609 0 obj 287 0 obj /Pg 25 0 R /S /Artifact >> >> endobj /Lang (EN-US) endobj >> /K 1060 4046 0 obj /Pg 24 0 R /Pg 22 0 R /S /P /Parent 8 0 R << /S /Artifact 3945 0 obj /Pg 25 0 R endobj /S /P /P 10 0 R /S /Artifact /Pg 25 0 R /Lang (EN-US) /Pg 22 0 R /K 34 4209 0 obj endobj 1088 0 obj /S /Artifact /K 1091 128 0 obj /Pg 25 0 R << /K 21 /Lang (EN-US) << 3375 0 obj /P 6243 0 R /S /P /K 1450 >> endobj /Pg 23 0 R endobj /Lang (EN-US) /Lang (EN-US) endobj /P 10 0 R << >> << /Lang (EN-US) /Pg 19 0 R 1302 0 obj /S /Artifact 146 0 obj << null null null 425 0 R null null null 426 0 R null null >> /Pg 18 0 R /K 1498 endobj << /Lang (EN-US) /Pg 23 0 R >> /Lang (EN-US) /K 1546 /Lang (EN-US) /Pg 24 0 R /Lang (EN-US) /S /P /P 5992 0 R >> /P 5043 0 R >> >> >> << >> endobj /K 1239 /S /Artifact /Lang (EN-US) >> /P 6466 0 R >> 3378 0 obj >> << endobj endobj << /Lang (EN-US) >> >> << >> << /K 674 /MediaBox [0 0 612 792] /P 6088 0 R endobj /Pg 22 0 R 1660 0 obj << /S /Artifact >> /K 1234 endobj 1305 0 obj /P 6493 0 R 3272 0 obj << endobj /Pg 25 0 R >> endobj >> << /S /P /K 1325 /S /Artifact >> /Lang (EN-US) << /K 983 << 1454 0 obj 2734 0 obj /K 7 << /Lang (EN-US) >> /Pg 21 0 R >> endobj /Pg 15 0 R << /K 52 >> -*[\]!$S!0]4sD+}),yE2p'.H%6D'fg[(/ "6=gEl:]U?fgp@4Y3yD$30FOx@Ml 16Kjy[/LAnpeKjJ'=P8*IQ5H6;'yE'HY*ZX}r pdL'A$8$5ZOGYPYX^'suPt " xrB ]0Ha' de,%|;m~'D yI7Jv=eWd{\6yF,8c+1`6*MW-/"AC@b8r?18hOY;(N'/Wu!#%V)+PGv;9+*2+D_S@5+E4IUVdT;RC&=hygu%+=I6.M@ jDJkK9%(BW|IGoQi& ]weMN[$zYH@W&zSRz gN_z[Hn`l)$;N/lc [zzoaF;`4]^nDCGdr$G[[6u7=*wF7;n_l8= endobj endobj /K 35 >> /K 36 endobj /S /P /S /P endobj /K 1013 3672 0 obj /S /P 4127 0 obj endobj /Pg 24 0 R /P 5513 0 R /K 1194 2804 0 obj 3244 0 R 3245 0 R 3246 0 R 3247 0 R 3248 0 R 3249 0 R 3250 0 R 3251 0 R 3252 0 R 3253 0 R /P 6182 0 R 612 0 obj 3447 0 obj /Pg 16 0 R /K 128 << /S /Artifact 779 0 obj /P 10 0 R endobj /P 4815 0 R /K 664 954 0 obj endobj 3404 0 R] /K 643 endobj /Pg 24 0 R /Lang (EN-US) /K 21 endobj /K 1549 << endobj /P 5816 0 R /Lang (EN-US) 2125 0 obj /Pg 23 0 R /P 4986 0 R /K [4588 0 R 4589 0 R 4590 0 R 4591 0 R 4592 0 R 4593 0 R 4594 0 R 4595 0 R 4596 0 R 4597 0 R In 2015 Cliffwater introduced the Cliffwater Direct Lending Index ("CDLI") that tracks the performance of the actual loans in all applicable BDCs from 2004. /K 1202 endobj endobj << /Pg 24 0 R /P 4935 0 R /Pg 20 0 R /Pg 22 0 R /S /P endobj endobj << /Pg 25 0 R /P 10 0 R endobj /S /Artifact /K 1418 /K 693 << /Lang (EN-US) /K 296 >> << << /S /P /P 10 0 R /S /P 4042 0 obj /K 574 /P 5592 0 R << /Lang (EN-US) /P 5728 0 R /P 5159 0 R /S /P 4320 0 obj /Pg 24 0 R /P 4955 0 R /K 647 /S /P /S /P /Pg 24 0 R endobj /Pg 25 0 R >> /K 23 >> /P 6159 0 R /K 1029 endobj endobj 2394 0 obj /P 5930 0 R endobj 1167 0 obj 2114 0 obj 1665 0 obj /Pg 22 0 R /Pg 24 0 R /S /P endobj /Lang (EN-US) /K 1229 << 1800 0 obj 1922 0 obj >> endobj /K 985 /StructParents 14 << << /S /Artifact << >> 1971 0 obj /Pg 23 0 R >> /Lang (EN-US) >> << /P 5308 0 R << null 489 0 R 490 0 R null 491 0 R null 492 0 R null 493 0 R 494 0 R /P 5459 0 R << endobj 1258 0 obj >> /Lang (EN-US) >> /P 5161 0 R >> /K 1360 /K 129 >> /S /P /S /P endobj endobj << /Lang (EN-US) << endobj endobj >> 3183 0 obj /K 1273 /K 23 << /K 1373 /P 5669 0 R 1228 0 R 1229 0 R 1230 0 R 1231 0 R 1232 0 R 1233 0 R 1234 0 R 1235 0 R 1236 0 R 1237 0 R /Lang (EN-US) 3635 0 obj /S /P /K 347 /S /Artifact endobj /S /P endobj /P 4958 0 R /K 1225 << /P 6513 0 R << 2573 0 obj /P 6538 0 R /Pg 23 0 R /Pg 22 0 R /Lang (EN-US) 362 0 obj /K 537 endobj endobj /P 6277 0 R /S /P >> /S /P endobj 3710 0 obj endobj << /Pg 13 0 R << << /Pg 22 0 R << /P 4791 0 R /P 4719 0 R << /Pg 22 0 R /S /P /Lang (EN-US) /K 1300 /P 4962 0 R /K 848 3457 0 obj 234 0 obj 3999 0 obj 1462 0 obj endobj >> /Pg 22 0 R /P 10 0 R /K 1187 >> /P 5887 0 R 1131 0 obj /Lang (EN-US) endobj /S /P << /Pg 25 0 R >> 2196 0 R 2197 0 R 2198 0 R 2199 0 R 2200 0 R 2201 0 R 2202 0 R 2203 0 R 2204 0 R 2205 0 R 752 0 obj /K 172 << /Lang (EN-US) /K 1164 /Lang (EN-US) 1996 0 obj /Lang (EN-US) << 1919 0 obj /Lang (EN-US) /S /Artifact endobj /S /P /S /P /K 1241 /Pg 25 0 R /Pg 24 0 R << /Pg 24 0 R 2462 0 obj /Pg 22 0 R /Lang (EN-US) >> >> << endobj /S /P >> 2389 0 obj endobj /K 1346 /K 13 /K 1211 >> endobj /S /P /P 5925 0 R << /P 4699 0 R /Lang (EN-US) >> 3611 0 obj << /P 4790 0 R 2033 0 obj << /K 1500 /Pg 25 0 R /Pg 22 0 R /Pg 23 0 R << << /Lang (EN-US) << 2908 0 obj /S /Artifact >> << /Pg 24 0 R << << /P 5718 0 R /S /P /K 1352 3523 0 R 3524 0 R null 3525 0 R null 3526 0 R null 3527 0 R null 3528 0 R >> /Lang (EN-US) 247 0 obj 1347 0 obj /S /Artifact /K 1510 /P 5628 0 R /S /P /K 16 1009 0 obj /S /P >> >> << endobj /K 1509 endobj /Pg 24 0 R >> Direct Lending: Benefits, Risks and Opportunities << 1704 0 obj 1855 0 obj >> /Pg 18 0 R >> endobj /K 431 endobj >> << /S /Artifact Average Realized Loss (2006 - 2021) Average realized loss is the historical average of the realized gains/losses for the Cliffwater Direct Lending Index. 3098 0 obj endobj In high inflation periods, for example, PE has generated returns in excess of about 6% above public stocks. 