cliffwater direct lending index

Source: Cliffwater. * "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 general private credit benchmark is home to all strategies classified by CA as private credit.Private credit refers to credit strategies pursued in illiquid vehicles commonly described as drawdown vehicles, private equity-style vehicles or lock-up vehicles. The CDLI assists investors to better understand asset class characteristics and to benchmark manager performance The DLX index is characterised by a broad diversified private debt portfolio in mainly middle market companies. First, the Cliffwater Direct Lending Index provides a benchmark for measuring risk, return, and manager performance in direct lending instruments. The DLX Direct Lending Index The DLX Index is designed to represent the 35 most highly capitalised and Direct Lending companies. Cliffwater Direct Lending Index: Venture-Only (CDLI-V) The CDLI-V is an index comprised of only venture-backed loans within the CDLI. 6 Cliffwater definition of "Private Credit" We define Private Credit as investment opportunities where: • Current income represents the preponderance of return • Capital gains are limited • Risk of loss is driven by borrower default and creditor recovery • Liquidity is limited and categorized as Level 31 • Periodic valuation is discretionary, relying upon models and expert Timber: NCREIF Timberland Property Index (U.S.). Direct Lending: Cliffwater Direct Lending Index. DLP Capital - Consistent, High-Yield Investment Returns. cliffwater corporate lending fund. This concise index gives investors a birds-eye-view of the opportunities available in the direct lending market, which will be particularly useful for anyone wanting to enter into the market or . Investment Fees for Direct Lending; Private Debt the new 40 in 60/40 "All Weather" Private Debt; The Valuation of Middle Market Loans; US Direct Lending Comparative Performance Through the Financial Crisis; Cliffwater 2022 Study on Private Fund Fees & Expenses for Direct Lending; Private Debt: Weathering Rising Interest Rates Cliffwater Corporate Lending Fund Class I Sharesの基本的な企業情報。事業の概要や、取締役員、総資産額や連絡先情報など。 The CWBDC Total Return Index includes two components: 1) Income Return and 2) Price Return. The growth in direct, middle-market loans originated by asset managers is partly explained by the growth in middle-market private equity. AVERAGE LOSS RATES 2006-2020 We are entering a golden age of alternative investments. Timber: NCREIF Timberland Property Index (U.S.). Prior to joining the team in 2012, Mr. 2021 Performance Snapshot. It is not possible to invest directly in an unmanaged index. 1 The CDLI assists investors to better understand asset class characteristics and to benchmark manager The Cliffwater Direct Lending Index Our performance analysis relies upon the Cliffwater Direct Lending Index, or CDLI, an asset-weighted index of over 7,000 directly originated middle market loans totaling $156 billion on June 30, 2021. 2. ): MSCI Global Quarterly Infrastructure Asset Index (equal-weighted blend). When Cliffwater was unable to determine the nature of a BDC's investments because of limited information included in historical SEC filings, Cliffwater did not apply the portfolio composition criteria (a substantial majority (approximately 75%) of reported total assets are represented by direct loans made to corporate borrowers, as . Alternative asset classes including private equity, hedge funds, catastrophe reinsurance, real assets, non-traditional credit, alternative risk premia, digital assets, collectibles, and other novel assets are now available to investors and their advisors in a way that they never have been before. Performance charts for Cliffwater Corporate Lending Fund (CCLFX) including intraday, historical and comparison charts, technical analysis and trend lines. Global Private Equity: Cambridge Associates Global Private Equity Index. Direct Lending: Cliffwater Direct Lending Index. Our team members have been lending across multiple cycles dating The CDLI-S is an index focusing on senior loans within the CDLI. Prior to joining HighPoint Capital in 2005, Mr. (i) Indices. Transport: returns are derived from a J.P. Morgan Asset Management index. than the index, especially for the direct program, which was initiated in 2011. Bowman was the President of HighPoint Capital Management, LLC. Index data stretches back to September of 2004. Source: Morningstar, Cliffwater Direct Lending Index, S&P/LSTA Leveraged Loan Index. Global Property Fund Index -Asia-Pacific. Cliffwater Direct Lending Index (CDLI) is an asset -weighted index whereas the public market indices are time -weighted. It is not possible to invest in an unmanaged index. Direct Lending: Cliffwater Direct Lending Index. U.S. Investment Global infrastructure (Infra. U.S. Distribution Yield presented is based on the fund-level composite of all the share classes. Bowman was a Managing Director of Leveraged Finance at FleetBoston Financial from 1998 to 2003, where he was a senior . This concise index gives investors a birds-eye-view of the opportunities available in the direct lending market, which will be particularly useful for anyone wanting to enter into the market or . The illiquidity premium is represented by the average difference of the Cliffwater Direct Lending Index and the Bloomberg Barclays U.S. Corporate High Yield Index . The CDLI draws the total return from three different areas: income, net realised gains or losses and unrealised gains or losses. Bowman was the President of HighPoint Capital Management, LLC. Not surprisingly, some managers have produced better outcomes than others, and by wide margins. 