cliffwater direct lending index

/S /Artifact /S /Artifact /S /P /S /Artifact /P 5085 0 R /S /P >> endobj endobj /K 1359 1271 0 obj /Pg 23 0 R << endobj 682 0 obj /Lang (EN-US) 3688 0 obj /S /P << /S /P >> /P 5114 0 R 2976 0 obj /K 1375 775 0 obj >> >> /K 44 /S /Artifact 568 0 obj 2719 0 obj /K 1521 endobj /Pg 22 0 R << 2463 0 R 2464 0 R 2465 0 R 2466 0 R 2467 0 R 2468 0 R 2469 0 R 2470 0 R 2471 0 R 2472 0 R 1510 0 obj >> /Pg 23 0 R 799 0 obj /K 1046 << >> endobj >> null 2553 0 R null 2554 0 R null 2555 0 R null 2556 0 R null 2557 0 R /Pg 23 0 R /Lang (EN-US) <> /S /Artifact /K 1437 303 0 obj 322 0 obj /Lang (EN-US) >> >> /Pg 25 0 R >> >> >> << << >> <> /P 6306 0 R /K 816 /S /P 1348 0 obj << << 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 412 0 obj 10.6200 USD. >> /K 563 /K 1466 1792 0 R null null 1793 0 R null null null 1794 0 R null null /K 927 819 0 R null 820 0 R null 821 0 R null 822 0 R null 823 0 R null /K 113 >> /S /P 139 0 obj /K 1153 /P 6641 0 R /Pg 24 0 R 4281 0 obj << >> >> /S /P /Lang (EN-US) << /Pg 25 0 R 672 0 obj endobj >> /S /P /S /P >> /S /Artifact endobj /K 378 >> /S /Artifact /Lang (EN-US) /Lang (EN-US) >> /S /Artifact /P 5329 0 R /P 10 0 R /P 5848 0 R /Pg 21 0 R null 3834 0 R null null null 3835 0 R null 3836 0 R null 3837 0 R /Pg 24 0 R >> <> >> /S /Artifact endobj /P 6548 0 R /Lang (EN-US) /Lang (EN-US) 2883 0 obj /S /Artifact << /K 1262 /Pg 23 0 R /A 4747 0 R /K 884 endobj /S /P 1539 0 obj /K 349 /Pg 18 0 R /Lang (EN-US) << 4224 0 R 4225 0 R 4226 0 R 4227 0 R 4228 0 R 4229 0 R 4230 0 R 4231 0 R 4232 0 R 4233 0 R 2752 0 R null 2753 0 R null 2754 0 R 2755 0 R null 2756 0 R null 2757 0 R /Pg 20 0 R << endobj endobj /K 351 /Lang (EN-US) /P 6505 0 R /Lang (EN-US) << /K 174 >> << /S /P /Lang (EN-US) >> /K 1391 endobj << /Pg 23 0 R endobj 2465 0 obj >> /Lang (EN-US) /P 4840 0 R /Lang (EN-US) /S /P /P 5617 0 R 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. /Pg 22 0 R /K 406 /P 5460 0 R endobj 491 0 obj /K 1347 /S /Artifact 66 0 obj /Pg 24 0 R endobj << << /Pg 22 0 R /Lang (EN-US) /K 43 endobj /K 1194 /P 5149 0 R << /Pg 25 0 R /S /Artifact 1163 0 obj /K 1461 /Pg 24 0 R /P 538 0 R /S /P 1706 0 obj 1803 0 obj /S /P >> /Lang (EN-US) 631 0 obj /Resources 4347 0 R /K 924 /Pg 23 0 R >> /Pg 25 0 R /Pg 23 0 R /P 5221 0 R Direct Lending) /Lang (EN-US) /P 6467 0 R endobj /A 4434 0 R /Pg 24 0 R /S /P << << 2331 0 obj << endobj endobj /P 5544 0 R endobj /S /P /Pg 22 0 R >> 2655 0 obj /Pg 24 0 R >> /Lang (EN-US) << /S /Artifact /Pg 24 0 R /S /P /Lang (EN-US) << /Pg 16 0 R /Lang (EN-US) /Pg 24 0 R 3079 0 obj /Pg 23 0 R 1380 0 obj endobj /K 0 >> 2245 0 obj /K 1121 2590 0 obj /K 1042 3418 0 obj << /Pg 24 0 R >> 1056 0 obj /S /Artifact << >> >> /Pg 