Cliffwater Enhanced Lending Fund (CELFX), an interval fund providing access to alternative private credit strategies, closed a senior secured syndicated revolving credit facility. The facility is led by PNC Bank as administrative agent and joint lead arranger and Barings as joint lead arranger through its portfolio finance team.
Under the facility, which closed on July 19, 2024, the lenders have agreed to extend credit to the fund in an aggregate amount of $1.175 billion with an option to request that existing and new lenders provide up to $2 billion. The Facility will mature on July 19, 2029.
The fund intends to utilize the Facility to support continued growth in the balance sheet coinciding with the fund’s continued pace of equity inflows. As of June 30, 2024, CELFX has approximately $3.4 billion in net assets, up from approximately $2.5 billion as of Dec. 31, 2023.
“We are excited about the closing of this important facility for CELFX,” Stephen Nesbitt, portfolio manager of CELFX and CEO of Cliffwater, said. “Having recently crossed three years of performance, this transaction enhances the flexibility of our balance sheet so that we can continue pursuing our goal of delivering the best investor experience for years to come.”
“This facility provides CELFX with both immediate robust liquidity and a pathway to continued equity growth,” Daniel Lepore, managing director and head of liability management for Cliffwater, said. “We thank our lender partners for their continued support.”
