Cliffwater Makes Billion Dollar Secured Notes Deal
Cliffwater Corporate Lending Fund (CCLFX), a diversified interval fund specializing in corporate middle market direct lending, has successfully completed its seventh offering of privately placed Senior Secured Notes, raising $1.37 billion.
The Notes, which are secured by the Fund’s assets and have staggered maturities ranging from 3 to 12 years, will help support continued growth as the Fund's net assets increase in line with equity inflows. As of July 31, 2024, CCLFX reported over $21.2 billion in net assets, up from $15.6 billion at the end of 2023, demonstrating its robust expansion.
Operating as an interval fund, CCLFX offers investors exposure to a diversified portfolio of loans, primarily in first lien senior secured positions, and focuses on generating consistent income with low price volatility. This recent transaction highlights the Fund's effective use of debt capital markets to finance its strategy.
Finsum: We have seen a huge uptick in popularity of interval funds and are projected to hit big targets in the coming years.
- interval funds
- alts
