2025 Private Debt Outlook

Stephen Nesbitt, CEO & CIO, Caitlin (Kammerait) Nemeth, Managing Director, and Samir Patel, Managing Director, share their outlook for private debt in 2025 and discuss trends to watch for in the upcoming year.
Further reading on Private Debt: www.cliffwater...
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Steve is Chief Executive Officer and Chief Investment Officer of Cliffwater and is primarily responsible for the day-to-day management of Cliffwater Corporate Lending Fund (CCLFX) and the Cliffwater Enhanced Lending Fund (CELFX), SEC registered credit interval funds focused on the US corporate middle market.
Steve is recognized for a broad range of investment research. His papers have appeared in the Financial Analysts Journal, The Journal of Portfolio Management, The Journal of Applied Corporate Finance, and The Journal of Alternative Investments. His private debt research led to the creation of the Cliffwater BDC Index, measuring historical BDC performance, and the Cliffwater Direct Lending Index, measuring historical performance for direct middle market loans. Steve authored the book, Private Debt: Opportunities in Corporate Direct Lending, Wiley Finance (2019) which provides the analytical and empirical underpinnings of the private debt market.
Caitlin Nemeth is a portfolio manager for the Cliffwater Corporate Lending Fund and is a member of the credit research and investment team. In this role, she is responsible for many facets of the fund’s product strategy, including new program development, cultivating manager relationships, investment and co-investment selection and structuring.
Samir Patel, Portfolio Manager, co-leads the credit research and investment team for the Cliffwater Corporate Lending Fund. He is primarily responsible for the sourcing and underwriting of the Fund’s co-investments and cultivating manager relationships.
This is not intended as a recommendation to invest in any particular asset class or strategy or as a promise of future performance. References to future returns are not promises or even estimates of actual returns a client portfolio may achieve.
Statements that are nonfactual in nature, including opinions, projections and estimates, assume certain economic conditions and industry developments and constitute only current opinions that are subject to change without notice. The opinions, projections and estimates, assume certain economic conditions and industry developments and constitute only current opinions that are subject to change without notice. Unless otherwise indicated, dates indicated by the name of a month and a year are end of month.