cliffwater direct lending index

/S /P >> 3038 0 obj /S /P /Pg 25 0 R >> endobj /S /P /S /P /K 278 << /S /P >> >> 324 0 obj endobj /Pg 19 0 R endobj << /Pg 24 0 R endobj /K 572 << /K 6 /S /P << /Pg 22 0 R /S /P >> 3927 0 obj /K 1282 /Pg 24 0 R 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 1836 0 obj /S /Artifact << << endobj /Pg 25 0 R 1965 0 obj << /K 584 /Pg 22 0 R The CDLI assists investors to better understand asset class characteristics and to benchmark manager performance VIEW CDLI REPORT VIEW CDLI FACT PAGE Learn More View Resources 3754 0 obj /Pg 21 0 R /K 1357 /S /Artifact << >> /Pg 24 0 R << /S /Artifact << << << /P 5781 0 R /P 5307 0 R endobj /K 1464 903 0 obj /Pg 22 0 R << /Pg 25 0 R /S /P endobj null 1943 0 R null 1944 0 R null 1945 0 R 1946 0 R null 1947 0 R null << /Pg 23 0 R /Pg 24 0 R null 1566 0 R null 1567 0 R null 1568 0 R 1569 0 R null 1570 0 R null 3094 0 obj /S /P << endobj /K 7 2110 0 obj /K 1026 3068 0 obj /S /P << endobj /P 6385 0 R /S /Artifact /Pg 25 0 R /K 795 endobj /S /P /S /Artifact << null 2700 0 R null 2701 0 R 2702 0 R null 2703 0 R null 2704 0 R null endobj /P 5085 0 R 3669 0 obj /P 4861 0 R << /Count 14 << << 3299 0 obj >> << /K 38 >> /Lang (EN-US) >> << << null 672 0 R null 673 0 R null 674 0 R 675 0 R null 676 0 R null /K 412 /Pg 22 0 R /S /P endobj << /K 44 /Pg 23 0 R /S /Artifact /S /Artifact 2984 0 obj endobj endobj << /K 1140 >> 879 0 obj endobj /K 620 /Pg 23 0 R /S /Artifact << /Lang (EN-US) << 4263 0 obj << /K 986 endobj null 2643 0 R null 2644 0 R null 2645 0 R null 2646 0 R null null <> endobj /P 5612 0 R 4314 0 obj 2592 0 obj /Pg 13 0 R null 400 0 R null 401 0 R null 402 0 R null 403 0 R null 404 0 R /K 462 /K 1274 2003 0 obj << /Lang (EN-US) /Pg 25 0 R /Pg 22 0 R 4244 0 obj /P 6489 0 R /P 5384 0 R 267 0 R 268 0 R 269 0 R 270 0 R 271 0 R 272 0 R 273 0 R 274 0 R 275 0 R 276 0 R << 3156 0 obj /Lang (EN-US) /S /P /Lang (EN-US) /S /P << >> /K 91 endobj /K 977 /P 5459 0 R >> /S /Artifact /K 670 << /Pg 24 0 R 679 0 obj endobj endobj /Lang (EN-US) null 668 0 R null null null 669 0 R null 670 0 R null 671 0 R /Parent 8 0 R /Pg 22 0 R 1128 0 obj << Acrobat PDFMaker 22 for Word /K 1109 /K 36 endobj endobj /S /P endobj /K 1205 2443 0 obj 1383 0 obj << /Lang (EN-US) 2102 0 obj 2762 0 obj /Pg 23 0 R << endobj /S /P /Pg 23 0 R /K 716 /Pg 22 0 R /K 244 /K 1245 /S /Artifact >> << << /Pg 25 0 R >> /P 6391 0 R /K 1433 /K 1061 /Pg 25 0 R >> 3341 0 obj 3866 0 obj /P 10 0 R 140 0 obj /K 1099 /Pg 25 0 R /Lang (EN-US) endobj /Pg 23 0 R endobj /Lang (EN-US) /K 1528 endobj /Lang (EN-US) endobj << /K 859 /Lang (EN-US) 1120 0 obj << >> /Lang (EN-US) >> /S /P 2048 0 obj /Lang (EN-US) <> /Pg 23 0 R >> /P 