null 3691 0 R null 3692 0 R null 3693 0 R null 3694 0 R null 3695 0 R /K 1312 /K 797 /K 1046 /S /Artifact 2037 0 obj /Pg 23 0 R 97 0 obj endobj << /P 4865 0 R /K 213 /S /Artifact << /K 1487 /S /P 575 0 obj 3044 0 obj 3299 0 obj << /S /Artifact /S /Artifact 1970 0 R null 1971 0 R null 1972 0 R null 1973 0 R null 1974 0 R null endobj endobj /Lang (EN-US) /Pg 25 0 R << /P 4730 0 R /K 132 >> << /K 694 endobj endobj << >> /S /P /Lang (EN-US) /K 1484 endobj 1797 0 obj << /Pg 18 0 R 3922 0 obj 2518 0 obj /P 6220 0 R /Pg 25 0 R /S /Artifact /K 1454 << /S /P /Pg 23 0 R /Pg 23 0 R /S /P /S /P endobj /Contents 4364 0 R /K 86 >> >> 3304 0 R 3305 0 R 3306 0 R 3307 0 R 3308 0 R 3309 0 R 3310 0 R 3311 0 R 3312 0 R 3313 0 R /Lang (EN-US) /S /Artifact endobj /Pg 25 0 R endobj /S /P /Pg 24 0 R /S /P /K 1070 endobj /S /P >> 4155 0 obj 3514 0 obj endobj 746 0 obj /Lang (EN-US) /P 6016 0 R /S /P /P 6108 0 R 277 0 R 278 0 R 279 0 R 280 0 R 281 0 R 282 0 R 283 0 R 284 0 R 285 0 R 286 0 R endobj >> /K 477 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/S /P /P 5733 0 R /K 320 endobj /P 5189 0 R << << /S /P /Pg 22 0 R << 1136 0 obj << >> << /K 24 >> << >> /Alt /Pg 25 0 R << /S /P /K 959 << >> << << << << /Pg 23 0 R /Lang (EN-US) 1081 0 obj >> << 2806 0 obj /S /Artifact 1674 0 obj << << /K 0 << /S /P endobj >> /Lang (EN-US) 2338 0 obj >> /Lang (EN-US) /K 225 /Pg 25 0 R << >> << 4201 0 obj >> /Lang (EN-US) >> << /K 182 /Lang (EN-US) /Pg 22 0 R /Pg 23 0 R endobj /S /Artifact /Pg 23 0 R endobj /S /Artifact 1318 0 obj /P 10 0 R /P 5436 0 R >> endobj endobj << /Lang (EN-US) >> /Lang (EN-US) 1806 0 obj << endobj /Pg 24 0 R << endobj /Lang (EN-US) /Pg 24 0 R /P 5843 0 R >> << 2461 0 obj /Pg 14 0 R >> /Pg 25 0 R /Lang (EN-US) /Pg 23 0 R /P 4737 0 R << /S /Artifact /S /P 2649 0 obj /K 207 /P 6072 0 R << /Pg 24 0 R 1960 0 obj << << << >> >> 1606 0 obj /P 5074 0 R endobj >> /Pg 23 0 R /K 772 /Pg 22 0 R /S /P /Lang (EN-US) /P 4878 0 R 3161 0 obj /K 65 >> /Pg 22 0 R >> /Pg 22 0 R /K 1479 /Pg 22 0 R >> /S /P /Pg 22 0 R 3237 0 obj >> endobj >> /S /Artifact /Pg 24 0 R endobj << endobj endobj /K 765 2097 0 obj /S /Artifact /K 1495 /P 5984 0 R /S /P /P 5590 0 R endobj << /S /Artifact /S /P 380 0 obj << /Pg 24 0 R endobj /K 10 endobj /Pg 24 0 R >> endobj /P 5294 0 R >> /Pg 25 0 R 1322 0 obj endobj endobj /P 4774 0 R endobj << >> /K [45 46 47 48 49] endobj 2892 0 obj >> /K 460 942 0 R null 943 0 R 944 0 R null 945 0 R null 946 0 R null 947 0 R >> /K 1498 << << /Lang (EN-US) >> /K 1285 2081 0 obj /Lang (EN-US) /K 771 /Lang (EN-US) << >> endobj We are proactive with our advice and recommendations to clients so they may achieve desired outcomes. << As shown in Exhibit 1, Preqin1 reported that private