3995 0 obj 2924 0 obj endobj /Lang (EN-US) endobj << /Pg 25 0 R /S /Artifact endobj endobj 2206 0 obj /Pg 18 0 R endobj << /K 19 /Lang (EN-US) endobj << >> << >> /K 1323 /K 1466 /K 639 /Lang (EN-US) /S /P /Pg 17 0 R >> endobj /Lang (EN-US) 557 0 obj /Pg 22 0 R 2424 0 obj >> /Pg 22 0 R >> >> /Pg 25 0 R endobj << /K 1192 << /P 5061 0 R >> /Pg 24 0 R /Lang (EN-US) << /P 6449 0 R /Pg 18 0 R /P 6489 0 R /P 10 0 R 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. /K 1158 << << 86 0 obj << /S /Artifact << endobj 2797 0 obj >> << /Lang (EN-US) /S /P /K 815 << /P 5529 0 R << /K 1384 /P 6350 0 R /S /Artifact << 2518 0 obj /Pg 25 0 R /P 5365 0 R >> 2600 0 obj /Pg 24 0 R /K 131 endobj /K 28 << /S /P 3290 0 obj 2188 0 obj endobj /P 5239 0 R << /S /P << 4126 0 obj /K 517 << 3036 0 obj /S /Artifact 253 0 obj /K 1122 3597 0 obj >> /S /P << /K 1168 >> /Pg 26 0 R 4093 0 obj 1233 0 obj endobj << >> >> /Pg 18 0 R /S /Artifact >> >> /S /Artifact /Tabs /S null null null 717 0 R null 718 0 R null 719 0 R null 720 0 R null 2739 0 R null 2740 0 R null 2741 0 R null 2742 0 R 2743 0 R null << /Lang (EN-US) /P 5222 0 R /Lang (EN-US) 3028 0 obj /S /P /K 1245 /Lang (EN-US) /S /Artifact /S /Artifact 2185 0 obj /Pg 23 0 R /K 451 << /Pg 25 0 R /Pg 23 0 R endobj /Pg 20 0 R 4143 0 obj /Pg 23 0 R /Pg 22 0 R /K 246 /Pg 22 0 R /Pg 23 0 R /Pg 25 0 R >> /Pg 23 0 R /S /P >> /S /Artifact /P 6253 0 R /K 104 /Pg 22 0 R /Lang (EN-US) endobj /Pg 23 0 R /Pg 18 0 R << 1989 0 obj endobj endobj >> /K 981 /K 73 /P 5941 0 R endobj endobj endobj /P 5119 0 R /P 10 0 R /Pg 22 0 R << << /Pg 22 0 R /Lang (EN-US) /P 5955 0 R 2297 0 obj /Pg 23 0 R /Pg 23 0 R /S /P /Lang (EN-US) /Lang (EN-US) endobj 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>> >> << 1381 0 obj /K 1389 /Lang (EN-US) /K 1214 /S /Artifact << /S /Artifact >> /P 10 0 R 1918 0 obj /S /Artifact >> /S /Figure 1183 0 obj /S /P /K 1230 /S /P << /K 905 /Lang (EN-US) /K 534 endobj /Pg 18 0 R /P 5209 0 R /S /P << >> /Lang (EN-US) >> /Pg 18 0 R /P 6099 0 R endobj /Pg 23 0 R << >> >> /K 338 << endobj /K 630 752 0 obj /Pg 22 0 R /Pg 22 0 R 274 0 obj /P 6544 0 R << << endobj 3930 0 obj /P 10 0 R 3765 0 obj << /S /Artifact /K 1096 >> << /P 5414 0 R /P 4942 0 R /Lang (EN-US) << >> endobj /P 5420 0 R << /Lang (EN-US) /S /Artifact 2307 0 obj << /Pg 22 0 R /K 1373 endobj /K 136 endobj /Lang (EN-US) << 2071 0 obj >> << /Pg 23 0 R /Pg 22 0 R 672 0 obj /P 4666 0 R /S /P /Pg 23 0 R << /S /Artifact endobj endobj /P 5267 0 R /Pg 24 0 R /S /P << endobj /K 229 /K 1459 /Lang (EN-US) /K 149 /S /P /S /Artifact 2405 0 obj endobj /Pg 25 0 R /S /Artifact /K 1210 >> /Pg 23 0 R /Pg 22 0 R 232 0 obj 4189 0 obj endobj /Pg 15 0 R endobj << /K 1490 >> >> /S /P endobj << /P 4633 0 R << /Pg 23 0 R 