2868 0 obj >> 3515 0 R null 3516 0 R null null null 3517 0 R null null null << /K 82 /K 1189 >> /Pg 23 0 R /Lang (EN-US) endobj /Pg 14 0 R 420 0 obj endobj << >> /S /P << /Pg 14 0 R /K 302 /K 872 << /P 6325 0 R /Lang (EN-US) 648 0 obj /Lang (EN-US) /S /Artifact << /S /P >> >> endobj /K 343 /S /P 3542 0 obj /Pg 25 0 R endobj >> /K 79 /P 5529 0 R 2387 0 obj << 1184 0 obj >> << /Pg 25 0 R /S /P /Pg 16 0 R /S /P /Pg 25 0 R /P 5292 0 R /K 647 744 0 obj endobj >> 2583 0 obj << 4134 0 obj 2431 0 obj /Pg 22 0 R /S /Artifact /Pg 16 0 R 4163 0 obj /Lang (EN-US) /P 5380 0 R << << endobj 3912 0 obj endobj /P 6554 0 R /Lang (EN-US) /K 79 << /P 6119 0 R /K 722 /P 5850 0 R /K 1073 /Pg 24 0 R << /S /P endobj /P 6059 0 R /Pg 23 0 R >> /S /P /Pg 25 0 R endobj endobj 470 0 R null 471 0 R null 472 0 R 473 0 R null 474 0 R 475 0 R null 2932 0 obj >> /S /P 2484 0 obj /S /Artifact /Pg 25 0 R /Lang (EN-US) endobj << /K 418 >> endobj /S /P /S /P << << << >> /Pg 23 0 R << 3285 0 obj /Pg 24 0 R endobj /Lang (EN-US) 1933 0 obj /S /Artifact 2819 0 obj << 2196 0 obj 3122 0 obj /Pg 24 0 R >> 2082 0 obj /Pg 25 0 R << /S /Artifact 1032 0 R null null null 1033 0 R null null null 1034 0 R null /Pg 24 0 R 3519 0 obj 3190 0 obj endobj /K 95 >> /K 1172 1097 0 obj endobj endobj >> null null 961 0 R null null null 962 0 R null 963 0 R null endobj /Lang (EN-US) /K 1208 /S /P endobj /S /Artifact /K 1057 endobj /Pg 25 0 R /Lang (EN-US) /K 364 /S /P /Pg 24 0 R 2561 0 obj /Pg 22 0 R << >> /Pg 24 0 R endobj 1186 0 obj /Pg 22 0 R /K 1271 1153 0 obj /Pg 22 0 R /Pg 24 0 R << << /K 1167 /K 1379 /K 1440 >> << /S /Link << endobj /S /P >> /Lang (EN-US) << endobj >> /Pg 24 0 R >> /S /Artifact /Lang (EN-US) << /Lang (EN-US) >> << >> /Lang (EN-US) 690 0 obj << /Lang (EN-US) << /S /P << endobj /P 5357 0 R /P 6120 0 R /Lang (EN-US) endobj endobj >> 1103 0 R null 1104 0 R null 1105 0 R 304 0 R 1106 0 R 1107 0 R 1108 0 R 1109 0 R /Pg 22 0 R >> /S /Artifact /K 441 /Lang (EN-US) endobj endobj /Lang (EN-US) 3711 0 obj endobj << /S /P /K 898 endobj /Lang (EN-US) endobj >> >> /S /P /Lang (EN-US) endobj /Pg 24 0 R /K 1281 385 0 obj /K 1396 /P 10 0 R endobj << /S /P endobj << /Pg 25 0 R /Lang (EN-US) >> << << /Lang (EN-US) /Pg 25 0 R /S /Artifact 3136 0 obj 2774 0 obj /P 4854 0 R endobj LS@.JU 1497 0 obj >> /K 648 /S /P /Pg 24 0 R /Pg 24 0 R << /K 1454 /P 6575 0 R /Pg 15 0 R endobj /Lang (EN-US) >> /P 4437 0 R >> 4135 0 obj /Pg 23 0 R endobj endobj << /P 4893 0 R 3975 0 obj /P 10 0 R 1197 0 obj /S /Artifact /S /P /S /Artifact /Lang (EN-US) 2974 0 obj << 3559 0 obj /Pg 23 0 