Cliffwater Corporate Lending Fund Announces First Interval Fund Public Rating from S&P Global Ratings
MARINA DEL REY, Calif., Nov. 20, 2025 /PRNewswire/ -- Cliffwater Corporate Lending Fund ("CCLFX" or "the Fund"), a diversified interval fund focused on generating consistent income through corporate middle market direct lending, is pleased to announce that S&P Global Ratings ("S&P") assigned the Fund an 'A' issuer credit rating ("ICR") with a stable outlook.
CCLFX becomes the first interval fund to receive this S&P rating, setting a milestone for not only the Fund, but also the growing interval fund industry. The 'A' rating underpins the strength of CCLFX's portfolio diversification and highlights its differentiated funding and liquidity profile. It is anticipated that any hypothetical senior unsecured debt issued by CCLFX would initially result in an issuance rating of 'A-' from S&P.
"Receiving such a rating from S&P is expected to provide the Fund with expanded access to more scalable debt capital markets at potentially lower overall financing costs relative to other private market solutions," commented Daniel Lepore, Managing Director and Head of Liability Management.
"We believe that this rating from S&P is a significant assessment of Cliffwater's platform and our commitment to delivering high-quality solutions for our clients. Our objective in launching CCLFX was, and continues to be, providing individual investors with a high-caliber product. This rating is a strong indication that our team's efforts have been achieving just that," said Stephen Nesbitt, CEO of Cliffwater. "We are proud to have received this rating and will strive to continue delivering attractive and consistent returns for investors."
This news release shall not constitute an offer to sell or a solicitation of an offer to purchase the Notes or any other securities and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.
ABOUT CLIFFWATER CORPORATE LENDING FUND (CCLFX)
Cliffwater Corporate Lending Fund is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended, and is a diversified, closed-end management investment company. The Fund operates as an interval fund and commenced operations on March 6, 2019.
CCLFX employs an innovative approach to corporate middle market lending, investing and co-investing in a diverse set of loans originated through multiple what Cliffwater views as high-quality institutional direct lenders. CCLFX focuses on delivering consistent floating-rate income and principal protection through all environments with low price volatility.
As of October 31, 2025, CCLFX has over $32.0 billion in net asset value and approximately $42.2 billion in total gross assets.
Cliffwater LLC serves as the investment adviser of the Fund.
https://www.cliffwaterfunds.com
ABOUT CLIFFWATER LLC
Cliffwater LLC ("Cliffwater" or "the Firm") is an independent alternative investment adviser and fund manager. Founded in 2004, Cliffwater has been shaping how alternatives are understood and accessed through its research, proprietary indices, and innovative evergreen private markets funds. The Firm's research has been cited in industry-leading publications and led to the creation of the Cliffwater Direct Lending Index ("CDLI"), the first published index and widely accepted benchmark for direct lending, and its suite of sub-indices. Cliffwater is also one of the largest providers of alternative investment solutions for the wealth management channel. The Firm's private markets interval fund platform is now the largest in the market with $44 billion in net assets as of October 31, 2025, and includes the two largest credit interval funds.
Cliffwater LLC is an investment adviser registered with the Securities and Exchange Commission ("SEC").
Performance data represents past performance, which does not guarantee future results. Investment returns and principal value will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost; and the current performance may be lower or higher than the performance data quoted. Fund performance is net of fees.
Investors should consider the investment objectives, risks, charges, and expenses of the Cliffwater Corporate Lending Fund (the "Fund") carefully before investing. Before investing, carefully read the prospectus, which can be found on this website or by calling (888) 442-4420.
The Fund's investment program is speculative and entails substantial risks. There can be no assurance that the Fund's investment objectives will be achieved or that its investment program will be successful Investors should consider the Fund as a supplement to an overall investment program and should invest only if they are willing to undertake the risks involved Investors could lose some or all of their investment. Shares are an illiquid investment. We do not intend to list the Fund's shares ("Shares") on any securities exchange, and we do not expect a secondary market in the Shares to develop. You should generally not expect to be able to sell your Shares (other than through the limited repurchase process), regardless of how we perform. Although we are required to implement a Share repurchase program, only a limited number of Shares will be eligible for repurchase by us. You should consider that you may not have access to the money you invest for an indefinite period of time. An investment in the Shares is not suitable for you if you have foreseeable need to access the money you invest. Because you will be unable to sell your Shares or have them repurchased immediately, you will find it difficult to reduce your exposure on a timely basis during a market downturn. The Fund is a diversified fund under the Investment Company Act of 1940. Cybersecurity risks have significantly increased in recent years and the Fund could suffer such losses in the future. One of the fundamental risks associated with the Fund's investments is the risk that an issuer will be unable to make principal and interest payments on its outstanding debt obligations when due. Other risk factors include interest rate risk (a rise in interest rates causes a decline in the value of debt securities) and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). Distributed by Foreside Fund Services, LLC.
An S&P Global Ratings issuer credit rating is a forward-looking opinion of an obligor's overall creditworthiness, focusing on its capacity and willingness to meet financial commitments as they come due. It does not apply to any specific financial obligation, as it does not take into account the nature of and provisions of the obligation, its standing in bankruptcy or liquidation, statutory preferences, or the legality and enforceability of the obligation. Long-term issuer credit ratings range from AAA to SD/D, with modifiers (+/-) from AA to CCC indicating relative standing. An obligor rated 'A' has strong capacity to meet its financial commitments but is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligors in higher-rated categories. Please visit www.spglobal.com/ratingsdirect for information on the rating and criteria used.
FORWARD-LOOKING STATEMENTS
This press release may contain certain forward-looking statements. Any such statements other than statements of historical fact are likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under Cliffwater LLC's control, and that Cliffwater LLC may or may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual performance and results could vary materially from these estimates and projections of the future as a result of a number of factors, including those described from time to time in Cliffwater LLC's filings with the SEC. Such statements speak only as of the time when made and are based on information available to Cliffwater LLC as of the date hereof and are qualified in their entirety by this cautionary statement. Cliffwater LLC assumes no obligation to revise or update any such statement now or in the future.
The Fund is distributed by Foreside Fund Services, LLC.
SOURCE Cliffwater
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