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CDLI-V was created to investigate the comparative performance of this lesser-known type of lending - venture-backed loans - against the entire universe of middle market loans represented by CDLI.

CDLI-V follows the same construction methodology as CDLI but only includes loans held by managers of BDCs that have an investment style that Cliffwater has determined clearly focus on venture lending. Other industry participants may make different determinations regarding the focus of these BDC portfolios. Cliffwater generates the same quarterly performance and portfolio data for CDLI-V as is available for CDLI, except that the beginning date is March 31, 2005 for CDLI-V compared to September 30, 2004 for CDLI. As with the CDLI, CDLI-V should not suffer from biases (backfill and survivorship) found in other databases because all source data comes from required SEC filings.

Past performance of the CDLI-V is not an indication of future results. It is not possible to invest directly in the CDLI-V. The CDLI-V returns shown are not based on actual advisory client returns and do not reflect the actual trading of investible assets. The performance of the CDLI-V have not been reviewed by an independent accounting firm and has been prepared for informational purposes only.

Index returns do not reflect payment of any sales charges or fees a person may pay to purchase the securities underlying the CDLI-V or a product that is intended to track the performance of the CDLI-V. The imposition of these fees and charges would cause the actual and back-tested performance of these securities or products to be lower than the CDLI-V performance shown.

Any information presented prior to the Launch Date of the CDLI-V (June 30, 2020) is back-tested. Back-tested performance is not actual performance but is hypothetical. The back-tested calculations are based on the same methodology that was in effect when the CDLI-V was officially launched. Please refer to the methodology paper for the CDLI (available at for more details about the CDLI, including the Base Date/Value (September 30, 2004 at 1,000) and the Launch Date of the CDLI and the manner in which the CDLI is reconstituted and the eligibility criteria for the CDLI.

Prospective application of the methodology used to construct the CDLI-V may not result in performance commensurate with any back-tested returns shown. The back-test period does not necessarily correspond to the entire available history of the CDLI-V. Another limitation of back-tested hypothetical information is that generally the back-tested calculation is prepared with the benefit of hindsight. Back-tested data reflect the application of the CDLI-V methodology and selection of the CDLI-V constituents in hindsight. No hypothetical record can completely account for the impact of financial risk in actual trading. For example, there are numerous factors related to the financial markets in general which cannot be, and have not been, accounted for in the preparation of the CDLI-V information set forth, all of which can affect actual performance.

When Cliffwater was unable to determine the nature of a BDC’s investments because of limited information included in historical SEC filings, Cliffwater did not apply the portfolio composition criteria (a substantial majority (approximately 75%) of reported total assets are represented by direct loans made to corporate borrowers, as categorized by each BDC and subject to Cliffwater’s discretion) to the BDC. In addition, the criteria regarding the timing of SEC filings was not applied for periods prior to the Launch Date. All other eligibility criteria were applied to determine whether to include the BDC in the historical CDLI-V, as applicable, composition and return. Index returns generally are published 75 days after calendar quarter-end.

The CDLI-V may include inaccuracies or typographical errors. Due to various factors, including the inherent possibility of human or mechanical error, the accuracy, completeness, timeliness and correct sequencing of such information and the results obtained from its use are not guaranteed by Cliffwater.

The CDLI-V is derived from sources that are considered reliable, but Cliffwater does not guarantee the veracity, currency, completeness or accuracy of the CDLI-V or other information furnished in connection with it. No representation, warranty or condition, express or implied, statutory or otherwise, as to condition, satisfactory quality, performance, or fitness for purpose are given or duty or liability assumed by Cliffwater in respect of the CDLI-V or any data included therein, omissions therefrom or the use of the CDLI-V in connection with any product, and all those representations, warranties and conditions are excluded save to the extent such exclusion is prohibited by applicable law.

Please see for disclosures related to the CDLI and CDLI-S