R /Lang (EN-US) << endobj >> /K 169 1357 0 obj /S /P << >> /S /Artifact 283 0 obj /Pg 23 0 R /S /Artifact /P 6241 0 R /K 1056 3510 0 obj /S /P >> << 4223 0 obj null 3434 0 R null 3435 0 R null 3436 0 R null 3437 0 R null 3438 0 R 2615 0 R null 2616 0 R null 2617 0 R 2618 0 R null 2619 0 R null 2620 0 R << 997 0 obj /Pg 25 0 R endobj 3244 0 R 3245 0 R 3246 0 R 3247 0 R 3248 0 R 3249 0 R 3250 0 R 3251 0 R 3252 0 R 3253 0 R /Pg 22 0 R /K 67 /S /Artifact /Pg 23 0 R >> /P 6168 0 R endobj endobj /S /P /Pg 25 0 R /Pg 25 0 R /K 1310 2038 0 obj /K 1290 1610 0 obj endobj /K 491 /Pg 23 0 R << /Pg 23 0 R << /S /P /P 6412 0 R /P 5401 0 R << endobj >> /K 1160 3797 0 obj /S /Artifact endobj /K 1343 << /Pg 25 0 R /S /P /K 1399 /K 747 /S /Artifact /S /P /P 6621 0 R >> /S /Artifact /Pg 24 0 R /S /P endobj << /Pg 25 0 R /K 325 /S /Artifact /Pg 23 0 R /S /Artifact /Pg 24 0 R /Lang (EN-US) /Pg 25 0 R 764 0 obj /Pg 25 0 R << /Pg 24 0 R >> endobj /S /Artifact /K 1035 3096 0 obj endobj /P 10 0 R 3127 0 obj /Pg 26 0 R << /S /P /Pg 22 0 R endobj 1188 0 obj >> /K 1187 /Lang (EN-US) >> >> endobj /Lang (EN-US) null 841 0 R null 842 0 R 843 0 R null 844 0 R null 845 0 R null /S /P /Pg 24 0 R /S /Artifact /Pg 24 0 R /Lang (EN-US) 1192 0 obj >> /K 31 endobj endobj /Pg 24 0 R << /S /Artifact /S /Artifact /P 5821 0 R >> /Pg 24 0 R /S /P /Pg 22 0 R << << endobj /Lang (EN-US) /Lang (EN-US) 219 0 obj << /S /P /P 5928 0 R /K 239 /K 1479 >> >> >> endobj /S /P endobj /K 1211 /K 547 /K 1169 << endobj 1365 0 obj << << >> /Pg 25 0 R >> 953 0 obj 443 0 obj /S /Artifact /K 843 /Pg 23 0 R endobj 622 0 obj /S /Artifact endobj 3457 0 obj >> /K 1096 /Lang (EN-US) /P 6368 0 R /P 6088 0 R >> /Pg 22 0 R << /Pg 24 0 R >> /P 5725 0 R /K 1421 << /Pg 14 0 R /Pg 25 0 R endobj endobj >> endobj /Pg 23 0 R /K 264 1708 0 obj /Lang (EN-US) 3836 0 obj /Pg 25 0 R 2972 0 obj endobj /K 401 endobj >> /S /Artifact 3603 0 obj /K 1322 << endobj /K 36 >> /Rotate 0 /Pg 22 0 R /S /P << /Pg 19 0 R /S /Artifact >> /P 5762 0 R << << /P 5726 0 R 1358 0 obj 1046 0 obj /Pg 24 0 R << /K 613 >> << endobj /K 1430 /S /P 412 0 obj << 1602 0 obj 1478 0 obj /S /P /P 6470 0 R << endobj /S /P << /P 10 0 R 982 0 obj /Pg 24 0 R endobj endobj >> 3869 0 obj /Lang (EN-US) 630 0 obj /P 6338 0 R /S /Artifact /K 1131 >> /Pg 24 0 R << /Pg 23 0 R endobj /S /Artifact << /Pg 24 0 R 1001 0 obj /Pg 14 0 R /Pg 23 0 R /Lang (EN-US) 489 0 obj endobj << /K 1503 3574 0 obj /K 1039 /K 905 endobj 2844 0 obj 1505 0 R 1506 0 R 1507 0 R 1508 0 R 1509 0 R 1510 0 R 1511 0 R 1512 0 R 1513 0 R 1514 0 R /K [193 4750 0 