Cliffwater Enhanced Lending Fund
CELFX
NASDAQ- -
USD
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- -
Capital Structure
FRC
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in mil. unless spec.Working Capital
FRC
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in mil. unless spec.Growth Rates
FRC
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in mil. unless spec.Quarterly Revenue
FRC
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.Quarterly Dividends Per Share
FRC
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in mil. unless spec.- CEO
- Stephen Lane Nesbitt
- Sector
- Financial Services
- Industry
- Investment - Banking & Investment Services
- Address
- United States of America
- IPO Date
- Jun 30, 2021
- Website
- cliffwaterfunds.com
- Similar Companies
- Business
- Cliffwater Enhanced Lending Fund (CELFX) is a non-diversified, closed-end interval fund registered under the Investment Company Act of 1940 that seeks high current income and modest capital appreciation, with secondary capital preservation, by investing at least 80% of its assets (net assets plus borrowings for investment purposes) in lending to businesses across the private debt spectrum. The Fund operates as a fund-of-funds, allocating primarily to private investment vehicles including general and limited partnerships, special purpose vehicles, non-listed business development companies, and collateralized loan obligations; core strategies encompass direct lending, mezzanine debt, structured credit (such as CLO debt and equity), venture debt, asset-based lending, leasing (aircraft, equipment, and other), real estate debt, infrastructure, royalties, insurance-linked securities, legal finance, and marketplace lending, with investments taking forms including secured or unsecured bonds and loans, structured capital instruments, and income-producing assets like receivables factoring or sale-leasebacks. Cliffwater LLC, founded in 2004 and headquartered in Marina del Rey, California with additional offices in Chicago, New York, and Newport Beach, serves as the investment adviser managing approximately $42 billion in assets under management; the Fund, launched July 1, 2021 as a successor to the Cliffwater Enhanced Lending Fund L.P., offers Class I shares (CELFX, $10 million minimum, no sales load) for institutional investors and Class D shares (CLDFX, $50,000 minimum, up to 2% front-end sales load), with quarterly repurchase offers of 5-25% of outstanding shares at net asset value and monthly distributions primarily treated as return of capital or ordinary income. The Fund targets accredited high-net-worth individuals, family offices, registered investment advisers, and institutions seeking private credit diversification with lower correlation to traditional risk assets, deploying capital across approximately 3,000 underlying credits via 30+ investment partners and 14 strategies while leveraging up to 33.33% of assets (50% of net assets), predominantly in floating-rate instruments; as of September 30, 2025, net assets reached $6.9 billion, reflecting robust growth from strong equity inflows. Recent major developments include the July 2024 closing of a $1.175 billion senior secured syndicated revolving credit facility (expandable to $2 billion, maturing July 2029), led by PNC Bank and Barings to enhance balance sheet flexibility and support expansion amid net assets rising from $3.4 billion as of June 30, 2024; in April 2025, Cliffwater's parent received a substantial minority investment from TPG and Temasek alongside existing backer TA Associates to fuel platform growth, including personnel, technology, and additional lending partners. The Fund maintains U.S.-centric operations with limited non-U.S. exposure, administered by UMB Fund Services, Inc. in Milwaukee, Wisconsin.