<< /Lang (EN-US) /Lang (EN-US) endobj << /Pg 25 0 R /Lang (EN-US) >> null 584 0 R null 585 0 R 586 0 R null null 587 0 R null 588 0 R endobj endobj 4241 0 obj /K 11 >> /Pg 24 0 R >> /Pg 24 0 R >> /K 938 >> 1474 0 obj endobj /P 5374 0 R /K 1379 3067 0 obj endobj >> endobj /Pg 23 0 R /Parent 9 0 R /Pg 22 0 R endobj 2278 0 obj /S /P >> >> << /Pg 23 0 R >> << 3263 0 obj /K 1332 endobj /Pg 24 0 R << >> /S /Artifact >> << /Lang (EN-US) null 1098 0 R null 1099 0 R 1100 0 R null 1101 0 R null 1102 0 R null >> endobj /S /Artifact /Lang (EN-US) /Lang (EN-US) << /Lang (EN-US) endobj /Pg 23 0 R 101 0 obj >> /P 4922 0 R 861 0 obj << >> endobj /Pg 24 0 R << /Rotate 0 >> endobj >> << /K 142 /P 4400 0 R >> /Pg 19 0 R 4168 0 obj << /S /Artifact 2847 0 obj /K 1507 591 0 obj >> >> /K 1479 /K 966 /K 95 << /S /Artifact /K 1362 /Pg 22 0 R << endobj << << endobj /P 5241 0 R >> << /Lang (EN-US) 4221 0 obj << 2797 0 obj /Pg 23 0 R 3353 0 obj endobj /S /P << /P 10 0 R << 1348 0 obj << << >> << /P 5433 0 R << /Pg 23 0 R /S /P /K 53 /Pg 23 0 R >> null 2758 0 R null 2759 0 R null null null 2760 0 R null null 2363 0 R 2364 0 R 2365 0 R 2366 0 R 2367 0 R 2368 0 R 2369 0 R 2370 0 R 2371 0 R 2372 0 R /Lang (EN-US) >> stream
<< 1922 0 obj /K 1423 /S /Link endobj /K 799 /S /P << null null 801 0 R null 802 0 R null 803 0 R null 804 0 R null /Lang (EN-US) /S /Figure 4265 0 obj 2035 0 obj /K 869 /Pg 24 0 R >> /P 6419 0 R << /Pg 14 0 R >> 2018 0 obj << /P 5956 0 R 1357 0 obj << /S /P >> >> endobj /Lang (EN-US) /Pg 23 0 R 2864 0 obj << /Lang (EN-US) /Pg 23 0 R << >> >> /Lang (EN-US) endobj 4079 0 obj /S /Artifact 2544 0 obj /P 5550 0 R endobj /Lang (EN-US) 3382 0 obj endobj 2914 0 obj /Lang (EN-US) 1564 0 obj /S /P << >> /P 6290 0 R /K 277 endobj /S /P 3100 0 obj /K 1380 /K 1484 /Pg 25 0 R /P 10 0 R /Pg 22 0 R /S /P >> /S /P << 4284 0 obj /Lang (EN-US) /K 59 << << /K 1443 << /P 6368 0 R >> /Pg 23 0 R endobj endobj << endobj /K 379 /S /P << /K 378 /P 10 0 R /K 1509 endobj << /K 1062 endobj /K 66 /Lang (EN-US) null null 1695 0 R null 1696 0 R null 1697 0 R null 1698 0 R null /Pg 23 0 R /Pg 22 0 R endobj << 4304 0 obj 1746 0 obj /S /P >> >> /Lang (EN-US) endobj << /K 1547 /S /P /K 1214 /S /Artifact /Lang (EN-US) /P 10 0 R /Pg 24 0 R /K 177 >> << endobj /Pg 25 0 R /Pg 25 0 R /Pg 25 0 R 158 0 R 160 0 R 161 0 R 162 0 R 163 0 R 164 0 R 165 0 R 166 0 R 167 0 R 168 0 R /K 1233 /Lang (EN-US) >> /K 797 >> << /Lang (EN-US) << /P 5045 0 R /Lang (EN-US) << /K 318 /Lang (EN-US) /Pg 13 0 R endobj >> >> /Pg 24 0 R endobj << endobj /K 1422 /S /P endobj 1674 0 obj /S /Artifact /S /Artifact /Pg 25 0 R endobj >> endobj /Pg 18 0 R /K 1516 << endobj >> /K 1326 /Lang (EN-US) /K 1505 /S /P << /S /P << endobj /Pg 24 0 R >> /Pg 25 0 R >> /Lang (EN-US) >> endobj /S /P /Pg 23 0 R /K 1319 >> /P 5359 0 R 1185 0 obj /Pg 25 0 R /S /P /P 5840 0 R endobj /Pg 22 0 R /K 214 << /K 1404 /K 664 /S /P /K 109 /Lang (EN-US) << >> << >> /Pg 24 0 R << /Lang (EN-US) /K 12 46 0 obj 3593 0 obj >> /P 5205 0 R 1252 0 obj endobj /K 49 /Pg 23 0 R /K 100 /P 5596 0 R >> /Lang (EN-US) /P 5368 0 R 2091 0 obj endobj /Lang (EN-US) /S /P /P 10 0 R
