Private Credit

Cliffwater Enhanced Lending Fund

Formation2021

CategoryInterval Fund

SEC Filing ↗

Net Assets

$6.9B

NAV YoY

+75%

Portfolio Composition

Investment Type

Portfolio Finance

12.90%

Real Assets

10.50%

Corporate ABL

9.00%

Private ABS

8.00%

Legal Finance

7.70%

Direct Lending

12.70%

Structured Capital/Mezz

7.50%

Venture Debt & Growth Capital

6.60%

Opportunistic

7.00%

GP Solutions

4.20%

Regulatory Capital Relief

6.90%

Other

7.00%

Strategy

Asset-Backed Finance

62.00%

Corporate

26.80%

Opportunistic

7.00%

GP Solutions

4.20%

Portfolio composition data sourced from regulatory filings.

Sekond Intelligence

Liquidity RiskB+

Fee Impact1.45%

Quality of Return1.6x

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Reported as of September 2025

Principal Portfolio Holdings

Holding	Value	Allocation
DAWSON EVERGREEN FUND LP	$335.8M	4.85%
HERCULES PRIVATE GLO FUND V-L LP	$189.1M	2.73%
BANNER RIDGE SECONDARY FUND V LP	$152.8M	2.20%
Proprietary Exposure	---	---
Proprietary Exposure	---	---

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About This Fund

The Cliffwater Enhanced Lending Fund is a closed-end interval fund registered under the Investment Company Act. It invests primarily in private credit strategies through fund-of-funds structures and direct co-investments. The portfolio spans corporate lending, asset-based lending, structured products, and alternative credit opportunities across domestic and international markets. Quarterly repurchase offers provide limited liquidity. The fund targets high current income with modest capital appreciation while emphasizing capital preservation.