cliffwater direct lending index

/Pg 22 0 R /P 4782 0 R /S /P /S /P 3719 0 obj /K 716 >> >> endobj >> /S /Artifact >> /S /P /K 1452 /P 6743 0 R /Lang (EN-US) /P 4981 0 R 148 0 obj /S /Artifact /Pg 23 0 R 2143 0 obj /Pg 23 0 R /K 347 >> 1462 0 obj /S /Artifact /K 1387 /Lang (EN-US) >> /K 7 >> endobj /Pg 23 0 R << /Pg 22 0 R << endobj 3753 0 obj /S /P /K 428 /Lang (EN-US) 2923 0 obj << endobj /Pg 19 0 R /S /Artifact 171 0 obj /S /Artifact 409 0 R] 3745 0 R null 3746 0 R null 3747 0 R null 3748 0 R null 3749 0 R null endobj /K 1171 >> /P 5960 0 R /S /Artifact /K 1279 /K 1148 << << << >> /Pg 18 0 R 2066 0 R 2067 0 R 2068 0 R 2069 0 R 2070 0 R 2071 0 R 2072 0 R 2073 0 R 2074 0 R 2075 0 R /P 5710 0 R /S /Artifact << /K 1254 endobj endobj /K 1454 3105 0 obj /P 6709 0 R /Pg 18 0 R /S /Artifact endobj << 1078 0 obj /K 1353 /K 48 /Pg 25 0 R >> << << endobj endobj /Pg 23 0 R /K 401 >> endobj /K 667 The Cliffwater Direct Lending Index (CDLI) prior quarter return explains only 8% of the index's current quarter return. /S /Link /S /Artifact /S /P endobj >> endobj /K 1309 /Pg 23 0 R /Pg 17 0 R >> << 1423 0 obj /Pg 23 0 R 969 0 obj endobj 3393 0 obj 3078 0 obj endobj /S /P 2721 0 obj << 2782 0 obj endobj /Pg 23 0 R >> << endobj 2444 0 obj /K 1089 /K 17 /Pg 19 0 R >> /K 102 /K 1114 endstream /K 432 /Lang (EN-US) << 649 0 obj /K 165 >> 1532 0 obj endobj /P 10 0 R /Lang (EN-US) /S /Artifact >> /K 1289 /K 855 >> /S /P /K 233 /Pg 25 0 R endobj /Pg 25 0 R /S /P >> /S /P 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 >> 3651 0 obj /K 1447 /Pg 25 0 R >> << /S /Artifact << >> /S /P endobj 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 << 1170 0 obj 2408 0 obj /Pg 23 0 R /Pg 25 0 R /K 711 /Pg 22 0 R /S /P /Lang (EN-US) 2463 0 obj /Pg 24 0 R 1950 0 obj endobj 53 0 obj >> /K 1079 endobj /Lang (EN-US) /K 1149 /S /Figure << /K 1303 /K 1464 /P 5792 0 R 1220 0 obj 3112 0 obj <> << endobj 3630 0 obj /S /P /Lang (EN-US) >> >> /K 1508 endobj 3654 0 obj 1694 0 obj 89 0 obj /Lang (EN-US) /S /Artifact endobj /K 1281 /K 1157 1429 0 obj null null null null null 424 0 R null null null null << 3229 0 obj /Pg 23 0 R /S /Artifact /S /Artifact /K 216 3364 0 obj endobj /Lang (EN-US) << endobj 3979 0 obj endobj /Pg 22 0 R /S /Artifact >> /S /Artifact endobj /Lang (EN-US) /Pg 22 0 R << << /Pg 23 0 R /P 6194 0 R /Lang (EN-US) /K 695 /K 1141 >> /P 6090 0 R << /K 428 /Lang (EN-US) /Lang (EN-US) 4250 0 obj /S /LBody /S /Artifact /Pg 22 0 R << /Pg 25 0 R /K 853 << /Pg 25 0 R /S /Artifact << /S /Artifact endobj /Lang (EN-US) /Parent 4 0 R 3761 0 obj /S /P << 3409 0 obj 1495 0 obj /S /P