eBook: Private Debt von Stephen L. Nesbitt | ISBN 978-1-119-94441-6 << /K 1 /Lang (EN-US) 2825 0 obj >> << >> 4264 0 R 4265 0 R 4266 0 R 4267 0 R 4268 0 R 4269 0 R 4270 0 R 4271 0 R 4272 0 R 4273 0 R << << /Lang (EN-US) >> /K 111 /Pg 23 0 R endobj /Lang (EN-US) 2377 0 obj /Pg 23 0 R /Lang (EN-US) /K 1171 1777 0 obj >> 964 0 obj /K 28 /Pg 23 0 R 2575 0 obj /S /P << << << /S /P /Pg 23 0 R 735 0 obj /Pg 24 0 R /Lang (EN-US) /S /P /Lang (EN-US) >> /Lang (EN-US) /Pg 23 0 R /S /P /K 559 /Pg 24 0 R /Pg 25 0 R /Pg 22 0 R >> /Pg 25 0 R /S /P >> 2511 0 obj /K 216 Private Equity generally outperforms Public Equities in almost all environments except the 'low inflation/low growth' regime. >> /K 1217 /S /P /K 1484 /K 1006 /P 5661 0 R << << /K 1239 /Pg 22 0 R endobj /K 1270 endobj /Lang (EN-US) /K 1232 << >> endobj << endobj /S /P << null null null 3763 0 R null 3764 0 R null 3765 0 R null 3766 0 R endobj /Pg 22 0 R 3488 0 obj 426 0 obj /K 1127 << /Lang (EN-US) /K 1166 << >> >> /K 689 /S /Artifact /S /P endobj /S /P /K 1 807 0 obj >> >> << /K 1443 /P 10 0 R /K 1158 endobj /Pg 24 0 R /Lang (EN-US) 1625 0 obj /P 5500 0 R /S /Artifact 1047 0 obj >> /S /P 1899 0 obj endobj << 3355 0 obj << << /S /P /Pg 23 0 R >> 1037 0 obj 2588 0 obj 434 0 obj /S /P << /Pg 14 0 R 1523 0 obj /Pg 22 0 R /Pg 25 0 R /P 5658 0 R >> /Pg 23 0 R /S /Artifact >> 3506 0 obj 3344 0 obj /S /Artifact endobj endobj >> /Lang (EN-US) >> /Lang (EN-US) endobj >> << 3212 0 obj /P 6687 0 R << << /K 763 endobj /S /P /P 6230 0 R /Pg 16 0 R 3994 0 obj /Pg 24 0 R 3329 0 obj >> /Pg 23 0 R /S /P /P 6720 0 R /Pg 23 0 R 584 0 obj /S /P /Pg 22 0 R /Lang (EN-US) /Pg 25 0 R /Pg 25 0 R 778 0 R null 779 0 R null 780 0 R null 781 0 R null 782 0 R 783 0 R << endobj /Lang (EN-US) << /K 1353 >> >> /S /Artifact /S /P /P 4641 0 R /Pg 23 0 R << >> << 3849 0 obj >> /P 6567 0 R /Lang (EN-US) 2632 0 obj /K 1419 << 643 0 obj << /Pg 20 0 R /Pg 13 0 R 2592 0 obj /S /P >> /Lang (EN-US) /Lang (EN-US) 1598 0 obj >> 2996 0 obj /S /Artifact 1353 0 obj /S /Artifact << endobj /S /P /K 1531 /Lang (EN-US) /S /P endobj >> /K 94 /K 1231 /K 739 /K 532 << /Lang (EN-US) << /P 5684 0 R /S /Artifact /P 6538 0 R >> null 3838 0 R null 3839 0 R null 3840 0 R 3841 0 R null 3842 0 R null >> /Pg 18 0 R /S /Artifact << << endobj 3639 0 obj 2969 0 R 2970 0 R 2970 0 R 2971 0 R 2972 0 R 2973 0 R 2974 0 R 2975 0 R 2975 0 R 2976 0 R /Pg 20 0 R /S /P /Lang (EN-US) >> /Pg 25 0 R /K 585 4133 0 obj /BS 6761 0 R 4294 0 R 4295 0 R 4296 0 R 4297 0 R 4298 0 R 4299 0 R 4300 0 R 4301 0 R 4302 0 R 4303 0 R endobj /P 5167 0 R endobj endobj >> /K 252 3078 0 obj /S /Artifact /K 1283 /S /P /P 4807 0 R /K 641 1463 0 obj << 3062 0 obj /K 1280 << << /P 6198 0 R 1951 0 obj /S /Artifact /Lang (EN-US) /S /Artifact 1360 0 obj 4279 0 obj /Lang (EN-US) /Lang (EN-US) /S /P 2578 0 obj /S /Artifact << >> /S /P >> /P 6532 0 R 3175 0 obj /Lang (EN-US) 2770 0 obj 1417 0 obj << endobj >> endobj 3001 0 obj << /Pg 25 0 R /Lang (EN-US) >> /Lang (EN-US) /Pg 24 0 R 872 0 obj 2948 0 obj >> /Pg 18 0 R /K 298 423 0 obj /Pg 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endobj /P 10 0 R endobj << /P 6474 0 R /S /P << << /Pg 24 0 R endobj >> /Pg 24 0 R /S /P /S /Artifact >> endobj /S /P /S /Artifact >> 1692 0 obj endobj endobj >> /Annots [4360 0 R 4361 0 R 4362 0 R 4363 0 R] >> << /Pg 22 0 R 2635 0 obj 594 0 obj << /Pg 24 0 R /Pg 23 0 R /Lang (EN-US) /K 1521 520 0 R null 521 0 R null 522 0 R 523 0 R null 524 0 R 525 0 R null 1127 0 obj >> /Pg 24 0 R /Pg 25 0 R /K 1029 << /P 5929 0 R endobj /S /P >> << << endobj 1345 0 R 1346 0 R 1347 0 R 1348 0 R 1349 0 R 1350 0 R 1351 0 R 1352 0 R 1353 0 R 1354 0 R endobj /Lang (EN-US) /K 1321 null 1637 0 R null 1638 0 R null 1639 0 R null 1640 0 R 1641 0 R null /K 1374 /Pg 24 0 R 2210 0 obj << /S /Artifact /S /P /S /P /Pg 22 0 R << /S /P >> /P 10 0 R /Lang (EN-US) /Pg 25 0 R << /Pg 23 0 R 2349 0 obj << /K 385 /Pg 25 0 R /Lang (EN-US) /S /Artifact /K 879 endobj << /K 1310 /Pg 25 0 R >> << >> /Lang (EN-US) /Pg 19 0 R /S /P << << 259 0 obj /Type /Page 549 0 obj endobj null 650 0 R 651 0 R null 652 0 R null 653 0 R null 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R 4352 0 R 4353 0 R 4354 0 R] /P 5059 0 R /Pg 22 0 R /S /Artifact /S /Artifact /K 480 /Pg 25 0 R /K 1238 /S /Artifact /P 5291 0 R endobj 2861 0 obj /Pg 24 0 R endobj /S /P endobj /Pg 24 0 R >> endobj /Pg 25 0 R 3713 0 obj /K 86 << /K 848 /Pg 24 0 R << /K 1160 /Lang (EN-US) /Pg 22 0 R >> << 2246 0 obj endobj << /K 324 endobj << /Pg 23 0 R 2271 0 obj >> /Lang (EN-US) 2607 0 obj << endobj /S /Artifact /Lang (EN-US) << /S /P << 3287 0 obj /Pg 23 0 R /Pg 22 0 R << /Contents 4386 0 R /P 5442 0 R >> << /P 4691 0 R null 1935 0 R null 1936 0 R null 1937 0 R null 1938 0 R null null /S /P /Pg 24 0 R /Pg 18 0 R /Pg 22 0 R >> << endobj /K 1410 >> /Pg 23 0 R 1067 0 obj /P 5994 0 R /S /Artifact /S /Artifact /K 1450 null 1965 0 R null 1966 0 R null 1967 0 R null 1968 0 R null 1969 0 R << /Pg 24 0 R /S /Artifact /K 1052 << 1997 0 obj /P 5484 0 R endobj << /S /Artifact << 3657 0 obj >> endobj /K 1199 /K [4449 0 R 4450 0 R 4451 0 R 4452 0 R 4453 0 R 4454 0 R 4455 0 R 4456 0 R] endobj /S /P >> 2134 0 obj endobj /S /P << /Lang (EN-US) >> /Pg 23 0 R /K 1462 /Lang (EN-US) /P 5954 0 R 2058 0 obj 463 0 R 464 0 R 465 0 R null 466 0 R null 467 0 R null 468 0 R 469 0 R /S /P >> /S /Artifact /S /Artifact /S /P endobj /Pg 23 0 R endobj >> << >> /S /P /Pg 18 0 R 4292 0 obj 3546 0 obj endobj /S /P /K 113 /S /P >> << /S /Artifact /P 5427 0 R /S /Artifact /P 5380 0 R << 1978 0 R null 1979 0 R null 1980 0 R null 1981 0 R 1982 0 R null 1983 0 R 3635 0 obj /K 24 3147 0 R 3148 0 R 3149 0 R 3150 0 R 3151 0 R 3152 0 R 3153 0 R 3154 0 R 3155 0 R 3156 0 R 2698 0 obj << endobj /Pg 25 0 R >> /Pg 22 0 R >> endobj << /S /P 3856 0 obj endobj /P 6063 0 R /Pg 24 0 R /S /P
