Cliffwater is facing redemption requests of more than 7% from investors in its flagship private credit vehicle, the Cliffwater Corporate Lending Fund, according to a report by Bloomberg citing people familiar with the matter.
The $33bn fund is structured as an interval vehicle, requiring it to repurchase up to 5% of its outstanding shares each quarter when redemption requests reach that level. The firm has discretion to increase that threshold to as much as 7% if demand for withdrawals exceeds t...
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