Private debt (measured via loans to the US SME sector) with very good performance in Q4 2022

The Cliffwater Direct Lending Index (CDLI) measures the performance of corporate loans to middle market companies in the USA. The CDLI is a widely accepted index for the performance of private SME loans. The largest segment of the private credit market ("private debt" asset class). The index figures for the 4th quarter of 2022 were recently published. In Q4 2022, the index gained 2.1% and closed the year 2022 with +6.3%. A first-class performance compared to government bonds and corporate bonds. The CDLI in detail: The CDLI aims to measure the unlevered, fee-adjusted performance of US middle market corporate loans represented by the underlying assets of business development companies ("BDCs"). Includes both exchange-traded and non-exchange-traded BDCs, subject to certain eligibility requirements. The CDLI is an asset-weighted index of 11,837 direct originated loans with a total volume of $263 billion as of December 31, 2022.The CDLI helps investors better understand the characteristics of the asset class and evaluate the performance of managers.The CDLI is calculated quarterly. It is based on financial statements and other information contained in U.S. Securities and Exchange Commission ("SEC") filings for all eligible BDCs.