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0 obj >> << >> /Pg 25 0 R /Lang (EN-US) >> /Pg 24 0 R endobj /K 697 2966 0 obj 3484 0 obj endobj /Lang (EN-US) /K 28 /Lang (EN-US) << 2665 0 obj >> endobj >> null 1027 0 R 1028 0 R null 1029 0 R null 1030 0 R null 1031 0 R null endobj /P 5130 0 R /P 4911 0 R /Pg 25 0 R endobj endobj << >> /S /P >> 1645 0 obj 2259 0 obj /S /P >> /Pg 22 0 R >> /Lang (EN-US) endobj /Pg 22 0 R >> /K 1498 172 0 R 172 0 R] /P 10 0 R << /S /P << /P 4937 0 R << /K 1013 /Pg 22 0 R 169 0 obj /S /Artifact 12 [null 320 0 R null 2475 0 R null null 2476 0 R null null 2477 0 R /Lang (EN-US) << 1616 0 obj endobj << /S /P /S /Artifact << << /Pg 16 0 R /S /Artifact /Pg 25 0 R /Pg 24 0 R << 2145 0 obj << /Lang (EN-US) /K 206 /Pg 25 0 R /S /P 129 0 obj << << /K 102 3782 0 obj << /Pg 13 0 R << >> /P 10 0 R 3825 0 obj /Lang (EN-US) null 3710 0 R null 3711 0 R null 3712 0 R null 3713 0 R null null /S /Artifact /S /P << << null 1588 0 R null 1589 0 R null 1590 0 R null 1591 0 R null 1592 0 R /K 902 endobj 477 0 obj /Lang 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1336 0 obj /K 1264 1150 0 obj /S /Artifact endobj /Pg 18 0 R 1999 0 obj 3525 0 obj /Pg 22 0 R 3854 0 obj << endobj endobj /Lang (EN-US) << /P 5970 0 R /P 5876 0 R /Lang (EN-US) /Pg 22 0 R /P 6146 0 R 1741 0 obj endobj /Lang (EN-US) /Pg 22 0 R /P 10 0 R /Lang (EN-US) << << /S /P /P 5534 0 R 535 0 obj << << /P 5696 0 R 1041 0 obj 583 0 obj 4254 0 obj << /K 57 /K 748 2280 0 obj >> /K [27 419 0 R 38] << /Pg 24 0 R >> /Lang (EN-US) /Pg 22 0 R /A 4685 0 R 369 0 obj /K 1539 << /Lang (EN-US) endobj /Pg 25 0 R endobj /P 10 0 R /Lang (EN-US) 491 0 obj endobj << /S /P null 2572 0 R null 2573 0 R null 2574 0 R null null null 2575 0 R /P 5867 0 R /S /Artifact << /P 5916 0 R /Lang (EN-US) /K 233 >> >> >> endobj << /Pg 16 0 R >> >> >> /P 4654 0 R /S /Artifact /P 6094 0 R /Pg 24 0 R /S /P << /S /P /S /Artifact 4006 0 obj >> /StructParents 11 /S /Artifact >> /Lang (EN-US) /P 5418 0 R << >> /Lang (EN-US) /Pg 25 0 R /Pg 22 0 R /Pg 24 0 R /K 1216 << 4141 0 obj << /P 5204 0 R 854 0 obj << >> /P 10 0 R 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R null 2697 0 R null 2698 0 R null 2699 0 R /K 489 << << /P 6702 0 R >> /S /Artifact /S /P 2898 0 obj /K 1387 >> >> >> null 1992 0 R null 1993 0 R 1994 0 R null 1995 0 R null 1996 0 R null /P 5492 0 R >> Direct lending is characterized by flexible and creative financing solutions that are unique to each opportunity. 