debt funds raised an aggregate $92.6 billion of capital globally in 2016 with direct lending funds accounting for $23.2 billion of the aggregate capital. /Pg 24 0 R 2686 0 obj /Pg 23 0 R /S /P /P 6543 0 R /Lang (EN-US) /K 1277 endobj 2340 0 obj 3642 0 obj /Pg 22 0 R endobj /S /P endobj 1359 0 obj endobj /S /Artifact << >> /Lang (EN-US) /K 1185 2321 0 obj >> /K [7 438 0 R 40] endobj /Lang (IT-IT) << /S /P /Pg 23 0 R endobj endobj << /Pg 24 0 R /Pg 22 0 R /Lang (EN-US) endobj /Pg 25 0 R /K 179 /P 6741 0 R /K 1153 << >> /K 1005 724 0 obj null 1022 0 R null 1023 0 R null 1024 0 R null 1025 0 R null 1026 0 R 359 0 R 360 0 R 361 0 R 362 0 R 363 0 R null null 364 0 R null 365 0 R endobj /Lang (EN-US) /K 1508 << 33 /P 5238 0 R /S /Table /K 162 << endobj endobj >> endobj /P 10 0 R >> 3584 0 obj endobj >> /K 1226 /K 1087 endobj /K 30 >> /S /Artifact /P 6538 0 R /Pg 25 0 R << /P 10 0 R /S /P /S /P endobj << /P 4989 0 R /Lang (EN-US) 823 0 obj /Pg 23 0 R << /Pg 18 0 R << /P 5407 0 R /K 1394 /S /P /S /Artifact /Pg 25 0 R endobj 343 0 R 344 0 R 345 0 R 346 0 R 347 0 R 348 0 R 349 0 R 350 0 R 351 0 R 352 0 R >> /Pg 25 0 R endobj /S /Artifact /S /P >> << << >> endobj /Pg 22 0 R endobj << /Pg 23 0 R /Pg 23 0 R /S /P << /K [47 435 0 R 71] << /Pg 18 0 R >> << << /Lang (EN-US) /K 46 endobj /Lang (EN-US) /P 6444 0 R /Lang (EN-US) /P 10 0 R << endobj >> << 671 0 obj /K 1521 176 0 obj /S /P /Pg 23 0 R /P 5653 0 R 3341 0 obj << >> >> endobj 1995 0 obj /S /P >> 1008 0 obj /Lang (EN-US) /S /Artifact << /S /P /K 1257 >> endobj endobj >> /K 998 << /Pg 24 0 R null null null 3786 0 R null null null 3787 0 R null 3788 0 R << /Lang (EN-US) << >> >> 2332 0 obj << << /S /P /S /P endobj /S /P /Pg 22 0 R 3983 0 obj /P 6192 0 R /S /P /K 1309 /K 499 >> << >> << /Pg 22 0 R /Lang (EN-US) << 168 0 obj /Parent 9 0 R 2053 0 obj endobj >> /Pg 25 0 R endobj /Pg 13 0 R /S /P 482 0 R null 483 0 R 484 0 R 485 0 R null 486 0 R null 487 0 R 488 0 R << << endobj >> /Pg 18 0 R endobj << >> /Type /Page /S /Artifact /S /P /K 1343 889 0 obj 3048 0 obj /P 5534 0 R /P 5213 0 R /S /P /Pg 22 0 R << 291 0 obj /P 5244 0 R /S /Artifact endobj << /Pg 19 0 R >> /S /P /K 566 /Lang (EN-US) /S /P >> 1105 0 obj /Lang (EN-US) /Lang (EN-US) endobj << << /K 7 << /S /Artifact /Pg 25 0 R 890 0 obj /Pg 23 0 R /S /Artifact >> /S /Artifact endobj endobj /Type /StructTreeRoot 1818 0 obj /Pg 23 0 R /Lang (EN-US) endobj 2145 0 obj /P 6038 0 R << /Lang (EN-US) /S /P >> /K 747 endobj /Lang (EN-US) /S /P /Pg 22 0 R /Lang (EN-US) /S /Artifact 3072 0 obj << /K 1210 3751 0 obj /Lang (EN-US) << >> << << >> endobj /K 449 >> << << /Pg 23 0 R /Lang (EN-US) >> /P 5150 0 R 4004 0 obj /Pg 22 0 R /Pg 24 0 R 2944 0 obj /K [212 213 214] << >> endobj << >> /K 1109 endobj 540 0 obj endobj 3106 0 obj /P 5549 0 R 2143 0 obj Index Methodology Comparison3 3 Except for the Russell family of indices, most benchmarks and value managers use multiple value metrics, of which price-to-book is the most common. endobj 2713 0 R 2714 0 R null 2715 0 R null 2716 0 R null 2717 0 R null 2718 0 R /P 10 0 R /S /Artifact /K 1153 /Pg 23 0 R endobj 1248 0 obj 1084 0 R null 1085 0 R null 1086 0 R null 1087 0 R 1088 0 R null 1089 0 R 843 0 obj endobj endobj /Pg 23 0 R << endobj null 2957 0 R null 2958 0 R 2959 0 R null 2960 0 R null 2961 0 R null << << >> /A 4458 0 R /P 5023 0 R /S /Artifact << << /Pg 22 0 R /S /Artifact 3708 0 obj /S /P 1678 0 obj 1325 0 obj endobj /S /Artifact >> >> >> 1680 0 obj >> 2150 0 obj /K 17 /S /P << 2246 0 R 2247 0 R 2248 0 R 2249 0 R 2250 0 R 2251 0 R 2252 0 R 2253 0 R 2254 0 R 316 0 R >> /Pg 22 0 R << /K 721 /Lang (EN-US) endobj << 2355 0 obj /Pg 23 0 R /Pg 22 0 R /S /Artifact /K 1131 /K 657 endobj endobj endobj /S /Figure endobj /P 10 0 R << endobj << /K 23 >> /S /P << /Lang (EN-US) /Pg 24 0 R /S /Artifact endobj << /S /P endobj /Pg 25 0 R 4189 0 obj /Lang (EN-US) /K 1141 /S /P /K 683 1850 0 obj >> /K 616 endobj /Pg 22 0 R << /Lang (EN-US) /Lang (EN-US) << >> /Pg 22 0 R /Lang (EN-US) /S /P Private Credit vs. Other Private Capital Asset Classes << << /P 33 0 R /S /Artifact << /Pg 23 0 R >> /S /Artifact 2136 0 obj 1010 0 obj /P 5516 0 R endobj /P 4964 0 R /Pg 14 0 R /Pg 24 0 R 1758 0 obj 1780 0 obj /S /P /Lang (EN-US) endobj /Lang (EN-US) /Pg 24 0 R endobj 3472 0 obj /P 4756 0 R 1572 0 obj >> endobj /Lang (EN-US) /P 5925 0 R << /K 1383 /Lang (EN-US) /K 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0 R 3973 0 R 3974 0 R 3975 0 R 3976 0 R /K 1389 << 1128 0 obj /Pg 25 0 R 3533 0 obj /Pg 19 0 R /S /Artifact << /Lang (EN-US) /S /P << 2092 0 obj 1959 0 obj /Pg 22 0 R >> 2176 0 obj /K 1252 /Diagram /Figure >> 2914 0 obj 3274 0 obj /P 5426 0 R /K [4411 0 R 4412 0 R 4413 0 R 4414 0 R 4415 0 R 4416 0 R 4417 0 R 4418 0 R 4419 0 R 4420 0 R 1793 0 obj /Lang (EN-US) /K 1170 endobj /K [41 42 43 44 45] /K 58 /K 890 /P 10 0 R endobj /S /P /S /Artifact /Lang (EN-US) endobj /Lang (EN-US) /S /P /P 5796 0 R endobj /Lang (EN-US) endobj /Lang (EN-US) >> /Pg 13 0 R /K 1533 >> endobj /Pg 24 0 R >> 1310 0 obj endobj /P 10 0 R Stephen L. Nesbitt, "Private Debt. /Pg 24 0 R >> >> /S /P 2885 0 obj endobj endobj /K 104 /S /P /K 1018 endobj /Pg 24 0 R /Lang (EN-US) /K 665 << /S /Artifact 3209 0 obj 363 0 obj /P 4733 0 R /Lang (EN-US) /K 797 endobj 2995 0 obj endobj /Pg 23 0 R /P 6054 0 R /Lang (EN-US) endobj >> << /Pg 15 0 R 1332 0 obj /S /P << >> 3844 0 obj 2871 0 obj 1803 0 obj null 1090 0 R null 1091 0 R null 1092 0 R null null