MARINA
DEL REY, Calif., Aug. 1, 2024
/PRNewswire/ -- Cliffwater Enhanced Lending Fund ("CELFX" or "the
Fund"), an interval fund providing access to alternative private
credit strategies, has announced the closing of a senior secured
syndicated revolving credit facility (the "Facility"). The
Facility is led by PNC Bank, N.A., as administrative agent and
joint lead arranger and Barings as joint lead arranger through the
Barings Portfolio Finance team.
Under the Facility, which closed on July
19, 2024, the lenders have agreed to extend credit to the
Fund in an aggregate amount of $1.175
billion with an option to request that existing and/or new
lenders provide up to $2.0 billion.
The Facility will mature on July 19,
2029.
The Fund intends to utilize the Facility to support continued
growth in the balance sheet coinciding with the Fund's continued
pace of equity inflows. As of June 30,
2024, CELFX has approximately $3.4
billion in net assets, up from approximately $2.5 billion as of December 31, 2023.
"We are excited about the closing of this important facility for
CELFX. Having recently crossed three years of performance, this
transaction enhances the flexibility of our balance sheet so that
we can continue pursuing our goal of delivering the best investor
experience for years to come," Stephen
Nesbitt, Portfolio Manager of CELFX and CEO of
Cliffwater.
"This facility provides CELFX with both immediate robust
liquidity and a pathway to continued equity growth. We thank our
lender partners for their continued support." Daniel Lepore, Managing Director and Head of
Liability Management.
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 ENHANCED LENDING FUND (CELFX)
Launched July 1, 2021, Cliffwater Enhanced Lending Fund is
a Delaware statutory trust registered under the
Investment Company Act of 1940 and operates as an interval
fund.
CELFX invests across the private debt spectrum, including
diversifying sub-asset classes with lower correlation to
traditional risk assets, to tap into unique risk premiums to pursue
high current income and, secondarily, capital appreciation. The
fund provides immediate exposure to niche strategies in one
efficient solution that would be costly and challenging for
investors to replicate.
As of June 30, 2024, CELFX has $3.4 billion in
net asset value and approximately $3.7 billion in total
gross assets. Since inception, CELFX has delivered a net annualized
total return of 13.16%. The broad-based portfolio was invested
across 13 private debt strategies with an average look-through
exposure to any single issuer of less than 0.1%.
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 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
$28 billion in assets under
management (AUM) and $83 billion in
assets under advisement (AUA).
Cliffwater is a leader in private debt. The Firm'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 has also written 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; and the Cliffwater BDC Index ("CWBDC"),
which is a capitalization-weighted index built to measure the
performance of exchanged-traded Business Development Companies
("BDCs").
Cliffwater LLC is an investment adviser registered with the
Securities and Exchange Commission ("SEC").
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 Cliffwater Enhanced Lending Fund
(the "Fund") carefully before investing. For a prospectus with this
and other information about the Fund, please call (888) 442-4420 or
visit our website at www.cliffwaterfunds.com. 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
non-diversified management investment company and may be more
susceptible to any single economic or regulatory occurrence than a
diversified investment company. 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, www.acaglobal.com.
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.
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SOURCE Cliffwater