Is Private Credit a Bubble, or Just a Little Frothy? >> /Lang (EN-US) >> /P 6756 0 R /Lang (EN-US) 3045 0 obj /Lang (EN-US) /Pg 22 0 R /K 751 endobj << 613 0 obj >> /S /P /K 1176 /Pg 23 0 R /S /Artifact 3806 0 obj /Pg 24 0 R /Lang (EN-US) 3192 0 obj endobj /S /Artifact /Pg 24 0 R /S /P endobj /P 4862 0 R /Pg 23 0 R << >> /Pg 25 0 R >> /P 6533 0 R 4260 0 obj /Pg 23 0 R 3993 0 obj >> /K 71 endobj << endobj /S /Artifact << endobj endobj /K 3 /Lang (EN-US) /Pg 22 0 R /K 1525 << << /S /Artifact 3370 0 obj /S /Artifact >> endobj /S /P endobj endobj >> /Lang (EN-US) /S /P /Pg 21 0 R /S /P /P 5020 0 R /Pg 21 0 R >> << /S /Artifact endobj endobj /K 931 /S /P null 951 0 R null 952 0 R null 953 0 R null 954 0 R null 955 0 R 2351 0 obj /Pg 22 0 R << >> /S /P /K 1236 << /Lang (EN-US) /Lang (EN-US) endobj /S /P >> 770 0 obj << /S /Artifact /P 5434 0 R /Lang (EN-US) /Lang (EN-US) /S /P /P 6550 0 R << /K 1185 >> /K 88 558 0 obj endobj /Lang (EN-US) endobj endobj >> /P 6318 0 R /S /Artifact /Pg 25 0 R /Pg 23 0 R endobj /K 616 /Pg 22 0 R << /Pg 21 0 R /P 6477 0 R >> endobj /S /P >> /Lang (EN-US) >> endobj endobj endobj endobj /Pg 22 0 R 2813 0 obj /S /Artifact endobj 2119 0 obj /P 6044 0 R endobj >> /K 153 /S /Artifact /Pg 24 0 R /Pg 25 0 R /K 342 << 2580 0 obj /Lang (EN-US) In fact, in comparison with high-yield and traded loans, the Cliffwater Direct Lending Index (CDLI) has delivered an average yield pickup of 391 basis points (bps) and 547 bps, respectively, since 2005. 461 0 obj /K 430 >> ICE, Bank of America for US High Yield represented by the ICE BofA High Yield. 1633 0 obj /S /P /S /P /Lang (EN-US) >> 3069 0 obj 3046 0 obj /K 194 << 3518 0 obj null 3740 0 R null 3741 0 R null 3742 0 R null 3743 0 R null 3744 0 R /S /P /Lang (EN-US) /P 4983 0 R /S /P /S /P /K 964 /P 6343 0 R 4084 0 obj << endobj /P 10 0 R 2762 0 obj endobj /Lang (EN-US) 3615 0 obj /Pg 24 0 R /Pg 22 0 R /P 6179 0 R >> /P 141 0 R 2309 0 obj /S /P << << /P 6623 0 R /K 1002 /Lang (EN-US) 1246 0 obj /K 1246 endobj /Lang (EN-US) /S /P /K 1274 /K 156 >> endobj /P 10 0 R 3475 0 obj >> /S /Artifact endobj endobj /S /Artifact /Pg 25 0 R /S /Artifact >> /S /P >> 1699 0 R null 1700 0 R 1701 0 R null 1702 0 R null 1703 0 R null 1704 0 R >> endobj >> << endobj /Pg 23 0 R 193 0 obj << /K 8 /K 428 3398 0 obj /K 1097 >> >> >> << << /Pg 23 0 R /Pg 24 0 R /Pg 23 0 R endobj 1685 0 obj >> >> /Pg 24 0 R /P 4858 0 R /P 5131 0 R /S /P /Pg 25 0 R /K 1036 endobj << >> /Pg 25 0 R /Lang (EN-US) /P 5426 0 R /Pg 22 0 R /S /P /K 683 null 1664 0 R 1665 0 R null 1666 0 R null 1667 0 R null 1668 0 R null