R] << >> /Pg 25 0 R /P 6213 0 R /S /Artifact endobj >> endobj << /S /P /Pg 23 0 R >> << /Lang (EN-US) endobj /Lang (EN-US) >> 311 0 obj >> 38 0 obj >> /K 1109 /S /Artifact >> 1830 0 obj << >> /Pg 23 0 R 2432 0 obj /P 4701 0 R /K 69 << << /Lang (EN-US) 2845 0 obj >> /Pg 25 0 R /K 468 >> null 3811 0 R null 3812 0 R null 3813 0 R null 3814 0 R null 3815 0 R endobj /S /P 1284 0 obj 811 0 obj /S /P endobj /Lang (EN-US) /Pg 25 0 R /Lang (EN-US) /K 1099 /K 688 << /Pg 24 0 R 1584 0 obj >> /S /Artifact /Pg 23 0 R /S /P /Pg 22 0 R /S /Artifact >> 501 0 R null 502 0 R null 503 0 R 504 0 R 505 0 R null 506 0 R null endobj /S /P /S /P 2142 0 obj /K 34 << /K 118 endobj << /S /Artifact /K 690 /Pg 25 0 R >> /Pg 25 0 R endobj /K 1539 1949 0 obj >> << 1078 0 obj << /P 6011 0 R /Lang (EN-US) /S /Artifact endobj endobj << /Pg 22 0 R /Pg 22 0 R /Pg 22 0 R /S /P /Pg 24 0 R /S /Artifact 490 0 obj /Pg 25 0 R >> << /Pg 23 0 R /Pg 24 0 R endobj /Pg 24 0 R /K 162 >> /S /P >> /Lang (EN-US) /Lang (EN-US) Loan Note: Private debt's growing muscle; Cliffwater issues return endobj >> << /Pg 25 0 R endobj endobj null null 2540 0 R null 2541 0 R null 2542 0 R null 2543 0 R null 3160 0 obj << /S /Artifact /Pg 23 0 R << endobj /P 6077 0 R >> 2470 0 obj /K 94 << /Lang (EN-US) >> /K 1343 /K 1058 /K 90 /P 5882 0 R 2354 0 obj >> << /S /P /StructParents 8 /P 6690 0 R >> >> >> * "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. >> << 1601 0 obj /P 4690 0 R /P 5404 0 R /K 218 endobj endobj endobj >> endobj /Pg 24 0 R << >> >> /Pg 13 0 R 2503 0 obj >> /K 1437 << << /K 1345 /Lang (EN-US) endobj /K 61 /K 1311 endobj 2520 0 obj /S /P /S /P endobj /Pg 24 0 R /Pg 22 0 R endobj >> 1892 0 obj >> endobj /InlineShape /Figure /S /Artifact << 1380 0 obj /K 36 595 0 obj >> /P 4945 0 R /K 1044 /K 208 << << /Pg 20 0 R /Pg 22 0 R /Pg 22 0 R /Pg 25 0 R >> endobj /K 91 532 0 R null 533 0 R 534 0 R 535 0 R 180 0 R 181 0 R 182 0 R 183 0 R 184 0 R /Lang (EN-US) /S /Artifact 1804 0 obj /P 5076 0 R /K 1353 4116 0 obj /S /Artifact << /K 100 endobj >> endobj /S /Artifact endobj 4296 0 obj >> /K 903 /P 5214 0 R 2805 0 obj /K 659 /S /Artifact /S /P /S /P /K 1183 endobj /Parent 8 0 R 3910 0 obj /P 5193 0 R /K 1544 endobj 601 0 R null null 602 0 R null 603 0 R 604 0 R null null 605 0 R /K 322 3035 0 obj << /S /P /P 4971 0 R >> 1098 0 obj >> /S /P /Lang (EN-US) << /S /Artifact /P 6326 0 R /P 5810 0 R /S /Artifact /Pg 23 0 R << 665 0 obj >> 1332 0 obj 2757 0 obj /P 10 0 R endobj << endobj null 2531 0 R null 2532 0 R null 2533 0 R 2534 0 R null 2535 0 R null >> 258 0 obj << endobj /S /Artifact /Lang (EN-US) /S /Artifact << /Pg 23 0 R endobj /P 6070 0 R /S /P /S /Artifact /Lang (EN-US) /P 5602 0 R /Pg 23 0 R /Pg 24 0 R /P 5427 0 R /P 5304 0 R >> /P 5328 0 R endobj endobj /K 116 >> /S /P << 1169 0 obj /K 487 1093 0 obj /Pg 22 0 R /S /P /K 14 /S /P /Pg 24 0 R /K 1469 /S /P 707 0 obj 1711 0 obj /P 4857 0 R >> 3314 0 R 3315 0 R 3316 0 R 3317 0 R 3318 0 R 3319 0 R 3320 0 R 3321 0 R 3322 0 R 3323 0 R 1031 0 obj >> /Lang (EN-US) >> /S /P /Pg 22 0 R 1212 0 obj 2611 0 obj /S /Artifact /Pg 25 0 R /K 1115 3571 0 obj /S /P /K 73 /Pg 23 0 R /K 148 /P 5412 0 R 263 0 obj 2566 0 R null 2567 0 R null 2568 0 R null 2569 0 R 2570 0 R null 2571 0 R >> << 392 0 obj /P 6624 0 R 1486 0 obj null 2580 0 R null 2581 0 R 2582 0 R null 2583 0 R null 2584 0 R null /Pg 22 0 R /S /Artifact /S /Artifact endobj << 3133 0 obj /Lang (EN-US) /Pg 25 0 R /Lang (EN-US) 1249 0 obj >> 2515 0 obj /P 5281 0 R /K 1379 /Pg 16 0 R >> 436 0 R 436 0 R] endobj /Pg 22 0 R endobj /K 1350 /P 10 0 R 3851 0 obj /S /Artifact 1704 0 obj /Lang (EN-US) endobj >> 3137 0 R 3138 0 R 3139 0 R 3140 0 R 3141 0 R 3142 0 R 3143 0 R 3144 0 R 3145 0 R 3146 0 R /S /Artifact /K 1431 >> /P 5492 0 R /K 64 endobj /K 1255 endobj /Lang (EN-US) /S /P /K 1131 >> 866 0 obj << >> 2331 0 obj /S /P /Lang (EN-US) /Pg 22 0 R << /Lang (EN-US) >> >> /Pg 25 0 R << /Pg 25 0 R /P 10 0 R >> endobj 2408 0 obj endobj << endobj << 2513 0 obj /Pg 19 0 R /S /P >> << 3617 0 obj << 765 0 obj /S /P /S /Artifact /Lang (EN-US) /Resources 4379 0 R >> /Lang (EN-US) 1074 0 obj >> /S /P /Pg 22 0 R /K 1019 endobj >> << /Pg 24 0 R endobj /K 1073 << 2166 0 obj endobj endobj /S /P /Lang (EN-US) /S /P endobj 2615 0 obj >> endobj /S /P >> endobj << >> << endobj /Pg 23 0 R /P 4877 0 R 500 0 obj endobj /Pg 24 0 R endobj /K 639 >> endobj /S /Artifact /Pg 23 0 R /Lang (EN-US) /P 6757 0 R endobj 2104 0 obj >> /P 5693 0 R /P 6086 0 R /K 476 /T () 1218 0 R 1219 0 R 1220 0 R 1221 0 R 1222 0 R 1223 0 R 1224 0 R 1225 0 R 1226 0 R 1227 0 R null null null 1634 0 R null null null 1635 0 R null 1636 0 R /P 5559 0 R /Pg 24 0 R >> /Lang (EN-US) << endobj << >> << 3005 0 obj null 2739 0 R null 2740 0 R null 2741 0 R null 2742 0 R 2743 0 R null << endobj /Pg 23 0 R /Lang (EN-US) endobj Cliffwater Direct Lending Index 2372 0 obj /K 1146 3786 0 obj /Pg 22 0 R >> /Lang (EN-US) endobj << /Lang (EN-US) /S /Artifact << /S /P endobj /S /P >> /S /P /Lang (EN-US) << 1177 0 obj 3966 0 obj /Lang (EN-US) 545 0 obj /Pg 23 0 R endobj /K 790 /P 6023 0 R /K 1495 endobj /P 6401 0 R endobj >> << >> /S /Artifact >> << /S /Artifact /Pg 23 0 R /K 1178 endobj /Lang (EN-US) 546 0 obj /Lang (EN-US) /Lang (EN-US) /Lang (EN-US) /Lang (EN-US) /Pg 23 0 R /K 323 /Lang (EN-US) /K 1516 /S /P /S /Artifact /Pg 24 0 R 2504 0 obj /P 5832 0 R /S /P /Lang (EN-US) /K 385 /K 1215 2138 0 obj stream /K 1111 >> /S /P /K 324 /S /P /S /Artifact /K 277 << /P 6489 0 R >> /S /P endobj /Underline /Span /S /P /S /P 1525 0 R 1526 0 R 1527 0 R 1528 0 R 1529 0 R 1530 0 R 1531 0 R 1532 0 R 1533 0 R 1534 0 R /Lang (EN-US) /Pg 25 0 R Looking at historical /K 1227 177 0 R 178 0 R 179 0 R 180 0 R 181 0 R 182 0 R 183 0 R 184 0 R 185 0 R 186 0 R /Pg 22 0 R >> endobj /K 1275 << /S /Artifact /Lang (EN-US) /K 1468 /S /Artifact /K 1201 /Pg 23 0 R /P 6278 0 R 3438 0 obj /Pg 25 0 R >> /S /Artifact /S /P >> << /Lang (EN-US) >> 2988 0 obj << /K 345 2894 0 obj << /K 1274 /K 1325 endobj /S /Artifact >> >> /Lang (EN-US) >> /K 399 /Pg 22 0 R /K 1132 << 423 0 obj /S /P /Pg 24 0 R /K 1386 >> /Lang (EN-US) >> 2368 0 obj /P 6747 0 R /S /Artifact /P 6521 0 R /K 1499 /K 20 704 0 obj >> /S /P /Lang (EN-US) /Pg 23 0 R 2462 0 obj >> /K 1 >> /Pg 23 0 R 1698 0 obj /S /Artifact endobj << 2743 0 obj >> /Pg 24 0 R >> /Pg 16 0 R /K 1475 /S /P /K 1378 << /P 4404 0 R << 1754 0 obj /S /P /P 4975 0 R /S /P << /K 1428 << /Lang (EN-US) << /Pg 25 0 R >> /Lang (EN-US) /K 291 /Pg 22 0 R endobj /K 1496 << /S /Artifact /S /Artifact /K 79 /A 6764 0 R /Pg 24 0 R >> /Pg 25 0 R << /P 10 0 R >> /K [39 40 41 42 43 44] /K 400 /Lang (EN-US) 4087 0 obj >> 4099 0 obj /S /Artifact endobj /S /Artifact endobj << /Lang (EN-US) /K 419 endobj /Lang (EN-US) 3688 0 obj /Pg 25 0 R 1442 0 obj /K 620 /K 1515 endobj << endobj endobj /K 233 /Pg 22 0 R /S /P 1737 0 obj /Pg 25 0 R << << /S /Artifact /S /Artifact << << << << >> /K 29 endobj /S /P /S /Artifact 3607 0 obj /S /P Is Private Credit a Bubble, or Just a Little Frothy? << /Pg 25 0 R >> /Pg 24 0 R /S /Artifact >> /S /Artifact /K 499 << >> /Lang (EN-US) << /Lang (EN-US) /K 540 1898 0 obj >> Source: Cliffwater. << /P 6391 0 R endobj << /S /P endobj 2512 0 obj >> >> Cliffwater Direct Lending Index (CDLI) - Primary source of data on middle market corp orate private debt (>7,000 individual loans) - Quarterly performance benchmark for corporat e direct lending going back to Sept 2004 - Market data on yields, defaults, recoveries, borrower size, sponsorship, loan-to-value, etc. endobj /K 1218 endobj >> 2813 0 obj /K 1347 << endobj /P 5793 0 R /Pg 19 0 R 3696 0 obj /S /P /P 10 0 R << /S /Artifact << /S /P << /K 848 endobj << /S /Artifact /Pg 22 0 R /Lang (EN-US) /Lang (EN-US) /S /P /K 