HedgeCo.Net — Cliffwater Corporate Lending Fund told shareholders Thursday it will again limit third-quarter redemptions to 5% of shares after investors asked to pull roughly 16% of the vehicle. Longbridge’s Bloomberg-sourced account printed the 16% request level, the 5% cap, and the one-third fulfillment framing. Briefs.co independently carried the same Thursday letter facts, the same ~16% request print, and the same ~$31 billion interval-fund context for the flagship vehicle.
The Q3 gate tracks Q2, when requests ran about 17% against the same 5% ceiling. In Q1, requests of about 14% were met at a temporarily higher 7% limit, with roughly half fulfilled. Cliffwater has said investors who asked for cash since Q1 have received about 78% of requested amounts over successive windows, and that the fund holds liquidity to meet 5% quarterly redemptions for more than a year without forced asset sales. CEO Stephen Nesbitt framed continued optimism on private-credit resiliency in the letter coverage.
This is an interval-fund liquidity ration, not a liquidation. Mark ~16% Q3 requests, 5% cap (~one-third fulfillment), ~17% Q2 and ~14%/7% Q1 as the sequence, and ~$31 billion as the vehicle scale cited in the Briefs account. Do not invent NAV per share, non-accrual rates, or a hard dollar request total that is not in these two sources. The allocator object is Cliffwater’s largest wealth-channel private-credit sleeve again paying only a fraction of exit demand in the same week BCRED held its own 5% line.