/K 678 /S /P endobj >> endobj /P 4653 0 R endobj endobj /K 1433 /Pg 24 0 R << /S /Artifact 3526 0 obj /S /P /Lang (EN-US) /Pg 24 0 R /Pg 22 0 R /Pg 25 0 R /S /Artifact /S /P endobj /S /P /Pg 25 0 R /K 1288 << /Lang (EN-US) /Pg 22 0 R /K 24 /S /Artifact /K 1484 /S /P << endobj 2548 0 obj /P 6738 0 R /Lang (EN-US) << >> 1525 0 obj 3525 0 obj >> >> /Pg 25 0 R 3783 0 obj null null null 1731 0 R null 1732 0 R null 1733 0 R null 1734 0 R /K 9 endobj /K 513 /S /P << 3726 0 obj 2634 0 obj endobj /S /P 1Great Financial Crisis 2008/2009. /K 1123 >> << << /Pg 24 0 R /S /Artifact 650 0 obj >> /Pg 24 0 R /P 4984 0 R /Lang (EN-US) /Pg 23 0 R << /S /Artifact >> >> /Pg 24 0 R endobj << << << endobj /K 1474 << 1853 0 obj >> /Lang (EN-US) endobj 3854 0 obj 780 0 obj /K 1352 466 0 obj /K 1163 1040 0 obj << 1865 0 obj /K 210 /Lang (EN-US) /Lang (EN-US) << << endobj /S /P 852 0 obj /Pg 25 0 R << /Lang (EN-US) 1055 0 obj << /K 826 << /Pg 20 0 R endobj /Pg 22 0 R << /Pg 24 0 R >> << /Pg 24 0 R /K 410 endobj 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Investor Guide First Eagle Credit Opportunities Fund endobj << /P 5789 0 R >> /K 911 endobj /S /P /P 5333 0 R 2640 0 obj << /Lang (EN-US) /K 1403 endobj 1619 0 obj << /Lang (EN-US) endobj >> << << << /P 5283 0 R /P 6376 0 R 3443 0 obj /S /P << /K 1201 3976 0 obj /Pg 22 0 R endobj /P 4819 0 R /K 1215 /Lang (EN-US) /P 10 0 R /S /P /P 6253 0 R 1395 0 R 1396 0 R 1397 0 R 1398 0 R 1399 0 R 1400 0 R 1401 0 R 1402 0 R 1403 0 R 1404 0 R << >> 107 0 obj << /S /P /K 5 /S /Artifact 1844 0 obj /Pg 23 0 R /Pg 24 0 R endobj << 4183 0 obj /CropBox [0 0 612 792] >> /Lang (EN-US) >> 4161 /P 6507 0 R /Lang (EN-US) /S /P /Lang (EN-US) >> 2301 0 obj /K 1390 /K 1037 /K 1100 /P 5922 0 R /Lang (EN-US) >> << 155 0 obj endobj << /Lang (EN-US) 1762 0 R null 1763 0 R null 1764 0 R null 1765 0 R null null null 3873 0 R null 3874 0 R null 3875 0 R null 3876 0 R 3877 0 R null 3878 0 R endobj /K 507 2814 0 obj 20 432 0 R 21 433 0 R 22 435 0 R 23 438 0 R 24 443 0 R endobj /Lang (EN-US) /K 131 /Pg 22 0 R endobj /K 180 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1946 0 R null 1947 0 R null /S /Artifact /Lang (EN-US) endobj endobj /S /Artifact /Pg 22 0 R << endobj 51 0 R 51 0 R 51 0 R 51 0 R 51 0 R 60 0 R 60 0 R 60 0 R 60 0 R 67 0 R << /S /Artifact 2638 0 obj 1503 0 obj /P 5649 0 R /K 1256 << endobj /Count 9 4074 0 obj << << /K 1548 /S /P /K 562 /K 1140 /Pg 23 0 R >> >> /K 718 << /P 10 0 R endobj >> >> /S /P [email protected] 1198 0 obj 2208 0 obj 427 0 obj >> /S /Artifact /P 10 0 R >> << /P 4783 0 R endobj 2882 0 obj /S /P >> >> /Pg 23 0 R /Lang (EN-US) /P 5255 0 R >> /P 4779 0 R /P 5403 0 R endobj /Pg 23 0 R >> /P 5425 0 R /Lang (EN-US) endobj 4608 0 R] 4179 0 obj /S /P /P 10 0 R << /Pg 25 0 R << /Pg 25 0 R /S /Link /P 6083 0 R /S /P /Lang (EN-US) /K 247 /K 13 2583 0 obj /K 1067 /Pg 25 0 R /Lang (EN-US) >> /P 6687 0 R >> /K 1466 /Pg 24 0 R /Pg 23 0 R /P 5267 0 R /Lang (EN-US) /Lang (EN-US) endobj null 2780 0 R null 2781 0 R null 2782 0 R null 2783 0 R null null /K 1505 endobj /K 431 /S /Artifact /K 1285 endobj << /Lang (EN-US) >> >> << /Pg 24 0 R /K 670 /Pg 22 0 R endobj /P 4880 0 R /K 1392 /Pg 22 0 R << /S /P endobj /Pg 24 0 R /Pg 24 0 R endobj /Pg 23 0 R /Lang (EN-US) << << << endobj << /K 82 /K 104 >> /K 701 /P 4823 0 R << /K 1542 /S /Artifact /Lang (EN-US) /Lang (EN-US) /S /P 4205 0 obj >> 4146 0 obj /S /P << 3080 0 obj 402 0 obj endobj endobj /Lang (EN-US) /Rotate 0 2481 0 obj << /P 5311 0 R /Lang (EN-US) /S /Artifact /K 1007 /S /P /Pg 25 0 R /P 5379 0 R /K 2 << /Pg 23 0 R /Lang (EN-US) /P 5143 0 R /Pg 23 0 R endobj /Lang (EN-US) /K 433 /K 1512 /S /Artifact 1674 0 obj /S /Artifact /K 207 1027 0 obj endobj << /S /P endobj /Pg 22 0 R >> endobj >> /S /Artifact << 1967 0 obj >> 1366 0 obj /P 4647 0 R endobj >> /Pg 16 0 R /Pg 23 0 R endobj /S /Artifact 1599 0 obj /P 5933 0 R /K 1549 >> endobj >> << /Pg 23 0 R /Pg 25 0 R /Lang (EN-US) >> 2188 0 obj 4075 0 obj 2372 0 obj null 2784 0 R null null null 2785 0 R null 2786 0 R null 2787 0 R << >> << << /K 857 /S /Artifact /P 6524 0 R /S /Link << endobj /S /P endobj /P 5362 0 R /Pg 24 0 R /Pg 23 0 R >> /Lang (EN-US) >> As shown in Exhibit 1, Preqin1 reported that private debt funds raised an aggregate $92.6 billion of capital globally in 2016 with direct lending funds accounting for $23.2 billion of the aggregate capital. /Pg 23 0 R /K 711 /P 10 0 R /S /P 4068 0 obj 4535 0 R 4536 0 R 4537 0 R 4538 0 R 4539 0 R 4540 0 R 4541 0 R 4542 0 R 4543 0 R 4544 0 R endobj /Pg 22 0 R /P 10 0 R /P 10 0 R /Lang (EN-US) >> /S /P endobj /K 1184 >> /Pg 24 0 R /S /P 3090 0 obj /Lang (EN-US) /Pg 25 0 R /S /P endobj /Pg 23 0 R /P 4910 0 R << endobj << << /Pg 22 0 R /S /P >> << /S /Artifact 3563 0 obj >> endobj endobj /P 6571 0 R >> /S /P /Pg 24 0 R /Pg 22 0 R 2696 0 obj << /S /P /Pg 22 0 R << endobj >> 3469 0 obj /K 1175 1078 0 obj /K 682 /P 5285 0 R /Pg 23 0 R /Pg 22 0 R >> /Pg 22 0 R /P 6491 0 R /Lang (EN-US) 3974 0 obj >> /S /P /Pg 24 0 R << /S /Artifact << endobj /P 5609 0 R >> /Pg 25 0 R >> /Lang (EN-US) /S /Artifact << /S /P endobj >> << /Lang (EN-US) /P 5028 0 R /Lang (EN-US) >> /S /P << << /K 358 /K 260 2003 0 obj << >> 2495 0 R null 2496 0 R null 2497 0 R 2498 0 R null 2499 0 R null 2500 0 R 1834 0 obj This book dissects direct loans as a class, providing the critical background 385397403217. /S /P /Pg 22 0 R endobj << /K 724 << << endobj 271 0 obj << /S /P >> << /Pg 25 0 R endobj /K 1503 /S /P /Pg 23 0 R 3510 0 obj 2355 0 obj >> << /K 1153 /K 50 /K 1396 /P 5950 0 R /Pg 25 0 R >> /P 5281 0 R << /Pg 24 0 R 2642 0 obj /Pg 22 0 R /Pg 23 0 R /Pg 25 0 R >> /K 1399 /K 1509 /K 1188 endobj 