Cliffwater Corporate Lending Fund is a closed-end investment company structured as an interval fund. Cliffwater describes its focus as traditional senior secured private direct loans through a multi-lender approach.
The fund is separate from Cliffwater Enhanced Lending Fund. CCLFX is a share-class identifier, not evidence that the shares can be sold on a stock exchange.
Cliffwater LLC
Interval Fund
Senior Secured Direct Lending
Credit
Quarterly Repurchases / Proration May Apply
October 21, 2026
The annual report for the year ended March 31, 2026 describes a fundamental policy of quarterly offers at per-class NAV, with the offer amount between 5% and 25% of outstanding shares. The actual amount is set for the particular offer; the range does not mean each investor can redeem 25% on demand.
The report explains that oversubscribed offers may be prorated and that an additional purchase of up to 2% of outstanding shares is permitted but not required. Cliffwater warns that investors should not expect to sell outside the limited repurchase process.
Confirm the exact share class, current notice, amount tendered, accepted shares and remaining balance. A fund-level percentage is different from the percentage of an investor's request fulfilled.
Before submitting a request, check the required form, delivery method, cutoff time, withdrawal procedures and account authorization. Keep a copy of the submitted instructions and obtain processing confirmation from the relevant intermediary.
A request amount is not the same as an accepted amount. After the offer closes, reconcile the accepted quantity, price, payment and shares that remain. Confirm whether a new request is needed for any future period.
A fund's posted NAV, the value on an account statement and the repurchase pricing-date NAV may be different. A price published when instructions are submitted may change before the applicable valuation date. Review the exact class and terms.
Estimate proceeds using the number of shares actually accepted. Check any applicable class-specific adjustments, transaction or custodian charges and withholding. Consult a qualified tax professional about the consequences for your account.
A recent statement can begin an initial review. Provide the notice for the specific offer rather than assuming another fund's procedure or a prior quarter's form applies.
AIL can review documentation, repurchase information, ownership registration and transfer restrictions. Any proposed private transfer requires separate confirmation of permissibility, purchaser eligibility and market interest. AIL does not represent that an established secondary market or purchaser is available.
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AIL is not affiliated with or endorsed by the fund or its sponsor and is not a broker-dealer or investment adviser. This page provides general research, not a securities offer or individualized investment, legal or tax advice.
Research reviewed October 21, 2026. Historical notices apply to their stated offers. Calendar dates and program terms may change; review subsequent notices and current governing documents.
Secondary market interest depends on more than asset type. AIL evaluates each position based on investment structure, transferability, documentation, and current market conditions.
Ownership type, sponsor requirements, investment terms, and underlying asset characteristics all influence review.
Some positions may be subject to transfer restrictions, approval requirements, or limitations within governing documents.
Offering materials, account records, ownership documents, and sponsor information help determine whether review can proceed.
Potential liquidity depends on current buyer interest, asset category, pricing expectations, and transaction feasibility.
Every opportunity is reviewed individually. Our process is designed to provide clarity regarding transferability, marketability, and potential liquidity pathways before any transaction decisions are made.
Provide basic details regarding the investment position, ownership structure, and available documentation.
AIL evaluates the investment type, transfer restrictions, sponsor requirements, and available transfer pathways.
We determine whether a secondary market opportunity may exist based on current investor demand and transaction activity.
If a viable pathway exists, we discuss potential next steps, timing considerations, and transaction requirements.
Submit basic information for a confidential review. Opportunities are evaluated individually based on investment structure, available documentation, transferability, and potential market interest.
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