190 0 obj /K 1491 << 3718 0 obj /Pg 24 0 R /P 4775 0 R endobj /K 106 /Lang (EN-US) 1092 0 obj << /K 0 /S /P endobj /Lang (EN-US) << /K 24 << /K 794 /K 1537 1995 0 obj /P 4765 0 R 242 0 obj /Pg 23 0 R >> /K 1392 /Pg 22 0 R /S /Artifact /K 9 endobj >> << 2281 0 obj << 2042 0 obj /P 5187 0 R 205 0 R 206 0 R 208 0 R 209 0 R 210 0 R null null 564 0 R null null >> << 4 By 2020, the total U.S. direct lending market had grown to around $800 billion, according to a Refinitiv estimate. /Lang (EN-US) 304 0 obj >> /P 5176 0 R /S /P /Pg 23 0 R /P 5377 0 R /K 1109 /P 6101 0 R /P 6188 0 R 839 0 obj >> /Pg 22 0 R /K 387 >> << 726 0 R null 727 0 R null null null 728 0 R null null null >> /K 1524 /Lang (EN-US) /S /Artifact endobj /Pg 23 0 R /S /Artifact << /P 4729 0 R /P 10 0 R >> /Lang (EN-US) /K 23 >> /P 5490 0 R >> 2645 0 obj /K 1486 2427 0 obj /Pg 22 0 R /K 1252 /Pg 23 0 R endobj /Pg 22 0 R /K 91 endobj << 3283 0 obj /Pg 23 0 R >> /Pg 19 0 R << endobj 2796 0 obj << << 3541 0 obj /K 98 /S /P /Pg 22 0 R /Pg 22 0 R 3534 0 obj endobj endobj /P 5562 0 R << /K 1283 /Pg 23 0 R /S /Artifact /K 1409 4076 0 obj endobj >> << /Pg 25 0 R << endobj /K 1357 /P 6163 0 R /S /Artifact /Pg 25 0 R /K 1064 2156 0 obj << endobj << /Pg 22 0 R /S /Artifact /K 88 257 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 /Lang (EN-US) 1100 0 obj /K 1393 >> /S /Artifact /P 5661 0 R >> /Pg 25 0 R endobj >> << /K 523 /S /P /S /Artifact /K 724 >> >> /S /Artifact 939 0 obj >> /K 1345 /S /Artifact /S /P >> /P 6130 0 R /K 1291 /Lang (EN-US) /S /P /S /P << endobj null 1727 0 R null 1728 0 R null 1729 0 R null null null 1730 0 R /Lang (EN-US) >> 22 >> 169 0 R 170 0 R 171 0 R null 441 0 R null 442 0 R null null null /K 199 /K 49 /S /P << >> /Pg 22 0 R /S /Artifact /S /Artifact /K 1193 /K 406 >> << 2840 0 obj >> /S /P /S /Artifact >> /P 6124 0 R 738 0 obj /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] endobj /S /Artifact /Count 9 >> /Pg 24 0 R /Lang (EN-US) 1856 0 obj /P 5479 0 R endobj /S /P /Pg 25 0 R /Pg 22 0 R 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 2990 0 obj /K 814 3226 0 obj /P 6142 0 R >> >> 92 0 obj /P 4982 0 R /K 1171 /K 1458 /P 5790 0 R endobj << /S /P /S /P /P 10 0 R /K 3 /S /Artifact endobj >> /P 4841 0 R endobj << 2160 0 obj << endobj /S /Artifact /Pg 24 0 R 3866 0 obj << /S /Artifact << /K 121 /Lang (EN-US) >> /K 12 /K 742 752 0 R null null null 753 0 R null 754 0 R null 755 0 R null >> /S /Artifact 1164 0 obj /S /P /Lang (EN-US) /K 194 4328 0 obj /Pg 25 0 R /S /Artifact /K 1370 /P 5999 0 R >> >> 137 0 obj << /K [4440 0 R 4441 0 R 4442 0 R 4443 0 R 4444 0 R 4445 0 R 4446 0 R 4447 0 R] /Annots [4348 0 R] << /Pg 22 0 R /Pg 22 0 R /K 268 >> >> /Pg 22 0 R There can be no assurance that historical trends will continue during the life of any fund. /P 5570 0 R /K 79 137 0 R 138 0 R 139 0 R 140 0 R 141 0 R 142 0 R 143 0 R 144 0 R 145 0 R 146 0 R /K 21 endobj endobj << /Pg 23 0 R /K 1541 >> /S /P >> >> /K 399 /Pg 25 0 R /S /Artifact << << << /Pg 23 0 R /K 1246 /P 6258 0 R endobj 229 0 R null 207 