Cliffwater Corporate Lending Fund raises $1.37bn from notes offering
Cliffwater’s corporate lending fund has closed its seventh senior secured notes offering with $1.37bn (£1.07bn) raised.
The Cliffwater Corporate Lending Fund (CCLFX) is an interval fund focused on corporate middle market direct lending.
The investment-grade notes are secured by CCLFX’s assets and have staggered maturity dates form three to 12 years.
The proceeds from the offering will be used to support continued growth in the balance sheet, Cliffwater said.
Read more: Cliffwater fund completes $760m secured notes offering
CCLFX had over $21.2bn in net assets as of 31 July, up from around $15.6bn at the end of last year.
“A transaction of this size and scale that also reduces our overall cost of financing is a testament to CCLFX’s overall team and its ability to tap the debt capital markets in a differentiated way,” said Daniel Lepore, managing director and head of liability management.
“We thank each of our lender partners for their strong and continued support.”
Read more: Principal predicts “manageable” default rates for direct lending market
Stephen Nesbitt, portfolio manager of CCLFX and chief executive of Cliffwater, said: “Earlier this summer, CCLFX celebrated two milestones – five years of performance and reaching $20bn in net assets. This facility is another important accomplishment for the fund to support continued growth and provide enhanced exposure to direct lending.”
Cliffwater is an alternative investment adviser and fund manager with around $29bn in assets under management and $89bn in assets under advisement.
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