endobj >> /S /Artifact endobj /Lang (EN-US) /P 4772 0 R /S /Artifact >> >> /P 5255 0 R /P 4973 0 R /P 5300 0 R endobj /K 1187 /P 6676 0 R /Pg 25 0 R >> /P 10 0 R >> 1392 0 obj /K 450 3764 0 obj /Lang (EN-US) /S /Artifact << 1110 0 R 1111 0 R 1111 0 R 1112 0 R 1113 0 R 1114 0 R 1115 0 R 1116 0 R 1116 0 R 1117 0 R endobj /K 921 /S /P /S /P << >> /Pg 20 0 R >> 1017 0 obj << >> /Pg 23 0 R /Pg 25 0 R endobj 926 0 obj >> /Pg 25 0 R endobj << 239 0 obj /S /P /S /P /K 1152 >> << << /Pg 25 0 R << endobj /S /P /P 10 0 R /S /Artifact >> /S /P << /K 1374 /Lang (EN-US) >> /K 1347 /S /P endobj Looking at historical endobj /Lang (EN-US) /S /P /K 1002 /S /P endobj /Pg 23 0 R >> endobj /S /P endobj >> /S /Artifact /K 1383 >> << /K 459 /P 5957 0 R /S /P /P 6450 0 R endobj endobj >> 3152 0 obj /Pg 22 0 R /Pg 23 0 R endobj 2941 0 obj /Lang (EN-US) /S /P /S /Artifact /P 5492 0 R /S /Artifact << /P 5995 0 R /P 5172 0 R 2977 0 R 2978 0 R 2979 0 R 2980 0 R 2981 0 R 2982 0 R 2983 0 R 2984 0 R 2985 0 R 2986 0 R /S /Artifact << /S /Artifact 3638 0 obj /Pg 24 0 R endobj 1992 0 obj 3835 0 obj << endobj /K 88 /P 5485 0 R >> 3548 0 obj /P 4934 0 R /K 1165 endobj >> 565 0 obj /K 35 /P 5101 0 R /K 826 /Pg 22 0 R /K 1268 >> /K 1131 endobj /K 73 /S /Artifact >> /P 5795 0 R /S /P /P 6711 0 R /S /Artifact /S /P 3504 0 obj 4289 0 obj 2166 0 obj << /Pg 24 0 R endobj /Lang (EN-US) /Lang (EN-US) /K 513 /Pg 25 0 R /Pg 18 0 R 546 0 obj << /Lang (EN-US) /Pg 24 0 R /Pg 22 0 R f325a0f1-a9d5-4034-846d-c1ef2129f6d0 /P 5223 0 R /K 624 endobj /K 1540 1970 0 R null 1971 0 R null 1972 0 R null 1973 0 R null 1974 0 R null 3488 0 R null 3489 0 R null 3490 0 R null 3491 0 R null 3492 0 R null endobj endobj /Pg 22 0 R /S /P endobj /P 5133 0 R >> >> >> >> /K 1505 1224 0 obj /S /Artifact /Lang (EN-US) >> /Pg 23 0 R /Pg 25 0 R << << 3237 0 obj /Lang (EN-US) /Lang (EN-US) /K 530 /Lang (EN-US) 297 0 obj endobj /S /P /P 5472 0 R 833 0 obj 3522 0 obj 3462 0 obj /Pg 24 0 R endobj /Pg 24 0 R /S /P /K 1189 1071 0 obj /K 460 >> /Lang (EN-US) endobj >> endobj 1041 0 obj 2866 0 obj >> << /S /Artifact /P 6550 0 R << /P 5828 0 R /S /P 250 0 R 250 0 R 250 0 R 250 0 R 262 0 R] 3142 0 obj null 3431 0 R null 3432 0 R null null null 3433 0 R null null /K 170 1990 0 obj << /Lang (EN-US) 2618 0 obj /S /Artifact 1588 0 obj /P 5642 0 R endobj /K 103 /Pg 22 0 R /K 509 endobj endobj /Lang (EN-US) 2583 0 obj /P 5935 0 R endobj /S /P /K 990 /K 1342 >> << 4482 0 R] /K 965 /Pg 22 0 R /K 770 endobj >> << /Pg 24 0 R >> /S /P >> 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 /S /Artifact << /S /Footnote /S /Artifact /Pg 22 0 R >> 3557 0 obj >> /Marked true endobj >> endobj >> /P 10 0 R /P 5946 0 R << /S /Artifact >> /K 1418 >> /Pg 20 0 R endobj endobj endobj 217 0 obj /Pg 23 0 R << << /Pg 23 0 R /P 5817 0 R /Pg 22 0 R /K 21 /Pg 22 0 R endobj >> /K 212 /P 5669 0 R /S /P endobj /Pg 22 0 R /S /Artifact * "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. >> /K 968 /Pg 25 0 R /Lang (EN-US) /K 251 >> /S /Artifact /K 1136 /Lang (EN-US) /Lang (EN-US) /Pg 24 0 R >> endobj /S /Artifact 537 0 obj /S /Artifact 502 0 obj /S /P /Pg 25 0 R /P 5343 0 R /P 5975 0 R /S /Artifact >> >> /Lang (EN-US) /Pg 23 0 R /Lang (EN-US) /K 578 /S /P /Pg 23 0 R /Pg 24 0 R /K 1366 3704 0 obj /S /Artifact << << endobj /P 4639 0 R endobj /Lang (EN-US) << << /K 1133 /Pg 22 0 R endobj endobj /Lang (EN-US) << /S /Artifact >> << /Kids [13 0 R 14 0 R 15 0 R 16 0 R 17 0 R] << << /S /Artifact >> >> << /Pg 24 0 R >> /P 5073 0 R /P 10 0 R /Pg 25 0 R /P 4882 0 R << /Pg 23 0 R /S /Artifact /Pg 25 0 R >> endobj /K 155 2454 0 obj 505 0 obj /Pg 23 0 R << /Pg 24 0 R /K 118 endobj /P 5083 0 R /Pg 25 0 R >> /S /P << /S /Artifact /MediaBox [0 0 612 792] endobj >> /Lang (EN-US) PDF 2021 Q3 Report on U.S. Direct Lending - storage.googleapis.com /K 381 /K 1417 /P 10 0 R >> 306 0 obj /Pg 22 0 R 653 0 obj 2749 0 obj /S /Artifact << endobj /K 605 >> endobj /K 1124 /Lang (EN-US) >> << /Pg 24 0 R endobj >> 527 0 obj /Lang (EN-US) >> /K 6 /Lang (EN-US) /Lang (EN-US) endobj /S /Artifact 1333 0 obj /Lang (EN-US) << >> /K 67 /DropCap /Figure >> << /S /P endobj 2222 0 obj >> endobj >> >> /Pg 22 0 R /K 1545 << /S /P /Pg 25 0 R << /K 1146 507 0 R 508 0 R null 509 0 R 510 0 R null 511 0 R null 512 0 R null /Lang (EN-US) endobj /Lang (EN-US) /K 82 /K 1369 /Lang (EN-US) << << /P 5990 0 R /Pg 25 0 R 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 3404 0 obj /SourceModified (D:20220524090108) /Pg 20 0 R 779 0 obj /K 1229 endobj << endobj endobj /S /Artifact 4305 0 obj >> /P 5409 0 R /K 23 /Pg 24 0 R << >> /S /Artifact /Pg 22 0 R /S /Artifact /K 1 /Lang (EN-US) 793 0 obj >> /Pg 23 0 R /Pg 23 0 R /S /P >> >> /S /Artifact endobj /P 5991 0 R /K 853 /K 20 << /S /P /S /Artifact /Pg 22 0 R /K 1338 /K 190 << /Pg 24 0 R /P 4699 0 R << << /P 5640 0 R << 1209 0 obj /K 46 endobj /Pg 24 0 R 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 /K 1273 endobj /S /Artifact << 3412 0 obj /P 5706 0 R /S /Artifact /S /P /S /P /K 797 928 0 obj /S /P 3794 0 obj /P 5875 0 R >> 4304 0 obj 2249 0 obj << <> /S /Table << /K 1316 /Pg 16 0 R /Pg 25 0 R endobj /K 1400 3194 0 obj endobj 32 0 obj /Pg 24 0 R /S /Artifact << << /P 6667 0 R /Pg 23 0 R /Pg 24 0 R