He is a portfolio manager responsible for US Direct Lending funds, BlackRock Credit Strategies Fund, and middle-market CLOs in the US. Direct Lending Index The Cliffwater Corporate Lending Fund (CCLFX) is an SEC-registered closed end interval fund that seeks to provide investors interest income from a portfolio of All of the monthly standard deviations Direct Lending is Cliffwater Direct Lending Index. Evaluating the Historical Performance of Cliffwater Direct Lending Index Data (CDLI) Cliffwater, LLC which provides a range of services in the alternative asset space Find the latest Cliffwater Corporate Lending Fund (CCLFX) stock quote, history, news and other vital information to help you with your stock trading and investing. Stephen Nesbitt (Mr. yields against Cliffwaters best estimates of each managers loan seniority, Exhibit 11 reports our findings for premiums, the five yield measured and averaged over the four quarters ending June 30, 2021. Exhibit 11: Available Risk Premiums in Direct US Middle Market Distribution Yield presented is based on the fund-level composite of all the share classes. Cliffwater 2022 Study on Private Fund Fees & Expenses for Direct Lending; Private Debt: Weathering Rising Interest Rates. Our team members have been lending across multiple cycles dating Cliffwater Direct Lending Index, S&P 500, S&P/LSTA Leverage Loan Index, Bloomberg U.S. U.S. Based on Cliffwater LLCs latest The * Direct Lending is proxied by the Cliffwater Direct Lending Index Senior (CDLI-S) which uses Current Yield as of June 30, 2021 in place of Yield to Worst. The index is available as a Total Return (Net). Current 13D/G Holdings. Direct Lending: Cliffwater Direct Lending Index. Hedge fund indices include equity long/short, relative value, and global macro and are all from HFRI. Timber: NCREIF Timberland Property Index (U.S.). The growth in direct, middle-market loans originated by asset managers is partly explained by the growth in middle-market private equity. Direct lenders can also provide capital solutions ** First Eagle Credit Opportunities Fund uses Distribution Yield in place of Yield to Worst. Source: Morningstar, Cliffwater Direct Lending Index, as of December 31, 2021. Standard deviation is a measure of First, the Cliffwater Direct Lending Index provides a benchmark for measuring risk, return, and manager performance in direct lending instruments. Investors seeking higher yields and relatively low risk, and are willing to sacrifice liquidity, will find attractive opportunities in interval funds that invest in senior secured, middle AVERAGE LOSS RATES 2006-2020 The CDLI draws the total return from three different areas: income, net realised gains or losses and unrealised gains or losses. Please Share This. Private debt should perform well in the rising rate environment due to floating-rate structures, the report said. This concise index gives investors a As of September 30, 2021. 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. The essential resource for navigating the growing direct loan market. Corporate High Yield Index, Bloomberg Barclays US Treasury Index, Cliffwater Direct Lending Index, S&P 500. Direct Lending: Cliffwater Direct Lending Index. Index performance for Cliffwater BDC Index - Total Return (CWBDC) including value, chart, profile & other market data. Cliffwater Corporate Lending Fund, a Delaware statutory trust (the Fund); Cliffwater LLC, a Delaware limited liability company (the Adviser); and. 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. Volatility is measured using standard deviation. cliffwater corporate lending fund. For example, the Investment Manager created the Cliffwater Direct Lending Index (CDLI), which tracks performance of over 6,000 loans representing $126 billion of To explore this further, we are looking at the long-term performance of direct lending relative to traditional investments by using the Cliffwater Direct Lending Index. Market Briefing; Q4 2021 Market Review; Q3 2021 Market Review; In 2019, Cliffwater launched CCLFX as an opportunity to track the Cliffwater Direct Lending Index (CDLI). On the supply side, borrowers continue to look to the private markets. The reference currency of the DLX Index is USD. They offer price certainty and speed of close that the broadly syndicated market does not. This website (the "Website") provides information regarding the yield and performance of the Cliffwater BDC Index (the "Index") and various asset classes, the underlying asset seniority and the top 10 holdings of the Index. The Cliffwater Corporate Lending Fund (the fund) recently completed its first full calendar year of operations, and we want to Loan Index and the Russell 3000 Index dropped -18.77% and -24.36%, respectively. The Cliffwater direct lending index has shown that senior private loans in the US have returned about 8 percent since 2010. Stock. Manager selection, therefore, is