5083 0 R << 3005 0 obj /S /P /P 6562 0 R endobj >> >> endobj /Pg 25 0 R /P 141 0 R /K 1176 endobj endobj >> /Pg 24 0 R << endobj /Lang (EN-US) /Pg 24 0 R endobj 242 0 obj 3729 0 obj /Pg 24 0 R /S /Artifact 2825 0 obj endobj endobj /K 1192 2828 0 obj endobj endobj /K 190 /P 6233 0 R /Pg 24 0 R /P 4972 0 R endobj /P 6279 0 R /P 5751 0 R << J.P.Morgan, Guide to Alternatives, 2Q 2020. /Pg 25 0 R >> endobj /S /Artifact /Lang (EN-US) /Pg 24 0 R /Pg 25 0 R /P 10 0 R << >> endobj /S /P >> 3364 0 obj endobj << /S /Artifact /Pg 23 0 R /K 594 >> 3541 0 R null null null 3542 0 R null 3543 0 R null 3544 0 R null endobj 2152 0 obj /Pg 18 0 R >> /S /P /K 1393 1878 0 obj /Pg 22 0 R /K 33 << >> 4304 0 R 4305 0 R 4306 0 R 4307 0 R 4308 0 R 4309 0 R 4310 0 R 4311 0 R 4312 0 R 4313 0 R 37 0 obj /Pg 25 0 R >> endobj >> /S /P 2075 0 obj endobj endobj /S /Artifact endobj 330 0 obj 3650 0 obj /Pg 24 0 R /K 509 1328 0 obj /S /Artifact /K 1089 /P 5060 0 R /P 6724 0 R >> /Lang (EN-US) << 2304 0 obj /S /P /Pg 24 0 R 1250 0 obj /K 614 /P 145 0 R endobj << 65 0 obj 1759 0 obj /S /Artifact /Pg 22 0 R >> /K 980 /K 982 /Pg 25 0 R endobj /Lang (EN-US) /K 1202 /S /P /Lang (EN-US) /K 505 /Pg 23 0 R endobj /P 6436 0 R >> /S /P /S /P /S /P >> 1994 0 obj >> /P 5553 0 R /S /P << /Pg 19 0 R /K 1048 >> /S /P >> >> << 857 0 obj /S /P << /Pg 24 0 R 3254 0 R 3255 0 R 3256 0 R 3257 0 R 3258 0 R 3259 0 R 3260 0 R 3261 0 R 3262 0 R 3263 0 R /Pg 22 0 R >> >> endobj << 3620 0 obj /K 1264 /K 1067 /Pg 22 0 R /K 29 2851 0 obj 2421 0 obj 545 0 obj endobj endobj /Pg 24 0 R /S /Artifact endobj /S /P >> endobj << /Pg 22 0 R /Lang (EN-US) << /K 399 endobj 1751 0 obj endobj << /K 1031 >> 3179 0 obj /Lang (EN-US) /S /P /Pg 25 0 R /S /Artifact << << >> /P 6659 0 R >> 41 0 obj /K 1179 /Pg 23 0 R endobj >> /K 1333 /P 5673 0 R /Pg 22 0 R << endobj >> /P 6589 0 R endobj 2109 0 obj /Pg 24 0 R /S /P /Lang (EN-US) /K 1310 /K 185 4206 0 obj /S /Artifact /K 1322 endobj /S /P >> endobj >> /Pg 25 0 R /K 1395 /K 1397 >> /S /P 1357 0 obj >> /Lang (EN-US) /K 1549 /S /P endobj >> /Lang (EN-US) /Pg 13 0 R /S /Artifact /K 277 endobj 4608 0 R] /S /Artifact endobj /K 1193 /Pg 24 0 R /Lang (EN-US) /S /P >> /S /P << null 762 0 R null 763 0 R null null null 764 0 R null null endobj /S /Artifact endobj /S /P >> 2162 0 obj >> /Lang (EN-US) /S /Artifact >> endobj /Pg 25 0 R /S /P <> endobj >> /Lang (EN-US) <> /P 5912 0 R >> 2680 0 obj endobj endobj /Pg 24 0 R /Lang (EN-US) /S /P /S /Artifact /P 4700 0 R << /Pg 24 0 R << <> 3906 0 obj /K 1533 /Lang (EN-US) >> /Pg 16 0 R /K 212 /K 129 /P 6088 0 R >> 2459 0 obj 2655 0 obj >> /S /P endobj /Pg 26 0 R /P 6157 0 R /K 1386 /P 6236 0 R /K 570 /Pg 25 0 R /P 5119 0 R /Pg 24 0 R