Cliffwater Corporate Lending Fund Closes $1.37B Secured Notes Offering

Cliffwater Corporate Lending Fund (CCLFX) announced the closing of its 7th privately placed senior secured notes offering, totaling $1.37 billion. The notes are secured by CCLFX’s assets, rank pari passu with its senior secured revolving credit facility and have staggered maturity dates from 3 to 12 years.

CCLFX is a Delaware statutory trust and is a diversified, closed-end management investment company. The fund operates as an interval fund and began operations on March 6, 2019.

The fund intends to use the proceeds to support continued growth in the balance sheet coinciding with its pace of equity inflows. As of July 31, 2024, CCLFX had over $21.2 billion in net asset value, up from approximately $15.6 billion as of December 31, 2023.

“This facility is another important accomplishment for the Fund to support continued growth and provide enhanced exposure to direct lending,” said Stephen Nesbitt, portfolio manager of CCLFX and CEO of Cliffwater.

CCLFX provides investors with exposure to over 3,700 unique private credit borrowers, is allocated 96% to first lien senior secured loans, and has a non-accrual rate of 0.42%. CCLFX has an 11% distribution rate and has generated a net annualized total return of 9.54% since its inception on June 5, 2019, the firm said.

Cliffwater LLC, which has approximately $29 billion in assets under management and $83 billion in assets under advisement, serves as the investment advisor of the fund.