Top 5 reasons to consider an allocation to private capital

Past performance is no guarantee of future results. Diversification does not assure profit or protect against the loss of capital.

¹ Bloomberg, 4Q 2015 to 4Q 2023. “MM Direct Lending” is represented by Cliffwater Direct Lending Index. “Broadly Syndicated” is represented by Morningstar LSTA US Leveraged Loan 100 Index. “High Yield” is represented by ICE BofA US High Yield Index.

² “Private Equity” and “Junior Capital” are represented by Cambridge Associates Private Investment Benchmarks. “MM Direct Lending” is represented by Cliffwater Direct Lending Index. “High Yield Bonds” is represented by the Bloomberg US Corporate High Yield Total Return Index. “Broadly Syndicated Loans” is represented by the Morningstar LSTA US Leveraged Loan 100 Index. Index data is presented for the period since earliest common inception date from 4Q 2015 to 4Q 2023.

³ Source: Bloomberg, 10-Year U.S. Treasury Change: Board of Governors of the Federal Reserve System (US). Periods shown represent significant rate increases or decreases totaling approximately 1% or more. MM Direct Lending” is represented by the Cliffwater Direct Lending Index. “High Yield” is represented by the Bloomberg US Corporate High Yield Total Return Index. “Investment Grade Bonds” is represented by the Bloomberg US Aggregate Bond Index. Index data is presented for the period since earliest common inception date on 01 Oct 2015 through 31 Dec 2023.

⁴ Source, Bloomberg, 01 Oct 2015 through 31 Dec 2023. “MM Direct Lending” is represented by the Cliffwater Direct Lending Index. “Broadly Syndicated” is represented by the Morningstar LSTA US Leveraged Loan 100 Index . “High Yield” is represented by the Bloomberg US Corporate High Yield Total Return Index. “Corporates” is represented by the Bloomberg US Corporate Bond Index. “Treasuries” is represented by the Bloomberg US Treasury Index.

⁵ Source, Bloomberg, 01 Oct 2015 through 31 Dec 2023. “MM Direct Lending” is represented by Cliffwater Direct Lending Index. “Broadly Syndicated” is represented by Morningstar LSTA US Leveraged Loan 100 Index. “High Yield” is represented by ICE BofA US High Yield Index. “Investment Grade Bonds” is represented by the Bloomberg US Aggregate Bond Index. “Treasuries” is represented by the Bloomberg US Treasury Index Total Return Unhedged USD As of Sep 30, 2023.

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