182 endobj /Pg 22 0 R /K 667 endobj /Parent 9 0 R << /Pg 24 0 R 4 [103 0 R 104 0 R 105 0 R 106 0 R 108 0 R 109 0 R 110 0 R 111 0 R 113 0 R 114 0 R >> endobj >> 3052 0 obj /S /Artifact /K 61 Markets currently appear to need further sequential evidence before pricing in a more sustained period of higher yields /S /Artifact /MediaBox [0 0 612 792] /P 10 0 R /S /P /Lang (EN-US) /S /Artifact endobj 2363 0 obj << /S /P /K 1148 /Lang (EN-US) /P 4654 0 R endobj /K 869 << endobj 2417 0 obj /S /P >> << /K 8 /S /Artifact >> << /S /P << /P 4784 0 R /P 5442 0 R 3781 0 obj endobj /S /Artifact endobj << >> /P 6354 0 R /Pg 24 0 R << << >> /Pg 24 0 R >> << /K 1346 /K 1083 endobj 1644 0 obj /S /Artifact >> >> /K 1396 /P 6271 0 R << endobj >> /P 5322 0 R endobj /P 6585 0 R >> /Lang (EN-US) /K 1188 /S /P /K 907 /S /LBody >> >> /K 61 >> >> 3951 0 obj 2845 0 R null 2846 0 R null 2847 0 R null 2848 0 R null 2849 0 R null /Lang (EN-US) /S /P << << /Pg 22 0 R /Pg 24 0 R /K 713 Private Equity generally outperforms Public Equities in almost all environments except the 'low inflation/low growth' regime. /K [1341 1342] << << /P 5271 0 R << /S /Artifact >> /S /P /Pg 15 0 R /K 1276 /Lang (EN-US) /K 1289 2586 0 obj /K 261 >> 273 0 R 275 0 R 276 0 R 277 0 R 278 0 R 279 0 R 280 0 R 281 0 R 282 0 R 283 0 R /S /P /Lang (EN-US) << 4229 0 obj 365 0 obj << /S /P /K 1471 /K 247 985 0 obj /Lang (EN-US) endobj endobj 2051 0 obj /K 512 PDF DIRECT LENDING - PERFORMANCE ANALYSIS - Alpinum Investment Management << 4232 0 obj >> 170 0 obj /K 837 << /S /Artifact 1792 0 R null null 1793 0 R null null null 1794 0 R null null /Pg 23 0 R /S /Table << endobj /S /Artifact << /K 1263 /S /Artifact /P 6292 0 R /K 1067 /Pg 25 0 R >> endobj /MediaBox [0 0 612 792] /S /P << << << << /Lang (EN-US) /Pg 23 0 R /Pg 25 0 R /Pg 25 0 R << /Pg 23 0 R << /P 4399 0 R 328 0 obj /P 5140 0 R endobj endobj endobj /Pg 23 0 R << /S /P /K 34 /Lang (EN-US) /Pg 23 0 R /P 5175 0 R 4212 0 obj /S /P /K 1521 /S /P endobj /Lang (EN-US) /S /Figure endobj 3639 0 obj /S /P endobj << /K 1046 2323 0 obj 107 0 obj /Parent 9 0 R /S /P /Pg 18 0 R << endobj /K 1318 222 0 obj /S /P /S /Artifact /Pg 23 0 R << /S /Artifact << >> /Lang (EN-US) /S /Artifact /S /Artifact 4246 0 obj << /S /Artifact /K 1363 /Pg 13 0 R 2096 0 obj << >> /K 1153 /K [41 42 43 44 45] >> >> /P 5824 0 R /K 639 /Pg 25 0 R 3010 0 obj >> 81 0 obj /P 4969 0 R /Pg 25 0 R /S /P It is often said policy takes around 6-12 months to take effect. 