2738 0 obj /S /P endobj 3025 0 obj >> /Pg 16 0 R /Pg 25 0 R /P 6320 0 R /P 5076 0 R /Pg 24 0 R /P 5681 0 R 1702 0 obj 1081 0 obj endobj /P 5783 0 R /P 5839 0 R endobj 1929 0 obj /Pg 22 0 R >> << endobj /K 1356 /K 63 /K 1350 >> /S /Artifact endobj << endobj /K 91 endobj << >> /K 798 >> >> 1559 0 obj endobj << << /K [66 4674 0 R] >> /P 6257 0 R 434 0 obj /Pg 22 0 R << << >> /S /P /Pg 14 0 R /Pg 24 0 R >> /K 1328 endobj /Lang (EN-US) /P 5511 0 R >> /K 1245 /Pg 25 0 R /P 5568 0 R /Pg 22 0 R /Lang (EN-US) /K 109 /P 5270 0 R /Pg 24 0 R endobj << endobj /K 331 endobj /Lang (EN-US) endobj /Pg 25 0 R >> << /K 1272 297 0 obj 191 0 obj >> /StructParents 13 /P 5363 0 R /S /Artifact >> /Pg 24 0 R >> /Pg 21 0 R << /S /P 1865 0 obj >> 250 0 R 250 0 R 250 0 R 250 0 R 262 0 R] endobj endobj /Lang (EN-US) << << /Pg 22 0 R /Pg 24 0 R /P 4981 0 R /Pg 22 0 R << >> << << /S /P /P 6675 0 R /S /Artifact 4271 0 obj /K 1090 << >> >> /K 1249 << /S /Artifact endobj << endobj endobj 4087 0 obj /K 1209 /Lang (EN-US) 4566 0 R] /P 5666 0 R /Pg 17 0 R /S /P << /K 1135 /Lang (EN-US) /Lang (EN-US) /K 1204 /K 1195 3091 0 obj endobj /K 1505 /K 350 << endobj << << 45 0 R null 386 0 R null 387 0 R null 388 0 R null null 389 0 R 343 0 obj /K 23 /S /P /K 194 /Lang (EN-US) /S /P >> endobj /P 5278 0 R << /K 459 endobj /S /P 778 0 R null 779 0 R null 780 0 R null 781 0 R null 782 0 R 783 0 R /Lang (EN-US) 3070 0 obj /S /P /Pg 22 0 R /K 1383 /P 4903 0 R 3793 0 obj /K 11 /Pg 24 0 R /P 6436 0 R /P 5580 0 R /Pg 23 0 R >> endobj /K 1376 2810 0 obj >> 767 0 obj /S /P /K 560 << /P 10 0 R /S /Artifact << 1276 0 obj /K 1207 << 3240 0 obj << >> /K 273 /Pg 24 0 R /CropBox [0 0 612 792] /Pg 19 0 R endobj /Lang (EN-US) endobj endobj 1396 0 obj /Pg 22 0 R /S /P /K 1547 /S /Artifact /S /P /Pg 25 0 R /P 6355 0 R << << /Pg 25 0 R 748 0 R null 749 0 R null 750 0 R null 751 0 R null null null >> endobj 959 0 obj /S /P /K 1526 /Pg 24 0 R 4482 0 R] /K 1116 This index captures both mark-to-market volatility (based on quarterly loan valuation changes) as well /Pg 25 0 R /Lang (EN-US) /K 1182 /Pg 23 0 R endobj /S /P /Pg 23 0 R /Lang (EN-US) 421 0 obj /S /Artifact /S /Artifact /S /Artifact /K 45 60 0 obj /K 999 endobj endobj >> /K 137 /Pg 25 0 R >> >> endobj endobj >> << << 1948 0 obj 2774 0 R null 2775 0 R null 2776 0 R null 2777 0 R null 2778 0 R 2779 0 R 2642 0 obj << /K 1188 /K 1511 1313 0 obj /S /P /Pg 22 0 R << /P 5401 0 R endobj /P 6502 0 R >> >> /S /Artifact /K 1280 endobj 2002 0 obj /Pg 24 0 R endobj /Pg 25 0 R