2399.91. All of the monthly standard deviations are then annualized and the volatility is expressed as a percentage. Contact Info. He is a portfolio manager responsible for US Direct Lending funds, BlackRock Credit Strategies Fund, and middle-market CLOs in the US. Patrick Wolfe, Managing Director, is a member of Blackrock's Global Credit Platform. With this data, we can run a successive - more robust - analysis of the direct lending . "Private Credit" is represented by the Cliffwater Direct Lending Index. Transport: returns are derived from a J.P. Morgan Asset Management index. 1The Cliffwater Direct Lending Index (the "CDLI") seeks to measure the unlevered, gross of fees performance of U.S. middle market corporate loans, as represented by the underlying assets of Business Development Companies ("BDCs"), including both exchange-traded and unlisted BDCs, subject to certain eligibility requirements. 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. This information is provided for informational purposes only and is provided as of the date indicated. ** First Eagle Credit Opportunities Fund uses Distribution Yield in place of Yield to Worst. Calendar year returns for the asset class, measured by Cliffwater Direct Lending Index - Senior Only, were 9.90%, versus 5.28% for the Bloomberg High Yield Bond Index and 5.20% for the S&P/LSTA . The Cliffwater Direct Lending index, which measures the unlevered performance of U.S. midmarket corporate loans, returned -4.84% in the first quarter, its first negative quarter since the fourth . On the supply side, borrowers continue to look to the private markets. The ind ex representations are not intended as a . Global Private Equity: Cambridge Associates Global Private Equity Index. AVERAGE REALIZED LOSS 2006-2020 Average realized loss is the historical average of the realized gains/losses for the Cliffwater Direct Lending Index. The CDLI-V follows the same construction methodology as CDLI but only includes loans held by BDCs that have an investment style that Cliffwater has determined clearly focuses on venture lending. Cliffwater Direct Lending Index, S&P 500, S&P/LSTA Leverage Loan Index, Bloomberg U.S. There can be no assurance that the Fund will . Page 8 of Cliffwater's quarterly report presents market values of SCERS' Private Equity investments across strategy and regions as of December 31, 2017. The index is currently comprised of over 5000 direct loans valued at about $75 billion. Sector. The CWBDC is a capitalization-weighted index that is calculated on a daily basis using publicly-available closing share prices and reported dividend payouts. SCERS Private Equity portfolio also contains several legacy Fund-of-Funds (FoFs . Assets (Fair Value) (approximately 75%) of reported total assets are . First, the Cliffwater Direct Lending Index provides a benchmark for measuring risk, return, and manager performance in direct lending instruments. CDLI-S follows the same construction methodology as the CDLI but only includes loans held by BDCs that have an investment style that Cliffwater has determined focuses on senior secured loans. With data from Cliffwater LLC, PMFA estimates that investors in private credit have typically earned an illiquidity premium of at least 1.5% above the high yield index since 2004. . 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. Traditionally a niche asset class pre-crisis, corporate direct lending has become an increasingly important allocation for . Source: Bloomberg Barclays High Yield index, S&P Leveraged Loan Index and Cliffwater Direct Lending Index. At TCP, Mr. Wolfe launched the middle-market CLO platform taking . These charts are shown for illustrative purposes and are not intended to represent the Fund's strategies or performance, or how the Fund's portfolio will be invested or allocated at any particular time. Click here to view CWBDC Index on Bloomberg Index Characteristics Q4 Direct Lending Report The one-year return for 2017 was 9.3 percent for unlevered direct lending and 11.3 percent for levered direct lending. Source: Morningstar, Cliffwater Direct Lending Index, and S&P/ LSTA Leveraged Loan Index, as of June 30, 2021. The index is available as a Total Return (Net). Manager selection, therefore, is part of investing in direct loans. Bowman is a Managing Director of Crescent Capital focusing on Direct Lending. Direct lending performed extremely well in 2021. Based on Cliffwater LLC's latest December 2021 survey of 53 direct-lending firms, collectively managing $570 billion in direct-lending assets, 79% of all middle-market corporate borrowers represented within their loan portfolios were private equity . "The modest early drawdown and subsequent rebound has mostly quieted skeptics who thought the middle market was ripe for a severe downturn due to surging assets and entrants in recent years," said Stephen Nesbitt, Cliffwater chief . This compares with an average yield to maturity on the S&P/LSTA leveraged loan index of just above 5 percent for a similar time period (suggesting a 3 percent premium). For example, consider the Cliffwater Direct Lending Index (CDLI), which 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 . Private Credit from Cliffwater Direct Lending Index. U.S. As of December 31, 2020. Shares Held. Mr. Wolfe joined BlackRock through the acquisition of TCP. Total Return (%) of the COVID period in 2020 with an improving economy and companies starting 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, trade secret, and trademark law, as well as other state, national, and international laws and regulations. At TCP, Mr. Wolfe launched the middle-market CLO platform taking . Cliffwater Direct Lending Fund has the ability to use leverage of up to 1.5x fund assets. The pursuit of diversification is not as . The growth in direct, middle-market loans originated by asset managers is partly explained by the growth in middle-market private equity. The reference currency of the DLX Index is USD. As of September 30, 2021. As a consequence of the environment and these features, there appears to be significant growth particularly in private credit. 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, 2020.1the cdli is a first-of-its-kind i ndex used by institutional investors to better understand asset class characteristics and to benchmark manager … skillfully, is an all-weather strategy. Data Universe: All underlying assets held by private and public BDCs that satisfy certain eligibility requirements. Dream live prosper. The Cliffwater Direct Lending Index (the "CDLI") seeks to measure the unlevered, gross of fees performance of U.S. middle market corporate loans, as represented by the underlying assets of Business Development Companies ("BDCs"), including both exchange-traded and unlisted BDCs, subject to certain eligibility requirements. Aggregate Bond Index, Bloomberg U.S. Municipal Index, Bloomberg U.S. Corporate Bond Index, Bloomberg U.S. Corporate High Yield Index, Private Equity Total Return Index USD. U.S. Venture Capital: Cambridge Associates U.S. Venture Capital Index. U.S. Venture Capital: Cambridge Associates U.S. Venture Capital Index. During the same periods, the S&P/LSTA Leveraged Loan index return, which . Obtenha informação aprofundada sobre Cliffwater Corporate Lending Fund Class I Shares, incluindo uma visão geral sobre os seus negócios, os executivos de topo, o total de ativos e contactos. Data as of 31 December 2021. Based on Cliffwater LLC's latest December 2021 survey of 53 direct-lending firms, collectively managing $570 billion in direct-lending assets, 79% of all middle-market corporate borrowers represented within their loan portfolios were private equity . Morningstar computes standard deviation using trailing monthly total returns for 15 years. The Cliffwater Direct Lending Index is an unmanaged group of securities considered to be representative of the private debt market in general. Annualized Yield (12-Month) for Private Credit (CDLI) was 8.8%, 4.2% for leveraged loans, and 4.0% for high yield. Prior to joining HighPoint Capital in 2005, Mr. All correlation coefficients are calculated 1. The full year 2021 performance of the Cliffwater Direct Lending Index, an asset-weighted index of over 8,000 directly originated middle market loans totaling $191 billion as of December 31, 2021, was 12.78%. This Schedule 13G is being filed on behalf of the following: (i) (ii) (iii) Cliffwater Corporate Lending Fund, a Delaware statutory trust (the "Fund"); Cliffwater LLC, a Delaware limited liability company (the "Adviser"); and. Hedge fund indices include equity long/short, relative value, and global macro and are all from HFRI. This information is derived from sources that are considered reliable, but Cliffwater LLC ("Cliffwater . U.S. 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-market loans, such as those offered by Cliffwater. Evaluating the Historical Performance of Cliffwater Direct Lending Index Data (CDLI) Cliffwater, LLC - which provides a range of services in the alternative asset space - created a direct lending index. 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 performance of direct lending managers. Private debt should perform well in the rising rate environment due to floating-rate structures, the report said. The index used for the asset class is the Cliffwater Direct Lending Index. Cliffwater Direct Lending Index. Fitch Ratings reports that companies in business services, technology and healthcare have served as a large source of issuance in direct . Bowman was a Managing Director of Leveraged Finance at FleetBoston Financial from 1998 to 2003, where he was a senior . The Fund, the Adviser and Mr. Nesbitt are collectively . The Cliffwater Direct Lending index return was 12.78% for the calendar year 2021, up from 5.45% in 2020 and 9% in 2019. . All correlation coefficients are calculated based on quarterly . 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. Hedge fund indices include equity long/short, relative value, and global macro and are all from HFRI. 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. 1The Cliffwater Direct Lending Index (the "CDLI") seeks to measure the unlevered, gross of fees performance of U.S. middle market corporate loans, as represented by the underlying assets of Business Development Companies ("BDCs"), including both exchange-traded and unlisted BDCs, subject to certain eligibility requirements. Mr. Wolfe joined BlackRock through the acquisition of TCP. C/O UMB FUND SERVICES, INC. MILWAUKEE WI 53212. Business Phone: 414-299-2200. We emerged from the height . 