1111 0 obj /S /Artifact /Lang (EN-US) 1527 0 obj << /S /Artifact >> endobj /S /Artifact << /S /Artifact /P 6191 0 R << /Pg 24 0 R endobj /Pg 23 0 R << 3216 0 obj /K 322 /P 4813 0 R /Pg 23 0 R /Pg 22 0 R /K 589 << /Pg 16 0 R /Pg 23 0 R /K 1344 /P 5812 0 R /K 1278 /P 4852 0 R >> 2032 0 obj >> 1057 0 obj endobj /K 1395 /S /P endobj /Pg 15 0 R /Pg 25 0 R /S /Link >> /Lang (EN-US) /P 5048 0 R >> /P 6428 0 R /P 5463 0 R endobj /P 5118 0 R /Lang (EN-US) 2729 0 obj 350 0 obj 2822 0 obj << 1204 0 obj /S /P >> /S /Figure endobj 67 0 R 67 0 R 67 0 R 67 0 R 71 0 R 71 0 R 78 0 R 78 0 R 78 0 R 78 0 R /S /Artifact /P 5655 0 R /P 6545 0 R /Lang (EN-US) /S /Artifact >> /S /P /S /Artifact endobj endobj << /S /Artifact >> /Lang (EN-US) >> endobj >> 1054 0 R null 1055 0 R null 1056 0 R null null null 1057 0 R null << 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 >> /Lang (EN-US) /S /P 2244 0 obj 520 0 obj 1437 0 obj << /Pg 25 0 R /Pg 25 0 R endobj endobj /Pg 22 0 R /Pg 23 0 R >> >> /Pg 22 0 R << /S /P >> /P 4972 0 R /Lang (EN-US) /Pg 24 0 R endobj /S /P /K 24 /Lang (EN-US) 3199 0 obj << << << /Lang (EN-US) /K 1048 << endobj /S /Artifact /K [159 540 0 R 190] /Pg 24 0 R /S /P /S /P /K 762 2233 0 obj /Lang (EN-US) /K 541 /Pg 25 0 R /P 4760 0 R /S /P /K 1287 >> 357 0 obj 344 0 obj /Pg 25 0 R 1546 0 obj /K 1185 2000 0 obj << 1305 0 obj /K 1358 /Pg 18 0 R /S /P /P 5692 0 R null 3573 0 R null 3574 0 R null 3575 0 R null 3576 0 R null null 3371 0 obj /P 4726 0 R >> 4077 0 R 4078 0 R 4079 0 R 4080 0 R 4081 0 R 4082 0 R 4083 0 R 4084 0 R 4085 0 R 4086 0 R /Lang (EN-US) endobj /Pg 25 0 R /S /Artifact /Pg 22 0 R /Lang (EN-US) /Pg 19 0 R << /K 333 >> /S /P 2671 0 obj endobj /P 10 0 R /Lang (EN-US) << /P 6600 0 R /S /P /P 4817 0 R endobj >> /S /Artifact << << /K 1377 4092 0 obj /S /Artifact endobj /Pg 22 0 R /P 6304 0 R /P 5886 0 R endobj /S /P /K 567 /K 1252 /K 801 /K 295 3487 0 obj endobj 3243 0 obj << /S /Artifact /Pg 22 0 R /Pg 25 0 R >> /P 4433 0 R endobj /Pg 22 0 R endobj /K 104 /Lang (EN-US) /K 894 /S /Artifact /K 755 /Lang (EN-US) >> /Lang (EN-US) >> /Pg 25 0 R 628 0 obj 1702 0 obj >> 4076 0 obj . /Lang (EN-US) 1450 0 obj /S /Artifact With this data, we can run a successive - more robust - analysis of the direct lending . /P 6210 0 R /Lang (EN-US) /S /Artifact null 1823 0 R null 1824 0 R null 1825 0 R 1826 0 R null 1827 0 R null /S /P /Lang (EN-US) 2510 0 obj 3635 0 R null 3636 0 R null null null 3637 0 R null null null /Lang (EN-US) 2413 0 R 2414 0 R 2415 0 R 2416 0 R 2417 0 R 2418 0 R 2419 0 R 2420 0 R 2421 0 R 2422 0 R /Pg 23 0 R /S /P /K 1106 >> >> << /P 5046 0 R endobj << /K 30 /Lang (EN-US) 330 0 obj >> /P 6347 0 R