R 4252 0 R 4253 0 R /K 34 /K 435 >> endobj << /K 18 << 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 /K 1467 endobj /P 4857 0 R /P 6067 0 R /K 1350 endobj /K 47 endobj >> >> >> endobj /Lang (EN-US) /Pg 18 0 R /P 10 0 R 2955 0 obj >> 2040 0 obj /K 895 /K [1111 1112] >> /Lang (EN-US) 3956 0 obj (2) Refinitiv LPC's 4Q22 Sponsored Middle Market Private Deals Analysis - January. /S /Artifact /S /P << << /Lang (EN-US) endobj endobj /Lang (EN-US) >> /S /P 1775 0 obj endobj endobj endobj endobj 1686 0 obj endobj 963 0 obj << /Lang (EN-US) << 3723 0 R null 3724 0 R null 3725 0 R null null null 3726 0 R null 1798 0 obj endobj /K 318 /S /P /P 5489 0 R 568 0 obj /Pg 22 0 R 3678 0 obj endobj endobj /P 6244 0 R >> /Pg 25 0 R /P 5912 0 R >> endobj /S /Figure endobj 1327 0 R 1328 0 R 1329 0 R 1330 0 R 1331 0 R 1331 0 R 1332 0 R 1333 0 R 1334 0 R 1335 0 R 3300 0 obj /S /P /S /P >> /Pg 25 0 R 2685 0 obj /P 4717 0 R /S /P /S /P /K 626 endobj >> /Pg 22 0 R endobj << << << endobj 1105 0 obj /P 5872 0 R >> >> /K 1034 /K 707 341 0 obj endobj 353 0 R 354 0 R] /K 1504 /K 972 /Lang (EN-US) /S /Artifact /P 5789 0 R /S /P /K [54 55] endobj /K 859 >> /K 81 687 0 obj /K 79 /K 221 endobj /S /P 3181 0 obj /S /P /Lang (EN-US) /Pg 23 0 R /K 1392 >> >> /K 1139 << << << /K 551 << << << << /Pg 24 0 R /P 6306 0 R >> /Contents 4382 0 R /Pg 24 0 R 1006 0 obj /Pg 18 0 R endobj endobj << /P 10 0 R /K 1509 /P 6672 0 R >> endobj 268 0 obj 3732 0 obj /S /P endobj << >> >> << >> /P 10 0 R << 2553 0 obj 2313 0 R 2314 0 R 2315 0 R 2316 0 R 2317 0 R 2318 0 R 2319 0 R 2320 0 R 2321 0 R 2322 0 R << 2679 0 obj >> 3262 0 obj /P 4713 0 R /P 33 0 R << 2468 0 obj /S /P /S /Artifact 1560 0 obj /Pg 22 0 R 2525 0 obj endobj /S /P /Lang (EN-US) << << /P 6416 0 R 3606 0 obj /K 1522 << >> /P 10 0 R /K 1283 endobj 1286 0 obj endobj endobj 3542 0 obj << << >> /K 1127 3160 0 obj /S /P << 3998 0 obj /Lang (EN-US) << /K 1541 /Lang (EN-US) >> /P 6435 0 R 2839 0 obj << endobj endobj endobj /K 506 << /Lang (EN-US) endobj /P 5581 0 R << /Lang (EN-US) 3410 0 obj << /S /P << >> << /Pg 23 0 R 3991 0 obj << /K 180 /S /P 483 0 obj /Pg 25 0 R << 4188 0 obj /S /Artifact endobj 455 0 obj /Pg 22 0 R << endobj null 3431 0 R null 3432 0 R null null null 3433 0 R null null << 2183 0 obj /Pg 25 0 R 4014 0 obj << 1790 0 obj /K 1407 /K 6 /P 6063 0 R endobj /Pg 24 0 R endobj /P 5059 0 R >> /S /Artifact endobj 1177 0 obj endobj /K 28 /Order (2665700.00000000) >> 4110 0 obj /Pg 24 0 R /Lang (EN-US) /S /P 2537 0 obj null null 1855 0 R null null null 1856 0 R null 1857 0 R null >> /Pg 22 0 R << 3205 0 obj << >> 1965 0 obj /S /Artifact endobj /K 1284 /K 1312 /Lang (EN-US) /Pg 25 0 R >> 2824 0 obj /Lang (EN-US) endobj /P 4933 0 R endobj /S /Artifact endobj >> /K 1161 /Pg 22 0 R endobj /K 1518 >> /S /Artifact >> /K 1539 /S /P >> 1395 0 R 1396 0 R 1397 0 R 1398 0 R 1399 0 R 1400 0 R 1401 0 R 1402 0 R 1403 0 R 1404 0 R /Lang (EN-US) /S /Artifact endobj >> /Pg 23 0 R 554 0 obj << /Pg 24 0 R /K 111 /K 1473 /K 1204 /Pg 25 0 R /S /Artifact /S /Artifact /Lang (EN-US)