23 0 R /P 10 0 R << << /Lang (EN-US) /P 6636 0 R 1571 0 obj /K 1183 /Pg 24 0 R << 3494 0 obj /S /P 1427 0 obj /Pg 23 0 R /Lang (EN-US) In high inflation periods, for example, PE has generated returns in excess of about 6% above public stocks. /K 1367 /K 904 /S /Artifact >> /S /Artifact /Lang (EN-US) /P 5977 0 R << /Pg 24 0 R endobj endobj /Pg 24 0 R >> /K 1223 /P 5637 0 R /Lang (EN-US) << 3514 0 obj /Pg 19 0 R >> >> >> >> /P 5248 0 R >> 1395 0 obj /P 5512 0 R /P 5411 0 R /Pg 22 0 R endobj << /Pg 24 0 R 807 0 obj /P 6048 0 R /S /Artifact 112 0 obj >> /K 983 >> /Lang (EN-US) /Lang (EN-US) /K 74 /K 1206 << << /K 1191 3496 0 obj null null 801 0 R null 802 0 R null 803 0 R null 804 0 R null 3506 0 obj Their interest has been fueled by an appetite for floating rate income streams; the attractiveness of a senior secured creditor position; and a need for reduced correlation among . /S /Artifact >> /K 884 /P 5824 0 R << 3676 0 obj << >> /K 580 /S /Artifact 876 0 obj << endobj 3532 0 obj 3360 0 obj /S /Artifact << null 1842 0 R null null null 1843 0 R null null null 1844 0 R /S /Artifact /K 1273 107 0 obj 2059 0 obj >> >> << 1946 0 obj 1623 0 obj /Annots [4357 0 R] /K 1237 endobj /CropBox [0 0 612 792] /S /P >> /S /P endobj /K 54 endobj endobj endobj 574 0 R null null 575 0 R null 576 0 R 577 0 R null null 578 0 R /K 1189 /Pg 23 0 R endobj << /Pg 23 0 R /K 907 << << 1210 0 obj 3478 0 obj /Lang (EN-US) /S /P /Lang (EN-US) << >> /K [15 411 0 R 134] r bcErZ%+GXiC 5=:e5}cK /Pg 22 0 R 433 0 obj >> /Pg 22 0 R /Pg 24 0 R >> /K 1161 /S /Artifact stream /Lang (EN-US) /K 1274 /StructParents 2 /K 1184 << /S /Artifact /Pg 25 0 R >> >> endobj endobj /S /P /P 6213 0 R /S /P >> 273 0 R 275 0 R 276 0 R 277 0 R 278 0 R 279 0 R 280 0 R 281 0 R 282 0 R 283 0 R endobj >> /S /P 260 0 obj >> >> endobj /Pg 24 0 R endobj /S /P /Pg 22 0 R /K 52 endobj >> /P 6267 0 R << /Pg 25 0 R /Lang (EN-US) /P 6170 0 R >> endobj /Lang (EN-US) >> << /Lang (EN-US) 455 0 obj /Lang (EN-US) /K 1229 Conclusion Our study finds that 2022 fee rates for direct lending private partnerships will average 3.56%, consisting of 3.14% for management fees and 0.42% for fund expenses. 2093 0 obj /S /P /K 1540 >> endobj endobj /K 722 >> << << endobj >> endobj >> /K 1367 << <> /P 5224 0 R /P 5069 0 R >> << << >> /S /P endobj /S /P << /S /P /S /P >> null null 3590 0 R null 3591 0 R null 3592 0 R null 3593 0 R null /Lang (EN-US) /Lang (EN-US) >> /P 5963 0 R /K 160 << >> /Pg 22 0 R /S /Artifact /Lang (EN-US) /S /Artifact << endobj 537 0 obj endobj /P 6051 0 R /K 1403 << << /S /Artifact 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 /Lang (EN-US) /Lang (EN-US) endobj /P 5700 0 R endobj /P 4639 0 R 677 0 obj /Lang (EN-US) endobj /S /Artifact /S /Artifact 509 0 obj endobj endobj endobj /P 6427 0 R >> /S /P /K 1249 >> >> endobj /P 5625 0 R >> /P 6556 0 R /Lang (EN-US) /K 94 >> /S /Artifact 2205 0 obj /Pg 24 0 R 2220 0 obj /S /P endobj << /S /P /S /P 1694 0 obj >> /Pg 24 0 R /Pg 23 0 R endobj /P 5004 0 R <> /K 689 /Pg 25 0 R /S /Artifact >> >> >> /Lang (EN-US) /K 1506 3296 0 obj /S /P endobj 863 0 obj /Pg 22 0 R 2607 0 obj /K 102 endobj /K 931 /K 17 /S /Artifact /Lang (EN-US) << /S /P >> >> >> /S /P 1108 0 obj /K 971 << /K 1207 1601 0 obj /S /P << /K 8 >> 1998 0 obj /K 311 /Pg 23 0 R /Pg 23 0 R << /S /P /S /P /Pg 23 0 R >> /K 121 << /K 536 >> /Pg 23 0 R /K 1329 3936 0 obj /Pg 25 0 R /Pg 24 0 R /Pg 19 0 R >> endobj << endobj endobj /S /Artifact << >> << << endobj /P 5511 0 R /Pg 22 0 R /Pg 22 0 R endobj endobj endobj >> /Lang (EN-US) >> >> Cliffwater is an alternative investment adviser and fund manager. /P 4802 0 R 2 Demand for capital from /K 94 /Pg 22 0 R /P 6127 0 R /S /P << endobj >> endobj >> /S /P /K 1423 /P 5919 0 R 3549 0 obj 1572 0 obj /Pg 22 0 R /K 183 /S /Artifact /Pg 25 0 R /K 1322 << 2161 0 obj endobj /P 6000 0 R /P 5774 0 R << >> >> /P 6516 0 R /Pg 24 0 R >> >> >> endobj /K 418 null 622 0 R null 623 0 R null 624 0 R null 625 0 R 626 0 R null << endobj >> << /Pg 23 0 R /P 5071 0 R 3564 0 R null null null 3565 0 R null null null 3566 0 R null >> /S /P >> /K 1400 << << /Lang (EN-US) /P 5888 0 R /CropBox [0 0 612 792] /Pg 23 0 R endobj endobj << << << << null 3461 0 R null 3462 0 R null 3463 0 R 3464 0 R null 3465 0 R null /K 684 /Pg 24 0 R >> /Lang (EN-US) /S /Artifact /K 1040 endobj /S /P /S /P /P 4634 0 R 378 0 obj /K 1201 4100 0 obj << /Lang (EN-US) endobj endobj endobj LS@.JU /K 1404 >> /P 6521 0 R /K 358 >> /P 5238 0 R 614 0 obj /Pg 22 0 R >> /K 1513 /S /Artifact /S /P /Lang (EN-US) /S /Artifact /K 4 /K 1250 /P 6199 0 R endobj /Pg 24 0 R /S /P /K 967 /S /P /S /P >> 1465 0 obj endobj << << 132 0 R 134 0 R 135 0 R 136 0 R 137 0 R 138 0 R 139 0 R null null 438 0 R endobj /Pg 24 0 R /Pg 21 0 R endobj /K 1414 null 2739 0 R null 2740 0 R null 2741 0 R null 2742 0 R 2743 0 R null endobj 3608 0 R null 3609 0 R null 3610 0 R null 3611 0 R null 3612 0 R null /K 129 1168 0 R 1169 0 R 1170 0 R 1171 0 R 1172 0 R 1173 0 R 1174 0 R 1175 0 R 1176 0 R 1177 0 R /S /Artifact >> /P 5627 0 R >> /P 10 0 R /S /P /Pg 24 0 R /Pg 25 0 R /S /Artifact >> 1494 0 obj << >> /Pg 25 0 R /Pg 24 0 R endobj >> 1860 0 obj << endobj /K 875 865 0 obj /Pg 25 0 R /Lang (EN-US) << >> /S /P /S /P /S /P >> null 902 0 R null 903 0 R null 904 0 R null 905 0 R null 906 0 R endobj /K 1094 >> endobj /K 1230 /Lang (EN-US) >> /K 904 endobj 177 0 obj /Pg 25 0 R /Pg 22 0 R /P 5671 0 R /Lang (EN-US) /Lang (EN-US) << /S /P /K 1404 /Lang (EN-US) endobj << << endobj /P 6444 0 R /Lang (EN-US) /K 994 /P 5631 0 R 81 0 obj <> endobj 2387 0 obj << /Pg 23 0 R endobj >> /S /P /Lang (EN-US) /P 6327 0 R << >> /Pg 23 0 R 3629 0 obj << /K 387 1628 0 R 1629 0 R null 1630 0 R null 1631 0 R null 1632 0 R null 1633 0 R /Lang (EN-US) /S /Artifact >> /A 4458 0 R << /S /Artifact /K 1115 16 0 obj /P 4782 0 R /S /Artifact endobj << /Pg 18 0 R << 2707 0 obj /S /P /StructParent 16 >> << << /Pg 25 0 R /K 1279 /Lang (EN-US) endobj 3964 0 obj /K 576 /K 104 /P 6686 0 R endobj << >> endobj endobj 307 0 obj /Pg 25 0 R << /Lang (EN-US) /K 67 >> >> /Pg 18 0 R /S /P /Pg 20 0 R /S /P /Pg 24 0 R >> /P 6672 0 R >> endobj /Pg 19 0 R endobj /K 580 /S /Artifact /S /P 3917 0 R 3918 0 R 3919 0 R 3920 0 R 3921 0 R 3922 0 R 3923 0 R 3924 0 R 3925 0 R 3926 0 R endobj /K 857 /P 5403 0 R /S /Artifact 497 0 obj /K [9 410 0 R 132] << /K 1206 << endobj endobj /Pg 21 0 R /Pg 25 0 R 1855 0 obj 263 0 obj << /Pg 22 0 R /K 250 endobj /K 464 /K 61 endobj << 3576 0 obj endobj /Lang (EN-US) /Lang (EN-US) >> << /S /P 1077 0 obj << <> /K 460 /Pg 22 0 R /Pg 25 0 R >> 3944 0 obj << endobj 7 0 obj >> /S /Artifact /K 1109 endobj /P 4898 0 R /P 5096 0 R endobj /Pg 18 0 R /K 1114 endobj << 425 0 obj /P 4648 0 R /P 5524 0 R /K 1251 2472 0 obj /K 31 >> /K 1238 2444 0 obj /Pg 22 0 R /Pg 23 0 R /S /P /K 205 endobj << << << /K 1343 << 511 0 obj /K 933 /Pg 19 0 R << /S /P /K 6 >> << /Pg 24 0 R /Lang (EN-US) /Pg 22 0 R >> /P 6596 0 R /Pg 24 0 R /S /Artifact /S /P /K 790 /K 325 /S /P /Lang (EN-US) 2596 0 obj /P 6708 0 R >> << 2788 0 obj endobj /K 1229 /K 1421 /S /P >> 4 [103 0 R 104 0 R 105 0 R 106 0 R 108 0 R 109 0 R 110 0 R 111 0 R 113 0 R 114 0 R endobj >> >> endobj /P 5684 0 R /Lang (EN-US) >> /S /P /K 842 <> /Parent 8 0 R 995 0 obj >> 4139 0 obj << >> /S /P 4095 0 obj endobj /Lang (EN-US) << /S /Artifact /K 79 1415 0 obj << 1062 0 R null 1063 0 R 1064 0 R null 1065 0 R null 1066 0 R null 1067 0 R 364 0 obj << /Pg 24 0 R << << /S /P 4164 0 obj /K 65 /K 948 >> << /S /P << << << <> /Lang (EN-US) /K 132 /S /Artifact /Lang (EN-US) /Lang (EN-US) /K 1470 /Parent 9 0 R /S /Artifact /S /Link The Cliffwater Direct Lending Index captures the collective (asset weighted) work product of the direct loan managers represented in the Index, but it is not investable. /Pg 23 0 R endobj endobj >> /K 896 /K 554 /Lang (EN-US) /S /Artifact >> endobj /S /Footnote /P 4832 0 R >> << endobj /Pg 22 0 R /Pg 18 0 R endobj endobj /P 10 0 R << >> endobj /Lang (EN-US) /Pg 23 0 R endobj /Pg 23 0 R << >> >> >> /Pg 24 0 R << endobj << >> endobj /K 1259 /P 5622 0 R /S /Artifact /P 6386 0 R /Pg 25 0 R /K 148 /P 4980 0 R 111 0 obj << /Pg 23 0 R /K 543 /K 445 /K 689 endobj /Pg 23 0 R endobj /Lang (EN-US) /S /Artifact << >> endobj /Lang (EN-US) /Pg 22 0 R /Lang (EN-US) /K 1303 3946 0 obj >> endobj >> /S /Artifact /K 1116 1417 0 obj >> << /Pg 22 0 R /Lang (EN-US) /Pg 24 0 R /Pg 22 0 R >> >> /Pg 23 0 R /Pg 24 0 R endobj /P 6133 0 R endobj 584 0 obj >> /Annotation /Span /K 1108 /Pg 25 0 R /S /Artifact endobj endobj /Pg 24 0 R /Lang (EN-US) 3873 0 obj /Pg 23 0 R endobj >> /Lang (EN-US) >> /Pg 24 0 R /K 1269 /K 1296 /Lang (EN-US) /P 5521 0 R endobj endobj /P 4649 0 R 363 0 obj /Pg 25 0 R >> >> /S /Artifact endobj /Pg 23 0 R /S /Artifact endobj << endobj >> endobj /Pg 25 0 R /S /Artifact /S /P /K 1433 endobj /Pg 25 0 R /Pg 22 0 R /S /P 1532 0 obj 3538 0 obj /K 793 1440 0 obj << /S /Artifact 1558 0 obj /K 194 << /S /P endobj /K 556 /S /Artifact >> /P 6593 0 R /S /P /K 1481 2320 0 obj 237 0 obj /Pg 22 0 R /S /P >> endobj endobj endobj /Pg 22 0 R 3644 0 obj /S /P /Lang (EN-US) /Lang (EN-US) /Pg 22 0 R /K 1089 >> endobj >> << 1538 0 obj 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 /P 5950 0 R endobj /P 10 0 R /S /P /P 5724 0 R << /Pg 23 0 R endobj >> /Pg 22 0 R /K 457 /K 1369 /Pg 22 0 R << 986 0 R null 987 0 R null 988 0 R null 989 0 R null 990 0 R null /K 333 /Pg 24 0 R >> endobj >> endobj >> >> >> endobj 1737 0 obj /K 599 << 3678 0 R null null null 3679 0 R null 3680 0 R null 3681 0 R null <> >> 1761 0 obj 720 0 obj /Lang (EN-US) 3448 0 obj >> >> /S /P 1123 0 obj >> /H /I /K 239 /P 10 0 R /S /P 3204 0 obj endobj /K 971 /P 5596 0 R >> endobj /K [180 542 0 R 194 4744 0 R] endobj << /K 664 << 1849 0 obj /K 88 >> 3883 0 obj /S /Artifact 144 0 obj /K 104 /Lang (EN-US) /Pg 22 0 R << 3053 0 obj >> /Pg 22 0 R << << >> /P 6679 0 R >> /P 5565 0 R >> >> /Pg 22 0 R /P 5801 0 R /K 1257 >> >> 3687 0 obj endobj /Pg 22 0 R 2307 0 obj /P 5572 0 R << >> /K 100 158 0 obj << /S /P /K 291 << << << /Pg 22 0 R /P 5484 0 R /K 1452 /K [68 4676 0 R] << /K 1411 << /K 1110 /Lang (EN-US) /Pg 22 0 R << endobj 337 0 R 338 0 R 339 0 R 340 0 R 341 0 R 342 0 R 343 0 R 344 0 R 345 0 R 346 0 R <> /Pg 25 0 R << << /Pg 23 0 R /S /P 3186 0 R 3187 0 R 3188 0 R 3189 0 R 3190 0 R 3190 0 R 3191 0 R 3192 0 R 3193 0 R 3194 0 R /CropBox [0 0 612 792] /K 145 A repricing of real estate is underway. /Pg 22 0 R 670 0 obj << endobj << 2181 0 obj /Pg 25 0 R /Pg 23 0 R /K 1145 >> endobj << endobj << /S /Artifact >> >> << >> >> 1379 0 obj /K 523 endobj >> /S /Artifact << /Lang (EN-US) 574 0 obj /Pg 23 0 R /P 5447 0 R >> endobj << << >> >> /S /Artifact /Lang (EN-US) endobj /Pg 25 0 R 1327 0 obj /S /P endobj << >> /MediaBox [0 0 612 792] << >> /Lang (EN-US) /Pg 22 0 R << <> endobj /Pg 22 0 R /S /Artifact /S /Artifact >> << Average Loss Rates << /S /Artifact /S /P endobj /S /P /Lang (EN-US) >> endobj /P 6333 0 R << /Pg 25 0 R >> >> >> endobj /P 6736 0 R /Lang (EN-US) /K 410 /Pg 24 0 R /Lang (EN-US) << << endobj /S /Artifact endobj << /Pg 24 0 R /S /Artifact << /S /Artifact 1493 0 obj /S /Artifact 3974 0 obj >> /K 93 /Pg 24 0 R >> >> endobj /K 1391 endobj >> /S /Artifact << << 2615 0 R null 2616 0 R null 2617 0 R 2618 0 R null 2619 0 R null 2620 0 R >> /K 1470 /K 120 >> 2634 0 R null null null 2635 0 R null null null 2636 0 R null endobj >> /S /P /K 1522 /P 33 0 R << 3426 0 obj /K 543 /P 10 0 R endobj /Lang (EN-US) endobj >> /Pg 17 0 R /Pg 22 0 R /Lang (EN-US) << 2117 0 obj /S /P << endobj /Pg 23 0 R endobj endobj 1238 0 R 1239 0 R 1240 0 R 1241 0 R 1242 0 R 1243 0 R 1244 0 R 1245 0 R 1246 0 R 1247 0 R 1947 0 obj >> /K 728 /P 6714 0 R /P 10 0 R << /K 208 endobj >> This index captures both mark-to-market volatility (based on quarterly loan valuation changes) as well /S /P << <> /Lang (EN-US) >> 381 0 obj /Lang (EN-US) /Pg 25 0 R /K 412 /P 5182 0 R >> 4013 0 obj >> /P 5332 0 R /S /Artifact endobj endobj /K 1058 /Pg 25 0 R /Pg 25 0 R << /K 260 endobj 2451 0 obj >> /K 583 /S /P << /K 1481 /S /P /Pg 18 0 R /K 347 >> /S /P endobj endobj /Pg 22 0 R /S /P endobj /S /Artifact /Lang (EN-US) /K 715 >> 2953 0 obj 2006 0 obj /Lang (EN-US) 3283 0 obj 4136 0 obj << /Lang (EN-US) /S /Artifact /P 38 0 R /Lang (EN-US) 3057 0 R 3058 0 R 3059 0 R 3060 0 R 3061 0 R 3062 0 R 3063 0 R 3064 0 R 3065 0 R 3066 0 R /K 986 << /Lang (EN-US) /S /Artifact 583 0 obj /P 5090 0 R /P 6486 0 R /K 299 /K 441 780 0 obj /P 5965 0 R >> /K 1387 >> /P 4825 0 R /Pg 22 0 R 2891 0 R null null null 2892 0 R null null null 2893 0 R null endobj 2050 0 obj 3312 0 obj <> /S /Artifact /S /P /Pg 25 0 R /K 921 endobj 2393 0 obj << << /Lang (EN-US) /P 10 0 R >> endobj << << 1553 0 obj 1305 0 obj endobj /Pg 19 0 R endobj /Pg 25 0 R endobj /K 48 2783 0 obj 3350 0 obj /P 5918 0 R 3776 0 obj /S /P /K 29 4317 0 obj /S /P /K 817 /S /P endobj null null null 3506 0 R null 3507 0 R null 3508 0 R null 3509 0 R /Pg 23 0 R << << /K 725 /S /P /S /P /Pg 13 0 R >> endobj /S /Artifact /Pg 21 0 R /S /Artifact 3236 0 obj >> 2642 0 obj 3097 0 obj /S /P 238 0 obj /K 1137 endobj >> 4093 0 obj /Pg 25 0 R endobj /Lang (EN-US) /S /Artifact << >> /P 10 0 R << /S /Artifact 3958 0 obj /K 427 /Pg 22 0 R /Pg 24 0 R /Rotate 0 << Lee Menifee previews what to expect during the market downturn and what the current environment means for investment /Pg 24 0 R << /Pg 22 0 R << /Pg 22 0 R 3917 0 obj 694 0 obj 2921 0 obj /S /P 1546 0 obj /K 449 >> /Tabs /S endobj endobj /P 5410 0 R /Lang (EN-US) /Pg 23 0 R >> 3988 0 obj /Pg 25 0 R endobj << /K 886 /S /Artifact /S /P /P 10 0 R /Lang (EN-US) >> /S /Artifact << /S /P /K 198 /Pg 24 0 R >> /S /P /Pg 23 0 R << `-F%HrI, Survey