Cliffwater Direct Lending Fund will focus on directly originated loans, using a multi-manager approach to allocate among multiple subadvisers. The CDLI posted a total return of 0.8% in … ** Mr. Nesbitt is the Chief Executive Officer of Cliffwater LLC and may be deemed to beneficially own 1,149,840.2 shares of common stock through his indirect influence over Cliffwater Corporate Lending Fund. “Senior Loans” is represented by the S&P/LSTA Leveraged Loan Index. The Cliffwater Direct Lending Index reported that the cumulative gross return since September 2004, at 9.70 percent, surpassed last year’s gross returns. As shown in Fig. February 10, 2021. Steve Nesbitt's thoughtful and nuanced approach to an emerging asset class, coupled with the rich proprietary asset-level data in the Cliffwater Direct Lending Index, provides the foundation for institutionalization of the direct lending asset class." Given the higher correlation, but the potential return versus risk, direct lending has the potential to be a … STRATEGY FOCUS. CLIFFWATER CORPORATE LENDING FUND CLASS I SHARES- Performance charts including intraday, historical charts and prices and keydata. Steve Nesbitt's thoughtful and nuanced approach to an emerging asset class, coupled with the rich proprietary asset-level data in the Cliffwater Direct Lending Index, provides the foundation for institutionalization of the direct lending asset class." Quote of the Week “We’re in panic mode.” – Jim Paulsen, chief investment strategist, Leuthold Group. See more COVID-19-related impacts on alternative investments, including private equity, private credit, hedge funds, and real estate in the Q2 … Average realized loss is the historical average of the realized gains/losses for the Cliffwater Direct Lending Index. ‘High yield’ refers to the Bloomberg Barclays US High Yield Index. Cliffwater Direct Lending Index represents private debt. A long-term perspectiveis Book description. 3 Data source: The National Center for the Middle Market Cliffwater Corporate Lending Fund is a non-diversified, closed-end management investment company that operates as an interval fund. Inclusion in the list does not represent an endorsement or approval of Cliffwater or the advisory services provided. - ‘N-2’ on 4/30/21 Registration Statement by a Closed-End Investment Company - Seq. Data from the Cliffwater Direct Lending Index of unlevered mid-market loan returns sheds a much better light on how mid-market corporate loans perform, including throughout the financial crisis. 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. Leveraged Loan Index and the Bloomberg Barclays High Yield Index. 1 The CDLI is a first-of-its-kind i ndex used by institutional investors April 23, 2021. Private Credit Returns: CliffWater Direct Lending Index (Daily), High Yield Bonds: iShares HYG ETF. Private Debt: Opportunities in Corporate Direct Lending provides investors with a single, comprehensive resource for understanding this asset class amidst an environment of tremendous growth. Joint Venture Partnership with Cliffwater Transaction Enhances the Purchasing Power and Income Generation Capabilities of TCG BDC, Inc. NEW YORK, Nov. 04, 2020 -- … Cliffwater has released an analysis of the fourth quarter and full year 2020, using the Cliffwater Direct Lending Index (CDLI), which tracks one of the largest segments of private debt, U.S. middle market corporate lending. It's a good indicator for public investments, but can be misleading with private investments. Aggregate Bond Index -0.3119, BofA Merrill Lynch Global High Yield Index 0.7081, Credit Suisse Leveraged Loan Index 0.8043, Russell 3000 Index + 300 bps 0.7049, S&P/LSTA Leveraged Loan Index 0.7751. Cliffwater Direct Lending Index Traditional Income Non‐Traditional Income *Data for the Cliffwater Direct Lending Index, the NCREIF Property Index and the Cambridge Private Equity Index are each as of September 30, 2017. It created the Cliffwater Direct Lending Index, and the Cliffwater BDC Index. Hedge fund indices include equity long/short, relative value, and global macro and areall from HFRI. Asset Backed Lending IMLT. Definitions of private credit can also be expanded to include syndicated leveraged loan funds, venture debt and peer-to-peer lending platforms like Lending CDLI Index. CDLI rebounded for the third consecutive quarter, producing a 3.67% total return in the fourth quarter; and together with The volatility, risk, and max drawdown for the private investments is 30-60% less than equivalent public investments, across both debt and equity. 