Cliffwater Corporate Lending Fund Achieves First Public Rating by S&P Global Ratings

Cliffwater Corporate Lending Fund's Landmark Rating

On November 20, 2025, the Cliffwater Corporate Lending Fund, commonly known by its ticker symbol CCLFX, made headlines by becoming the first interval fund to achieve a public credit rating from S&P Global Ratings. The fund received an 'A' issuer credit rating (ICR) with a stable outlook, highlighting its robust portfolio and innovative approach to corporate middle market lending.

CCLFX is designed as a diversified interval fund, specifically targeting consistent income through corporate loans. The recent rating from S&P not only reflects the credibility of the fund's management but also marks a significant milestone in the interval fund industry itself. The wide array of loans that CCLFX engages with – cultivated through reputed institutional direct lenders – adds to its appeal among investors.

Daniel Lepore, the Managing Director and Head of Liability Management at Cliffwater, commented that receiving such a notable rating would enable the fund to access larger and more scalable debt capital markets. This access may result in lower financing costs compared to typical private market solutions. He emphasized how crucial such a rating is for the fund's commitment to providing value in its offerings.

Stephen Nesbitt, CEO of Cliffwater, also lauded this achievement, expressing pride in the team's dedication to delivering high-caliber products for individual investors. He noted that the receipt of the 'A' rating from S&P signifies that their efforts to foster a quality investment environment are succeeding. With an eye toward the future, Cliffwater aims to maintain consistent and attractive returns for its investors.

As of the end of October 2025, CCLFX had surpassed $32 billion in net asset value, showcasing its significant impact in the market. The firm’s innovative strategies in lending and investment have set a new benchmark for interval funds, leading to the expectation of high-quality outcomes even in volatile economic conditions.

It's worth highlighting that while the fund operates within the framework mandated by the Investment Company Act of 1940, investors should be aware of the inherent risks associated with interval funds. Given their illiquid nature, shares of CCLFX are not suited for individuals needing quick access to their investment. This distinctive aspect raises the stakes for investors who need to commit long-term to benefit from the potential rewards.

The trajectory of CCLFX demonstrates the evolving landscape of alternative investments, as Cliffwater navigates through a blend of traditional and innovative approaches to serve its clientele. The rating serves not just as a milestone for the fund but a positive endorsement of its management strategy and overall objectives. With an increasing interest in alternative investment vehicles, this rating by S&P also places Cliffwater in a favorable position to cater to a growing investor base seeking diversification in their portfolios.

In conclusion, this recent recognition extends beyond CCLFX; it reflects a broader trend in the investment community towards recognizing robust, diversified financial vehicles in an ever-expanding marketplace. As this landscape continues to shift, the achievements of funds like CCLFX illustrate the potential for stability and growth within the realm of interval funds.

For more information about the Cliffwater Corporate Lending Fund, visit Cliffwater.

Performance data is volatile and does not guarantee future results. Prospective investors should review investment objectives, risks, and fees before committing capital. Fund shares are illiquid and should be regarded as a long-term investment.*