cliffwater direct lending index

/Pg 24 0 R /P 6524 0 R 1991 0 obj /A 6766 0 R /Lang (EN-US) /Lang (EN-US) /K 130 /Pg 22 0 R >> /S /Artifact /S /Artifact >> /Lang (EN-US) 114 0 obj /Pg 25 0 R /Lang (EN-US) << /S /P << /K 1249 /Lang (EN-US) /P 6424 0 R >> /Pg 19 0 R << << 1965 0 obj /Lang (EN-US) >> /Pg 25 0 R << /Pg 25 0 R /K [1334 1335] /Pg 24 0 R << /P 5148 0 R /P 10 0 R /P 5322 0 R /S /Artifact /S /P 174 0 obj /K 1147 /Pg 22 0 R endobj /K 944 /Pg 25 0 R 185 0 obj << 2273 0 obj /Pg 22 0 R /S /Artifact /K 37 /Pg 23 0 R endobj /Pg 25 0 R 3484 0 obj /Pg 23 0 R /Lang (EN-US) endobj 3115 0 obj endobj /Lang (EN-US) /Pg 22 0 R << <> /K 1286 /S /P << >> /K [95 96 97 98 99 100 101 102 103] /K 999 <> >> /S /Artifact >> endobj 1483 0 obj endobj 494 0 obj /K 1497 467 0 obj /Lang (EN-US) /Lang (EN-US) 777 0 obj /S /P <> /Pg 22 0 R endobj /Lang (EN-US) /Pg 25 0 R /S /Artifact 3223 0 obj /P 4957 0 R 2459 0 obj /Lang (EN-US) /Lang (EN-US) 4630 0 R] 1744 0 obj endobj /P 5144 0 R endobj /K 1169 /S /P /S /P /Pg 22 0 R >> /Lang (EN-US) /K 1274 >> /Pg 13 0 R endobj endobj 3087 0 obj /K 1193 1819 0 obj endobj /Pg 23 0 R /P 74 0 R endobj << /K 571 endobj /Pg 25 0 R >> << /Pg 24 0 R /S /P /S /P 255 0 obj 1166 0 obj endobj /ParentTree 11 0 R /K 22 3902 0 obj /S /P /S /P << /Pg 24 0 R >> /S /P endobj /Pg 24 0 R /S /Artifact endobj /P 6224 0 R 3440 0 obj /Type /Page /S /P /Pg 23 0 R /P 6202 0 R /S /Artifact endobj endobj /Pg 14 0 R << << << 1233 0 obj /S /P /S /P << 4577 0 R 4578 0 R 4579 0 R 4580 0 R 4581 0 R 4582 0 R 4583 0 R 4584 0 R 4585 0 R 4586 0 R /S /Artifact /Pg 23 0 R /K 1292 /S /P /Lang (EN-US) << 2567 0 obj 1649 0 obj /Pg 26 0 R /K 1098 /K 1171 /K 358 << /Pg 25 0 R << /K 1432 >> << /Pg 22 0 R /S /Artifact /Pg 23 0 R /S /Artifact >> 1821 0 obj /S /Artifact /K 384 >> endobj 2826 0 obj endobj endobj /K 316 << 3444 0 obj << 720 0 obj >> /Lang (EN-US) /Lang (EN-US) /S /Artifact << /Pg 24 0 R << /A 4749 0 R endobj /Pg 23 0 R /K 1202 /S /Artifact >> 1171 0 obj /Pg 18 0 R << 285 0 obj /K 1409 << /S /P /Lang (EN-US) 3550 0 obj 4297 0 obj /K 1287 /Pg 22 0 R /P 6226 0 R 956 0 obj /Pg 24 0 R /Pg 22 0 R << /Pg 25 0 R /Pg 25 0 R endobj 3934 0 obj 3069 0 obj /S /Artifact /K 1426 /S /Footnote /K 1519 << endobj >> endobj >> /P 5832 0 R endobj /Pg 23 0 R endobj /K 1291 /P 33 0 R endobj /Pg 23 0 R /K 1174 /K 1223 << << /Lang (EN-US) /Pg 25 0 R /Pg 24 0 R /K 1426 >> /Pg 25 0 R << >> /K 4 endobj /S /P << /K 249 /K 111 /Lang (EN-US) 757 0 obj endobj /K 1218 endobj /P 6095 0 R >> endobj >> /K 406 /Pg 24 0 R >> endobj >> endobj 3644 0 obj /Lang (EN-US) /Lang (EN-US) /Pg 21 0 R /K 428 endobj endobj /K 556 >> >> >> /Pg 22 0 R /P 5548 0 R null null null 717 0 R null 718 0 R null 719 0 R null 720 0 R /Pg 22 0 R >> >> endobj /P 5062 0 R /Lang (EN-US) /K 553 /S /Artifact endobj >> /K 1459 /Lang (EN-US) << endobj << /K 535 2410 0 obj << /Pg 23 0 R >> 377 0 obj >> /P 6214 0 R endobj /S /P /Pg 22 0 R << 217 0 R 218 0 R 219 0 R 220 0 R 221 0 R 222 0 R 223 0 R 224 0 R 225 0 R 226 0 R endobj 1012 0 obj /K 1116 2022 Q1 Report on U.S. Direct Lending - Cliffwater /S /Artifact endobj >> /S /P endobj >> /K 738 /Lang (EN-US) >> endobj endobj >> /P 4773 0 R /S /Artifact /Lang (EN-US) /K 163 >> << << /Pg 24 0 R << /K 1145 /Pg 22 0 R /K 1211 /P 6589 0 R /S /Artifact /S /Artifact /P 5165 0 R 3360 0 obj >> >> /S /Artifact endobj /K 634 /K 1205 /P 4879 0 R >> 2981 0 obj 2962 0 obj 1745 0 obj /S /Artifact endobj /K 1310 /S /Artifact 3635 0 R null 3636 0 R null null null 3637 0 R null null null 2853 0 obj >> >> /S /P /S /P /S /P /Lang (EN-US) 1255 0 obj /Pg 24 0 R endobj >> /K 788 /K 120 /Pg 25 0 R endobj endobj /Pg 16 0 R << endobj /K 1450 3480 0 obj endobj null null 1695 0 R null 1696 0 R null 1697 0 R null 1698 0 R null >> >> endobj /K 1167 endobj null 2930 0 R null 2931 0 R null 2932 0 R null 2933 0 R null 2934 0 R /K 1543 2913 0 obj 4314 0 R 4315 0 R 4316 0 R 4317 0 R 4318 0 R 4319 0 R 4320 0 R 4321 0 R 4322 0 R 4323 0 R /Pg 22 0 R >> <> /P 6422 0 R endobj >> >> /Pg 23 0 R 1950 0 obj /K 1281 /S /P /K 3 << /S /Artifact /Pg 22 0 R /S /P /Pg 18 0 R << /S /Artifact /K 1360 /S /P /Pg 24 0 R /K 1443 3901 0 obj /S /P endobj endobj >> null 672 0 R null 673 0 R null 674 0 R 675 0 R null 676 0 R null /S /P <> << /S /Artifact /Pg 24 0 R endobj >> /Pg 22 0 R /Pg 22 0 R /S /Artifact >> /Pg 14 0 R /S /Artifact /CropBox [0 0 612 792] endobj endobj >> /S /P /S /Artifact /P 10 0 R endobj /Pg 24 0 R >> /Lang (EN-US) /S /Artifact >> 680 0 obj >> /Pg 22 0 R << 246 0 obj /K [75 76] /S /P /Pg 24 0 R >> /Lang (EN-US) /Pg 22 0 R /Border [0 0 0] << /Lang (EN-US) /K 1357 /K 1253 /S /P << 1621 0 obj 2797 0 obj /S /P 974 0 obj /P 5152 0 R << /K 1290 /S /P /K 1401 /K 1291 endobj /K 769 >> /K 350 /K 32 /Lang (EN-US) endobj /S /Artifact /P 6367 0 R /K 169 /Lang (EN-US) 919 0 obj 556 0 obj << /Pg 23 0 R /K 1277 << >> >> /Pg 23 0 R /Pg 23 0 R /S /Artifact 3006 0 obj /P 5464 0 R /P 10 0 R /S /Artifact /S /Artifact endobj >> >> 712 0 obj /S /P /Pg 23 0 R >> >> endobj << /K 34 /Lang (EN-US) /S /Artifact << << /P 6346 0 R /S /P endobj /Lang (EN-US) << endobj null 2550 0 R null null null 2551 0 R null null null 2552 0 R /S /P /Pg 23 0 R /Lang (EN-US) /K 276 << /Pg 25 0 R /S /Artifact /S /Artifact /K 701 endobj /P 4855 0 R 4289 0 obj << >> << << /S /P /Pg 23 0 R /S /P /Pg 23 0 R endobj 3261 0 obj >> /S /P /S /Artifact /K 1031 /Lang (EN-US) 3924 0 obj /Pg 24 0 R 3500 0 obj /Parent 8 0 R >> /S /P /P 5274 0 R /Pg 23 0 R The Index measures the unlevered, gross of fee performance of U.S. middle market corporate loans. /S /P >> 1924 0 obj endobj /Lang (EN-US) endobj 4265 0 obj /Pg 24 0 R /Lang (EN-US) /Pg 23 0 R endobj << /Pg 13 0 R /K 432 << /S /P /K 1427 /K 1547 endobj /S /Artifact /Lang (EN-US) 2907 0 obj /S /Artifact /Pg 23 0 R /Pg 22 0 R 2237 0 obj >> /P 6431 0 R >> >> endobj /Pg 24 0 R /K 98 /K 62 /Lang (EN-US) /S /P endobj << 1078 0 obj endobj 1841 0 obj /Pg 24 0 R 2995 0 obj << << << << 245 0 obj /Lang (EN-US) /P 5085 0 R /S /P >> /K 1148 /K 1313 /Rotate 0 /S /P /Pg 23 0 R endobj >> /K 18 endobj endobj /Pg 25 0 R /S /P /Pg 24 0 R << /Pg 24 0 R << >> 2821 0 obj 2466 0 obj /Pg 22 0 R /K [1118 1119] /K 837 endobj << << /K 1085 << endobj endobj endobj /Lang (EN-US) 224 0 obj << /K 690 << >> 4046 0 obj endobj /K 321 /P 6293 0 R /S /Artifact /Pg 23 0 R /K 1330 endobj /P 4971 0 R /S /P /Lang (EN-US) /S /P /K 1441 481 0 obj /Pg 22 0 R >> >> As of September 30, 2022. /S /P /Pg 24 0 R /Pg 23 0 R /Pg 24 0 R >> /K [43 4684 0 R] 2590 0 obj 668 0 obj << /Pg 24 0 R /Pg 22 0 R /K 489 1806 0 obj endobj /P 5003 0 R /Pg 23 0 R /K 1290 /K 1419 2457 0 obj /MediaBox [0 0 612 792] /CropBox [0 0 612 792] /P 5169 0 R /Pg 23 0 R << /Lang (EN-US) /K [68 4676 0 R] 1308 0 R 1309 0 R 1310 0 R 1311 0 R 1312 0 R 1313 0 R 1314 0 R 1315 0 R 1316 0 R 1317 0 R << /K 749 /P 10 0 R << /Pg 24 0 R /Lang (EN-US) 587 0 obj /K 202 /S /Artifact 552 0 obj 2708 0 obj >> >> /Lang (EN-US) >> /S /P endobj /P 5444 0 R >> /P 5155 0 R endobj >> >> /Pg 25 0 R >> A repricing of real estate is underway. /K 1084 >> /Pg 24 0 R endobj /Lang (EN-US) /K 1137 /Pg 22 0 R /K 747 << << 2347 0 obj /S /Artifact endobj << endobj 4334 0 R] /Pg 23 0 R << endobj endobj 3107 0 R 3108 0 R 3109 0 R 3110 0 R 3111 0 R 3112 0 R 3113 0 R 3114 0 R 3115 0 R 3116 0 R /Parent 8 0 R null null 1058 0 R null 1059 0 R null 1060 0 R null 1061 0 R null endobj /S /Artifact /S /P >> 3751 0 obj /S /P << /S /P /K 144 1273 0 obj 3315 0 obj 1931 0 obj >> /K 1180 /Pg 24 0 R /Lang (EN-US) /Pg 23 0 R << /Pg 25 0 R << /Pg 23 0 