1 Data source: Cliffwater Direct Lending Index (CDLI), 01 Jan 2005 to 31 Dec 2019. 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. Group Lending Model ABF. BDCs invest in middle market companies, and the Index comprises of more than 6000 middle market loans - with 56% senior debt, 31% subordinate debt and 9% equity. Private Credit liquidity premium calculated as annual return for the Cliffwater Direct Lending Index minus the average of the S&P/LSTA U.S. To order reprints of this article, please contact Dewey Palmieri at dpalmieri{at}iijournals.com or 212-224-3675. Cliffwater Direct Lending Fund will focus on directly originated loans, using a multi-manager approach to allocate among multiple subadvisers. Cliffwater LLC is widely known for its research in the credit space. His private debt research has led to the creation of the Cliffwater BDC Index, measuring historical BDC performance, and the Cliffwater Direct Lending Index, measuring historical performance for direct middle market loans. bonds) have returned 4.8% annually (Cliffwater Direct Lending Index vs LSTA U.S. It created the Cliffwater Direct Lending Index, and the Cliffwater BDC Index. Source: Cliffwater Asset Class Return & Risk 2004-2019. Cliffwater believes that the CDLI is representative of the direct lending … Cliffwater LLC will serve as the adviser. - ‘N-2’ on 4/30/21 Registration Statement by a Closed-End Investment Company - Seq. Source: Cliffwater, Bloomberg Barclays, S&P Capital IQ *Orange colouring indicates lower drawdowns of direct lending relative to high yield and leveraged loans Mar-06 Sep-07 Mar-09 Sep-10 Mar-12 Sep-13 Mar-15 Sep-16 Mar-18 Sep-19 First, the Cliffwater Direct Lending Index provides a benchmark for measuring risk, return, and manager performance in direct lending instruments. The Funds have a 5 year investment period and 10 year term. “High Yield” is represented by the Bloomberg Barclays High Yield Index. 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. February 26, 2021. Investment Grade Bonds - Bloomberg Barclays Aggregate Bond Index is an unmanaged, market-value weighted index composed of taxable U.S. investment grade, fixed rate bond market securities, including government, government agency, corporate, asset-backed … CDLI Index. Direct Lending: January 1, 2021. Source: JPM Default Monitor as of June 30, 2020. 3 Data source: The National Center for the Middle Market Average realized loss is the historical average of the realized gains/losses for the Cliffwater Direct Lending Index. In fact, the Cliffwater Direct Lending index demonstrates a more stable, lower volatility pattern of returns during the Global Financial Crisis of 2007-2008 and just after (per Figure 5), relative to traditional asset classes. Any information presented prior to the Launch Date (September 30, 2015) of the Index … The index is asset weighted by reported fair value. Global Private Equity: Cambridge Associates Global Private Equity Index. Third Eye Capital Tel: (416) 601-2270 Fax: (416) 981-3393 Email Third Eye Capital. Learning, Business, Cuneiform. 1 Data source: Cliffwater Direct Lending Index (CDLI), 01 Jan 2005 to 31 Dec 2019. Cliffwater developed the first, and to date only, index which directly tracks the performance of approximately 6,000 individual direct lending investments (www.CliffwaterDirectLendingIndex.com). Average realized loss is the historical average of the realized gains/losses for the Cliffwater Direct Lending Index. High Yield Bonds. ... Cliffwater Direct Lending Index. Source: JPM Default Monitor as of June 30, 2020. Direct Lending is no different but, in our experience, represents an asset class that, if managed skillfully, is an all-weather strategy. Leveraged Loan, 2004-2019). Source: Cliffwater as of June 30, 2020. Analysis based on quarterly returns from September 2004, earliest common inception, to present. The essential resource for navigating the growing direct loan market. CDLI INDEX . U.S. Venture Capital: Cambridge Associates U.S. Venture Capital Index. 