CliffWater ENHANced lending fund (CELFX) - ENHANced Lending

CliffWater ENHANCED lending fund (CELFX)

The Cliffwater Enhanced Lending Fund (CELFX) is a closed-end interval fund with a $10,000,000 firm minimum designed to provide investors with access to private credit strategies, emphasizing higher current income than U.S. Treasury Bonds.

Launched on July 1, 2021, it is structured as a Delaware statutory trust registered under the Investment Company Act of 1940 as a non-diversified, closed-end management investment company.

The fund operates as an "interval fund," which means it provides quarterly liquidity (fund repurchases shares at net asset value) while allowing for illiquid private investments.

Investment Objectives and Strategy

• Primary Objective: Invests in private credit strategies which include direct lending, asset-based lending, and other strategies with distinct risk premiums

• Under normal conditions, at least 80% of the fund's assets (net assets plus borrowings) are invested in "lending to businesses," broadly defined as providing capital or assets to businesses. This includes a diversified mix across the private debt spectrum, such as:

• Direct lending.
• Specialty finance.
• Asset-based lending.
• Venture debt.
• Credit strategies with lower correlation to traditional assets.

• The portfolio is broadly diversified, typically spanning 14 sub-strategies. Cliffwater LLC, the investment adviser, leverages proprietary data supplemented by public indices like the Cliffwater Direct Lending Index (CDLI), which tracks over 6,000 loans worth $126 billion since 2004, to inform sizing, growth projections, and performance benchmarking.

• Management Team: Led by Cliffwater LLC (a registered SEC investment adviser), Portfolio Manager Stephen Nesbitt (CEO of Cliffwater), and Principal Brian Moriarty. The firm has managed similar strategies since 2019, including the Cliffwater Corporate Lending Fund (CCLFX).

Key Features

• Share Classes: Primarily Class I (CELFX) and Class D (CLDFX) shares. Class I is targeted at institutional investors.

• Liquidity: As an interval fund, it offers quarterly repurchase offers (typically 5-25% of outstanding shares), providing more frequent access to capital than traditional closed-end funds but less than open-end mutual funds.

• Minimum Investment $10 Million: $10,000,000 for Class I shares.

• Glover Park Wealth Management offers clients access to the Cliffwater Enhanced Lending Fund (CELFX) if suitable for the client.

• Distribution Policy: Aims for monthly distributions, often treated as return of capital or 1099 ordinary income.

Performance and Risk Metrics (as of December 8, 2025)

• Assets Under Management (AUM): Approximately $7.2 Billion as of the October 2025 Fund Fact Page.

Fees and Expenses

• Expense Ratio: 2.68% (includes management fees and other operating costs).

• Detailed fee breakdowns (e.g., incentive fees) are outlined in the prospectus, with potential performance-based components tied to outperformance.

September 2025: Cliffwater Enhanced Lending Fund (CELFX) Prospectus

CELFX offers broad exposure to private credit's attractive risk premiums but is best suited for accredited, high-net worth investors, ultra-high net worth investors who work with a registered investment adviser (RIA), family offices, and institutional investors comfortable with illiquidity and credit risk.

If you are a high-net worth individual who would like access to the Cliffwater Enhanced Lending Fund (CELFX), Glover Park Wealth Management, LLC is a SEC registered investment adviser (RIA) that offers access to the fund for clients who are suitable.

Schedule a meeting with Glover Park Wealth Management, LLC today.