endobj 1495 0 R 1496 0 R 1497 0 R 1498 0 R 1499 0 R 1500 0 R 1501 0 R 1502 0 R 1503 0 R 1504 0 R << /K 1489 /Pg 24 0 R << /Lang (EN-US) /S /Artifact >> /Pg 25 0 R /P 5479 0 R endobj /Pg 17 0 R endobj endobj /Lang (EN-US) 3074 0 obj 718 0 obj << << /Lang (EN-US) 1218 0 obj /Pg 22 0 R /S /Artifact endobj /S /P >> /S /Artifact >> /K 1294 49 0 obj /K 1415 3883 0 obj >> << /K 1163 >> /K 605 << /Pg 25 0 R >> /Pg 25 0 R endobj /S /P endobj /Pg 22 0 R >> /S /Artifact /Pg 22 0 R /Pg 23 0 R 1122 0 obj /S /Artifact endobj /Rect [149.6000061035 387.0660095215 153.43699646 399.3500061035] /P 434 0 R << << /K 627 >> /Pg 20 0 R 1399 0 obj /Pg 25 0 R /Lang (EN-US) /S /P /Pg 25 0 R /Pg 22 0 R /Pg 22 0 R << /S /Artifact /Lang (EN-US) 2324 0 obj /P 4874 0 R /K 617 endobj >> << /K 1367 /K 74 /K 1458 /K 1370 /Lang (EN-US) /P 33 0 R /P 10 0 R /S /P /S /P /K 1161 /Pg 24 0 R /K 9 << 3976 0 obj >> /Pg 24 0 R /Pg 25 0 R endobj /P 6093 0 R /Lang (EN-US) << /S /P >> >> /P 10 0 R endobj << endobj 3010 0 obj /Pg 24 0 R /Lang (EN-US) 2293 0 obj /Lang (EN-US) /S /P /P 4773 0 R 948 0 obj /P 4860 0 R >> /S /P /K 1548 endobj << >> 4178 0 obj 1040 0 obj /P 5601 0 R << >> >> /S /P /S /P endobj /S /Artifact /Lang (EN-US) 1062 0 obj /K 965 48 0 obj /S /Artifact /K 1510 /Pg 22 0 R /Pg 22 0 R /S /P /S /P << 56 0 obj /S /Artifact << 4274 0 R 4275 0 R 4276 0 R 4277 0 R 4278 0 R 4279 0 R 4280 0 R 4281 0 R 4282 0 R 4283 0 R /Pg 20 0 R endobj /P 6716 0 R /Pg 25 0 R /S /Artifact /S /P << /K 283 /S /P << >> /Pg 23 0 R endobj >> /Lang (EN-US) << ~bXc'lc=FdC_[xZ"~FD>H3^k3 Mn ctfq49H35^`6UuaY=Der t:C /Lang (EN-US) /K 1479 /Pg 23 0 R << /S /P << << << /Pg 22 0 R 3060 0 obj endobj 1970 0 R null 1971 0 R null 1972 0 R null 1973 0 R null 1974 0 R null /Pg 24 0 R 3655 0 obj /S /P 3870 0 obj /Lang (EN-US) 1288 0 R 1289 0 R 1290 0 R 1291 0 R 1292 0 R 1293 0 R 1294 0 R 1295 0 R 1296 0 R 1297 0 R /Lang (EN-US) /P 5862 0 R endobj 1583 0 obj 3772 0 obj >> endobj 3731 0 obj 2916 0 obj /K 1179 /K 187 << /Lang (EN-US) 3934 0 obj /Pg 24 0 R endobj << /Pg 23 0 R >> endobj /K 162 >> /P 5956 0 R endobj /P 6193 0 R /Pg 24 0 R endobj /Parent 4 0 R /K 1233 >> /S /Artifact >> endobj << >> /S /P /Pg 23 0 R /Pg 25 0 R /S /Artifact endobj /Pg 22 0 R /K 1346 /S /P << /K 1122 1895 0 obj << /Lang (EN-US) 1836 0 obj /K 1121 >> /Pg 14 0 R >> << /Lang (EN-US) /S /P >> /S /P /Pg 24 0 R /K 508 << /Lang (EN-US) >> /P 6272 0 R /K 294 /P 5912 0 R /K 1256 /K 940 endobj /Pg 24 0 R endobj << /P 10 0 R 172 0 R 172 0 R] /P 10 0 R /S /P >> << >> << /Lang (EN-US) null null