6 S&P LCD, CreditPro. The Cliffwater Direct Lending Index Our performance analysis relies upon the Cliffwater Direct Lending Index, or CDLI, an asset-weighted index of over 6,000 directly originated middle market loans totaling $118 billion on Sept 30, 2020. Cliffwater’s CEO and CIO, Steve Nesbitt, is author of a book on these and other issues. Asset-Based Financing ILCC. Cliffwater Direct Lending Index is a private market index. Bowman was the President of HighPoint Capital Management, LLC. 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. Cliffwater Direct Lending Fund will focus on directly originated loans, using a multi-manager approach to allocate among multiple subadvisers. Sources: DebtWire, Cliffwater LLC 1 The green line in the chart is the *Cliffwater Direct Lending Index (CDLI) current yield, which is based on the investment income of the underlying assets held by public and private BDCs. The index is asset weighted by reported fair value. The performance of the CDLI and CWBDC has not been reviewed by an independent accounting firm. Reflects current yields as of 9/30/2020. Country yields are represented by the global aggregate for each country. Data from the Cliffwater Direct Lending Index of unlevered mid-market loan returns sheds a much better light on how mid-market corporate loans perform, including throughout the financial crisis. Direct Loans have outperformed High Yield, with less volatility 4 350% 300% 250% 200% 150% 100% Book Now. Find the latest Cliffwater Corporate Lending Fu (CCLFX) stock quote, history, news and other vital information to help you with your stock trading and investing. Source: Cliffwater as of June 30, 2020. 2 Data source: Prequin, 31 Aug 2019. After the 2008 financial crisis, the Investment Manager became actively involved in direct lending research. As such, they created their own index, the Cliffwater Direct Lending Index by comparing returns for both private and public Business Development Companies (BDCs). A high-level overview of Cliffwater Corporate Lending Fund Class I Shares Inst (CCLFX) stock. Cliffwater’s pioneering research into private debt, particularly private direct lending, led to the development of the Cliffwater Direct Lending Index (CDLI), which is used to capture the investment characteristics and performance of private debt and serves as a benchmark for institutional allocations. It has been recommending direct lending investments to its advisory clients since 2011 and has actively managed a publicly-traded BDC portfolio since August 2014. U.S. Treasury is the Barclays U.S. Treasury Index (duration: 7.2 yrs), Investment Grade Corporate is the Barclays U.S. Corporate Investment Grade Index, High Yield is the Barclays U.S. High Yield Corporate Bond Index, and Direct Lending is the Cliffwater Direct Lending – Senior Only Index. Cliffwater’s pioneering research into private debt, particularly private direct lending, led to the development of the Cliffwater Direct Lending Index (CDLI), which is used to capture the investment characteristics and performance of private debt and serves as a benchmark for institutional allocations. Past performance of an index is not indicative of future returns. Private Debt: Opportunities in Corporate Direct Lending provides investors with a single, comprehensive resource for understanding this asset class amidst an environment of tremendous growth. U.S. Based on Cliffwater’s research, the data included in this chart is indicative of recent middle market deals. About CLDI: Index Base Date: September 30, 2004; Index … US private credit goes mainstream and upmarket The chapter presents a comparison of current yield and yield‐to‐three‐year‐takeout for the Cliffwater Direct Lending Index. GGV Capital VIII and Discovery III will charge a management fee equal to 2.5% of total Cliffwater Direct Lending Index 3.53 3.67 6.96 7.64 NA 6.80 4.10 3.64 Source: eVestment as of Q4 2020 and Cliffwater Direct Lending Index as of Q3 2020; standard deviation is quarterly. 