Second-largest private credit interval fund has a track record of outperformance versus peers and broader markets

NEW YORK, July 7, 2026 /PRNewswire/ — Cliffwater Enhanced Lending Fund (“CELFX” or the “Fund”), the second-largest private credit interval fund in the market after Cliffwater’s flagship Cliffwater Corporate Lending Fund (“CCLFX”), marked its five-year anniversary, with the $7.8 billion fund having delivered strong performance since inception¹, while outperforming peer funds and broader markets.

CELFX invests across the full private credit spectrum, providing exposure to asset-based finance and alternative credit strategies that present higher return potential and lower correlation to traditional risk assets. Through a multi-lender approach, the Fund provides exposure to 14 distinct private credit strategies by investing alongside more than 30 of Cliffwater’s leading investment partners. The broad-based portfolio consists of over 3,000 credits² with an average position size of 0.03% of net asset value.

Since its July 2021 inception, CELFX has become the highest-returning credit interval fund³, delivering a 12.0% annualized net return while outperforming both peer funds and public credit benchmarks. Over the period, the Fund outperformed other credit interval funds by an average of 5% annually, exceeded leveraged loans by 6% and traditional fixed income by 12%⁴, and outperformed perpetual BDCs by 4% annually⁵ through the most recent date for which complete BDC data is available, March 31, 2026.

“As a pioneer in private credit, we recognized the breadth of opportunities beyond direct lending,” said Stephen Nesbitt, CEO of Cliffwater and Portfolio Manager of CELFX and CCLFX. “The strong demand for CCLFX reinforced the appetite for investor-first private markets solutions. We created CELFX as a turnkey vehicle providing immediate exposure to the full private credit universe. CELFX has consistently delivered high risk-adjusted returns for investors by capturing the unique risk premiums in these lower-correlation strategies.”

CELFX is managed by Portfolio Managers Stephen Nesbitt, Jeff Topor, Eli Sokolov, and Nick Lenicheck and 14 investment professionals. The Fund is also supported by Cliffwater’s robust private credit platform of over 160 professionals. Cliffwater has been investing in private credit since 2006, committing $72 billion of capital on behalf of its clients⁶.

ABOUT CLIFFWATER ENHANCED LENDING FUND (CELFX)

Launched July 1, 2021, Cliffwater Enhanced Lending Fund is a Delaware statutory trust registered under the Investment Company Act of 1940 and operates as an interval fund.

CELFX invests across the private debt spectrum, including in diversifying strategies with lower correlation to traditional risk assets, to tap into unique risk premiums to pursue high current income and, secondarily, capital appreciation. The Fund provides immediate exposure to asset-based finance and other alternative credit strategies in one efficient solution that would be costly and challenging for investors to replicate.

As of June 30, 2026, CELFX has $7.8 billion in net asset value and approximately $8.9 billion in total gross assets.

https://www.cliffwaterfunds.com/CELFX

ABOUT CLIFFWATER CORPORATE LENDING FUND (CCLFX)

Cliffwater Corporate Lending Fund is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended, and is a diversified, closed-end management investment company. The Fund operates as an interval fund and commenced operations on March 6, 2019.

CCLFX employs an innovative approach to corporate middle market lending, investing and co-investing in a diverse set of loans originated through multiple what Cliffwater views as high-quality institutional direct lenders. CCLFX focuses on delivering consistent floating-rate income and principal protection through all environments with low price volatility.

As of June 30, 2026, CCLFX has $30.4 billion in net asset value and approximately $39.5 billion in total gross assets.

Cliffwater LLC serves as the investment adviser of the Funds.

https://www.cliffwaterfunds.com/CCLFX

ABOUT CLIFFWATER

Cliffwater LLC (“Cliffwater” or “the Firm”) is an independent alternative investment adviser and fund manager. Founded in 2004, Cliffwater has been shaping how alternatives are understood and accessed through its research, proprietary indices, and innovative evergreen private markets funds. The Firm’s research has been cited in industry-leading publications and led to the creation of the Cliffwater Direct Lending Index (“CDLI”), the first published index and widely accepted benchmark for direct lending, its suite of sub-indices, and the Cliffwater Evergreen Private Equity Index. Cliffwater is also one of the largest providers of alternative investment solutions for the wealth management channel. The Firm’s private markets interval fund platform is now the largest in the market with $44.1 billion in net assets as of June 30, 2026, and includes the two largest credit interval funds.

Cliffwater LLC is an investment adviser registered with the Securities and Exchange Commission (“SEC”).

https://www.cliffwater.com

All data as of June 30, 2026, unless otherwise noted. Interval funds and BDCs are different products and should not be compared as interchangeable investments. They may differ materially in investment objectives and strategies, shareholder liquidity and repurchase features, fees and expenses, tax treatment, and regulatory structure, including that interval funds generally operate under the Investment Company Act’s interval fund framework with periodic repurchase offers, while BDCs are closed-end funds operating under the BDC provisions of the federal securities laws.