3537 0 R null 3538 0 R null 3539 0 R null 3540 0 R null null null /Lang (EN-US) /Pg 22 0 R 947 0 obj /Pg 24 0 R /Pg 15 0 R endobj /Pg 23 0 R 446 0 obj /S /P /Lang (EN-US) << endobj << >> /K 715 endobj 1690 0 obj /Lang (EN-US) >> << << /S /P << /Pg 22 0 R /Pg 23 0 R /Pg 24 0 R /K 1357 /S /Artifact >> /Resources 4350 0 R /K 290 /Pg 25 0 R >> /P 5049 0 R /P 6026 0 R 823 0 obj >> /K 1374 << /Pg 24 0 R /K 13 /K 75 << << V4$)Nj2#(Q)b{+M~j$SB?B4dfnX. /Pg 22 0 R endobj endobj << /P 4958 0 R /Pg 23 0 R /K 1282 << /Pg 25 0 R /P 5529 0 R >> /P 5110 0 R /K 663 << >> 4566 0 R] /Pg 23 0 R << /Pg 24 0 R endobj >> /Annots [4348 0 R] endobj >> /P 10 0 R /S /Artifact /K 775 /K 1434 endobj /Lang (EN-US) << /P 6425 0 R /K 855 >> /Lang (EN-US) endobj endobj /S /P endobj /S /Artifact << /P 4785 0 R /Lang (EN-US) /S /P >> /Lang (EN-US) /S /P /S /Artifact null 2624 0 R null 2625 0 R null 2626 0 R null 2627 0 R null 2628 0 R >> 3545 0 obj 1961 0 obj << /S /Figure /S /P /K 1065 /K 1372 /K 491 /Pg 25 0 R << /K 526 /K 1386 >> /K 938 >> /K 1313 << /S /Artifact << >> endobj /Lang (EN-US) So we built one. endobj /Pg 25 0 R /S /P /Lang (EN-US) /S /P 509 0 obj endobj /P 5725 0 R /K 6 /S /Artifact /K 1184 /S /P endobj /Pg 25 0 R /Pg 23 0 R endobj 1347 0 obj /S /P /S /P endobj /Lang (EN-US) endobj /Pg 24 0 R /K 391 1545 0 R] /P 5387 0 R 840 0 obj /Lang (EN-US) >> endobj 3141 0 obj /K 1540 endobj << /Lang (EN-US) /S /P /S /P 2635 0 obj /P 4811 0 R endobj 2469 0 obj >> /K 109 << /K 1225 >> 4000 0 obj << /Lang (EN-US) /S /P << /Pg 18 0 R /S /Artifact << /Pg 24 0 R >> 2417 0 obj >> >> << /K 1545 2120 0 obj /Pg 23 0 R >> /S /P /S /Artifact /K 487 endobj << << /Pg 22 0 R /K 272 << << 1379 0 obj 73 0 obj /Pg 22 0 R << endobj << /K 958 /K 126 << endobj /S /Artifact /S /P 1275 0 obj endobj /P 10 0 R >> >> /S /Artifact 3680 0 obj 2644 0 obj endobj 3027 0 R 3028 0 R 3029 0 R 3030 0 R 3031 0 R 3032 0 R 3033 0 R 3034 0 R 3035 0 R 3036 0 R /S /P >> 711 0 obj /Pg 22 0 R /K 1016 /Lang (EN-US) 298 0 obj All of the monthly standard deviations are then annualized and the volatility is expressed as a percentage. << 375 0 obj endobj >> /Lang (EN-US) /Pg 14 0 R /Pg 25 0 R /K 1183 /Pg 23 0 R >> 2968 0 obj /Pg 25 0 R 1292 0 obj /S /P << >> /K 891 endobj /P 6704 0 R /Lang (EN-US) << >> /P 6117 0 R >> /StructParents 14 /Lang (EN-US) /P 5201 0 R endobj 1305 0 obj /K 805 /K 640 /S /P << << /K 853 << /P 4898 0 R /K 25 >> /Pg 24 0 R endobj >> >> /K 732 /Pg 18 0 R << endobj /P 6668 0 R endobj /K 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R /Pg 23 0 R /Pg 23 0 R 2005 0 R 2006 0 R null 2007 0 R null 2008 0 R null 2009 0 R null 2010 0 R /K 1185 /Pg 24 0 R endobj endobj >> << endobj /K 1238 /Pg 13 0 R /K 243 /Lang (EN-US) /P 6009 0 R << 2014 0 obj /Lang (EN-US) /S /Artifact /Pg 23 0 R /K 148 /K 132 >> << endobj 2639 0 obj /K 