R << endobj /Pg 14 0 R >> << /K 1336 /S /P >> /K 1040 /S /P >> /K 948 3438 0 obj /Pg 25 0 R /K 165 >> /Pg 22 0 R >> << 2911 0 obj /Lang (EN-US) 1929 0 obj /S /Artifact << /Pg 24 0 R /K 4 /Pg 24 0 R /Pg 25 0 R endobj /K 99 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 /Pg 24 0 R /P 5392 0 R /Pg 20 0 R >> <> 1329 0 obj /P 4881 0 R /K 1422 /Lang (EN-US) /K 1323 >> endobj << << 4271 0 obj /Pg 24 0 R /S /Artifact >> /Type /Page /P 5938 0 R << >> << /K 21 /Pg 24 0 R << <> 3024 0 obj 1028 0 obj << >> << /S /P /Pg 23 0 R endobj >> 2077 0 obj /Pg 22 0 R endobj /Pg 25 0 R 317 0 obj >> <> >> /K 767 << >> << /Lang (EN-US) /Pg 22 0 R >> /Lang (EN-US) null null 2917 0 R null 2918 0 R null 2919 0 R null 2920 0 R null /K 68 /S /Artifact >> /Lang (EN-US) 1083 0 obj /P 10 0 R /S /Artifact /Lang (EN-US) >> << endobj /S /P /Pg 24 0 R endobj << 4084 0 obj >> /Pg 18 0 R /P 4854 0 R /K 971 /Pg 22 0 R /Pg 23 0 R /Lang (EN-US) /K 825 661 0 obj /Pg 24 0 R /K 109 << >> /Lang (EN-US) /Lang (EN-US) /S /P /P 6357 0 R /S /P /S /Artifact >> << /Pg 24 0 R endobj endobj /S /P << endobj /K 1437 >> /Pg 23 0 R endobj /Pg 25 0 R 476 0 R null 477 0 R null 478 0 R 479 0 R 480 0 R null 481 0 R null >> /Lang (EN-US) << << /Pg 22 0 R endobj >> /K 322 << endobj 3536 0 obj /S /Artifact /Pg 24 0 R 1107 0 obj /P 6641 0 R endobj /K 1515 <> << /K 982 /S /Artifact 338 0 obj /K 1230 /Lang (EN-US) /Lang (EN-US) /P 6655 0 R >> endobj << endobj /S /Artifact 2065 0 obj /S /Artifact endobj endobj /S /P << 3041 0 obj /K 981 /Lang (EN-US) >> /Pg 17 0 R 3575 0 obj /K 194 endobj >> >> << >> endobj >> 1305 0 obj /Pg 25 0 R 2102 0 obj endobj null 1022 0 R null 1023 0 R null 1024 0 R null 1025 0 R null 1026 0 R endobj /Pg 23 0 R endobj /P 4857 0 R /S /P >> /S /P endobj /K 612 /K 1488 endobj endobj /Lang (EN-US) /P 10 0 R << >> << /Lang (EN-US) /S /P /P 5985 0 R endobj endobj /Pg 22 0 R 3709 0 obj /S /Artifact /Lang (EN-US) Website. /K 343 >> >> /S /P /Pg 24 0 R endobj 3621 0 obj >> /K 720 endobj /Lang (EN-US) endobj However, there are certain structural features that are common to most loans: security, structural seniority, floating rate pricing, contractual yield and amortization, financial covenant protections, and management access. << 3774 0 obj /S /P >> /K 512 << endobj /Lang (EN-US) << 2200 0 obj >> endobj /K 680 >> /P 6163 0 R >> /K 938 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 23 0 R /P 5835 0 R >> /K 449 /Pg 25 0 R /S /P /Lang (EN-US) /S /P /P 6451 0 R endobj endobj /S /P /P 5524 0 R >> endobj Cliffwater draws up direct lending index - Private Debt Investor endobj 2281 0 obj endobj 162 0 obj << /Pg 24 0 R /Lang (EN-US) endobj 1834 0 obj endobj /Lang (EN-US) /S /P In addition to consolidating existing knowledge on direct lending, Private Debt offers several completely new analysis tools and concepts, representing significant value to the investment community. endobj /S /P /S /P /Pg 24 0 R /Lang (EN-US) endobj /Lang (EN-US) endobj /Lang (EN-US) /Pg 24 0 R /Lang (EN-US) endobj >> /S /Artifact /Type /Annot >> /P 4844 0 R /Lang (EN-US) << /S /P << /K 1298 /S /Artifact << /K 216 << 315 0 obj /S /P << /Pg 23 0 R endobj endobj >> >> << /K 905 /Lang (EN-US) << endobj >> /S /P /S /P >> << /Pg 22 0 R /Pg 22 0 R endobj endobj /S /Artifact /Lang (EN-US) /Pg 13 0 R 2885 0 obj /P 4832 0 R /Pg 25 0 R /K 1439 << << /K 1222 /Pg 23 0 R >> /K 1002 /Pg 24 0 R >> /Lang (EN-US) /Pg 24 0 R /P 5700 0 R >> /K 466 /S /Artifact >> << /K 1458 /S /P << /K 611 /K 127 endobj /S /P /Pg 25 0 R /K 610 /P 6153 0 R << >> << << endobj /P 5899 0 R /S /P 4174 0 R 4175 0 R 4176 0 R 4177 0 R 4178 0 R 4179 0 R 4180 0 R 4181 0 R 4182 0 R 4183 0 R /Pg 22 0 R endobj /P 5315 0 R << >> /K 1224 >> /K 71 /Pg 24 0 R /Pg 25 0 R /K 641 /Lang (EN-US) /Pg 18 0 R endobj /K 1179 /Pg 23 0 R /S /P /K 1197 1054 0 obj /S /P >> endobj >> /P 4742 0 R >> /Pg 25 0 R endobj /K 1073 /Pg 24 0 R /Pg 25 0 R 3571 0 obj /S /Artifact >> /Pg 22 0 R /P 4633 0 R /Pg 22 0 R << << << >> << /S /Artifact /S /P 3422 0 obj >> /Tabs /S << endobj 484 0 obj /S /Artifact endobj 4113 0 obj /P 4650 0 R /Pg 22 0 R /S /P /K 381 endobj /S /P >> >> endobj endobj /Lang (EN-US) << endobj /Lang (EN-US) /P 6314 0 R 2187 0 obj endobj /Pg 25 0 R >> /K 1076 /Rotate 0 endobj /S /Artifact >> /K 1423 /S /Artifact /S /Artifact >> 3886 0 obj /S /Artifact /S /P /K 740 /K 620 /Pg 24 0 R <> /K 998 >> /S /P 2836 0 obj /K 1056 endobj /S /P /K 1438 /Pg 24 0 R 2406 0 obj >> 3112 0 obj >> 1609 0 obj 929 0 obj /Lang (EN-US) /S /P /K 1259 /K 8 >> /K 1039 << endobj 2206 0 R 2207 0 R 2208 0 R 2209 0 R 2210 0 R 2211 0 R 2212 0 R 2213 0 R 2214 0 R 2215 0 R /K 495 >> /K 121 /K 653 endobj << /S /Artifact /Pg 22 0 R /Resources 4383 0 R /S /Artifact >> >> /K 1509 2810 0 obj << /K 978 /Lang (EN-US) >> /Lang (EN-US) /S /Artifact /Pg 25 0 R >> << /K 813 3977 0 R 3978 0 R 3979 0 R 3980 0 R 3981 0 R 3982 0 R 3983 0 R 3984 0 R 3985 0 R 3986 0 R >> /S /Artifact << >> /K 10 /Lang (EN-US) 445 0 obj /P 6183 0 R /Pg 24 0 R endobj << >> /S /Artifact /K 1052 /P 