Cliffwater Corporate Lending Fund Tops $30 Billion in Net Assets

MARINA DEL REY, Calif., July 22, 2025 /PRNewswire/ -- Cliffwater announced today that its flagship interval fund, the Cliffwater Corporate Lending Fund ("CCLFX"), surpassed $30 billion in net assets, securing its leadership in "democratizing" private debt for the individual investor.

Launched in 2019, CCLFX offered an innovative approach to investing in private assets including no investor qualification, daily subscription, immediate deployment, no paperwork, 1099 tax reporting, quarterly liquidity, and extensive diversification.

Since its launch, the Fund has produced a 9.63% annualized return by lending to middle market companies at attractive yields. 

"We are very grateful to both our investors and lending partners for getting us to this place," said Stephen Nesbitt, Cliffwater CEO. "We believe that the fund's scale will continue to benefit our investors, as it has in the past, through cost management and expanded investment opportunities."

ABOUT CLIFFWATER CORPORATE LENDING FUND

Cliffwater Corporate Lending Fund ("CCLFX") 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 it 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 high-caliber institutional lenders. CCLFX focuses on delivering consistent floating-rate income and principal protection through all environments with low price volatility.

As of June 30, 2025, CCLFX has $29.7 billion in net asset value and approximately $36.7 billion in total gross assets. It has a 10% distribution rate and has generated a net annualized total return of 9.63% since its inception on June 5, 2019. Its diversified portfolio provides investors exposure to over 3,900 unique private credit borrowers and is allocated 96% to first lien senior secured loans (as of June 30, 2025).

Cliffwater LLC serves as the investment adviser of the Fund.

https://www.cliffwaterfunds.com/CCLFX 

ABOUT CLIFFWATER

Cliffwater LLC ("Cliffwater", or "the Firm") is an independent alternative investment adviser and fund manager that provides proactive research, advisory, and investment services. Cliffwater was founded in 2004; has offices in Los Angeles, Chicago, New York, and Newport Beach; and currently has approximately $42 billion in assets under management (AUM) and $79 billion in assets under advisement (AUA). 

Cliffwater's research has been published in "The Journal of Alternative Investments," and in 2018, its founder and Chief Executive Officer, Stephen Nesbitt, was named one of the "30 Most Influential People in Private Debt" by Private Debt Investor. Mr. Nesbitt also wrote one of the first books on private debt: "Private Debt: Opportunities in Corporate Direct Lending" (Wiley Finance, 2019); with its second edition being released in 2023: "Private Debt: Yield, Safety and the Emergence of Alternative Lending" (Wiley Finance, 2023).

Cliffwater's private debt research has also led to the creation of four indices: the Cliffwater Direct Lending Index ("CDLI"), which is an asset-weighted index that seeks to measure the unlevered, gross of fees performance for U.S. middle market corporate loans; the Cliffwater Direct Lending Index: Senior-Only ("CDLI-S"), which is an index focusing on the senior loans within the CDLI; the Cliffwater Direct Lending Index: Venture-Only ("CDLI-V"), which is an index comprised of only venture-backed loans within the CDLI; the Cliffwater Direct Lending Index: Perpetual ("CDLI-P"), which is an index of loans held in perpetually structured, non-exchange traded BDC and the Cliffwater BDC Index ("CWBDC"), which is a capitalization-weighted index built to measure the performance of exchanged-traded Business Development Companies ("BDCs"). 

https://www.cliffwater.com

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 Fund carefully before investing. Before investing, carefully read the prospectus, which can be found on the above website or by calling (888) 442-4420.

References to any particular entity should not be considered as a recommendation or endorsement by Cliffwater.

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.

Summary of Risk Factors

• Shares are not listed on any stock 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 the Fund performs.
• Although the Fund is required to implement and has implemented a Share repurchase program, only a limited number of Shares will be eligible for repurchase by the Fund.
• 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.
• All or a portion of an annual distribution may consist solely of a return of capital (i.e., from your original investment) and not a return of net investment income.

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).

All data as of June 30, 2025 unless otherwise noted.

Distributed by Foreside Fund Services, LLC.

This is not an advertisement, is being distributed for informational and discussion purposes only, should not be considered investment advice, and should not be construed as an offer or solicitation of an offer for the purchase or sale of any security. The information and opinions presented in this presentation should not be construed as any advice from Cliffwater as to any legal, tax, investment or other matter.

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.

CONTACT: Deborah Van, [email protected]

SOURCE Cliffwater