Cliffwater Faces Excess Redemption Requests From Investors
Cliffwater LLC is facing redemption requests exceeding 7% for its $33 billion Corporate Lending Fund, according to people, as the interval fund's tender window closes Tuesday. The fund can repurchase up to 5% quarterly and has discretion to buy as much as 7% of outstanding shares; Cliffwater has not decided whether to limit redemptions at 5% or 7%. Investors cite concerns about loan quality and exposure to software companies amid AI disruption, echoing outflows at other private credit managers.
Key Points
- 1Reports show Cliffwater faces redemption requests exceeding 7% for its $33 billion corporate lending fund
- 2Investor concerns about loan quality and exposure to software firms amid AI-driven disruption prompt withdrawals
- 3Fund faces repurchase limits (5% normal, discretionary 7%), affecting liquidity management and potential gates
Scoring Rationale
Timely Bloomberg coverage highlights meaningful private-credit outflows; limited novelty and anonymous sources constrain broader impact.
Sources
Public references used for this report.
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