5257 0 R 366 0 obj /K 1196 >> endobj 4285 0 obj >> /K 1286 << endobj << /K 1525 2921 0 obj endobj /K 632 << /S /P /S /Artifact /Lang (EN-US) endobj endobj /P 5999 0 R >> /K 578 3377 0 obj /P 10 0 R /Lang (EN-US) >> >> >> 1050 0 obj endobj /Lang (EN-US) /K 841 /K 574 /Lang (EN-US) 1983 0 obj >> /Lang (EN-US) endobj 3370 0 obj /Pg 25 0 R 877 0 obj 2697 0 obj /K 1417 >> /S /Artifact /K 1452 >> >> /Pg 13 0 R /Pg 23 0 R << endobj /Pg 24 0 R << /Lang (EN-US) << /K 756 640 0 obj /Pg 22 0 R << /S /P /Lang (EN-US) << 2255 0 obj /S /Artifact 3012 0 obj /S 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1366 >> 1883 0 obj 638 0 obj /K 17 << >> << /S /P endobj 3037 0 R 3038 0 R 3039 0 R 3040 0 R 3041 0 R 3042 0 R 3043 0 R 3044 0 R 3045 0 R 3046 0 R /K 1369 3218 0 obj 2741 0 obj 1849 0 obj endobj /S /P /Pg 22 0 R /K 167 /P 4692 0 R >> << 2355 0 obj << 2197 0 obj /Pg 24 0 R endobj >> /Lang (EN-US) /Lang (EN-US) /Pg 23 0 R endobj 440 0 obj 3551 0 obj endobj /Pg 25 0 R 2366 0 obj /K 36 << endobj /K 81 /Lang (EN-US) /Lang (EN-US) /Pg 25 0 R 967 0 obj << /InlineShape /Figure /K 1248 endobj /S /P /StructParents 10 836 0 obj endobj /P 5466 0 R << /K 1291 /K 1538 endobj /Pg 23 0 R /S /Artifact /Lang (EN-US) endobj endobj /K 1452 << /S /P /Pg 25 0 R /K 1155 /Pg 25 0 R endobj /Lang (EN-US) /K 1524 2205 0 obj << 308 0 obj /S /Artifact 2358 0 obj /P 6392 0 R /K 1452 1435 0 R 1436 0 R 1437 0 R 1438 0 R 1439 0 R 1440 0 R 1441 0 R 1442 0 R 1443 0 R 1444 0 R /Lang (EN-US) PDF 2022 Q2 Report on U.S. Direct Lending /Lang (EN-US) /Lang (EN-US) << >> << >> /K 1393 null null 2540 0 R null 2541 0 R null 2542 0 R null 2543 0 R null /Pg 24 0 R /S /P /Pg 24 0 R 1610 0 obj /S /Artifact >> /P 5650 0 R /Lang (EN-US) /K 1289 /Pg 23 0 R /P 5831 0 R /Pg 25 0 R /A 4408 0 R 4060 0 obj /P 6553 0 R endobj /Pg 25 0 R /K 1209 238 0 obj /K 1339 /K 36 /K 1252 /P 5850 0 R /P 6746 0 R endobj endobj /P 6477 0 R endobj >> >> 1500 0 obj /A 4745 0 R /Lang (EN-US) 3970 0 obj CCLFX Quote - Cliffwater Corporate Lending Fund - Bloomberg Markets >> >> << 3612 0 obj 3208 0 obj << /S /Artifact 437 0 obj 1304 0 obj /S /P 830 0 obj << << >> /Lang (EN-US) /P 5857 0 R << /Pg 22 0 R 856 0 obj << /Pg 23 0 R << /S /Artifact /Lang (EN-US) /Pg 25 0 R 2604 0 obj >> endobj /S /P /S /P /Lang (EN-US) endobj /Lang (EN-US) endobj /S /P /S /P /K 17 /S /P /Pg 23 0 R 1082 0 obj /P 6068 0 R /P 5332 0 R /S /Artifact endobj /S /Artifact << >> /Pg 25 0 R endobj >> << 2282 0 obj /StructParents 11 << >> 1346 0 obj endobj << We are proactive with our advice and recommendations to clients so they may achieve desired outcomes. 