You are now leaving the BDCs.com website. 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. If you choose to visit the linked site, you do so at your own risk, and you will be subject to such site's terms of use and privacy policies, over which Cliffwater has no control. In no event will Cliffwater be responsible for any information or content within the linked site or your use of the linked site.

The views and opinions expressed in the book at the link are those of the author and do not necessarily reflect the views of Cliffwater or its employees. The book is not intended to, and does not relate specifically to, any investment strategy or product that Cliffwater offers. It is not investment advice and it is not an offer of any security. The information contained in the book is only as current as of the date indicated, and may be superseded by subsequent market events or for other reasons. Neither the author nor Cliffwater undertakes to advise you of any changes in the views expressed in the book.

Information on the Cliffwater Direct Lending Index (CDLI) 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. The performance of the CDLI has not been reviewed by an independent accounting firm. Index returns do not reflect payment of any sales charges or fees. Any information presented prior to the launch date (9/30/15) is back-tested. Unless otherwise indicated, the back-tested calculations are based on the same methodology that was in effect when the indices were officially launched. Back-tested performance is not actual performance, but is hypothetical. Prospective application of the methodology used to construct an index may not result in performance commensurate with any back-tested returns. Back-tested data reflect the application of an index methodology and selection of index constituents in hindsight. No hypothetical record can completely account for the impact of financial risk in actual trading.

You are now leaving the BDCs.com website. 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. If you choose to visit the linked site, you do so at your own risk, and you will be subject to such site's terms of use and privacy policies, over which Cliffwater has no control. In no event will Cliffwater be responsible for any information or content within the linked site or your use of the linked site.

Information on the Cliffwater Direct Lending Index (CDLI) 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. The performance of the CDLI has not been reviewed by an independent accounting firm. Index returns do not reflect payment of any sales charges or fees. Any information presented prior to the launch date (9/30/15) is back-tested. Unless otherwise indicated, the back-tested calculations are based on the same methodology that was in effect when the indices were officially launched. Back-tested performance is not actual performance, but is hypothetical. Prospective application of the methodology used to construct an index may not result in performance commensurate with any back-tested returns. Back-tested data reflect the application of an index methodology and selection of index constituents in hindsight. No hypothetical record can completely account for the impact of financial risk in actual trading.