1. Motion: After discussion, Trustee Hunt made a motion to accept the Board Resolution for Approval of Investments , proposed by Cliffwater … Both S&P LCD and Thomson LCP track portions of direct lending activity, but they do not follow the entire market nor do they closely follow the performance of a loan after it is issued. Average realized loss is the historical average of the realized gains/losses for the Cliffwater Direct Lending Index. (snesbitt{at}cliffwater.com) 1. From watchlists through secondaries to securitisation, the most in-depth event in the middle market returns. Cliffwater Direct Lending Index correlation coefficients over 10 years: Bloomberg Barclays U.S. BDCs invest in middle market companies, and the Index comprises of more Figure 4: Average Loss Rates (2005 – 2020) Average loss rate is calculated by taking the default rate * (1 – recovery rate). Browse the list of 128 Lending acronyms and abbreviations with their meanings and definitions. Cliffwater Direct Lending Index (4.84) 0.92 6.00 6.92 NA 6.80 4.10 3.50 Sources: eVestment and Cliffwater Direct Lending Index as of March 31, 2020; standard deviation is quarterly. 2 Data source: Prequin, 31 Aug 2019. Hedge fund indices include equity long/short, relative value, and global macro and are all from HFRI. BDCs invest in middle market companies, and the Index comprises of more than 6000 middle market loans – with 56% senior debt, 31% subordinate debt and 9% equity. Portfolio construction is focused on risk management and strategic liquidity management in an asset class which is typicallyilliquid. The team appliesa rigorous, multi-phased manager due diligence process. Cliffwater developed the first, and to date only, index which directly tracks the performance of approximately 6,000 individual direct lending investments (www.CliffwaterDirectLendingIndex.com). 1 - Accession Number 0001398344-21-009241 - Filing - SEC In bypassing the usual intermediaries such as banks and brokers, the loan terms can be much more flexible and customized to address unique financing needs. Cliffwater Direct Lending Index The Cliffwater Direct Lending Index (CDLI) is an index composed of all underlying assets held by public and private business development companies that satisfy certain eligibility requirements. Hedge fund indices include equity long/short, relative value, and global macro and are all from HFRI. Fixed Income exposure is represented as 50% Barclays US Aggregate Bond Index USD and 50% FTSE TMX Canadian Universe Bond Index CAD. special situations funds, direct lending funds, and various other strategies like structured credit vehicles or multi-credit strategy funds, among others. “High Yield” is represented by the Bloomberg Barclays High Yield Index. Source: Morningstar Direct and NCREIF, as of 12/31/19. Issuu is a digital publishing platform that makes it simple to publish magazines, catalogs, newspapers, books, and more online. Cliffwater LLC will serve as the adviser. Source: Morningstar Direct and NCREIF, as of 12/31/19. Current Market Conditions. Cliffwater LLC Nov 2014 - Apr 2017 2 ... Key contributor to the construction of a proprietary direct lending index. Brookfield Place Bay Wellington Tower 181 Bay Street, Suite 2830 Toronto, Ontario, M5J 2T3 Direct Lending: Cliffwater Direct Lending Index. Owl Rock Diversified Lending 2020 Fund Jared Speicher of the Division, along with Kevin Hitchen of Aksia TorreyCove, presented an investment of up to $150 million in Owl Rock Diversified Lending 2020 Fund, a private equity fund that will primarily invest in directly originated, senior secured loans to upper middle market companies owned by private Direct lending is a subset of private debt where loans are directly negotiated between the lender (asset managers, and insurance and specialty finance companies) and middle market companies. Global Private Equity: Cambridge Associates Global Private Equity Index. lending market. 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. Private Debt: Opportunities in Corporate Direct Lending provides investors with a single, comprehensive resource for understanding this asset class amidst an environment of tremendous growth. Stay up to date on the latest stock price, chart, news, … Cliffwater Direct Lending Index The Cliffwater Direct Lending Index (CDLI) is an index composed of all underlying assets held by public and private business development companies that satisfy certain eligibility requirements. European Direct Lending. ‘Direct Lending’ refers to the Cliffwater Direct Lending Index, which measures the unlevered, gross of fee performance of US middle market corporate loans. This is a representative list of clients. Public Credit data based on averages calculated using quarterly data from 6/30/11 to 