null 443 0 R 140 0 R 444 0 R 143 0 R 445 0 R 145 0 R 446 0 R 152 0 R 148 0 R /P 6178 0 R << /P 4693 0 R /S /P /Pg 25 0 R 3121 0 obj 1134 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 /Pg 23 0 R 2023 0 obj /S /P /P 6683 0 R /S /Artifact /S /P /Pg 24 0 R /Pg 22 0 R >> >> /Pg 22 0 R 177 0 obj << /S /P /Pg 22 0 R /K 468 << /Pg 22 0 R /Pg 24 0 R /Lang (EN-US) /S /Artifact /K 1274 /K 289 /P 5650 0 R /Lang (EN-US) /Pg 24 0 R /Lang (EN-US) endobj 2062 0 obj >> /K 297 /S /P /S /P /Lang (EN-US) << /K 1291 >> >> /P 6592 0 R endobj /S /P /Pg 18 0 R /Lang (EN-US) /Pg 25 0 R >> >> endobj endobj /K 766 /S /Artifact /P 6470 0 R /Pg 23 0 R >> /K 1160 /K 1042 /K 1148 /Pg 23 0 R /K 44 9 [263 0 R 264 0 R 265 0 R 266 0 R 267 0 R 268 0 R 269 0 R 270 0 R 271 0 R 272 0 R /K 855 /Lang (EN-US) >> /K 185 3290 0 obj /P 6221 0 R /S /Artifact /P 6001 0 R 1712 0 obj /S /P /Pg 23 0 R /S /Artifact /K 401 << /K 1468 endobj >> 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 << /S /P << 570 0 obj /Pg 25 0 R << /Lang (EN-US) 3466 0 R null 3467 0 R null 3468 0 R null null null 3469 0 R null /A 6762 0 R endobj /K 152 << 102 0 obj << 4006 0 obj /P 5638 0 R << endobj /Pg 24 0 R /Pg 22 0 R /P 5894 0 R /S /P /Pg 13 0 R 3147 0 obj << /K 848 1726 0 obj << /K 1292 << null 1615 0 R null 1616 0 R 1617 0 R null 1618 0 R null 1619 0 R null >> >> null 3710 0 R null 3711 0 R null 3712 0 R null 3713 0 R null null /S /Artifact /K 19 >> /S /Artifact /P 10 0 R endobj endobj >> /Pg 24 0 R /Pg 22 0 R /P 10 0 R /S /P /P 6404 0 R >> /S /Artifact endobj /Pg 24 0 R /S /P << /S /Artifact 58 0 obj << /K 1439 >> 3412 0 obj /K 979 /S /P /Lang (EN-US) endobj /Lang (EN-US) 801 0 obj 1724 0 obj >> >> /P 6607 0 R >> /P 5114 0 R endobj >> /Pg 20 0 R /P 10 0 R /Lang (EN-US) >> /S /P endobj << >> 4079 0 obj /Pg 23 0 R /Pg 25 0 R /K 1240 /Lang (EN-US) 1682 0 obj /K 667 /S /Artifact /K 1358 endobj >> << endobj << /K 1465 4267 0 obj /Pg 25 0 R 3930 0 obj endobj << /Pg 23 0 R 275 0 obj >> /Lang (EN-US) >> /S /P 3012 0 obj /K 1211 /S /Artifact /P 6077 0 R << /Pg 25 0 R >> /Lang (EN-US) >> << >> /Pg 22 0 R >> << /Pg 24 0 R endobj /Pg 25 0 R /Pg 25 0 R /S /P >> /K 1223 /P 5583 0 R /K 734 /S /P 3172 0 obj << 137 0 obj >> >> /Lang (EN-US) /P 6346 0 R /K 78 2136 0 R 2137 0 R 2138 0 R 2139 0 R 2140 0 R 2141 0 R 2142 0 R 2143 0 R 2144 0 R 2145 0 R 779 0 obj 2516 0 obj /Pg 22 0 R /S /P 4100 0 obj /K 1323 /Pg 24 0 R >> << >> /Pg 23 0 R >> /K 1413 endobj endobj /K 495 >> << /S /Artifact /Pg 24 0 R >> endobj /K 297 /Pg 23 0 R /K 1272 /K 67 172 0 obj /Pg 25 0 R endobj >> endobj /Lang (EN-US) endobj /P 5858 0 R >> /Lang (EN-US) >> endobj /Pg 17 0 R endobj << /Pg 23 0 R /Pg 22 0 R /S /P /S /P /P 5380 0 R /P 5985 