Cliffwater’s $33 Billion Private Credit Fund to See 7%-Plus Redemptions

Cliffwater LLC is facing redemption requests in excess of 7% from its flagship private credit fund, according to people with knowledge of the matter.

The $33 billion Cliffwater Corporate Lending Fund is structured as an interval fund, requiring it to repurchase up to 5% of its shares each quarter if investor requests meet that threshold. If redemptions exceed 5%, Cliffwater has discretion to repurchase as much as 7% of outstanding shares.