endobj /K 1530 endobj /Pg 22 0 R endobj /Pg 25 0 R >> /Pg 25 0 R /Pg 24 0 R {{featuredResearch.formattedEffectiveDate}}, {{featuredWebcasts.formattedEffectiveDate}}, {{latestAssetAllocation.formattedEffectiveDate}}. endobj /Pg 22 0 R /Parent 8 0 R >> /K 985 endobj endobj << >> /Pg 25 0 R endobj << << /P 5923 0 R >> /K 190 >> /S /P 4205 0 obj /Lang (EN-US) >> 422 0 obj endobj /K 39 << 3646 0 obj << /Pg 24 0 R /K 241 >> << /Lang (EN-US) /K 831 2731 0 obj /P 5350 0 R 3763 0 obj /S /P /S /Artifact /K 1108 << >> 3792 0 obj >> << /S /Artifact /S /P 3222 0 obj 2710 0 obj /S /Artifact >> /S /P /P 10 0 R endobj /P 5093 0 R 3772 0 R null 3773 0 R null null null 3774 0 R null null null >> /K 105 /K 1419 /S /Artifact /S /Artifact null 3759 0 R null 3760 0 R null 3761 0 R null null null 3762 0 R endobj endobj /S /P >> /P 5461 0 R /K 824 /K 867 >> endobj 2859 0 obj >> /S /LBody /Pg 25 0 R >> endobj /Pg 24 0 R /Lang (EN-US) /Pg 24 0 R << 3843 0 R null 3844 0 R null 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>> 790 0 obj /P 5433 0 R << endobj /Pg 25 0 R 879 0 obj /S /P >> /K 577 /S /Artifact /P 5025 0 R /P 4950 0 R >> >> 1509 0 obj >> >> << /S /P endobj 4216 0 obj /Pg 19 0 R << /S /Artifact endobj /S /P >> /P 6111 0 R endobj >> /S /Artifact /Pg 24 0 R /Pg 23 0 R /Pg 13 0 R endobj >> /K 152 << /K 56 << /Pg 22 0 R << /P 33 0 R 2657 0 obj 3128 0 obj /Pg 18 0 R >> /P 4824 0 R /S /P /Lang (EN-US) /Lang (EN-US) 2900 0 obj /S /Artifact << /K 1105 /Pg 24 0 R /Pg 22 0 R /S /Artifact /Pg 24 0 R /Pg 23 0 R /Lang (EN-US) null 3808 0 R null 3809 0 R null null null 3810 0 R null null endobj /Lang (EN-US) /S /Artifact /S /P /S /P 1642 0 R null 1643 0 R null 1644 0 R null 1645 0 R null null null /Lang (EN-US) /Pg 24 0 R >> /P 5857 0 R >> endobj >> /S /Artifact >> /S /P Opportunities in Corporate Direct Lending", 2019. endobj /K 252 /S /P /S /Link << endobj << >> /Pg 23 0 R << /K 1368 1571 0 R null 1572 0 R null 1573 0 R null null null 1574 0 R null /K 50 endobj /Pg 23 0 R >> endobj >> 2290 0 obj endobj >> 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2649 0 R null 2650 0 R endobj 3421 0 R null null null 3422 0 R null 3423 0 R null 3424 0 R null endobj >> /K 884 1193 0 obj /S /Artifact 4331 0 obj << << /P 6385 0 R >> << /Pg 23 0 R endobj /S /Artifact endobj >> /K [37 4670 0 R] /Lang (EN-US) << >> /Lang (EN-US) /S /P 2680 0 obj 2593 0 R 2594 0 R null 2595 0 R null 2596 0 R null 2597 0 R null 2598 0 R >> /K 157 endobj << /K 1087 /K 1455 /Pg 24 0 R >> 3567 0 obj /S /Artifact
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