3/31/21 (rolling 10 years), Private Credit data based on averages calculated using quarterly data from 3/31/11 to 12/31/20 (rolling 10 years). One metric we’ve featured in The Lead Left is the Cliffwater Direct Lending Index (CDLI). Most popular Lending abbreviations updated in May 2021. Cliffwater LLC is widely known for its research in the credit space. In the direct lending space, Cliffwater is a recognized thought leader, and its executives are frequent speakers at industry conferences. Indian Land Capital Company ABL. Endnotes. The essential resource for navigating the growing direct loan market. Cliffwater Corporate Lending Fund, et al. The CDLI is an asset-weighted index that is calculated on a quarterly basis using financial statements and other information contained in the U.S. Securities and Exchange Commission (“SEC”) filings of all eligible BDCs. 10 th March, London. to the global economic cycle. Source: JPM Default Monitor as of June 30, 2020. As reported by the Cliffwater Direct Lending Index, a U.S. asset-weighted index of over 6,000 directly originated middle market loans, year-to-date interest income to June 30, 2020 was 4.6% (-1.7% year to date when including realized and unrealized gains/losses). Source: Morningstar Direct and NCREIF, as of 12/31/19. Direct Lending 1 EBITDA means earnings before interest, taxes, depreciation, and amortization. The CDLI is an asset-weighted index that is calculated on a quarterly basis using financial statements and other information contained in the U.S. Securities and Exchange Commission (“SEC”) filings of all eligible BDCs. Prior to joining HighPoint Capital in 2005, Mr. Investment Terms: Cliffwater finds the investment terms, taken as a whole, to be in accordance with industry standards for a venture capital fund. • Large investment team focused on direct lending • Owl Rock is a scaled direct lender with the ability to commit to deals as large as $1B • Allows ORCIC to commit to sizable deals through co -invest model • Achieve stronger lender terms via participation in Owl Rock -led transactions CDLI INDEX . U.S. The Cliffwater Direct Lending Index reflects the performance of direct loans only issued by business development companies, which are estimated to account for one-fifth of the direct lending market. Prior to joining the team in 2012, Mr. “Senior Loans” is represented by the S&P/LSTA Leveraged Loan Index. Figure 4: Average Loss Rates (2005 – 2020) Average loss rate is calculated by taking the default rate * (1 – recovery rate). The Cliffwater Direct Lending Index (the “CDLI”) is an asset-weighted index of over 6,000 directly originated middle market loans totaling $115 billion in assets as of March 31, 2020. • Middle Market Direct Lending – Cliffwater used middle market direct lending to represent the asset class just senior to mezzanine debt in the capital structure. U.S. venture capital: Cambridge Associates U.S. Venture Capital Index. commercial real estate lending, lower and middle market corporate lending,and other asset based lending. Venture represented by Burgiss Private iQ PE Primary Venture Capital, PD Corporate represented by Cliffwater Direct Lending Index, RE Value-Add represented by Bugiss Private IQ Real Estate Value-Add/Opportunistic, U.S. Equities represented by S&P 500, U.S. Corp. Bonds represented by Market Volatility: Insights from the Trenches February 15, 2018 6 Private Debt (a.k.a. direct lending) has returned 9.6% annually, while public debt (a.k.a. investments, and direct investments. Learning, Business, Cuneiform. Cliffwater LLC is widely known for its research in the credit space. Illiquidity return premium is the difference between the two indices. First, the Cliffwater Direct Lending Index provides a benchmark for measuring risk, return, and manager performance in direct lending instruments. Steve Nesbitt's thoughtful and nuanced approach to an emerging asset class, coupled with the rich proprietary asset-level data in the Cliffwater Direct Lending Index, provides the foundation for institutionalization of the direct lending asset class." Source: Cliffwater as of June 30, 2020. The red line in the chart is the *Cliffwater Direct Lending Index (CDLI) current yield, which is based on the investment income of the underlying assets held by public and private BDCs. The red line in the chart is