2176 0 obj 5 [140 0 R 142 0 R 143 0 R 144 0 R 145 0 R 147 0 R 149 0 R 150 0 R 151 0 R 152 0 R /Lang (EN-US) /S /P << /K 1253 /K 179 /K 284 /P 5138 0 R 2174 0 obj /P 4880 0 R /P 6460 0 R >> << >> /S /P endobj >> /S /P /Pg 21 0 R << 2607 0 R null 2608 0 R null 2609 0 R null 2610 0 R null null null >> >> endobj 2017 0 obj /P 5410 0 R << /S /Artifact /P 4904 0 R 2213 0 obj << /Type /Annot >> 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 /Pg 25 0 R endobj /Pg 22 0 R << /K 34 /Pg 13 0 R << /S /P 89 0 obj /K 108 /Pg 25 0 R /K 239 /K 1401 /Pg 23 0 R /S /Artifact /S /P << endobj << /S /P /Pg 24 0 R >> /Pg 23 0 R 4214 0 R 4215 0 R 4216 0 R 4217 0 R 4218 0 R 4219 0 R 4220 0 R 4221 0 R 4222 0 R 4223 0 R /Pg 22 0 R 2849 0 obj /StructParent 16 /S /P >> 4168 0 obj /Pg 23 0 R 1018 0 obj /P 5346 0 R /Pg 25 0 R << >> /S /Artifact /Pg 22 0 R <> >> /S /Artifact << >> /Lang (EN-US) /P 5632 0 R 50 0 obj /S /P << /Pg 24 0 R /Pg 22 0 R /P 5646 0 R /S /Artifact /P 6679 0 R /Pg 22 0 R /Pg 22 0 R /Lang (EN-US) >> endobj endobj << /K 10 >> endobj 3893 0 obj >> /S /Artifact /K 55 /K 1430 << endobj /S /Artifact << 3944 0 obj /P 6176 0 R /S /P >> /S /Artifact /Pg 23 0 R << >> /K 624 /P 5450 0 R <> endobj 1936 0 obj /Pg 22 0 R /P 10 0 R /K 30 /S /P /Pg 24 0 R << endobj /S /Artifact 770 0 obj >> /Pg 24 0 R 2270 0 obj /Pg 25 0 R /K 33 << >> /Lang (EN-US) /Subtype /Link /K 706 1347 0 obj >> /S /Artifact 4132 0 obj >> 3342 0 obj endobj /P 4714 0 R /S /P << 1715 0 obj /K 1164 /S /Artifact /S /Artifact >> /A 4681 0 R /S /Artifact >> /K 430 /K 584 /Lang (EN-US) endobj /P 5711 0 R 186 0 obj /S /P 3368 0 obj endobj 1932 0 obj 3821 0 obj /Pg 25 0 R /K 792 /Pg 25 0 R /K 1457 /K 1380 /Pg 22 0 R /K 1343 null 2837 0 R null 2838 0 R 2839 0 R null 2840 0 R null 2841 0 R null /Pg 22 0 R endobj >> 983 0 R null 984 0 R null null null 985 0 R null null null >> 4179 0 obj /Pg 25 0 R /Pg 23 0 R /K 426 >> /S /Artifact /Pg 25 0 R /S /P endobj << /Lang (EN-US) <> /S /P /K 355 /P 6078 0 R /K 1484 /S /Artifact /P 6659 0 R /P 5287 0 R /Pg 13 0 R >> >> 881 0 obj 1210 0 obj endobj endobj /S /P /Pg 22 0 R /S /Artifact endobj /S /P /K 304 endobj /S /Artifact endobj /Rotate 0 1265 0 obj /P 6493 0 R >> endobj endobj 2423 0 obj << endobj /Pg 24 0 R /Lang (EN-US) /K 208 1071 0 obj >> <> /Pg 16 0 R << /Lang (EN-US) << >> 1562 0 obj Interestingly, Private Equity's excess returns are actually greatest when Public Equities