endobj 992 0 obj << 2665 0 obj << /Lang (EN-US) 246 0 obj 1212 0 obj /Pg 22 0 R /P 5311 0 R /K 1094 /Pg 22 0 R /Lang (EN-US) << /K [4430 0 R 4431 0 R 4432 0 R 4433 0 R] /Pg 23 0 R /S /Artifact /S /P PDF Figure 1 - meketa.com << /Lang (EN-US) >> /S /Artifact /S /Artifact /S /P endobj /S /Artifact endobj /K 1522 /P 6422 0 R 1107 0 obj 2996 0 obj >> >> >> /Pg 18 0 R /P 5331 0 R << endobj /Pg 25 0 R endobj >> /Pg 24 0 R /Lang (EN-US) /S /P << /S /P endobj /P 6438 0 R endobj /P 10 0 R endobj >> /K 68 << 3376 0 obj /Pg 22 0 R 967 0 obj << /K 1259 /K 1399 >> /Pg 22 0 R /P 6470 0 R /S /P 2172 0 obj >> /Lang (EN-US) 2472 0 obj 1630 0 obj 490 0 obj endobj /P 6476 0 R /Lang (EN-US) endobj 2773 0 obj /S /Artifact << endobj /Pg 25 0 R /P 10 0 R endobj /Lang (EN-US) /S /Artifact /Pg 22 0 R /Pg 22 0 R /Lang (EN-US) /K 1418 >> /Lang (EN-US) /Pg 25 0 R >> /P 5080 0 R 2174 0 obj /Lang (EN-US) /S /P /K 701 /P 6226 0 R << /K 1333 endobj /T () << /S /Artifact /Lang (EN-US) endobj >> 4245 0 obj For example, the Russell 1000 Value and Growth << 4316 0 obj /Lang (EN-US) /S /P endobj /K 1090 endobj endobj /K 1384 /S /P 886 0 obj 921 0 obj /Pg 23 0 R /K [441 0 R 442 0 R] /K 836 /K 359 << /Lang (EN-US) /K 967 << /Pg 23 0 R endobj >> endobj >> << << << << /K 1214 >> /S /Artifact << /K 1443 endobj >> /K 779 /Lang (EN-US) /S /Artifact /Lang (EN-US) /P 5159 0 R 3501 0 obj >> endobj /P 5099 0 R /Lang (EN-US) endobj /K 203 81 0 obj /Lang (EN-US) <> << endobj null null 1081 0 R null null null 1082 0 R null 1083 0 R null /Lang (EN-US) >> 319 0 obj /S /Artifact 1483 0 obj /Lang (EN-US) >> endobj >> /Pg 23 0 R << 1054 0 obj /Lang (EN-US) /S /P << /Pg 22 0 R /Lang (EN-US) /S /P << /Pg 22 0 R << /Pg 22 0 R << /P 6049 0 R /P 4865 0 R /S /Artifact /Lang (EN-US) /P 4801 0 R 2001 0 obj /P 6406 0 R /K 1108 PDF DIRECT LENDING - PERFORMANCE ANALYSIS - Alpinum Investment Management endobj /S /P /S /Artifact /Pg 22 0 R /K 651 /Lang (EN-US) << /Lang (EN-US) endobj endobj endobj /K 1535 << /K 1159 /Pg 24 0 R >> /Lang (EN-US) /Pg 23 0 R 3161 0 obj >> >> /Pg 23 0 R /S /Artifact endobj /S /P /K 1208 /Lang (EN-US) endobj /Pg 25 0 R /S /P endobj /K 1424 /Pg 22 0 R /Pg 22 0 R << << << /S /P endobj /P 6299 0 R /S /Artifact /Pg 22 0 R 3422 0 obj >> /P 4941 0 R <> endobj 1544 0 obj /K 186 /P 4969 0 R /P 5610 0 R /S /P /Pg 23 0 R << >> /Lang (EN-US) >> 856 0 obj >> /K 1420 2332 0 obj 2391 0 obj /Pg 22 0 R endobj endobj /P 5439 0 R >> endobj 3435 0 obj /K 959 2673 0 obj /K 1307 /P 6256 0 R /K 63 /P 6276 0 R 457 0 R null 458 0 R 459 0 R 460 0 R null 461 0 R null 462 0 R null 582 0 obj /Pg 23 0 R /K 1479 /P 