0 R endobj /Lang (EN-US) >> endobj /P 4795 0 R << 1315 0 obj /P 5270 0 R >> << /S /Artifact /S /P /S /P /K 1021 >> 4017 0 obj /P 6119 0 R << endobj /Pg 24 0 R << 3061 0 obj endobj /K 688 /K 1091 /K 72 /S /P << /S /P 1116 0 obj 1295 0 obj >> endobj /Lang (EN-US) /S /Artifact 52 0 obj 149 0 obj /Pg 25 0 R /Type /Page endobj /Pg 23 0 R null 1864 0 R null 1865 0 R null 1866 0 R null null null 1867 0 R << endobj 2991 0 obj /Pg 22 0 R endobj 467 0 obj endobj >> /P 6583 0 R /Pg 20 0 R /Pg 25 0 R >> 1334 0 obj endobj /K 138 >> << /S /P << 1630 0 obj Together with management fees, Cliffwater estimates that total fees and expenses for direct lending private partnerships equals 3.56% of net asset value. /Lang (EN-US) /S /Artifact endobj /P 5182 0 R /Pg 26 0 R >> >> << /K 456 /S /Artifact endobj /Lang (EN-US) << null 792 0 R null 793 0 R null 794 0 R 795 0 R null 796 0 R null endobj endobj 486 0 obj << << /K 1047 /Pg 22 0 R /Lang (EN-US) /S /P /S /Artifact endobj 1131 0 obj endobj /Lang (EN-US) >> endstream /K 607 >> /S /Artifact << /S /Artifact 2820 0 obj >> >> /P 4751 0 R 115 0 obj /Lang (EN-US) /Lang (EN-US) endobj /Pg 24 0 R /S /P >> >> /Pg 22 0 R /Pg 23 0 R endobj endobj /P 5296 0 R >> << /Lang (EN-US) endobj /S /Artifact /K 414 /Pg 23 0 R /Lang (EN-US) endobj /P 10 0 R /K 36 /K 1359 endobj /S /P /Lang (EN-US) 194 0 obj /S /Artifact /K 88 /S /P /Pg 25 0 R << >> /K 1165 /K 1225 endobj >> /S /P /S /P /Pg 22 0 R >> /P 5528 0 R /S /Artifact /S /P /S /Artifact /S /P /P 10 0 R /S /Artifact /K 1462 << /S /P /K 57 >> The CDLI assists investors to better understand asset class characteristics and to benchmark manager performance. << 18 0 obj /S /P /Contents 4372 0 R 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 >> 913 0 obj endobj /K 1502 /S /Artifact << <> /K 1134 endobj /S /Artifact endobj /Pg 24 0 R /Pg 22 0 R /P 4825 0 R 4163 0 obj /Pg 24 0 R /Pg 22 0 R /Lang (EN-US) /K 1167 /K 794 /Pg 24 0 R << << /S /P endobj /K 1139 /K 1020 << << endobj >> 1451 0 obj /Pg 22 0 R >> /K 743 << >> /Pg 21 0 R /K 1478 /P 5812 0 R << /Pg 17 0 R /Pg 22 0 R endobj /P 5957 0 R /DropCap /Figure >> /S /Artifact /P 10 0 R /S /P 115 0 R 116 0 R 117 0 R 118 0 R 119 0 R 120 0 R 121 0 R 122 0 R null 437 0 R /Pg 25 0 R /K 462 null null null 974 0 R null 975 0 R null 976 0 R null 977 0 R 3298 0 obj >> endobj << >> /Pg 25 0 R /Lang (EN-US) /K 1411 /S /Artifact endobj endobj >> /K 1517 2611 0 obj /S /P /S /Artifact 1652 0 obj /P 4979 0 R /K 1137 /K 23 >> 4293 0 obj /K 487 >> /Pg 25 0 R /S /Artifact /K 836 /S /Artifact /K 149 /K 1263 >> /S /Artifact /S /Artifact endobj 681 0 obj /K 1348 /Pg 23 0 R /Pg 22 0 R /S /P /Lang (EN-US) endobj >> >> >> << /Pg 22 0 R endobj /K 466 /Pg 13 0 R /P 5151 0 R << /K 1415 /K 264 endobj /Lang (EN-US) << >> /S /P /Pg 22 0 R endobj >> /K 241 /Pg 23 0 R >> 132 0 R 134 0 R 135 0 R 136 0 R 137 0 R 138 0 R 139 0 R null null 438 0 R >> 1057 0 obj << /Pg 23 0 R /Lang (EN-US) << /Pg 23 0 R >> /Lang (EN-US) Cliffwater Direct Lending Index Performance Annual Total Returns Since Inception Annual Income Returns Since Inception As of 12/31/21. endobj 1331 0 obj endobj << << >> /Pg 14 0 R 3222 0 obj << << << /K 358 endobj >> endobj 2556 0 obj endobj /S /P 497 0 obj /P 10 0 R /Lang (EN-US) >> << 4012 0 obj /S /P /S /P /S /Artifact << /S /P << endobj /Pg 22 0 R /S /P /Pg 22 0 R << 3605 0 obj >> endobj null 1916 0 R null 1917 0 R null 1918 0 R null 1919 0 R null 1920 0 R 2904 0 obj endobj /S /Artifact /P 5295 0 R /S /P >> 4281 0 obj /Lang (EN-US) /S /Artifact <> /Pg 25 0 R << << endobj /Lang (EN-US) /Pg 22 0 R /S /Artifact /K 1087 /S /Artifact /K 1242 3806 0 obj >> << /S /P /Pg 23 0 R /K 882 << >> << << /S /Artifact /K 1427 /Pg 23 0 R 1859 0 obj /Pg 23 0 R >> >> << endobj /K 1477 /Lang (EN-US) 1255 0 obj /S /P 4264 0 obj /S /P /Pg 23 0 R 3462 0 obj /S /P /K 204 3737 0 obj /K 404 /Pg 23 0 R /P 10 0 R >> /P 5267 0 R endobj /S /P <> 469 0 obj 2488 0 obj 2231 0 obj /Pg 24 0 R 2523 0 obj endobj 2524 0 obj /S /P /S /Artifact >> /S /Artifact >> 1087 0 obj /K 359 /Pg 19 0 R /K 300 /S /P >> >> 578 0 obj 1380 0 obj /Pg 25 0 R endobj /K 778 /S /P /K 1197 /P 10 0 R /S /P /Pg 25 0 R /Pg 24 0 R >> <> 1861 0 obj /P 6582 0 R /S /P endobj 1680 0 obj << << 2362 0 obj endobj 3185 0 obj /K 1323 << /K 1400 314 0 obj >> >> /Pg 25 0 R /Pg 22 0 R 2923 0 obj /P 10 0 R 3918 0 obj << << >> /P 6074 0 R >> /P 5445 0 R <> >> /S /Artifact /Pg 22 0 R >> << null 1090 0 R null 1091 0 R null 1092 0 R null null null 1093 0 R << /S /P /Pg 13 0 R /K 35 /K 1387 /P 33 0 R /S /P /S /Artifact /P 5740 0 R << >> /Lang (EN-US) endobj 1148 0 R 1149 0 R 1150 0 R 1151 0 R 1152 0 R 1153 0 R 1154 0 R 1155 0 R 1156 0 R 1157 0 R /Pg 24 0 R /Lang (EN-US) /K 1358 >> endobj /Pg 24 0 R << 1084 0 obj << /S /P << /K 189 << /K 719 << /S /P >> endobj << /S /Artifact /P 6466 0 R /K 1175 >> /Lang (EN-US) 2750 0 obj >> endobj /Lang (EN-US) /Pg 22 0 R /Pg 24 0 R /P 5717 0 R /K 518 >> /P 6008 0 R >> 647 0 obj null 3532 0 R null 3533 0 R null 3534 0 R null 3535 0 R 3536 0 R null 2664 0 R null 2665 0 R 2666 0 R null 2667 0 R null 2668 0 R null 2669 0 R /Pg 23 0 R endobj /Lang (EN-US) << 2607 0 R null 2608 0 R null 2609 0 R null 2610 0 R null null null << << << << /Lang (EN-US) /Pg 23 0 R /Pg 25 0 R /Pg 22 0 R >> 1336 0 R 1336 0 R 1337 0 R 1338 0 R 1339 0 R 1340 0 R 1341 0 R 1342 0 R 1343 0 R 1344 0 R endobj /S /P 776 0 obj /Pg 23 0 R 4566 0 R] endobj