of Corporate Pension Disclosures for Fiscal Years Ending 2003. >> 2946 0 obj /P 6249 0 R endobj << 4027 0 R 4028 0 R 4029 0 R 4030 0 R 4031 0 R 4032 0 R 4033 0 R 4034 0 R 4035 0 R 4036 0 R /K 961 >> >> /Pg 24 0 R endobj /S /P /Pg 25 0 R endobj /Pg 26 0 R 2761 0 obj >> /Pg 19 0 R /Pg 25 0 R >> /S /P /K 1333 >> /Pg 25 0 R /Pg 17 0 R << 1092 0 obj /Pg 22 0 R /P 10 0 R /K 148 >> << 1393 0 obj endobj /Pg 24 0 R endobj /S /P /P 6142 0 R endobj 1455 0 R 1456 0 R 1457 0 R 1458 0 R 1459 0 R 1460 0 R 1461 0 R 1462 0 R 1463 0 R 1464 0 R /P 10 0 R << /K 1376 4219 0 obj >> >> >> /K 1411 /Pg 22 0 R /Pg 23 0 R /Pg 20 0 R << /K 1416 /Pg 24 0 R /K 1315 /S /Artifact << 3145 0 obj /K 1506 697 0 obj << << /Type /Catalog 3179 0 obj 483 0 obj >> 2489 0 obj endobj 3686 0 obj /K 786 >> /S /Artifact /K 1056 3336 0 obj /S /Artifact /S /Artifact >> << /K 777 endobj >> /Lang (EN-US) /P 4633 0 R 353 0 obj null 814 0 R null 815 0 R null 816 0 R null 817 0 R null 818 0 R /K 1410 /Pg 22 0 R /Contents 4369 0 R /S /Artifact endobj /Subtype /Link /K 1488 /Pg 24 0 R /Lang (EN-US) /Pg 22 0 R << /K 1138 /Pg 24 0 R /K 1301 /K 428 /S /P /S /Artifact endobj /K 7 >> 160 0 obj /K 113 /Pg 20 0 R >> 776 0 obj 3515 0 obj /K 341 /Pg 24 0 R endobj >> 2064 0 obj << endobj 3330 0 obj /Pg 23 0 R endobj << null 2900 0 R null 2901 0 R null 2902 0 R null 2903 0 R null null >> >> /Lang (EN-US) endobj 287 0 R 288 0 R 289 0 R 290 0 R 291 0 R 292 0 R 293 0 R 294 0 R 295 0 R 296 0 R /K 745 endobj 2358 0 obj >> >> /P 5602 0 R >> /K 1300 >> >> /K 514 /Pg 24 0 R /S /Artifact /P 6704 0 R /Pg 24 0 R /Pg 16 0 R /Pg 24 0 R /K 1265 /P 5394 0 R << endobj endobj 2633 0 obj endobj 2864 0 R null 2865 0 R null 2866 0 R null 2867 0 R null null null /Pg 23 0 R /K 522 566 0 obj /Lang (EN-US) 3895 0 obj /P 10 0 R 1182 0 obj /Pg 24 0 R /P 5928 0 R /S /Artifact << null null 824 0 R null null null 825 0 R null 826 0 R null /S /P /S /Artifact /P 6117 0 R /K 792 endobj 4250 0 obj << /Pg 25 0 R /P 10 0 R 1837 0 obj /S /Artifact 365 0 obj /Pg 23 0 R /Lang (EN-US) endobj >> /K 1066 /K 1333 /K 1487 >> /Pg 23 0 R 638 0 obj 4235 0 obj /P 6431 0 R /K 1381 endobj >> /S /P /K 1248 << << endobj /P 6145 0 R /K 4 3788 0 obj /Lang (EN-US) >> /S /P /S /Artifact << /Pg 24 0 R 2183 0 obj endobj >> /K 399 /P 6723 0 R /S /Artifact /Pg 22 0 R endobj 3892 0 obj 991 0 obj 3347 0 obj 1902 0 obj << /K 1214 3544 0 obj /K 1122 /Pg 23 0 R /K 1260 endobj /S /Artifact /S /P /P 5866 0 R << /S /Artifact /Lang (EN-US) endobj /Lang (EN-US) endobj >> <> /Lang (EN-US) endobj endobj /K 1170 /K 1285 >> >> endobj << V4$)Nj2#(Q)b{+M~j$SB?B4dfnX. >> /Lang (EN-US) Performance. /Lang (EN-US) endobj 2801 0 R null 2802 0 R 2803 0 R null 2804 0 R null 2805 0 R null 2806 0 R >> /Pg 