28 endobj << 4116 0 obj >> /K 1044 endobj endobj >> 2201 0 obj 2503 0 obj /P 5418 0 R /P 5082 0 R endobj /Lang (EN-US) /Pg 23 0 R /S /P /P 5439 0 R >> << /Pg 24 0 R >> >> /Lang (EN-US) /S /P /Lang (EN-US) /S /Artifact /Lang (EN-US) endobj /K 370 /K 1351 endobj /K 507 /S /Artifact /Pg 22 0 R /Pg 25 0 R /S /Artifact endobj /Lang (EN-US) << 2536 0 R null 2537 0 R null 2538 0 R null null null 2539 0 R null 2595 0 obj /K 1312 << /Lang (EN-US) null 536 0 R null 537 0 R null 186 0 R 187 0 R 188 0 R 189 0 R 190 0 R >> /Lang (EN-US) /K 954 2327 0 obj /Lang (EN-US) << /Pg 24 0 R << >> /Pg 25 0 R >> 2546 0 obj /S /Artifact 2683 0 obj 4062 0 obj >> /Pg 24 0 R /K 959 << /S /P /Lang (EN-US) /Lang (EN-US) 3825 0 obj 4254 0 R 4255 0 R 4256 0 R 4257 0 R 4258 0 R 4259 0 R 4260 0 R 4261 0 R 4262 0 R 4263 0 R /Pg 24 0 R 4027 0 R 4028 0 R 4029 0 R 4030 0 R 4031 0 R 4032 0 R 4033 0 R 4034 0 R 4035 0 R 4036 0 R /P 4916 0 R 1850 0 R null 1851 0 R null 1852 0 R null 1853 0 R null 1854 0 R null /S /P /Lang (EN-US) /S /P 929 0 obj /Pg 23 0 R /Pg 25 0 R /S /P << << 2336 0 obj << /S /Artifact >> endobj /S /Artifact >> /S /P /K 59 /Pg 24 0 R >> endobj /Pg 24 0 R << /S /P /S /P 127 0 obj The Evolution of Direct Lending - CAIS /Lang (EN-US) << << /Pg 22 0 R /Pg 13 0 R /S /Artifact /P 6532 0 R /K 480 /P 33 0 R /Lang (EN-US) Cliffwater 2022 Study on Private Fund Fees & Expenses for Direct Lending /P 5212 0 R << /P 6188 0 R >> >> /P 10 0 R /S /P /S /P /Lang (EN-US) /Parent 9 0 R >> /S /Artifact /Pg 25 0 R /K 14 /P 6084 0 R /Pg 18 0 R /S /Artifact /S /Artifact 1685 0 obj /S /Artifact << 3343 0 obj endobj /Lang (EN-US) 1434 0 obj /Pg 25 0 R /P 6402 0 R /Pg 24 0 R >> /Pg 17 0 R endobj endobj /P 5174 0 R << /Pg 25 0 R 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obj >> /S /Artifact endobj /K 632 /S /P << /S /Artifact << /S /P >> /P 5052 0 R << << endobj 1594 0 obj /P 5831 0 R /K 484 >> endobj /K 499 >> /Pg 22 0 R null null null 3408 0 R null null null 3409 0 R null 3410 0 R /Pg 25 0 R "The positive effect is direct lending gains market share, which has . << /P 6496 0 R /K 551 1 0 obj >> >> endobj endobj << >> /P 5633 0 R /Lang (EN-US) /Pg 24 0 R /P 6160 0 R 2982 0 obj /S /Artifact /S /P endobj /K 1370 /S /LBody /P 4902 0 R << endobj /Pg 19 0 R << << 1153 0 obj /Pg 23 0 R /K 1471 endobj /Lang (EN-US) /Pg 23 0 R /K 747 >> endobj << >> << 3941 0 obj 876 0 obj /P 6585 0 R endobj << endobj /S /P /Lang (EN-US) 190 0 obj endobj << /K 356 /K 64 >> >> 4176 0 obj 3529 0 obj << << Not surprisingly, some managers have produced better outcomes than others, and by wide margins. /P 5446 0 R /S /P /K 772 /CropBox [0 0 612 792] endobj null null null 2833 0 R null 2834 0 R null 2835 0 R null 2836 0 R /S /P >> /P 6095 0 R 1318 0 R 1319 0 R 1320 0 R 1321 0 R 1322 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