part of investing in direct loans. Corporates is represented by the ICE BofA ML US Corporate Index Effective Yield (C0A0). All correlation coefficients are calculated 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. Traditionally a niche asset class pre-crisis, corporate direct lending has become an The CDLI and public market indices are included within this document to demonstrate how private markets performed differently from public markets during the same time periods. Indices Direct Lending: Cliffwater Direct Lending Index, Private Equity: CA US Private Equity Index, High-Yield Bonds: Bloomberg Barclays High-Yield Index. Item 2 (a). Leveraged Loans is S&P/LTSA Leveraged Loan Total Return Index. Cliffwater LLC (Cliffwater) provides links to third-party websites only as a convenience, and the inclusion of such links does not imply any endorsement, approval, investigation, verification or monitoring by us of any content or information contained within or accessible from the linked sites. 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 The Cliffwater Direct Lending index return was 12.78% for the calendar year 2021, up from 5.45% in 2020 and 9% in 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 The essential resource for navigating the growing direct loan market 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. Contact Info. Global Private Equity: Cambridge Associates Global Private Equity Index. Performance charts for Cliffwater Corporate Lending Fund (CCLFX) including intraday, historical and comparison charts, technical analysis and trend lines. 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. Past performance of an index is not indicative of future returns. September 30, 2021. Volatility is measured using standard deviation. 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 The Cliffwater BDC Index (the "Index") is owned exclusively by Cliffwater LLC ("Cliffwater"), and is protected by law including, but not limited to, United States copyright, trade secret, and trademark law, as well as other state, national, and international laws and regulations. Tweet; Like; Plus one; Pin It; Share; Recent Posts. Cliffwater Direct Lending Index (CDLI) was introduced as a research tool to advance the study of direct lending as an asset class and as a benchmark to evaluate the 0001398344-18-004994.txt : 20190415 0001398344-18-004994.hdr.sgml : 20190415 20180330123416 accession number: 0001398344-18-004994 conformed submission type: n-2 public document count: 8 filed as of date: 20180330 date as of change: 20190306 filer: company data: company conformed name: cliffwater direct lending fund central index key: Private Credit from Cliffwater Direct Lending Index. When Cliffwater was unable to determine the nature of a BDCs investments because of limited information included in historical SEC filings, Cliffwater did not apply the portfolio composition As a consequence of the environment and these features, there appears to be significant growth particularly in private credit. Global Private Equity: Cambridge Associates Global Private Equity Index. 1 The Cliffwater Direct Lending Index (the CDLI) seeks to measure the unlevered, gross of fees performance of U.S. middle mar ket corporate loans, as represented by the underlying Sector. The Cliffwater Direct Lending Index (the "Index") is owned exclusively by Cliffwater LLC ("Cliffwater"), and is protected by law including, but not limited to, United States copyright, In times of negative calendar-year returns seen in high yield markets, such as 2008, 2015 and 2018, data shows that the Cliffwater Direct Lending index outperformed the He is a portfolio manager responsible for US Direct Lending funds, BlackRock Credit Strategies Fund, Fig. Total alternative investment assets under management are projected to reach $17.2 trillion in 2025, more than four times the 2010 level. The Cliffwater Direct Lending index return was 12.78% for the calendar year 2021, up from 5.45% in 2020 and 9% in 2019. 5 Drawdown Percentage: Cliffwater Private Debt Index versus Bank Loans, High Yield & S&P500. Source: Cliffwater Direct Lending Index and BofA Merrill Lynch US High Yield Effective Yield 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. U.S. Venture Capital: Cambridge Associates U.S. Venture Capital Index. BDCs invest in middle market companies, and the Index 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. Stephen Nesbitt (Mr. 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 Contact Info. Source: Cliffwater. This information is provided for informational Hedge fund indices include equity long/short, relative value, and global macro and are all from HFRI. The realized losses on the loans tracked by the Cliffwater Direct Lending Index averaged 1.1 percent per year since the beginning of 2005 through the end of last year, with realized losses peaking at 6.9 percent in 2009.