6455 0 R /K 180 /P 6380 0 R >> endobj << /Pg 24 0 R /Lang (EN-US) /P 4910 0 R /P 5998 0 R /S /P endobj << 3531 0 obj /P 6604 0 R 727 0 obj /S /Artifact 2517 0 obj 3421 0 obj endobj << /S /Artifact endobj /Lang (EN-US) /K 1266 1986 0 obj 4225 0 obj 927 0 obj /K 1480 /Pg 25 0 R /Pg 25 0 R 1389 0 obj << /S /Artifact endobj << >> /P 6685 0 R 23 0 obj /P 6364 0 R /P 5855 0 R >> 284 0 R 285 0 R 286 0 R 287 0 R 288 0 R 290 0 R 291 0 R 292 0 R 293 0 R 294 0 R /K 34 /P 4819 0 R endobj << /Lang (EN-US) /Pg 24 0 R >> 2478 0 obj /K 593 /Lang (EN-US) << endobj /K 902 3840 0 obj 2056 0 R 2057 0 R 2058 0 R 2059 0 R 2060 0 R 2061 0 R 2062 0 R 2063 0 R 2064 0 R 2065 0 R 3523 0 obj endobj 1305 0 obj endobj << /S /P null 1098 0 R null 1099 0 R 1100 0 R null 1101 0 R null 1102 0 R null /K 246 << << /P 4833 0 R /Pg 18 0 R /K 1363 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 /Lang (EN-US) endobj << /K 167 /Pg 25 0 R << /P 4855 0 R /Pg 23 0 R 2995 0 obj 2197 0 obj /Pg 23 0 R /S /Artifact /K 356 /K 166 /Lang (EN-US) /Pg 24 0 R /K 1457 /Lang (EN-US) /S /P << 644 0 obj endobj /Pg 25 0 R /Pg 25 0 R /Pg 24 0 R endobj /S /Artifact /S /Artifact /S /P >> /S /Artifact <> endobj endobj 4069 0 obj << /Pg 16 0 R >> /Pg 24 0 R /S /Artifact /P 6645 0 R << /Pg 23 0 R /S /Artifact /P 5547 0 R /Pg 24 0 R endobj /S /P << << >> >> endobj >> 2831 0 obj /Pg 24 0 R >> /P 5917 0 R /Lang (EN-US) /K 1353 /Lang (EN-US) endobj endobj 797 0 R null 798 0 R null 799 0 R null null null 800 0 R null >> /K 6 /S /Figure >> endobj /P 4723 0 R /Lang (EN-US) /Pg 24 0 R 3177 0 R 3178 0 R 3179 0 R 3180 0 R 3181 0 R 3182 0 R 3183 0 R 3184 0 R 323 0 R 3185 0 R /S /P >> /Pg 22 0 R /P 6154 0 R >> /Pg 22 0 R >> /P 5322 0 R /P 6746 0 R >> /P 10 0 R << Private Equity generally outperforms Public Equities in almost all environments except the 'low inflation/low growth' regime. /K 1231 /P 5254 0 R 4009 0 obj /Pg 23 0 R << /Lang (EN-US) /S /P endobj /P 4824 0 R /Pg 23 0 R /Pg 22 0 R << endobj >> /Pg 13 0 R << /S /P Here's today's brief for our valued subscribers only. << 2976 0 obj endobj /Pg 22 0 R 3688 0 obj endobj >> 2283 0 R 2284 0 R 2285 0 R 2286 0 R 2287 0 R 2288 0 R 2289 0 R 2290 0 R 2291 0 R 2292 0 R /Pg 23 0 R endobj /Lang (EN-US) /Pg 23 0 R >> /P 5506 0 R endobj /S /P << /Lang (EN-US) /S /Artifact /S /P >> /Pg 23 0 R << /Pg 22 0 R /K 1296 /Pg 25 0 R << >> /Lang (EN-US) 3027 0 R 3028 0 R 3029 0 R 3030 0 R 3031 0 R 3032 0 R 3033 0 R 3034 0 R 3035 0 R 3036 0 R endobj >> endobj /S /P /P 5441 0 R /K 880 /Pg 22 0 R endobj 1309 0 obj /Lang (EN-US) /K 1004 /K 1359 >> /P 5047 0 R /Pg 25 0 R /K 1211 /S /Artifact /Pg 23 0 R endobj /Lang (EN-US) null 921 0 R null 922 0 R null 923 0 R null 924 0 R null null /Pg 24 0 R endobj endobj /Pg 24 0 R endobj endobj 2043 0 obj /Lang (EN-US) endobj endobj /S /P 278 0 obj /Pg 23 0 R /Pg 24 0 R endobj /S /Artifact >> /K 868 1918 0 obj /Lang (EN-US) null 1864 0 R null 1865 0 R null 1866 0 R null null null 1867 0 R 3837 0 obj /S /P endobj 2566 0 R null 2567 0 R null 2568 0 R null 2569 0 R 2570 0 R null 2571 0 R 627 0 R null 628 0 R null 629 0 R null 630 0 R null 631 0 R null /Lang (EN-US) /Pg 24 0 R /P 4948 0 R 1180 0 obj endobj /Lang (EN-US) /P 4837 0 R 3943 0 obj 3705 0 obj /Pg 18 0 R /K 792 >> /Pg 23 0 R /Pg 23 0 R << /K 4 /P 6091 0 R >> >> /K 1245 /K 1459 /K 789 << /K 102 /Lang (EN-US) /S /Artifact endobj /S /Artifact /P 4929 0 R /S /Artifact /S /P /P 5814 0 R /Pg 24 0 R >> >> /Pg 22 0 R /Pg 22 0 R /P 10 0 R /P 4781 0 R >> 1561 0 obj /Pg 23 0 R /P 5543 0 R /S /Artifact 3456 0 obj >> /Pg 24 0 R << 2220 0 obj /Pg 23 0 R /P 5641 0 R /S /Artifact /Pg 22 0 R /K 630 436 0 obj /K 1297 /P 5498 0 R >> /S /P /S /P >> /Lang (EN-US) 2680 0 obj /Lang (EN-US) /P 4712 0 R << /K 1496 117 0 R 118 0 R 119 0 R 120 0 R 121 0 R 122 0 R 123 0 R 124 0 R 125 0 R 126 0 R >> >> /Pg 22 0 R 1650 0 R null 1651 0 R null 1652 0 R 1653 0 R null 1654 0 R null 1655 0 R /S /Artifact endobj endobj >> /S /P 554 0 obj /Lang (EN-US) /MediaBox [0 0 612 792] /S /P 984 0 obj endobj 3649 0 obj 3428 0 obj endobj /S /P /Lang (EN-US) endobj /P 5653 0 R /K 1474 << >> /Pg 25 0 R 1187 0 obj 380 0 obj endobj /K 13 /Pg 22 0 R /S /P /S /P /P 6587 0 R /Pg 25 0 R 827 0 obj /K 72 3108 0 obj 483 0 obj 2328 0 obj >> << /Length 7 0 R >> << >> /Pg 22 0 R 3336 0 obj << 1510 0 obj /Pg 22 0 R >> /Lang (EN-US) endobj /K 1345 >> 1188 0 R 1189 0 R 1190 0 R 1191 0 R 1192 0 R 1193 0 R 1194 0 R 1195 0 R 1196 0 R 1197 0 R /Pg 22 0 R /Pg 24 0 R /S /P >> 674 0 obj /Pg 22 0 R 964 0 R null 965 0 R null 966 0 R null 967 0 R 968 0 R null 969 0 R 4331 0 obj 3772 0 obj /K 686 << /S /P /Pg 24 0 R << /Lang (EN-US) /Pg 23 0 R /S /P /K 1229 >> >> /S /P /Lang (EN-US) << endobj /S /Artifact /K 898 /K 67 /Pg 25 0 R /K 3 842 0 obj >> << /K 343 /Lang (EN-US) >> >> >> << << /K 1189 /Pg 18 0 R /P 5645 0 R /K 1302 /K 1164 stream >> endobj >> /S /Artifact /Pg 25 0 R >> 1251 0 obj endobj /S /P /Pg 24 0 R /Pg 24 0 R >> 1084 0 obj endobj /P 10 0 R /Pg 23 0 R null 1735 0 R null 1736 0 R 1737 0 R null 1738 0 R null 1739 0 R null /P 5931 0 R /S /P /K 495 endobj /Lang (EN-US) /S /LBody 489 0 obj /S /P endobj /K 680 435 0 obj /Lang (EN-US) >> endobj >> endobj endobj << endobj << 1645 0 obj 2646 0 obj /S /Artifact /K 576 /Lang (EN-US) /Pg 23 0 R endobj /K 1125 4160 0 obj /K 1218 /S /P /K 108 2863 0 obj 2102 0 obj 2216 0 R 2217 0 R 2218 0 R 2219 0 R 2220 0 R 2221 0 R 2222 0 R 2223 0 R 2224 0 R 2225 0 R /S /Footnote /S /P 1512 0 obj >> 1827 0 obj 407 0 obj /K 1321 /Pg 25 0 R /Pg 22 0 R /S /P endobj endobj << 3920 0 obj >> /S /Artifact /Lang (EN-US) /P 4767 0 R >> endobj endobj /K 796 >> /S /P /K 940 >> 1005 0 obj >> << /Lang (EN-US) <> >> << 4210 0 obj 396 0 obj /Pg 22 0 R /Pg 24 0 R << /Pg 22 0 R /P 10 0 R /S /P endobj /Pg 21 0 R /Pg 22 0 R /Pg 24 0 R endobj 3925 0 obj /Lang (EN-US) 3772 0 R null 3773 0 R null null null 3774 0 R null null null /Lang (EN-US) /K 767 /K 201 >> >> endobj << /K 1294 /S /Artifact /P 5242 0 R 100 0 obj endobj endobj /Pg 23 0 R /K 413 /Lang (EN-US) endobj 2529 0 obj /K 440 >> 3399 0 obj /Lang (EN-US) /S /P endobj >> /K 1242 /Lang (EN-US) >> /K 1286 /Lang (EN-US) /K 890 endobj 3787 0 obj >> /S /Artifact /Pg 22 0 R endobj >> 1661 0 obj /Lang (EN-US) /S /P /S /Artifact >> /Lang (EN-US) /Pg 23 0 R 2621 0 obj << /Pg 25 0 R << /K 1094 << >> /P 5944 0 R /S /P /P 4666 0 R << /Lang (EN-US) /K 75 endobj /Pg 23 0 R endobj /Lang (EN-US) >> /K 1538 /Pg 22 0 R /Lang (EN-US) 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 /Pg 22 0 R /K 1048 /P 6671 0 R endobj /P 6305 0 R /Pg 24 0 R /P 5571 0 R /P 6752 0 R /Pg 22 0 R /P 5397 0 R /S /P << 4608 0 R] >> << /K 8 endobj 261 0 R null null null 232 0 R 232 0 R 232 0 R 232 0 R 232 0 R 232 0 R /Pg 25 0 R /S /P /A 4410 0 R /S /P /P 10 0 R >> >> >> /Type /Annot << /Pg 25 0 R 3137 0 obj /S /P >> endobj /S /P /Pg 22 0 R /S /Artifact /Pg 23 0 R endobj 4145 0 obj /S /P /K 541 >> 3166 0 obj /S /Artifact >> endobj /P 6094 0 R /K 628 << >> 3214 0 obj /Pg 24 0 R >> /K 1336 /Pg 24 0 R /K 1539 endobj 1765 0 obj >> /P 6515 0 R endobj Indices - Cliffwater LLC 2005 0 obj /Lang (EN-US) << /K 1244 endobj 1828 0 obj /K 202 1660 0 obj /P 6107 0 R /S /P 85 0 obj /K 1422 3556 0 obj 2469 0 obj /S /P /S /Artifact << /Lang (EN-US) /Pg 24 0 R /Lang (EN-US) 603 0 obj << /K 732 /K 1161 >> endobj /K 580 529 0 obj /Pg 21 0 R /S /Artifact /Lang (EN-US) 958 0 obj >> /K 1288 /Lang (EN-US) /Pg 22 0 R /Pg 24 0 R /K 13 << endobj << /Pg 24 0 R 202 0 obj /Lang (EN-US) /K 349 >> >> /Pg 23 0 R >> /P 10 0 R >> 1766 0 R null null null 1767 0 R null 1768 0 R null 1769 0 R null >> 898 0 obj /P 5490 0 R << >> << << 2407 0 obj >> /Pg 18 0 R endobj 447 0 obj /Lang (EN-US) /Lang (EN-US) << 985 0 obj /K 928 /S /Artifact endobj << endobj << endobj 1250 0 obj <> /P 10 0 R 2569 0 obj /P 4645 0 R endobj /K 11 /Lang (EN-US) /K 850 /Lang (EN-US) >> /Resources 