cliffwater direct lending index

/Lang (EN-US) endobj >> endobj >> >> >> >> << /S /P /Pg 22 0 R endobj /Pg 23 0 R /P 10 0 R /S /LBody /K 1194 /P 6139 0 R /Pg 23 0 R << >> /Pg 23 0 R 3603 0 obj /P 5675 0 R << /S /Artifact /K 385 /S /P /Pg 25 0 R << /K 19 << >> /P 6691 0 R /Pg 23 0 R >> /P 10 0 R /S /Artifact /Lang (EN-US) /Pg 25 0 R /S /P 3723 0 R null 3724 0 R null 3725 0 R null null null 3726 0 R null /S /P << << Suisse Leveraged Loan Index, Bloomberg Barclays Indices for US IG Credit. /S /Artifact /Pg 23 0 R << >> /Lang (EN-US) 4107 0 obj endobj /P 6613 0 R >> << /Pg 22 0 R << /K 881 >> endobj /P 10 0 R /P 5964 0 R 452 0 obj << 2104 0 obj /P 6630 0 R endobj >> /Underline /Span << endobj endobj /K 17 3460 0 obj /Lang (EN-US) /P 4644 0 R /Lang (EN-US) 3867 0 obj /S /P >> null 792 0 R null 793 0 R null 794 0 R 795 0 R null 796 0 R null 635 0 obj /S /Artifact <> /K 316 /P 10 0 R 3831 0 obj null 1823 0 R null 1824 0 R null 1825 0 R 1826 0 R null 1827 0 R null << /Pg 24 0 R /Lang (EN-US) 2110 0 obj /Pg 25 0 R /P 6021 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 /Pg 13 0 R endobj /P 4869 0 R Cliffwater Direct Lending Index is an asset-weighted index of over 8,000 directly originated middle market loans totaling $223 billion. >> /S /P /P 5761 0 R /P 5174 0 R /A 4409 0 R 3538 0 obj /Pg 25 0 R 201 0 obj 1640 0 obj /S /Artifact /S /Artifact endobj /K 1352 /K 12 << endobj /K 1134 646 0 obj 1046 0 obj endobj /Pg 22 0 R /Pg 25 0 R 1491 0 obj /S /P >> /Pg 25 0 R /Pg 22 0 R /Pg 22 0 R >> /Lang (EN-US) /K 1314 /Pg 23 0 R >> 755 0 obj /S /Artifact /K 6 << /Pg 23 0 R /P 5191 0 R >> /Pg 23 0 R 197 0 R 198 0 R 199 0 R 200 0 R 201 0 R 202 0 R 203 0 R 204 0 R 205 0 R 206 0 R >> /K 422 /Pg 24 0 R /S /P /Pg 24 0 R >> 1841 0 obj endobj 4326 0 obj endobj << endobj 1425 0 R 1426 0 R 1427 0 R 1428 0 R 1429 0 R 1430 0 R 1431 0 R 1432 0 R 1433 0 R 1434 0 R endobj /K 956 /Lang (EN-US) 1740 0 R null 1741 0 R null null null 1742 0 R null null null /Pg 23 0 R 2830 0 obj /K 264 /Pg 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3806 0 obj 3979 0 obj 2401 0 obj 2766 0 obj 3872 0 obj >> /Lang (EN-US) 4323 0 obj << /Pg 25 0 R /Lang (EN-US) /S /P 810 0 obj /P 5499 0 R /Lang (EN-US) << << 3437 0 obj /S /P /S /Artifact /S /P /K 1025 385 0 obj /Pg 23 0 R endobj /S /P /Pg 26 0 R /Pg 25 0 R /K 1328 /Lang (EN-US) << >> /P 5519 0 R 3609 0 obj endobj /S /Artifact /K 48 840 0 obj << 1962 0 obj >> >> /S /P << /Lang (EN-US) /Lang (EN-US) << /Pg 25 0 R /S /P endobj /K 1513 /K 1464 << << << << /Pg 14 0 R 3347 0 obj /K 1538 /K 1522 >> << /Pg 24 0 R >> /Lang (EN-US) /K 272 << /S /Artifact endobj << /K 550 /K 42 << 1355 0 obj >> <> >> << 3966 0 obj /Pg 22 0 R /K 185 endobj null 899 0 R null 900 0 R null null null 901 0 R null null /K 260 /S /P /Pg 23 0 R /Pg 23 0 R /K 1421 /K 1324 /K 491 326 0 obj <> endobj /S /P 2900 0 obj 767 0 obj endobj /S /Artifact /S /P 3772 0 obj 3172 0 obj /Pg 25 0 R endobj 499 0 obj /S /Artifact 1622 0 obj << /K 11 /K 1415 /Pg 22 0 R /P 10 0 R /S /P /P 4911 0 R >> /Pg 24 0 R /Parent 9 0 R /S /P << /Lang (EN-US) endobj 2772 0 obj 4178 0 obj 3102 0 obj 1715 0 obj 3174 0 obj << /K 1215 /Pg 22 0 R /Pg 22 0 R /P 6493 0 R /S /P endobj /Pg 23 0 R endobj /K 1489 3787 0 obj 581 0 obj /S /P 2358 0 obj /P 6087 0 R /Pg 22 0 R >> endobj /Pg 22 0 R /P 10 0 R << Volatility is measured using standard deviation. >> /Pg 25 0 R 3876 0 obj << >> endobj /Bibliography /BibEntry << /Lang (EN-US) >> endobj << /Lang (EN-US) /P 4903 0 R /K 484 /K 21 /Lang (EN-US) /S /P 2391 0 obj endobj /K 1494 << /S /P /K 978 /Lang (EN-US) /P 10 0 R 283 0 obj endobj /K 1146 /K 30 >> 3159 0 obj >> >> >> 1194 0 obj /K 793 /Lang (EN-US) /K 856 3269 0 obj << >> /S /P >> << /Pg 24 0 R >> endobj 4000 0 obj >> /Pg 23 0 R /K 1307 /Pg 22 0 R null 2859 0 R null 2860 0 R null 2861 0 R null 2862 0 R 2863 0 R null /P 4983 0 R /Pg 24 0 R /Lang (EN-US) endobj /S /Artifact /K 1439 /Lang (EN-US) /Lang (EN-US) /Lang (EN-US) >> /K 26 1224 0 obj /Pg 22 0 R >> /P 4909 0 R 2371 0 obj >> << /MediaBox [0 0 612 792] endobj endobj /K 1548 /P 5165 0 R >> /K 821 endobj << 2497 0 obj endobj /P 6170 0 R /K 570 4330 0 obj 3823 0 obj endobj endobj /Pg 25 0 R /K 1426 endobj /P 10 0 R /K 896 endobj /Pg 22 0 R 2939 0 obj 3824 0 obj /K 198 /Lang (EN-US) << /Pg 24 0 R /Lang (EN-US) /P 6054 0 R << /K 1154 /S /P endobj /Parent 9 0 R /S /P /K 1247 null null null 1754 0 R null null null 1755 0 R null 1756 0 R endobj endobj << /Pg 17 0 R /P 6005 0 R /P 40 0 R 1413 0 obj 727 0 obj /K 1212 /K 106 >> /Pg 25 0 R /Pg 24 0 R >> /K 33 /K 476 1946 0 obj endobj /K 15 >> /P 6426 0 R /Lang (EN-US) /Lang (EN-US) << /Pg 14 0 R endobj /Pg 13 0 R /Pg 22 0 R /Pg 24 0 R >> /P 5582 0 R 1351 0 obj 2039 0 obj 2765 0 obj 3121 0 obj << << >> /Pg 24 0 R << >> /S /P << endobj /K 1224 /Pg 22 0 R /Parent 9 0 R 591 0 obj >> /P 5543 0 R 3795 0 obj /P 5452 0 R endobj /K 13 /Lang (EN-US) << /K 1206 /Lang (EN-US) /P 5428 0 R >> Loan Note: Private debt's growing muscle; Cliffwater issues return /K 600 8 [230 0 R 231 0 R 233 0 R 234 0 R 235 0 R 236 0 R 237 0 R 238 0 R 239 0 R 240 0 R endobj 340 0 obj 2989 0 obj /S /Artifact << /S /Artifact /K 256 3464 0 obj /K 1315 << /Pg 19 0 R endobj /S /Artifact /P 5885 0 R endobj /Lang (EN-US) /S /P >> /Pg 23 0 R << endobj