Performance data represents past performance, which does not guarantee future results. Investment returns and principal value will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost; and the current performance may be lower or higher than the performance data quoted. Fund performance is net of fees.

Investors should consider the investment objectives, risks, charges, and expenses of the Cliffwater Corporate Lending Fund and the Cliffwater Enhanced Lending Fund (the “Funds”) carefully before investing. Before investing, carefully read the prospectus, which can be found on this website or by calling (888) 442-4420.

The Funds’ investment programs are speculative and entails substantial risks. There can be no assurance that the Funds’ investment objectives will be achieved or that its investment program will be successful Investors should consider the Funds as a supplement to an overall investment program and should invest only if they are willing to undertake the risks involved Investors could lose some or all of their investment. Shares are an illiquid investment. We do not intend to list the Funds’ shares (“Shares”) on any securities exchange, and we do not expect a secondary market in the Shares to develop. You should generally not expect to be able to sell your Shares (other than through the limited repurchase process), regardless of how we perform. Although we are required to implement a Share repurchase program, only a limited number of Shares will be eligible for repurchase by us. You should consider that you may not have access to the money you invest for an indefinite period of time. An investment in the Shares is not suitable for you if you have foreseeable need to access the money you invest. Because you will be unable to sell your Shares or have them repurchased immediately, you will find it difficult to reduce your exposure on a timely basis during a market downturn.

CCLFX is a diversified fund under the Investment Company Act of 1940. CELFX is a non-diversified management investment company and may be more susceptible to any single economic or regulatory occurrence than a diversified investment company. Cybersecurity risks have significantly increased in recent years and the Funds could suffer such losses in the future. One of the fundamental risks associated with the Funds’ investments is the risk that an issuer will be unable to make principal and interest payments on its outstanding debt obligations when due. Other risk factors include interest rate risk (a rise in interest rates causes a decline in the value of debt securities) and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments).

FORWARD-LOOKING STATEMENTS

This press release may contain certain forward-looking statements. Any such statements other than statements of historical fact are likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under Cliffwater LLC’s control, and that Cliffwater LLC may or may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual performance and results could vary materially from these estimates and projections of the future as a result of a number of factors, including those described from time to time in Cliffwater LLC’s filings with the SEC. This report may include sample or pro forma performance. Such information is presented for illustrative purposes only and is based on various assumptions, not all of which are described herein. Such assumptions, data, or projections may have a material impact on the returns shown. Such statements speak only as of the time when made and are based on information available to Cliffwater LLC as of the date hereof and are qualified in their entirety by this cautionary statement. Cliffwater LLC assumes no obligation to revise or update any such statement now or in the future.

The Bloomberg U.S. Aggregate Bond Index (often called “the Agg”) is the flagship benchmark measuring the performance of the U.S. investment-grade, fixed-rate taxable bond market.

The Morningstar LSTA US Leveraged Loan Index is a market-standard, capitalization-weighted benchmark that tracks the investable universe of institutional U.S. syndicated term leveraged loans.

Cliffwater Enhanced Lending Fund (“CELFX”) is not sponsored, endorsed, sold or promoted by Morningstar, Inc. or any of its affiliates (all such entities, collectively, “Morningstar Entities”) or the Loan Syndications and Trading Association (“LSTA”). The Morningstar Entities and LSTA make no representation or warranty, express or implied, to the owners of CELFX or any member of the public regarding the advisability of investing in leveraged loans generally or in CELFX in particular or the ability of Morningstar LSTA Leveraged Loan Index to track general leveraged loan market performance.

THE MORNINGSTAR ENTITIES AND LSTA DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF ANY DATA INCLUDED HEREIN AND HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. THE MORNINGSTAR ENTITIES AND LSTA MAKE NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY CLIFFWATER LLC, OWNERS, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF LLC OR ANY DATA INCLUDED THEREIN. THE MORNINGSTAR ENTITIES AND LSTA MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO CLIFFWATER LLC OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL THE MORNINGSTAR ENTITIES OR LSTA HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

The Funds are distributed by Foreside Fund Services, LLC.

¹ Inception date: July 1, 2021.
² Direct and underlying loan exposure.
³ Source: Bloomberg. There were 24 credit interval funds with data as of the Fund’s inception.
⁴ Leveraged loans represented by the Morningstar LSTA U.S. Leveraged Loan Index. Traditional fixed income represented by the Bloomberg US Aggregate Bond Index.
⁵ SEC Filings through March 31, 2026.
⁶ As of December 31, 2025. Assets are based on the cumulative amount of capital committed by Cliffwater private assets clients, both discretionary and non-discretionary, to funds or accounts recommended by Cliffwater.

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SOURCE Cliffwater