4383 0 R endobj /S /Artifact 3827 0 obj 1350 0 obj endobj /P 6453 0 R >> /S /P 1009 0 obj endobj /Lang (EN-US) /S /Artifact << /K 1232 >> << /Lang (EN-US) << /K 1305 /Pg 22 0 R 462 0 obj 788 0 obj /Pg 23 0 R endobj /K 1503 /Pg 13 0 R endobj 3553 0 obj /Pg 26 0 R << /Pg 25 0 R endobj Source: Cliffwater. << /Pg 22 0 R endobj 3221 0 obj >> /S /Link /S /P >> endobj /Lang (EN-US) <> /P 6724 0 R 2541 0 obj 3050 0 obj /K 143 >> >> >> >> >> 222 0 obj /S /Artifact endobj /Lang (EN-US) /S /P FOR SALE! 1279 0 obj >> /K 1266 << endobj /S /P >> >> endobj >> /S /Artifact /Lang (EN-US) /P 5861 0 R << << /Pg 24 0 R /Pg 22 0 R /S /P endobj /Lang (EN-US) endobj << endobj << /S /Figure endobj << 1388 0 obj /K 1156 /Lang (EN-US) /Pg 18 0 R endobj endobj 618 0 obj 3643 0 obj /K 28 /K 769 /Lang (EN-US) /Lang (EN-US) 36 0 obj endobj << >> endobj /P 5665 0 R /K 399 /Pg 13 0 R 1767 0 obj /S /P /Lang (EN-US) /S /P >> >> /P 6496 0 R /K 530 /K 1373 1840 0 obj /S /P << /S /Artifact << /Pg 25 0 R /K 1383 << /Pg 24 0 R /S /P 161 0 obj >> /Pg 25 0 R >> /Pg 23 0 R << << /Pg 23 0 R /Pg 22 0 R 1153 0 obj >> << /Lang (EN-US) /S /Artifact /Lang (EN-US) /S /P << /K 1306 >> /S /P /K 271 endobj /Rotate 0 endobj /P 5071 0 R /Pg 23 0 R 3013 0 obj /K 463 655 0 obj << >> << /Lang (EN-US) 506 0 obj /P 6101 0 R /Lang (EN-US) /K 1310 /Pg 25 0 R endobj /Pg 24 0 R >> << << /K 1227 << /Pg 18 0 R >> >> >> /K 950 /Pg 18 0 R >> << 1883 0 obj 1070 0 obj /K 1257 /Pg 25 0 R 3999 0 obj /Pg 22 0 R endobj << /K 484 /P 5248 0 R 2432 0 obj /S /P 58 0 obj /Pg 13 0 R << /Lang (EN-US) endobj /S /P /Lang (EN-US) 3289 0 obj endobj endobj << /S /P /P 10 0 R Volatility is measured using standard deviation. /Lang (EN-US) /TextBox /Art /K 1462 endobj >> /Lang (EN-US) /K 424 /Lang (EN-US) /S /P /S /P /S /P 4260 0 obj endobj 1810 0 obj 2659 0 obj /Lang (EN-US) >> /Lang (EN-US) /Pg 24 0 R << >> /S /P /K 82 /P 10 0 R /K 67 << /K 148 >> /K 252 endobj 3130 0 obj /Lang (EN-US) endobj /S /Link /Pg 24 0 R << /Lang (EN-US) /Lang (EN-US) /S /P >> /K 1521 /P 5075 0 R /S /Artifact << /Pg 25 0 R << 772 0 obj /K 1127 /K 419 /S /Artifact /K 1503 >> /Pg 22 0 R endobj receive by clicking each checkbox Cliffwater Research Cliffwater Webcast Invitation Cliffwater Daily Capital Markets Cliffwater Daily BDC Analysis save preferences Indices You can't define an asset class or take it seriously without an index. << 3757 0 obj /Lang (EN-US) 3082 0 obj /Pg 24 0 R /Pg 25 0 R endobj /Lang (EN-US) /K 1327 /K 1200 /S /P >> /Pg 24 0 R /P 5973 0 R >> 936 0 obj << >> << << /S /P >> >> << 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