null 2856 0 R null null null 2857 0 R null 2858 0 R << >> >> /K 693 /Lang (EN-US) >> /Lang (EN-US) 2521 0 obj /Lang (EN-US) /S /P endobj /K 1104 /S /P /Pg 24 0 R >> /K 1186 /K 1349 >> endobj endobj /Pg 25 0 R /Lang (EN-US) >> endobj /K 1227 /K 1223 /S /P 1571 0 obj /K 1503 /S /P 2322 0 obj /Pg 24 0 R >> >> endobj /S /Artifact /Pg 24 0 R endobj /P 6602 0 R /S /Artifact /K 1449 /A 4683 0 R /Lang (EN-US) null 650 0 R 651 0 R null 652 0 R null 653 0 R null 654 0 R null /Lang (EN-US) /K 1312 /S /Artifact endobj << 1118 0 R 1119 0 R 1120 0 R 1121 0 R 1122 0 R 1123 0 R 1124 0 R 1125 0 R 1126 0 R 1127 0 R 4063 0 obj << /Lang (EN-US) >> /Pg 24 0 R >> /Lang (EN-US) >> /K 169 >> /P 6129 0 R >> /Pg 25 0 R /P 5818 0 R /Pg 24 0 R /P 5428 0 R endobj endobj << /K 747 endobj /Pg 25 0 R /K 1079 /S /Artifact /S /P /S /Artifact endobj << >> /Pg 25 0 R /S /P null null 1081 0 R null null null 1082 0 R null 1083 0 R null /S /Artifact << /Pg 24 0 R << /K 391 /K 106 endobj /Lang (EN-US) endobj >> endobj /S /Artifact << endobj /K 778 endobj /Pg 26 0 R 3958 0 obj << << /S /P /K 1347 endobj << /S /Artifact /Pg 23 0 R /S /Artifact >> /Lang (EN-US) /S /P /S /P endobj /K 67 /T () /S /Artifact >> /P 6347 0 R 3668 0 obj << 2746 0 obj /S /Artifact >> endobj /Lang (EN-US) /K 273 /Lang (EN-US) /K 1006 4152 0 obj /Lang (EN-US) >> null 2602 0 R null 2603 0 R null 2604 0 R null 2605 0 R 2606 0 R null /S /P >> endobj /Pg 22 0 R endobj /P 5027 0 R 1373 0 obj /P 5252 0 R /S /P 2289 0 obj 1094 0 obj /S /P /Lang (EN-US) /K 1271 1329 0 obj endobj << /Lang (EN-US) << 509 0 obj /Lang (EN-US) endobj << /S /Artifact /K 157 /Pg 23 0 R /P 10 0 R /K 830 /K 5 /S /P /S /P /P 5828 0 R /S /P /K 137 /S /P /K 1128 /K 1130 /S /P /S /Artifact << /Pg 22 0 R endobj << /S /P /Lang (EN-US) /P 5889 0 R /Lang (EN-US) endobj >> /Pg 25 0 R /Pg 24 0 R /P 33 0 R 2318 0 obj << 3394 0 obj endobj /K 1157 endobj /K 1301 endobj /K 121 /K 800 /K 1231 3743 0 obj >> /Pg 22 0 R endobj << /S /P /Lang (EN-US) null 2886 0 R 2887 0 R null 2888 0 R null 2889 0 R null 2890 0 R null 1489 0 obj /S /Artifact /P 5680 0 R << /P 5017 0 R /K 511 endobj /K 1413 >> << /K 197 >> /K 963 /Pg 23 0 R /K 986 endobj /S /Artifact 3694 0 obj endobj /Pg 25 0 R endobj /P 4797 0 R /Lang (EN-US) 3220 0 obj /Pg 24 0 R /K 1387 /K 1320 /S /P << endobj /Pg 24 0 R 2640 0 obj >> << 562 0 R null null null 563 0 R null null 202 0 R 203 0 R 204 0 R 1457 0 obj 1832 0 obj >> /Pg 15 0 R /Pg 23 0 R /Pg 24 0 R /P 4931 0 R /Pg 25 0 R /S /P << << endobj endobj /P 6445 0 R /Pg 25 0 R /S /P /K 168 << >> /Lang (EN-US) 663 0 obj >> /Lang (EN-US) /P 10 0 R << /K 73 << /P 5623 0 R /Lang (EN-US) << /P 10 0 R /S /P /A 4458 0 R /K [0 443 0 R 42] /S /P 2153 0 obj /Lang (EN-US) endobj /S /Artifact >> >> << /P 6759 0 R >> /P 5074 0 R /S /P >> /K 1192 /P 6428 0 R /Pg 22 0 R /Pg 24 0 R /Pg 25 0 R /S /Artifact 3131 0 obj /Pg 18 0 R /K 6 null null null 2696 0 R null 2697 0 R null 2698 0 R null 2699 0 R endobj 2975 0 obj /P 6398 0 R << /S /Artifact /K 360 << endobj /K 950 1837 0 obj Stephen Nesbitt provides an update on the Cliffwater Direct Lending Index ("CDLI"), an asset-weighted index of 11,884 directly originated middle market loans totaling $264 billion. 1035 0 R null 1036 0 R null 1037 0 R null 1038 0 R null 1039 0 R 1040 0 R /Pg 25 0 R >> /Pg 24 0 R endobj >> >> endobj 34 0 obj endobj << << /Pg 25 0 R /A 4410 0 R endobj /Pg 13 0 R >> << /S /Artifact /Lang (EN-US) 1262 0 obj >> << << /Lang (EN-US) /S /Artifact /P 5844 0 R >> << /S /Artifact /Pg 22 0 R endobj /Pg 24 0 R /Lang (EN-US) << 4075 0 obj 4153 0 obj /Lang (EN-US) /Lang (EN-US) << /P 5039 0 R /P 4706 0 R /P 6736 0 R endobj /K 518 111 0 obj 2519 0 obj /Pg 23 0 R 446 0 obj 2443 0 R 2444 0 R 2445 0 R 2446 0 R 2447 0 R 2448 0 R 2449 0 R 2450 0 R 2451 0 R 2452 0 R << endobj /K 1119 << /Lang (EN-US) << << /P 5747 0 R endobj << 804 0 obj >> >> /K 272 << /S /P /Pg 24 0 R null 1795 0 R null 1796 0 R null 1797 0 R null 1798 0 R null 1799 0 R << 425 0 obj /S /Artifact /K 1119 /Pg 25 0 R /P 6147 0 R endobj 501 0 R null 502 0 R null 503 0 R 504 0 R 505 0 R null 506 0 R null /S /P /P 4862 0 R /K 256 >> >> /P 10 0 R << null 672 0 R null 673 0 R null 674 0 R 675 0 R null 676 0 R null /S /P 1670 0 obj /S /P << endobj /K 19 /S /Artifact /Pg 23 0 R /K 1521 1248 0 obj 292 0 obj << endobj << << 1104 0 obj /P 6494 0 R 2590 0 obj /K 1150 /S /Artifact /Pg 25 0 R /Pg 13 0 R /S /Artifact 25 0 obj 3271 0 obj endobj /S /Artifact /P 6733 0 R 3911 0 obj /S /Table /K 1281 /Pg 22 0 R /Pg 25 0 R /K 1201 /K 842 Loans are made or arranged pursuant to a California Financing Law license. 802 0 obj /K 1033 /K 48 200 0 obj 429 0 R null 430 0 R null 431 0 R null 432 0 R 95 0 R 433 0 R 434 0 R 2163 0 obj /K 1114 /P 4736 0 R >> /Lang (EN-US) 985 0 obj << /Pg 22 0 R endobj 416 0 obj endobj /Lang (EN-US) /Pg 25 0 R /P 5114 0 R /P 6012 0 R /S /P endobj /P 5369 0 R /Pg 23 0 R /Pg 22 0 R 3426 0 obj /S /P << /P 5523 0 R endobj /Pg 23 0 R /K 1429 >> 1555 0 obj /K 1168 /K 1361 endobj /K 349 >> /Pg 24 0 R endobj << /Pg 22 0 R >> /Pg 24 0 R endobj /S /P 2539 0 obj /Lang (EN-US) 1147 0 