22 0 R /S /Artifact endobj >> /S /Artifact /S /P /Pg 25 0 R /Pg 25 0 R endobj /K 136 /Pg 24 0 R <> /S /P endobj >> /K 412 << /Lang (EN-US) endobj /Lang (EN-US) >> /Pg 25 0 R >> /P 5087 0 R endobj /K 32 /S /Artifact >> /Pg 25 0 R >> /S /P /S /P /Pg 23 0 R /Pg 22 0 R 1575 0 obj endobj endobj >> << >> /K 1484 endobj /Lang (EN-US) >> << /Lang (EN-US) /Pg 25 0 R endobj /K 1392 >> /Lang (EN-US) endobj 100 0 obj endobj /S /Artifact >> /P 6404 0 R /Pg 23 0 R << >> endobj /S /Figure << 2363 0 obj /S /P >> << /S /P 161 0 obj << 3896 0 obj >> >> << /Lang (EN-US) /P 6520 0 R << >> /S /Artifact /S /Artifact 2480 0 obj /Pg 25 0 R /Pg 22 0 R << >> /P 5752 0 R >> >> /Lang (EN-US) 761 0 obj << /K 1091 endobj 3099 0 obj endobj 2945 0 obj /K 396 /Pg 22 0 R 1256 0 obj /P 10 0 R /Lang (EN-US) /S /Artifact /Pg 23 0 R endobj /S /P << 1939 0 obj >> /S /P /Pg 24 0 R 4291 0 obj /S /P /P 4945 0 R >> /Pg 25 0 R << /Pg 22 0 R /Lang (EN-US) 3081 0 obj /P 6326 0 R /Contents 4349 0 R >> >> endobj /Lang (EN-US) endobj /K 42 endobj 418 0 obj endobj /P 6251 0 R null null 1975 0 R null null null 1976 0 R null 1977 0 R null /K 1129 /K 121 endobj >> /S /Artifact >> /K 154 endobj <> /P 6414 0 R 762 0 obj >> 1732 0 obj >> /S /P /P 6148 0 R /K 246 /K 446 /S /Artifact /Pg 23 0 R /K 625 /Pg 23 0 R /S /P /K 1144 /K 22 >> /S /Artifact /S /Artifact /S /Artifact endobj 2151 0 obj endobj /K 29 endobj >> 3574 0 obj /S /P endobj /Lang (EN-US) 2346 0 obj endobj /Lang (EN-US) /K 1262 endobj endobj 15 410 0 R 16 411 0 R 17 412 0 R 18 419 0 R 19 431 0 R << /S /P 1201 0 obj endobj /Pg 23 0 R /Pg 13 0 R /S /P /Pg 22 0 R /P 5119 0 R /K 1185 endobj /P 5030 0 R << 4316 0 obj /S /Artifact endobj /K 1500 /K 1352 /Pg 23 0 R 2742 0 obj endobj /Lang (EN-US) >> << << endobj endobj /Lang (EN-US) /P 10 0 R /Pg 24 0 R /T () /K 22 1903 0 obj /Pg 25 0 R /S /Artifact endobj endobj << /Pg 24 0 R endobj 3862 0 obj << 1306 0 obj /Pg 20 0 R >> >> 3028 0 obj >> << 1107 0 obj endobj endobj 1511 0 obj 2943 0 obj /S /P endobj /Lang (EN-US) >> /Pg 24 0 R /S /Artifact endobj 3588 0 obj >> /K 405 <> << /K 1345 /Pg 23 0 R /Pg 24 0 R endobj << /Pg 24 0 R /P 5435 0 R /K 249 /S /Artifact /K 1374 >> >> endobj >> >> 707 0 obj >> /Pg 24 0 R /Lang (EN-US) >> /Pg 24 0 R null null null 1868 0 R null 1869 0 R null 1870 0 R null 1871 0 R >> 127 0 obj /S /Artifact /Lang (EN-US) /Pg 25 0 R /K 878 << << 1731 0 obj endobj << /Lang (EN-US) /K 53 endobj >> 3669 0 obj << /Pg 24 0 R /S /P /S /P /P 4891 0 R /Lang (EN-US) /Lang (EN-US) /Pg 23 0 R 961 0 obj /S /P /Pg 20 0 R 2482 0 obj /Pg 25 0 R << /S /P /K 1190 endobj << >> 1623 0 R null 1624 0 R null 1625 0 R null 1626 0 R null 1627 0 R null 526 0 obj >> /Pg 22 0 R /S /Artifact

cliffwater direct lending index 2023