the *Cliffwater Direct Lending Index (CDLI) current yield, which is based on the investment income of the underlying assets held by public and private BDCs. Private Credit liquidity premium calculated as annual return for the Cliffwater Direct Lending Index minus the average of the S&P/LSTA U.S. However, just because an asset is less volatile doesn't mean it's less risky. U.S. Venture Capital: Cambridge Associates U.S. Venture Capital Index. Direct lending to U.S. middle market companies is drawing increasing interest and capital from investors seeking high current yield and price stability. Hedge fund indices include equity long/short, relative value, and global macro and are all from --Joshua Easterly, CEO and Chairman, TPG Specialty Lending … Yield and return information based on bellwethers for Treasury securities. Refers to Cliffwater Direct Lending Index outperformance of U.S. 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. *Cliffwater is not allowed to disclose certain names and information of some of its clients. Average realized loss is the historical average of the realized gains/losses for the Cliffwater Direct Lending Index. All Leveraged Loan Index and the Bloomberg Barclays High Yield Index. This data is based upon assumptions regarding future events and conditions that may not prove to be accurate. First, the Cliffwater Direct Lending Index provides a benchmark for measuring risk, return, and manager performance in direct lending instruments. Cliffwater LLC constructs a Cliffwater Direct Lending Index (CDLI) which captures data from 62 BDCs in the past twelve years and currently tracks $76 billion in assets (over 6,000 loans). Sources: Bloomberg Barclays Index Services, Cliffwater Direct Lending Index, FTSE Global Markets, Credit Suisse, JP Morgan. Yields are as of 06/30/2020, except Direct Lending, Global Infrastructure, and U.S, Europe, and APAC Real Estate which are as of 3/31/2020. Private Equity liquidity premium calculated as annual return for the Cambridge Private Equity Index minus the Russell 3000 Index. Cliffwater Direct Lending Index GLM. U.S. corporate credit quality has soured noticeably over the past year or so, with leveraged loan defaults more than tripling over that period — to 4.16% from 1.29%, by amount, according to the S&P/LSTA Leveraged Loan Index — while downgrades have outnumbered upgrades nine to one, according to LCD. 1 - Accession Number 0001398344-21-009241 - Filing - SEC US Venture Capital: Cambridge Associates U.S. Venture Capital Index. Private Debt: Opportunities in Corporate Direct Lending: Nesbitt, Stephen L.: Amazon.sg: Books 5 – Drawdown Percentage: Cliffwater Private Debt Index … The red line in the chart is the *Cliffwater Direct Lending Index (CDLI) current yield, which is based on the investment income of the underlying assets held by public and private BDCs. Private Debt is represented by the Cliffwater Direct Lending Index USD, Equity exposure is represented per instance as 50% S&P/TSX Composite Index CAD and 50% S&P 500 USD. Prime Lending Rates TILA. Bowman is a Managing Director of Crescent Capital focusing on Direct Lending. Mr. Nesbitt disclaims beneficial ownership of any common stock beneficially owned by Cliffwater Corporate Lending Fund, except to the extent of hi Infrastructure Asset Index (equal weighted blend; U.S. Private Credit - 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 Direct Lending: Cliffwater Direct Lending Index; Convertibles yield is based on the U.S. portion of the Bloomberg Barclays Global Convertibles. --Joshua Easterly, CEO and Chairman, TPG Specialty Lending … The fund’s investment exposure is focused on corporate loans including US middle-market corporate loans (otherwise known as ‘direct loans’). Future results are not guaranteed and loss of principal may occur. … All Acronyms. BDCs invest in middle market companies, and the Index comprises of more than 6000 middle market loans – with 61% senior debt, 26% subordinate debt and 8% equity. Cliffwater Direct Lending Index (the Index) is an index comprised of all underlying assets held by public and private business development companies (a “BDC”) that satisfy certain eligibility requirements. Illegal Money Lending Team PLR. 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.

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