endobj << /Lang (EN-US) << /K 38 >> /K 41 endobj >> /Pg 22 0 R /Lang (EN-US) endobj >> /Type /Page 698 0 obj /S /Artifact /K 979 /Type /Page << 1942 0 obj endobj /P 6093 0 R /Lang (EN-US) /P 5206 0 R /Lang (EN-US) /P 6042 0 R /Lang (EN-US) /K 786 4195 0 obj /Lang (EN-US) /Pg 22 0 R /Lang (EN-US) >> 1311 0 obj << <> endobj /K 324 /Pg 24 0 R /P 6396 0 R >> 2949 0 obj /Pg 25 0 R endobj endobj 1649 0 obj /K 520 /T () 323 0 obj >> 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 /S /P /K 1048 << endobj /P 5274 0 R << /Pg 13 0 R >> /Pg 18 0 R /P 6410 0 R 1168 0 R 1169 0 R 1170 0 R 1171 0 R 1172 0 R 1173 0 R 1174 0 R 1175 0 R 1176 0 R 1177 0 R >> endobj /S /Artifact >> >> >> /K 559 endobj >> endobj >> << << >> >> endobj /S /P endobj /P 4829 0 R >> /K 212 Past performance is not a guarantee of future results. >> endobj << 2329 0 obj /Pg 24 0 R /K 175 /Lang (EN-US) /K 576 /P 4399 0 R /Lang (EN-US) 3316 0 obj >> /S /Artifact /K 587 /S /Artifact <> /S /Artifact endobj endobj /K 1318 /Lang (EN-US) endobj It is often said policy takes around 6-12 months to take effect. << /Lang (EN-US) endobj 2123 0 obj /S /P << >> << /K 1222 endobj /S /P << /S /P /K 1317 endobj 2784 0 obj /Pg 24 0 R /S /P /Lang (EN-US) 4285 0 obj /K 978 endobj /S /Artifact /P 5699 0 R 2801 0 R null 2802 0 R 2803 0 R null 2804 0 R null 2805 0 R null 2806 0 R 704 0 obj << /Pg 25 0 R /K 294 /Pg 22 0 R endobj >> >> /Lang (EN-US) /K 125 >> endobj endobj Private Debt von Stephen L. Nesbitt (ISBN 978-1-119-94441-6) online kaufen | Sofort-Download - lehmanns.ch /S /P << endobj /Pg 22 0 R /Pg 18 0 R >> /K 948 << << /Lang (EN-US) 627 0 R null 628 0 R null 629 0 R null 630 0 R null 631 0 R null /Pg 24 0 R endobj << /Pg 23 0 R endobj >> /Pg 23 0 R /CropBox [0 0 612 792] /Pg 25 0 R /P 5224 0 R >> 2270 0 obj <> /P 5784 0 R endobj /K 1364 /S /P /S /Artifact /Pg 23 0 R /K 512 /Lang (EN-US) >> /K 1021 << /K 349 null 2900 0 R null 2901 0 R null 2902 0 R null 2903 0 R null null >> endobj 587 0 obj /Pg 23 0 R << >> endobj >> << /Pg 24 0 R endobj >> /Pg 24 0 R /S /P 1900 0 obj >> << endobj /K 491 << /Pg 22 0 R 2668 0 obj endobj /S /P >> /Pg 22 0 R >> endobj /Lang (EN-US) /Pg 23 0 R << /Pg 23 0 R /K 1406 /S /P >> /Pg 24 0 R /Pg 22 0 R /S /Artifact /S /P endobj /S /P >> /K 1259 endobj << /S /P /Pg 22 0 R /Lang (EN-US) /Lang (EN-US) 742 0 obj /Lang (EN-US) /K 1181 >> /MediaBox [0 0 612 792] >> >> /K 1179 /S /Artifact endobj 3735 0 obj /P 5590 0 R /Lang (EN-US) /Pg 23 0 R endobj Steve Nesbitt, Cliffwater's chief executive, told PDI he recommends his institutional clients invest about 5-10 percent of their portfolios in direct lending strategies. /S /Artifact 940 0 obj << << /S /Artifact endobj /S /P endobj /Pg 23 0 R 1850 0 R null 1851 0 R null 1852 0 R null 1853 0 R null 1854 0 R null >> endobj /S /Artifact /S /Artifact /S /P /K 1424 << 3527 0 obj /Pg 23 0 R /Pg 22 0 R endobj >> >> /Lang (EN-US) /Pg 24 0 R /Lang (EN-US) /K 1452 << endobj >> /K 8 /Pg 17 0 R /S /P << << 3897 0 obj << 54 0 obj >> /S /P << << /K 1307 /P 6570 0 R /Pg 24 0 R <> endobj <> /S /P /K 1314 /Lang (EN-US) /Pg 23 0 R /P 5651 0 R 3963 0 obj /Pg 25 0 R 71 0 obj /K 495 << >> 4177 0 obj 1950 0 obj /K 752 /S /Artifact << /S /P >> >> << /S /Artifact endobj /Pg 24 0 R endobj endobj /Lang (EN-US) 180 0 obj /Pg 23 0 R /Pg 24 0 R 2314 0 obj endobj endobj /K 1218 /Pg 23 0 R /K 1278 /Pg 25 0 R 476 0 obj /Pg 23 0 R endobj << /K 1121 >> endobj << endobj /S /Artifact /K 1253 /S /P /Pg 25 0 R /Pg 25 0 R /S /Artifact << /K 113 >> /P 4400 0 R << << >> /Pg 22 0 R 1476 0 obj >> >> << /K 1535 << /S /P /S /Artifact << /S /P /Lang (EN-US) 509 0 obj << /K 925 >> 3928 0 obj << >> << /S /Artifact endobj /P 5733 0 R /K 1485 2693 0 obj << /Lang (EN-US) << /Pg 24 0 R >> << endobj << << << << 1249 0 obj /K 376 643 0 obj >> /S /P << /S /Artifact >> null 1779 0 R null 1780 0 R null 1781 0 R null 1782 0 R null 1783 0 R /Pg 22 0 R >> null null 2940 0 R null null null 2941 0 R null 2942 0 R null 3543 0 obj 3062 0 obj /K 898 /Pg 23 0 R /Lang (EN-US) endobj /Pg 23 0 R 4165 0 obj endobj /Lang (EN-US) endobj /Pg 23 0 R /K 349 >> /Pg 25 0 R 1191 0 obj endobj /S /P /K 1103 /K [45 4686 0 R] << >> /K 464 >> /Lang (EN-US) endobj /K 195 endobj endobj /Pg 23 0 R /K 250 /Lang (EN-US) >> 238 0 obj /Pg 23 0 R /P 5536 0 R /Lang (EN-US) /S /Artifact >> >> /K 195 << << 1996 0 obj /K 202 /Pg 23 0 R << endobj 2691 0 obj endobj << /S /Artifact endobj << endobj /S /Artifact /K 300 /Pg 23 0 R /Lang (EN-US) /Pg 25 0 R /K 1287 << endobj /Lang (EN-US) >> /P 6011 0 R /P 5319 0 R /S /P endobj /S /P 4166 0 obj /S /P /S /Artifact /Lang (EN-US) /S /Footnote /Lang (EN-US) /S /P /Lang (EN-US) /Lang (EN-US) >> >> >> /K 412 2759 0 obj endobj /S /Artifact /K 1218 endobj /S /P /K 104 /Pg 24 0 R /Lang (EN-US) 74 0 obj 642 0 obj << 3774 0 obj >> 3022 0 obj << 1541 0 obj /Lang (EN-US) 1929 0 R null 1930 0 R null 1931 0 R null 1932 0 R null 1933 0 R 1934 0 R /P 10 0 R /K 1218 /Pg 22 0 R endobj /P 4778 0 R /K 1488 endobj endobj endobj /Pg 25 0 R /S /P >> 2425 0 obj endobj 2 0 obj >> /Lang (EN-US) /K 325 /P 6460 0 R /K 13 /Pg 14 0 R >> /K 1343 /P 5330 0 R endobj 589 0 R null 221 0 R 222 0 R 223 0 R 224 0 R 225 0 R 226 0 R 227 0 R 228 0 R endobj /P 6586 0 R /P 5128 0 R /Pg 25 0 R << /P 5103 0 R /P 5760 0 R <> /K 1268 endobj >> endobj /S /Artifact /K 1258 /K 759 /Pg 23 0 R /Pg 24 0 R /Lang (EN-US) endobj >> /Pg 23 0 R /Lang (EN-US)