Cliffwater

Learn more about our leading perpetual private markets funds—Cascade Private Capital Fund (CPEFX), Cliffwater Corporate Lending Fund (CCLFX), and Cliffwater Enhanced Lending Fund (CELFX)—on the new CliffwaterFunds.com. 

Cascade Private Capital Fund Announces Completion of $250 Million Revolving Credit Facility #privatemarkets #alternatives 

We’re excited to announce the launch of the new Cliffwater website! Take a look now to learn more about how Cliffwater has been defining alternatives over our 20-year legacy. 

“It’s basically steady as you go.” Stephen Nesbitt, CEO & CIO, and Fran Beyers, Head of Capital Markets, review the Q2 2024 Cliffwater Direct Lending Index (CDLI) results, provide an update on direct lending markets, and share what to expect for the remainder of the year. #privatedebt #directlending #alternatives

With seemingly too many asset classes competing for allocators’ capital, public credit is likely expendable in favor of private debt, which offers returns 3-4% higher after adjusting for fees. By itself, that return difference more than justifies the liquidity give-up for going private, and with the advent of private debt vehicles like perpetual BDCs and interval funds, investors can come close to having both the higher return and comparable liquidity. That leaves public credit out of the mix. #privatedebt #alternatives

Cliffwater Corporate Lending Fund Announces Completion of $1.370 Billion Investment Grade Secured Notes Offering #privatedebt #alternatives

Evergreen private equity (PE) funds, specifically tender offer funds and interval funds, have gained popularity among investors seeking continuous capital deployment, periodic liquidity, and enhanced asset allocation precision. Understanding the fee structures of these funds is crucial for evaluating their attractiveness and expected returns. In “The Price of Perpetuity: Understanding Fees in Evergreen Private Equity,” we take a look under the hood of evergreen PE fund fees and expense and their high degree of variance and nuance, concluding that they compare quite favorably to the “2 and 20” model. #privateequity #alternatives

Cliffwater Enhanced Lending Fund Announces Completion of $1.175 Billion Revolving Credit Facility #privatedebt #opportunisticcredit #alternatives

In this quarter’s Views from Cliffwater, we look at how Cliffwater has evolved over the past 20 years, our approach to finding quality deals and managing defaults within our private debt portfolios, and our outlook on the direct lending market. #privatedebt #directlending #alternatives 

Stephen Nesbitt, CEO & CIO, provides his asset allocation update for Q3 2024 and views on international stocks.