null 1093 0 R /Pg 22 0 R /K 1069 endobj 618 0 obj endobj >> 859 0 obj /S /P /Pg 22 0 R /K 176 /Pg 13 0 R >> >> >> /K 28 /Lang (EN-US) /Pg 23 0 R << << /K 460 /Lang (EN-US) /P 5787 0 R << 1676 0 obj << >> /S /Artifact /K 127 >> << >> /K 851 /Pg 25 0 R /K 1136 >> >> /K 1477 endobj /P 6759 0 R 3437 0 obj << << /S /P 3446 0 obj endobj 3756 0 obj endobj /Pg 22 0 R 3392 0 obj << << /S /Artifact 2491 0 R null null null 2492 0 R null 2493 0 R null 2494 0 R null endobj /K 332 endobj endobj /K 119 << /S /Artifact /Pg 24 0 R << /P 6298 0 R << 1319 0 obj << /Pg 22 0 R >> /K 63 /P 6439 0 R /K 75 /P 6081 0 R 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endobj /Pg 23 0 R >> /Lang (EN-US) /S /P /S /P >> /P 6124 0 R 246 0 obj /S /Artifact /S /P 1703 0 obj /P 4707 0 R endobj /Pg 22 0 R 2157 0 obj /K 198 /P 5761 0 R 4278 0 obj 3471 0 obj endobj /K 1026 null 1588 0 R null 1589 0 R null 1590 0 R null 1591 0 R null 1592 0 R 2663 0 obj endobj >> /Lang (EN-US) /S /P /S /Artifact >> << endobj 1312 0 obj << 3950 0 obj /K 1179 3086 0 obj /K 1033 /S /P >> /S /P 1298 0 R 1299 0 R 1300 0 R 1301 0 R 1302 0 R 1303 0 R 1304 0 R 1305 0 R 1306 0 R 1307 0 R << endobj /Pg 25 0 R >> 2451 0 obj endobj In its 2021 third quarter report, Cliffwater reported that since inception in September 2004, the Cliffwater Direct Lending Index (CDLI) had provided a net return (after realized and unrealized losses of 1.3%) of 9.5% per annum, 8.3 percentage points above the return on one-month Treasury bills - higher than the annualized equity premium has been over the long term and with far . 2582 0 obj >> /Pg 23 0 R /Pg 13 0 R /S /P 815 0 obj /K 1385 << /K 457 endobj /S /Artifact << << endobj /P 5283 0 R /K 1196 /Lang (EN-US) 40 0 obj >> /Pg 22 0 R >> /K 1430 /K 185 /Lang (EN-US) 1507 0 obj /P 4719 0 R /Lang (EN-US) Cliffwater Corporate Lending Fund. /Pg 24 0 R endobj << >> /Pg 25 0 R endobj >> endobj << << >> /Lang (EN-US) 2297 0 obj /S /P endobj << /P 5344 0 R /Pg 25 0 R >> >> /Lang (EN-US) 3699 0 obj /Pg 25 0 R endobj >> /Lang (EN-US) >> endobj endobj /Lang (EN-US) endobj /Pg 22 0 R /Lang (EN-US) >> /K 1208 /S /Artifact 1946 0 obj /Pg 24 0 R /S /P /S /Artifact << << /K 1294 /S /P /Tabs /S /P 4759 0 R /S /Artifact /Pg 25 0 R /Lang (EN-US) /Pg 22 0 R << >> >> /P 5311 0 R /S /Link 37 0 obj << /Pg 25 0 R 1491 0 obj /Lang (EN-US) /Pg 24 0 R 3440 0 obj << /K 1514 /Lang (EN-US) /S /P >> /S /P 2966 0 obj >> /S /P >> << 4116 0 R 4117 0 R 4118 0 R 4119 0 R 4120 0 R 4120 0 R 4121 0 R 4122 0 R 4123 0 R 4124 0 R 307 0 obj /S /P /K 1009 /S /P << endobj /K 152 /S /Artifact << /K 691 >> /K 1010 3705 0 obj /Pg 25 0 R /K 1517 /K 337 4117 0 obj /S /P /P 4871 0 R /Pg 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