obj << /Lang (EN-US) /S /P /S /Artifact >> /Pg 22 0 R >> /Pg 24 0 R /K 541 4039 0 obj endobj /K 100 >> /P 5154 0 R /P 10 0 R /Pg 23 0 R 3394 0 R 3395 0 R 3396 0 R 3397 0 R 3398 0 R 3399 0 R 3400 0 R 3401 0 R 3402 0 R 3403 0 R << endobj endobj endobj /S /P /Pg 24 0 R << /S /P /Pg 25 0 R 1412 0 obj >> /P 6489 0 R Lee Menifee previews what to expect during the market downturn and what the current environment means for investment 3451 0 obj << /CropBox [0 0 612 792] 3102 0 obj /Pg 23 0 R /K 29 << /Pg 24 0 R /Pg 22 0 R >> /K 388 endobj /Pg 25 0 R /Lang (EN-US) endobj /K 1522 /Lang (EN-US) /Pg 18 0 R /S /Artifact endobj /P 4658 0 R endobj >> >> /S /Artifact /S /Artifact << /K 1207 918 0 obj 1461 0 obj 205 0 obj /P 5922 0 R << /P 10 0 R /Pg 21 0 R /K 689 endobj /S /Table endobj 3971 0 obj /Pg 22 0 R /K 22 /Lang (EN-US) endobj 211 0 obj endobj Alternative Investments | Portfolio Protection | Fidelity Investments /K 368 1644 0 obj /S /P /Lang (EN-US) >> /Pg 24 0 R >> endobj /P 5994 0 R /Lang (EN-US) /Lang (EN-US) endobj 2140 0 obj >> /Lang (EN-US) /Lang (EN-US) /P 10 0 R /S /Artifact /S /P << 1610 0 obj >> endobj 3128 0 obj /Lang (EN-US) /P 4714 0 R /K 1130 /Pg 23 0 R 3768 0 obj endobj /S /P << << 2814 0 obj /Pg 22 0 R /Lang (EN-US) 3703 0 obj << 120 0 obj >> endobj /Lang (EN-US) << >> /P 5796 0 R >> endobj /Lang (EN-US) /S /Artifact /K 1223 1278 0 obj endobj 269 0 obj endobj /K 842 /Lang (EN-US) << >> /Lang (EN-US) /K 1275 >> 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, {{CDLI.indexValue}}Index Value ({{CDLI.indexDate}}), {{CDLI.assetFairValue}}BAssets (Fair Value), {{CDLI_S.indexValue}}Index Value ({{CDLI_S.indexDate}}), {{CDLI_S.assetFairValue}}BAssets (Fair Value), {{CDLI_V.indexValue}}Index Value ({{CDLI_V.indexDate}}), {{CDLI_V.assetFairValue}}BAssets (Fair Value), {{CWBDC.indexValue}} Index Value ({{CWBDC.indexDate}}), {{CWBDC.numberofCompanies}}Number of Companies, {{CWBDC.marketCapitalization}}BMarket Capitalization, {{CWBDC.navPremium}}%NAV Premium/Discount. >> /Lang (EN-US) /CreationDate (D:20220524030444-06'00') /K 1491 /Pg 21 0 R /K 71 /S /P 4323 0 obj 1365 0 obj << 2654 0 obj 3689 0 obj 3191 0 obj endobj /Pg 24 0 R << >> >> << /K 934 endobj /Pg 23 0 R endobj endobj 3808 0 obj /Pg 22 0 R 90 0 obj /K 1375 /S /P /Lang (EN-US) 1981 0 obj /S /P /Lang (EN-US) 4188 0 obj << 2321 0 obj /K 710 /Pg 23 0 R /Lang (EN-US) . << >> /Pg 23 0 R >> 1339 0 obj endobj /S /P /S /P endobj 2960 0 obj null 833 0 R null 834 0 R null 835 0 R 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