0 R 207 0 R 207 0 R 207 0 R 207 0 R 207 0 R 207 0 R 207 0 R << /K 1158 endobj /K 48 /Pg 23 0 R /Lang (EN-US) /P 5006 0 R >> /S /Artifact << >> /S /Artifact endobj /Pg 23 0 R /Pg 21 0 R >> >> null 1984 0 R null 1985 0 R null 1986 0 R null null null 1987 0 R /K 13 << /S /P /S /Artifact >> /Pg 23 0 R endobj /Pg 23 0 R /S /Artifact 17 0 obj endobj endobj /P 4783 0 R >> /S /P 4535 0 R 4536 0 R 4537 0 R 4538 0 R 4539 0 R 4540 0 R 4541 0 R 4542 0 R 4543 0 R 4544 0 R Cliffwater Corporate Lending Fund. /S /P >> /P 6629 0 R /K 1508 /Pg 25 0 R 4151 0 obj << /K 965 /K 201 /Lang (EN-US) >> 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0 obj /K 1524 2137 0 obj /S /Artifact >> /Pg 21 0 R /K 1451 >> 2758 0 obj /K 380 /Lang (EN-US) 882 0 obj /Pg 23 0 R >> 1935 0 obj /Pg 24 0 R /Pg 23 0 R endobj endobj /Lang (EN-US) /S /Artifact /K 100 /K 26 >> 2698 0 obj << 1907 0 R null 1908 0 R null 1909 0 R 1910 0 R null 1911 0 R null 1912 0 R /K 1373 /Pg 22 0 R /P 10 0 R /K 896 endobj /S /P /Rotate 0 /Lang (EN-US) << 26 0 obj << /K 1194 /S /P 3466 0 obj /K 1297 1899 0 obj << 3006 0 obj >> /Lang (EN-US) >> /S /Artifact endobj /S /P >> 1141 0 obj >> /Lang (EN-US) /Pg 25 0 R /P 5978 0 R /K 830 /P 5571 0 R 2670 0 obj /S /P /K 1487 /P 6322 0 R /K 817 /S /Artifact 1258 0 obj HW]o[7}M^(-v-4*!,*kB8%gfnsyo9yr{'>n#>I`E2IQy0fL?o8Yr|o=={+'KF,/+/4~,$Ze\GOsGt&eC!Zh Z%{nw/!+Fn << 1561 0 obj << /Pg 23 0 R 1926 0 R null null null 1927 0 R null null null 1928 0 R null 2941 0 obj >> >> /Pg 22 0 R /P 5705 0 R << /Pg 25 0 R /Contents 4380 0 R /Pg 24 0 R /A 4673 0 R << 3668 0 obj << /Pg 23 0 R /Pg 24 0 R /Pg 25 0 R << /P 6364 0 R /Lang (EN-US) endobj >> 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>> endobj /K 372 510 0 obj /Pg 25 0 R /S /Artifact /S /P 312 0 obj /Pg 13 0 R /S /P /K 548 >> /P 6296 0 R null 390 0 R null 391 0 R null 392 0 R null 393 0 R null 394 0 R /Lang (EN-US) endobj /K 27 /Pg 22 0 R /S /P 3518 0 R null 3519 0 R null 3520 0 R null 3521 0 R null 3522 0 R null 1344 0 obj 1819 0 obj /Lang (EN-US) /P 5625 0 R 2773 0 obj /Lang (EN-US) >> /Lang (EN-US) << >> /K 1096 /K 1511 /S /P /S /Artifact Loan Note: Private debt's growing muscle; Cliffwater issues return forecasts How private debt firms are gaining market share at the large end of the market; Cliffwater issues its latest return forecasts; and caution surrounds real estate. /S /Artifact /S /P /P 4706 0 R /K 294 << 232 0 R 232 0 R 232 0 R 614 0 R 615 0 R 250 0 R 250 0 R 250 0 R 250 0 R 250 0 R endobj << /S /Artifact >> endobj /K 1281 3950 0 obj /K 1327 /K 41 << /Pg 23 0 R /S /P endobj /K 1425 /K 1107 >> /S /Artifact endobj endobj << /S /Artifact << /Pg 24 0 R /S /P >> /Lang (EN-US) /K 958 1696 0 obj /Pg 25 0 R /S 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