Top 5 reasons to consider an allocation to private capital

Past performance does not predict or guarantee future results. Diversification does not assure profit or protect against loss of capital.

¹ Bloomberg, 4Q 2015 to 4Q 2024. “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 2024.

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 2024.

⁴ Source, Bloomberg, 01 Oct 2015 through 31 Dec 2024. “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 2024. “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, 2024.

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Important information on risk

Investing involves risk; principal loss is possible. Debt or fixed income securities are subject to market risk, credit risk, interest rate risk, call risk, derivatives risk, dollar roll transaction risk and income risk. As interest rates rise, bond prices fall. Below investment grade or high yield debt securities are subject to liquidity risk and heightened credit risk.

Foreign investments involve additional risks, including currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. Please note investments in private debt, including leveraged loans, middle market loans, and mezzanine debt, are subject to various risk factors, including credit risk, liquidity risk and interest rate risk.

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