deliver low returns. << 2669 0 obj << /Pg 25 0 R stream /Pg 22 0 R 3691 0 obj /Pg 22 0 R /P 6066 0 R endobj >> /K 1548 /Lang (EN-US) 1025 0 obj /S /Artifact << >> /P 4784 0 R /S /P >> /S /P /S /P << endobj /Pg 22 0 R /Lang (EN-US) /S /P /K 0 /P 33 0 R << 133 0 obj /S /P /K 1408 << << endobj /K 318 << /S /Artifact 1944 0 obj << >> 485 0 obj /S /Artifact << << endobj 625 0 obj /P 4912 0 R /Pg 23 0 R /S /P endobj endobj /K 256 /A 4439 0 R /P 4872 0 R /Pg 22 0 R /P 5020 0 R endobj /Pg 22 0 R /K 1342 >> << /Lang (EN-US) /P 4875 0 R >> /K 304 endobj >> /S /P /P 4987 0 R << << 2771 0 R null null null 2772 0 R null null null 2773 0 R null << /Pg 24 0 R 147 0 obj 56 0 obj endobj /K 733 /P 6221 0 R >> >> endobj /S /P /Lang (EN-US) /Pg 18 0 R /K 1164 << /Pg 25 0 R 306 0 obj << /Pg 24 0 R /K 438 /Lang (EN-US) /P 6499 0 R << << >> /K 1325 null 3710 0 R null 3711 0 R null 3712 0 R null 3713 0 R null null << >> >> /S /P /K 5 << 1201 0 obj /S /Artifact J.P.Morgan, Guide to Alternatives, 2Q 2020. /S /Artifact /K 630 /K 1188 /K 1496 /Pg 22 0 R endobj >> /Pg 20 0 R >> /Lang (EN-US) /P 4632 0 R >> /Pg 24 0 R >> /Pg 23 0 R /Pg 25 0 R /K 705 endobj /Lang (EN-US) /S /P /Pg 24 0 R /Pg 24 0 R /Pg 24 0 R /S /P /P 6429 0 R /Pg 25 0 R /Pg 17 0 R >> << << /S /Artifact >> /K 1269 >> endobj /K 1109 /S /Artifact /K 67 /K 1347 endobj << 40 0 obj << /S /P >> 658 0 R null 659 0 R null 660 0 R null 661 0 R null 662 0 R 663 0 R endobj /P 10 0 R << >> 81 0 obj 2607 0 obj >> /Lang (EN-US) << /S /P << /Pg 23 0 R << /Pg 24 0 R /Pg 23 0 R %PDF-1.6 << endobj /Pg 22 0 R << << 1997 0 R null 1998 0 R null null null 1999 0 R null null null /Pg 23 0 R >> /S /Artifact 4070 0 obj << /K 113 endobj endobj >> 4228 0 obj 3226 0 obj /K 1245 endobj /S /P /Lang (EN-US) /K 905 endobj 3909 0 obj /Lang (EN-US) 3205 0 obj << /Pg 22 0 R /S /P /Pg 22 0 R 262 0 obj 4152 0 obj /S /P /P 6160 0 R /P 4900 0 R 2543 0 obj 3567 0 R null 3568 0 R null 3569 0 R null 3570 0 R null 3571 0 R 3572 0 R /S /P endobj endobj /K 1202 742 0 obj >> /K 917 << /Lang (EN-US) /Pg 23 0 R /S /P 3704 0 R null 3705 0 R null 3706 0 R null 3707 0 R null 3708 0 R 3709 0 R 1727 0 obj /S /P /S /P /Pg 25 0 R 3810 0 obj /K 451 2036 0 obj 599 0 obj endobj /K 219 /K 819 endobj endobj /K 388 /Pg 22 0 R 1104 0 obj endobj 1122 0 obj /P 6043 0 R << /Pg 24 0 R 1252 0 obj /P 5882 0 R << 4022 0 obj 3998 0 obj /K 1279 /K 1437 /S /P >> << /S /P endobj /K 1013 << /Pg 19 0 R endobj 1748 0 obj 3586 0 R null 3587 0 R null 3588 0 R null null null 3589 0 R null