endobj 187 0 R 188 0 R 189 0 R 190 0 R 191 0 R 192 0 R 193 0 R 194 0 R 195 0 R 196 0 R 3703 0 obj >> << 414 0 R 415 0 R 416 0 R 417 0 R] /Pg 24 0 R >> << /K 1395 << << << /K 139 endobj /P 6735 0 R 799 0 obj /K 1294 >> 3907 0 R 3908 0 R 3909 0 R 3910 0 R 3911 0 R 3912 0 R 3913 0 R 3914 0 R 3915 0 R 3916 0 R /K 543 >> /Lang (EN-US) >> /K 1185 endobj /S /P /K 356 /K 608 /P 6349 0 R endobj /K 680 /K 1303 >> << /S /P 3910 0 obj endobj endobj /K 25 /K 1316 >> /Pg 22 0 R /Pg 24 0 R /S /P /P 10 0 R << /Lang (EN-US) /S /P /Pg 24 0 R 4018 0 obj endobj /S /P >> null 1943 0 R null 1944 0 R null 1945 0 R 1946 0 R null 1947 0 R null /T () /S /Artifact null 3669 0 R null 3670 0 R null 3671 0 R null 3672 0 R 3673 0 R null endobj endobj >> << << /S /P /S /P /Lang (EN-US) /P 4809 0 R /Type /Catalog << 3205 0 obj endobj << 3836 0 obj 3456 0 obj /S /P /P 5763 0 R /Parent 8 0 R /Pg 23 0 R >> endobj /S /Artifact endobj /S /P << /S /Artifact /P 10 0 R /Pg 23 0 R /Pg 23 0 R 2968 0 obj /S /Artifact /Pg 23 0 R 1489 0 obj >> /S /P << /Lang (EN-US) /K 0 endobj /P 6328 0 R 3399 0 obj 241 0 R 242 0 R 243 0 R 244 0 R null 592 0 R null null null null << 757 0 obj /K 13 /Pg 22 0 R << /P 5046 0 R << /S /P /K 1498 2286 0 obj << A repricing of real estate is underway. << /Pg 22 0 R /Pg 25 0 R /K 99 << /K 990 /P 6400 0 R endobj 2962 0 R null 2963 0 R null 2964 0 R 319 0 R 2965 0 R 2966 0 R 2967 0 R 2968 0 R /Pg 23 0 R << 444 0 obj endobj endobj endobj >> The Cliffwater BDC Index (CWBDC) measures the performance of lending-oriented, exchange-traded Business Development Companies, subject to certain eligibility criteria regarding portfolio composition, market capitalization, and dividend history. /K 913 /K 405 >> /Lang (EN-US) /K 1383 /Lang (EN-US) >> /Lang (EN-US) 4177 0 obj /K 246 /CropBox [0 0 612 792] <> 1811 0 obj /Pg 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[112 113 114 115 116 117 118 119 120 121 /K 1222 /Lang (EN-US) << endobj >> 2932 0 obj /S /Artifact /K 3 /K 266 >> /P 5952 0 R /Pg 24 0 R >> /P 4875 0 R /Pg 24 0 R /Pg 18 0 R /S /P 2853 0 obj /Lang (EN-US) << /Lang (EN-US) 1894 0 obj /S /Artifact endobj /S /Artifact /S /Artifact 4153 0 obj >> /Lang (EN-US) 2020 0 obj /Lang (EN-US) /K 140 2083 0 obj /P 6509 0 R /K 1389 /S /Artifact endobj /S /P >> /P 5050 0 R /K 5 >> endobj >> 4051 0 obj /K 454 >> 4334 0 obj /K 1411 << endobj 2060 0 obj >> << /K 917 /Pg 22 0 R << /K 1166 /Pg 22 0 R << /Pg 25 0 R << endobj endobj 2157 0 obj 214 0 obj endobj 3996 0 obj /P 5757 0 R /K 581 /Lang (EN-US) /P 5255 0 R /P 4739 0 R /P 5685 0 R /Pg 23 0 R /S /Artifact /Pg 19 0 R endobj 3423 0 obj << /S /Figure << /Pg 24 0 R /K 1311 /Lang (EN-US) /K 628 /Lang (EN-US) endobj /Pg 22 0 R /K 143 /Lang (EN-US) /Pg 25 0 R 2027 0 obj /S /P >> endobj /Pg 25 0 R >> /Lang (EN-US) /P 10 0 R 3698 0 obj 622 0 obj /K 1351 << endobj /K 1110 >> 2672 0 obj /Lang (EN-US) << >> /K 1400 /S /P << << endobj /P 6745 0 R /P 5617 0 R null 3480 0 R null null null 3481 0 R null null null 3482 0 R >> /S /P /Pg 26 0 R /Annots [4351 0 R 4352 0 R 4353 0 R 4354 0 R] >> 726 0 R null 727 0 R null null null 728 0 R null null null /Pg 23 0 R << /K 1010 /Pg 25 0 R << /K 664 /K 144 1929 0 obj 3484 0 obj /Lang (EN-US) /Pg 19 0 R >> >> 369 0 obj 1361 0 obj endobj /Pg 22 0 R /S /Artifact /K 1175 << << << /Pg 23 0 R << /K 1511 3217 0 obj /K 435 >> << >> 893 0 R null 894 0 R null 895 0 R 896 0 R null 897 0 R null 898 0 R 1619 0 obj << /K 109 >> endobj /Lang (EN-US) /S /P /S /Artifact << /K 734 /K 461 /Pg 24 0 R /K 1228 /Pg 18 0 R 1415 0 R 1416 0 R 1417 0 R 1418 0 R 1419 0 R 1420 0 R 1421 0 R 1422 0 R 1423 0 R 1424 0 R 1681 0 obj >> endstream 1443 0 obj /Lang (EN-US) endobj /Lang (EN-US) 2255 0 obj >> endobj << /S /P /K 1444 >> /K 352 /P 5605 0 R /K 1139 << endobj /K 11 /K 1185 /S /P /K 993 << /S /Artifact /S /P {{featuredResearch.formattedEffectiveDate}}, {{featuredWebcasts.formattedEffectiveDate}}, {{latestAssetAllocation.formattedEffectiveDate}}. << /S /P >> /S /Artifact /A 4663 0 R << 3041 0 obj endobj >> << << /Resources 4356 0 R >> /Pg 23 0 R 247 0 obj endobj >> endobj /K 169 /S /Artifact >> /S /Artifact /Pg 25 0 R endobj >> /Pg 22 0 R /S /Artifact >> endobj /P 5061 0 R endobj /Pg 22 0 R 1440 0 obj << << >> /Pg 24 0 R /S /Artifact /K 98 endobj /S /Artifact /K 1362 << >> endobj >> >> /Pg 19 0 R << /K 1449 >> /S /Artifact /K 1469 /Pg 22 0 R >> << /Lang (EN-US) /P 4854 0 R << >> /Pg 25 0 R /S /P /K 761 /Lang (EN-US) /S /P /S /Artifact /S /P 1162 0 obj endobj /S /Artifact <> /P 4922 0 R 4028 0 obj /S /P /P 6637 0 R /S /P /Pg 23 0 R << /Pg 24 0 R /K 17 << 68 0 obj >> endobj << /Lang (EN-US) /K 13 /P 6185 0 R endobj null null null 1634 0 R null null null 1635 0 R null 1636 0 R /Parent 9 0 R /Pg 23 0 R /S /P /Pg 25 0 R /P 5985 0 R /Pg 23 0 R 2380 0 obj >> >> /Pg 25 0 R endobj /S /P /S /P As shown in Exhibit 1, Preqin1 reported that private debt funds raised an aggregate $92.6 billion of capital globally in 2016 with direct lending funds accounting for $23.2 billion of the aggregate capital. /P 10 0 R /MediaBox [0 0 612 792] /Pg 22 0 R >> /S /Artifact /P 5122 0 R >> /K 647 << /K 941 endobj /K 597 << /K 1402 /Lang (EN-US) endobj /Pg 22 0 R /P 5616 0 R /K 1508 /S /Artifact /P 6459 0 R /K 1176 endobj 4198 0 obj << /S /P /Pg 25 0 R >> /Pg 22 0 R 656 0 obj /Lang (EN-US) endobj endobj 2970 0 obj 3434 0 obj /Pg 24 0 R /K 329 endobj endobj endobj /Pg 24 0 R /S /P << /Pg 24 0 R 3537 0 R null 3538 0 R null 3539 0 R null 3540 0 R null null null /K 929 /K 1137 877 0 obj endobj endobj /S /P endobj << null 2829 0 R null 2830 0 R null 2831 0 R null null null 2832 0 R >> /P 4822 0 R 1175 0 obj /K 1237 >> 3917 0 obj /Pg 24 0 R /Lang (EN-US) >> endobj >> /Pg 24 0 R Adam Nyhan LinkedIn: Corporate Transparency Act Imposes New Federal endobj /K 1193 << /Lang (EN-US) endobj >> 1211 0 obj /Pg 22 0 R /S /Artifact /K 1314 /S /Artifact 3264 0 R 3265 0 R 3266 0 R 3267 0 R 3268 0 R 3269 0 R 3270 0 R 3271 0 R 3272 0 R 3273 0 R /Pg 17 0 R 1584 0 obj >> 3 0 obj /Pg 25 0 R 2769 0 obj /S /P /S /Artifact /K 1215 /K 752 2605 0 obj endobj /Lang (EN-US) endobj /P 10 0 R 3120 0 obj /P 5157 0 R endobj /S /P /Pg 24 0 R /Lang (EN-US) endobj endobj /P 5965 0 R << /Pg 22 0 R endobj /S /P /K 169 683 0 obj << endobj endobj >> >> endobj endobj >> /K 1046 /P 5348 0 R << /Pg 25 0 R /S /Artifact 2090 0 obj 1506 0 obj /Pg 22 0 R >> endobj >> 1888 0 obj /Pg 25 0 R << >> /Pg 25 0 R << /Pg 24 0 R endobj /Pg 24 0 R /S /Artifact /Lang (EN-US) /Artifact /P /Pg 25 0 R 237 0 obj endobj /P 10 0 R endobj << endobj /S /Artifact <> /P 6235 0 R /K 1429 898 0 obj endobj /K 1177 endobj /K 342 2903 0 obj /P 6401 0 R endobj /K 873 /S /Artifact <> /K 113 << 3990 0 obj /K 651 >> /K 1357 /S /Artifact /P 6722 0 R endobj 2841 0 obj >> >> endobj endobj << << /K 1425 2589 0 obj /Lang (EN-US) /P 4987 0 R /K 1451 >> null 2930 0 R null 2931 0 R null 2932 0 R null 2933 0 R null 2934 0 R >> << >> /Lang (EN-US) 2880 0 obj /K 1327 >> >> /K 187 /K 1292 >> << 2750 0 obj /S /P 2429 0 obj /K 1485 /P 10 0 R /Pg 22 0 R /Pg 22 0 R /Lang (EN-US) /S /Artifact /S /P 2506 0 obj endobj /Lang (EN-US) /Pg 23 0 R /S /P /Pg 24 0 R /P 6685 0 R >> /P 5732 0 R /K 1486 >> >> /S /Artifact /P 5333 0 R /S /P /S /Artifact /P 5263 0 R /Pg 24 0 R /Lang (EN-US) 548 0 R 549 0 R 550 0 R 551 0 R 552 0 R 553 0 R 554 0 R 555 0 R 556 0 R 557 0 R /S /Artifact /Pg 23 0 R /K 196 /S /P /S /P >> << /S /P 1196 0 obj /P 5187 0 R /Pg 22 0 R >> /Lang (EN-US) >> 3291 0 obj endobj endobj /Lang (EN-US) /K 293 2521 0 obj /P 10 0 R endobj /Lang (EN-US) /K 495 /Lang (EN-US) /K 1300 /Lang (EN-US) /Pg 23 0 R /S /P 3692 0 obj << /S /P /S /P >> /P 5290 0 R /K 1408 /S /P << >> >> /S /P << >> <> /Pg 17 0 R 1004 0 obj /K 1529 /Lang (EN-US) /Pg 13 0 R << 4329 0 obj /Pg 25 0 R << /Pg 25 0 R endobj 1850 0 R null 1851 0 R null 1852 0 R null 1853 0 R null 1854 0 R null endobj /Pg 25 0 R /K 1248 << /Pg 23 0 R /S /P /K 7 /S /Artifact null 3838 0 R null 3839 0 R null 3840 0 R 3841 0 R null 3842 0 R null /Pg 16 0 R endobj endobj /S /Artifact endobj >> << >> /K 1359 /S /P /Pg 25 0 R 2228 0 obj /Pg 22 0 R /P 5204 0 R 2842 0 R null 2843 0 R null null null 2844 0 R null null null >> >> /P 5866 0 R >> /Pg 22 0 R /S /Artifact >> /S /Artifact endobj /P 10 0 R << /K 279 >> <> 3858 0 obj /K 1487 /K 1504 /Pg 22 0 R >> endobj /S /P endobj >> endobj >> /K [212 213 214] /K 721 1990 0 obj /P 4821 0 R << << 2704 0 obj /P 4974 0 R /P 10 0 R 3003 0 obj /K 1266 /S /P /Lang (EN-US) endobj 734 0 obj << << /K 123 /S /P << /S /P /Pg 22 0 R endobj endobj /S /P endobj >> /Lang (EN-US) /S /P /Pg 24 0 R /P 10 0 R endobj 2978 0 obj /Lang (EN-US) endobj >> 2732 0 obj /Pg 23 0 R >> /P 4690 0 R /K 1224 /K 166 /S /Artifact /S /P /K 1248 /S /Artifact >> /S /Artifact << /K 1252 347 0 R 348 0 R 349 0 R 350 0 R 351 0 R 352 0 R 353 0 R 354 0 R] /S /Artifact 78 0 obj /Pg 22 0 R /Lang (EN-US) >> 45 0 R null 386 0 R null 387 0 R null 388 0 R null null 389 0 R 3871 0 obj /P 5992 0 R /P 5137 0 R /Pg 23 0 R <> << /S /Artifact >> /Lang (EN-US) /S /Artifact 610 0 obj /Pg 25 0 R << 2852 0 obj << application/pdf null 1566 0 R null 1567 0 R null 1568 0 R 1569 0 R null 1570 0 R null >> 2064 0 obj endobj /Pg 23 0 R /Lang (EN-US) 606 0 obj 1593 0 R null 1594 0 R null 1595 0 R null 1596 0 R null 1597 0 R null /P 5295 0 R /Pg 22 0 R /Pg 23 0 R 4174 0 obj << /Pg 24 0 R >> /S /P << >> 3019 0 obj /Lang (EN-US) >> 629 0 obj /Pg 22 0 R /P 5753 0 R /K 1515 << >> endobj /K 23 /Pg 25 0 R /K 1122 /P 6558 0 R 1941 0 obj /Pg 22 0 R null 3573 0 R null 3574 0 R null 3575 0 R null 3576 0 R null null /P 5710 0 R 104 0 obj /Lang (EN-US) << /K 1271 >> << endobj /Lang (EN-US) /P 6721 0 R /P 4636 0 R /Pg 23 0 R /StructParents 6 /K 9 3688 0 obj /P 5177 0 R >> /K 138 null 833 0 R null 834 0 R null 835 0 R null null null 836 0 R /K 1426 /K 1457 /S /Artifact << 2644 0 obj /Pg 22 0 R /Pg 25 0 R endobj /K 1437 /Pg 22 0 R 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. /S /P /K 533 /P 5196 0 R endobj >> 2616 0 obj /Pg 22 0 R >> /Pg 16 0 R /P 5594 0 R endobj /P 5823 0 R /S /P 3415 0 obj null 3649 0 R 329 0 R null 331 0 R null 3650 0 R null null 3651 0 R /Pg 25 0 R << /K 1408 /K 1452 /K 1199 null 3483 0 R null 3484 0 R null 3485 0 R null 3486 0 R null 3487 0 R 420 0 obj /K 129 /P 6334 0 R /Lang (EN-US) null 2949 0 R null 2950 0 R null 2951 0 R null null null 2952 0 R /Lang (EN-US) >> << endobj << /Lang (EN-US) endobj 3303 0 obj /S /Artifact /S /Artifact /Lang (EN-US) endobj >> /Pg 24 0 R << /Pg 22 0 R endobj << /Pg 22 0 R /K 745 /K 100 /Lang (EN-US) >> >> /S /P /Pg 24 0 R >> /Pg 25 0 R endobj >> <> /P 5202 0 R endobj 631 0 obj << >> << /K 129 /P 6695 0 R /K 1457 /K 1184 null null null 422 0 R null null null 423 0 R null null /S /Artifact /K 1437 << /K [56 57 58 59 60] >> << /S /Artifact /Lang (EN-US) /K 1173 Private Credit vs. Other Private Capital Asset Classes endobj /Lang (EN-US) /S /Artifact /Lang (EN-US) /Lang (EN-US) /Lang (EN-US) << 3553 0 obj null 3439 0 R 3440 0 R null 3441 0 R null 3442 0 R null 3443 0 R null /Pg 24 0 R /Lang (EN-US) << << /S /Artifact /S /P 3004 0 obj /Pg 17 0 R >> /S /P endobj 3366 0 obj /Pg 24 0 R /Pg 24 0 R >> endobj 1819 0 obj endobj 381 0 obj 742 0 obj /Lang (EN-US) /K 740 /S /Artifact endobj /Pg 25 0 R 4265 0 obj >> >> endobj 15 0 obj << 448 0 obj endobj /P 5895 0 R /S /P /S /P 1199 0 obj /Pg 25 0 R >> /S /P /Pg 25 0 R 2255 0 R 2256 0 R 2257 0 R 2258 0 R 2259 0 R 2260 0 R 2260 0 R 2261 0 R 2262 0 R 2263 0 R /Pg 15 0 R >> /P 6391 0 R /P 5929 0 R /S /P /K 840 endobj 1360 0 obj 3904 0 obj /S /P /Pg 25 0 R << /Pg 16 0 R null 3457 0 R null null null 3458 0 R null 3459 0 R null 3460 0 R /Pg 25 0 R /Pg 25 0 R /P 6164 0 R >> 2307 0 obj /Lang (EN-US) Direct lending - Institutional | BlackRock /Pg 23 0 R << /K 938 /Lang (EN-US) /K 1518 /S /P >> << 486 0 obj /S /P /Pg 24 0 R 2998 0 obj /Pg 24 0 R /K 1243 /S /P /S /Artifact /Lang (EN-US) /K 9 /K 1422 << /K 186 >> << /K 25 127 0 obj >> << /Pg 24 0 R /Pg 22 0 R /Pg 22 0 R /P 6120 0 R /Lang (EN-US) /S /P /K 639 /K 73 /Lang (EN-US) /P 5195 0 R endobj /Pg 25 0 R /S /P endobj endobj /Lang (EN-US) endobj /P 6489 0 R >> /P 10 0 R /Lang (EN-US) >> /S /P 959 0 obj 1027 0 obj endobj /K 148 endobj 3433 0 obj /Pg 22 0 R 3369 0 obj /S /P /Lang (EN-US) /P 10 0 R /Lang (EN-US) 1116 0 obj << /Pg 25 0 R /Pg 24 0 R 1732 0 obj >> /Pg 25 0 R 1814 0 obj /S /Artifact /K 1307 /Lang (EN-US) /K 275 /S /Artifact /S /P /Pg 24 0 R endobj /Pg 25 0 R /K 1304 /Pg 23 0 R /Lang (EN-US) /K 1265 /Lang (EN-US) /Pg 22 0 R /S /P endobj 730 0 obj endobj /K 608 endobj >> /P 6713 0 R /P 6255 0 R /K 1278 /K 585 >> /Pg 16 0 R /K 41 /K 981 >> /K 508 1691 0 R null 1692 0 R null 1693 0 R null null null 1694 0 R null /S /Artifact << /K 877 endobj >> <> /Lang (EN-US) 1259 0 obj endobj endobj /K 759 /S /Artifact endobj /K 710 899 0 obj /P 10 0 R 760 0 obj /P 5569 0 R >> /Pg 25 0 R >> >> 1880 0 R null 1881 0 R null 1882 0 R null 1883 0 R null 1884 0 R null /P 5090 0 R /Pg 24 0 R >> endobj 106 0 obj endobj 1907 0 obj /Lang (EN-US) >> /P 5511 0 R >> /K 1513 /P 5424 0 R 217 0 obj /K 538 Manager selection, therefore, is part of investing in direct loans. /Pg 22 0 R

cliffwater direct lending index 2023