Direct Lending: 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. It is our view that: 1 2 1 Source: BlackRock as of December 31, 2018. Investment Terms: Cliffwater finds the investment terms, taken as a whole, to be in accordance with industry standards for a venture capital fund. 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. (snesbitt{at}cliffwater.com) 1. ... Cliffwater Direct Lending Index. Stay up to date on the latest stock price, chart, news, … Private Debt (a.k.a. Illegal Money Lending Team PLR. U.S. Venture Capital: Cambridge Associates U.S. Venture Capital Index. As shown in Fig. 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. CDLI Index. All The fund’s investment exposure is focused on corporate loans including US middle-market corporate loans (otherwise known as ‘direct loans’). From watchlists through secondaries to securitisation, the most in-depth event in the middle market returns. Cliffwater Direct Lending Fund will focus on directly originated loans, using a multi-manager approach to allocate among multiple subadvisers. The index is currently comprised of over 5000 direct loans valued at about $75 billion. The Cliffwater Direct Lending Index reported that the cumulative gross return since September 2004, at 9.70 percent, surpassed last year’s gross returns. 1 Data source: Cliffwater Direct Lending Index (CDLI), 01 Jan 2005 to 31 Dec 2019. Leveraged Loan Index and the Bloomberg Barclays High Yield Index. The report on hedge funds, distressed debt, private real estate, strategic credit, direct lending and private equity investments was combined with agenda item 4747 above. ‘Direct Lending’ refers to the Cliffwater Direct Lending Index, which measures the unlevered, gross of fee performance of US middle market corporate loans. Cliffwater Direct Lending Index correlation coefficients over 10 years: Bloomberg Barclays U.S. Based on Cliffwater’s research, the data included in this chart is indicative of recent middle market deals. Representing over 6000 directly originated middle market loans totaling about $100 billion, the CDLI uses data and filings from BDCs going back to 2004. Prior to joining the team in 2012, Mr. First, the Cliffwater Direct Lending Index provides a benchmark for measuring risk, return, and manager performance in direct lending instruments. Cliffwater LLC will serve as the adviser. Cliffwater Direct Lending Index GLM. special situations funds, direct lending funds, and various other strategies like structured credit vehicles or multi-credit strategy funds, among others. Fig. 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. 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 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. Reflects current yields as of 9/30/2020. Leveraged Loan, 2004-2019). U.S. Annual returns for direct lending dropped several percentage points last year, notching 8.62 percent gross, compared with 11.24 percent gross in 2016, according to one industry benchmark. U.S. Venture Capital: Cambridge Associates U.S. Venture Capital Index. Information on the Cliffwater Direct Lending Index (CDLI) and the Cliffwater BDC Index (CWBDC) is provided on an “as is” and “as available” basis without any warranty of any kind. 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. Prime Lending Rates TILA. Private Equity liquidity premium calculated as annual return for the Cambridge Private Equity Index minus the Russell 3000 Index. eligibility requirements. BDCs invest in middle market companies, and the Index comprises of more 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. Source: Morningstar Direct and NCREIF, as of 12/31/19. 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. Browse the list of 128 Lending acronyms and abbreviations with their meanings and definitions. bonds) have returned 4.8% annually (Cliffwater Direct Lending Index vs LSTA U.S. Third Eye Capital Tel: (416) 601-2270 Fax: (416) 981-3393 Email Third Eye Capital. Joint Venture Partnership with Cliffwater Transaction Enhances the Purchasing Power and Income Generation Capabilities of TCG BDC, Inc. NEW YORK, Nov. 04, 2020 -- … Yield and the Cliffwater Direct Lending Index The Cliffwater Direct Lending Index (CDLI) has received significant interest from institutional investors looking for a resource to help proxy performance and risk in this growing asset class. The performance of the CDLI and CWBDC has not been reviewed by an independent accounting firm. The essential resource for navigating the growing direct loan market. In the direct lending space, Cliffwater is a recognized thought leader, and its executives are frequent speakers at industry conferences. 3 Data source: The National Center for the Middle Market 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. Most popular Lending abbreviations updated in May 2021. U.S. It created the Cliffwater Direct Lending Index, and the Cliffwater BDC Index. The essential resource for navigating the growing direct loan market. Average realized loss is the historical average of the realized gains/losses for the Cliffwater Direct Lending Index. In fact, in this recent article, Why Lagging Pensions Should Consider Private Debt, (part of the All About Alpha series from the CAIA Association), author Zack Ellison provides an overview of the Cliffwater Direct Lending Index vs. many other asset classes from 2004 through 2017. commercial real estate lending, lower and middle market corporate lending,and other asset based lending. The volatility, risk, and max drawdown for the private investments is 30-60% less than equivalent public investments, across both debt and equity. 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." eligibility requirements. 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. ** 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. Source: Morningstar Direct and NCREIF, as of 12/31/19. Figure 4: Average Loss Rates (2005 – 2020) Average loss rate is calculated by taking the default rate * (1 – recovery rate). Average realized loss is the historical average of the realized gains/losses for the Cliffwater Direct Lending Index. Group Lending Model ABF. Prior to joining HighPoint Capital in 2005, Mr. 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. High Yield Bonds. Analysis based on quarterly returns from September 2004, earliest common inception, to present. 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. First, the Cliffwater Direct Lending Index provides a benchmark for measuring risk, return, and manager performance in direct lending instruments.

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