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. Index performance is for illustrative purposes only. Sources: Yields as of 12/31/21. , an index of mid-market lending covering 7,000 loans and dating back to 2004. Average annual volatility based on standard deviation. The Cliffwater Direct Lending Index seeks to measure the unlevered, gross of fee performance of US middle market corporate loans, as represented by the asset-weighted performance of the underlying . Data Universe: All underlying assets held by private and public BDCs that satisfy certain eligibility requirements. The Cliffwater Direct Lending Index (the "CDW") seeks to measure the unlevered, gross of fees performance of U.S. middle market corporate loans, as represented by the underlying assets of Business Development Companies ("BDCs"), including both exchange-traded and unlisted BDCs, subject to certain eligibility requirements. This website (the "Website") provides information regarding the yield and performance of the Cliffwater Direct Lending Index (the "Index"). DLP Capital is a high growth IMPACT investor that leverages capital with real estate-backed investments to build wealth and prosperity for all of our members, investors, clients and partners. Investment Fees for Direct Lending; Private Debt the new 40 in 60/40 "All Weather" Private Debt; The Valuation of Middle Market Loans; US Direct Lending Comparative Performance Through the Financial Crisis; Cliffwater 2022 Study on Private Fund Fees & Expenses for Direct Lending; Private Debt: Weathering Rising Interest Rates 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. Steve Nesbitt, Cliffwater's chief executive, told PDI he recommends his institutional clients invest about 5-10 percent of their portfolios in direct lending strategies. Source: Preqin, Credit Suisse as of December 31, 2020. In 2015 Cliffwater introduced the Cliffwater Direct Lending Index ("CDLI") that tracks the performance of the actual loans in all applicable BDCs from 2004. High Yield is represented by the ICE BofA ML US Cash Pay High Yield Constrained Index (JUC4). Hedge fund indices include equity long/short, relative value, and global macro and are all from HFRI. Pages 9 - 11 provide . THE CLIFFWATER DIRECT LENDING INDEX BENCHMARKING AN ASSET CLASS The Cliffwater Direct Lending Index, or CDLI, is an asset-weighted index of over 8,000 directly originated middle market loans totaling $191 billion as of December 31, 2021. Stephen Nesbitt ("Mr. Nesbitt"), a U.S. citizen. 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 performance of direct lending managers. Stock. Risk measured as standard deviation of quarterly returns. The Cliffwater direct lending index has shown that senior private loans in the US have returned about 8 percent since 2010. When Cliffwater was unable to determine the nature of a BDC's investments because of limited information included in historical SEC filings, Cliffwater did not apply the portfolio composition criteria (a substantial majority (approximately 75%) of reported total assets are represented by direct loans made to corporate borrowers, as categorized by each BDC and subject to Cliffwater's . Current 13D/G Holdings. These vehicles offer no demand liquidity, have defined investment and harvest periods, and . The Broad Benchmark and Its Components. Transport: returns are derived from a J.P . Bowman is a Managing Director of Crescent Capital focusing on Direct Lending. 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. Performance charts for Cliffwater Corporate Lending Fund (CCLFX) including intraday, historical and comparison charts, technical analysis and trend lines. Patrick Wolfe, Managing Director, is a member of Blackrock's Global Credit Platform. Cliffwater Direct Lending Index. Prior to joining the team in 2012, Mr. Annual volatility of the S&P 500 Index from 2013-2020. Index Value (12/31/2021) $69.5 B. Alex Condrell, managing director at Cliffwater discusses the firm's direct lending index and corporate lending fund and how investments in middle-market corporate credit should stand up to the challenges of rising inflation and interest rates, providing something close to historic return levels of 9 percent for the asset class without extending recklessly out the risk spectrum. Volatility is measured using standard deviation. He is a portfolio manager responsible for US Direct Lending funds, BlackRock Credit Strategies Fund, and middle-market CLOs in the US. Senior Loans Is represented by the S&P/LSTA Leverage Loan Index. Stock market represented by the S&P 500 Index. Rates data - Source: U.S. Dept. Cliffwater for "Direct Lending" per the Cliffwater Direct Lending Index (CDLI). of the Treasury as of 9/30/21. Direct Lending: Cliffwater Direct Lending Index. Corporates is represented by the ICE BofA ML US Corporate Index Effective Yield (C0A0). Contact Us Learn more. This index captures both mark-to-market volatility (based on quarterly loan valuation changes) as well The use of leverage may increase volatility and fund risks. Total credit market defined as the aggregate of the high . 6653.74. Setting a new standard for real estate investing. Eagle Credit Opportunities Fund uses Distribution Yield presented is based on the supply side, borrowers to. 2003, where he was a senior Inflation Peaked > Hedging against Inflation with alternative <... 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