Cascade Private Capital Fund Announces Completion of $250 Million Revolving Credit Facility

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Sep 30, 2024, 12:00 ET

MARINA DEL REY, Calif., Sept. 30, 2024 /PRNewswire/ -- Cascade Private Capital Fund ("CPEFX" or "the Fund"), an interval fund providing access to private capital, has announced the closing of a senior secured revolving credit facility with JPMorgan Chase Bank, N.A. ("JPMorgan").

Under the Facility, which closed on September 26, 2024, JPMorgan has agreed to extend credit to the Fund in an aggregate amount of $250 million.

The Fund intends to utilize the Facility to support continued balance sheet growth and liquidity. As of August 31, 2024, CPEFX has approximately $1.2 billion in net assets, up from approximately $125 million as of February 27, 2024, when Cliffwater became the investment adviser of the Fund.

"We are thrilled not only to provide enhanced liquidity to Cascade Private Capital Fund, but also to do so with a partner like JPMorgan. This Facility provides long-term, flexible debt financing from a partner that can best facilitate future growth of the Fund's balance sheet," added Daniel Lepore, Managing Director and Head of Liability Management at Cliffwater.

This news release shall not constitute an offer to sell or a solicitation of an offer to purchase the notes or any other securities and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.

ABOUT CASCADE PRIVATE CAPITAL FUND

Cascade Private Capital Fund is a Delaware statutory trust registered under the Investment Company Act of 1940 and operates as an interval fund. On February 27, 2024, the Fund became known as Cascade Private Capital Fund ("CPEFX") and Cliffwater became the investment adviser. Prior to the date, the Fund was known as the Barings Private Equity Opportunities & Commitments Fund ("BPEOC") and Barings was the investment adviser. The inception date of BPEOC was January 7, 2022.

CPEFX invests across private markets with a focus on under-allocated strategies to take advantage of opportunities arising from market inefficiencies and evolving business cycles. The Fund also has the ability to invest across other segments of private markets.

Since inception, CPEFX has delivered a net annualized total return of 19.66%. As of August 31, 2024, CPEFX had $1.2 billion in net assets. The portfolio was comprised of 56 investments with 43 investment partners across secondaries, co-investments, and primary funds.

Cliffwater serves as the investment adviser of the Fund.

ABOUT CLIFFWATER

Cliffwater LLC ("Cliffwater", or "the Firm") is an independent alternative investment adviser and fund manager that provides proactive research, advisory, and investment services. Cliffwater was founded in 2004; has offices in Los Angeles, Chicago, New York, and Newport Beach; and currently has approximately $30 billion in assets under management (AUM) and $84 billion in assets under advisement (AUA).

Cliffwater's platform of 68 investment and research professionals span across private markets. The Firm currently oversees $38 billion in private equity assets for its clients.

Cliffwater's research has been published in "The Journal of Alternative Investments," and in 2018, its founder and Chief Executive Officer, Stephen Nesbitt, was named one of the "30 Most Influential People in Private Debt" by Private Debt Investor. Cliffwater continues to author research that evolves how alternatives are understood.

Cliffwater LLC is an investment adviser registered with the Securities and Exchange Commission ("SEC").

https://www.cliffwater.com

Performance data represents past performance, which does not guarantee future results. Investment returns and principal value will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost; and the current performance may be lower or higher than the performance data quoted. Fund performance is net of fees.

Investors should consider the investment objectives, risks, charges, and expenses of the Fund carefully before investing. Before investing, carefully read the prospectus, which can be found on the above website or by calling (888) 442-4420.

The Fund has limited operating history, limited liquidity, illiquid investments, and the shares have no history of public trading. The Fund's investment program is speculative and entails substantial risks. There can be no assurance that the Fund's investment objectives will be achieved or that its investment program will be successful Investors should consider the Fund as a supplement to an overall investment program and should invest only if they are willing to undertake the risks involved Investors could lose some or all of their investment.

Shares are an illiquid investment.

Summary of Risk Factors: • Shares are not listed on any securities exchange and it is not anticipated that a secondary market for Shares will develop. Thus, an investment in the Fund may not be suitable for you if you may need the money you invest in a specified timeframe. • You should generally not expect to be able to sell your Shares (other than through the repurchase process), regardless of how the Fund performs. • Although the Fund is required to implement a Share repurchase program, only a limited number of Shares will be eligible for repurchase by the Fund. Shares are not redeemable at a Shareholder's sole option nor are they exchangeable for shares of any other fund. As a result, you may not be able to sell or otherwise liquidate your Shares. • Shares are appropriate only for those investors who can tolerate a high degree of risk and do not require a liquid investment and for whom an investment in the Fund does not constitute a complete investment program. • Because you will be unable to sell your Shares or have them repurchased immediately, you will find it difficult to reduce your exposure on a timely basis during a market downturn. • All or a portion of an annual distribution may consist solely of a return of capital (i.e., from your original investment) and not a return of net investment income. • Shares are speculative and involve a high degree of risk and leverage. See "General Risks" in CPEFX's prospectus. • The amount of distributions the Fund may pay, if any, is uncertain. • The Fund may pay distributions in significant part from sources that may not be available in the future and that are unrelated to the Fund's performance, such as from offering proceeds, borrowings, and amounts from the Fund's affiliates that are subject to repayment by investors.

The Fund is a non-diversified management investment company and may be more susceptible to any single economic or regulatory occurrence than a diversified investment company. Cybersecurity risks have significantly increased in recent years and the Fund could suffer such losses in the future. Some of the principal risks of the Fund include limited operating history, limited liquidity, restricted and illiquid investments, non-diversification, and valuations subject to adjustments. The Fund may engage in the use of leverage, hedging, and other speculative investment practices that may accelerate losses.

Distributed by Foreside Fund Services, LLC.

FORWARD-LOOKING STATEMENTS

This press release may contain certain forward-looking statements. Any such statements other than statements of historical fact are likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under Cliffwater LLC's control, and that Cliffwater LLC may or may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual performance and results could vary materially from these estimates and projections of the future as a result of a number of factors, including those described from time to time in Cliffwater LLC's filings with the SEC. Such statements speak only as of the time when made and are based on information available to Cliffwater LLC as of the date hereof and are qualified in their entirety by this cautionary statement. Cliffwater LLC assumes no obligation to revise or update any such statement now or in the future.

SOURCE Cliffwater