Last year saw a notable shift in the capital markets and interest rate landscape as inflation fears, higher interest rates, and geopolitical conflict weighed on economic confidence and M&A volume. Despite these factors driving negative returns in major publicly traded classes, the Cliffwater Direct Lending index posted a gain in 2022, once again demonstrating the resilience of the asset class. Select segments of the lower middle market (“LMM”), the focus segment of Capital Dynamics Private Credit (“CDPC”), delivered further relative outperformance.
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