# EDGAR Filing Document

**Accession Number:** 0001735964
**File Stem:** 0001104659-23-018227
**Filing Date:** 2023-2
**Character Count:** 21263
**Document Hash:** 80665f2f4cab255cbc5cff8152c4d191
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-018227.hdr.sgml**: 20230210

**ACCESSION NUMBER**: 0001104659-23-018227

**CONFORMED SUBMISSION TYPE**: SC 13G/A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20230210

**DATE AS OF CHANGE**: 20230210

**GROUP MEMBERS**: CLIFFWATER LLC

**GROUP MEMBERS**: STEPHEN NESBITT

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TCW Direct Lending VIII LLC
- **CENTRAL INDEX KEY:** 0001825265
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC 13G/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-93603
- **FILM NUMBER:** 23609728

**BUSINESS ADDRESS:**
- **STREET 1:** 200 CLARENDON STREET, 51ST FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02116
- **BUSINESS PHONE:** 2132440000

**MAIL ADDRESS:**
- **STREET 1:** 865 S FIGUEROA ST SUITE 1800
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90017
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Cliffwater Corporate Lending Fund
- **CENTRAL INDEX KEY:** 0001735964
- **IRS NUMBER:** 824960854
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC 13G/A

**BUSINESS ADDRESS:**
- **STREET 1:** C/O UMB FUND SERVICES, INC.
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53212
- **BUSINESS PHONE:** 414-299-2200

**MAIL ADDRESS:**
- **STREET 1:** C/O UMB FUND SERVICES, INC.
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53212

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Cliffwater Direct Lending Fund
- **DATE OF NAME CHANGE:** 20180329

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

SCHEDULE 13G\*

(Rule 13d-102)

**INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT**

**TO § 240.13d-1(b), (c), AND (d) AND AMENDMENTS THERETO FILED**

**PURSUANT TO § 240.13d-2**

**(Amendment No. 1)\***

---

| |
|:---|
| TCW Direct Lending Fund VIII LLC |
| (Name of Issuer) |
| Common Units |
| (Title of Class of Securities) |
| N/A |
| (CUSIP Number) |
| December 31, 2022 |
| (Date of Event Which Requires Filing of the Statement) |

---

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

x Rule 13d-1(b) <br> ◻ Rule 13d-1(c) <br> ◻ Rule 13d-1(d)

\*The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;CUSIP No. N/A | &nbsp;&nbsp;CUSIP No. N/A | &nbsp;&nbsp;CUSIP No. N/A |
| &nbsp;&nbsp; <br> 1. | &nbsp;&nbsp; <br> NAME OF REPORTING PERSONS<br> Cliffwater Corporate Lending Fund | &nbsp;&nbsp; <br> NAME OF REPORTING PERSONS<br> Cliffwater Corporate Lending Fund | &nbsp;&nbsp; <br> NAME OF REPORTING PERSONS<br> Cliffwater Corporate Lending Fund |
| &nbsp;&nbsp; <br> 2. | &nbsp;&nbsp; <br> CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP<br> (see instructions)<br> (a) ◻<br> (b) ◻ | &nbsp;&nbsp; <br> CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP<br> (see instructions)<br> (a) ◻<br> (b) ◻ | &nbsp;&nbsp; <br> CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP<br> (see instructions)<br> (a) ◻<br> (b) ◻ |
| &nbsp;&nbsp; <br> 3. | &nbsp;&nbsp; <br> SEC USE ONLY | &nbsp;&nbsp; <br> SEC USE ONLY | &nbsp;&nbsp; <br> SEC USE ONLY |
| &nbsp;&nbsp; <br> 4. | &nbsp;&nbsp; <br> CITIZENSHIP OR PLACE OF ORGANIZATION<br> Delaware | &nbsp;&nbsp; <br> CITIZENSHIP OR PLACE OF ORGANIZATION<br> Delaware | &nbsp;&nbsp; <br> CITIZENSHIP OR PLACE OF ORGANIZATION<br> Delaware |
| &nbsp;&nbsp;NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON<br> WITH | &nbsp;&nbsp;NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON<br> WITH | &nbsp;&nbsp; <br> 5. | &nbsp;&nbsp; SOLE VOTING POWER<br> 0 |
| &nbsp;&nbsp;NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON<br> WITH | &nbsp;&nbsp;NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON<br> WITH | &nbsp;&nbsp; <br> 6. | &nbsp;&nbsp; SHARED VOTING POWER<br> 368,228<sup>1</sup> |
| &nbsp;&nbsp;NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON<br> WITH | &nbsp;&nbsp;NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON<br> WITH | &nbsp;&nbsp; <br> 7. | &nbsp;&nbsp; SOLE DISPOSITIVE POWER<br> 0 |
| &nbsp;&nbsp;NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON<br> WITH | &nbsp;&nbsp;NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON<br> WITH | &nbsp;&nbsp; <br> 8. | &nbsp;&nbsp; SHARED DISPOSITIVE POWER<br> 500,000 |
| &nbsp;&nbsp; <br> 9. | &nbsp;&nbsp; <br> AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br> 500,000 | &nbsp;&nbsp; <br> AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br> 500,000 | &nbsp;&nbsp; <br> AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br> 500,000 |
| &nbsp;&nbsp; <br> 10. | &nbsp;&nbsp; <br> CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES<br> (SEE INSTRUCTIONS)<br> ◻  | &nbsp;&nbsp; <br> CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES<br> (SEE INSTRUCTIONS)<br> ◻  | &nbsp;&nbsp; <br> CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES<br> (SEE INSTRUCTIONS)<br> ◻  |
| &nbsp;&nbsp; <br> 11. | &nbsp;&nbsp; <br> PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)<br> 6.8% | &nbsp;&nbsp; <br> PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)<br> 6.8% | &nbsp;&nbsp; <br> PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)<br> 6.8% |
| &nbsp;&nbsp; <br> 12. | &nbsp;&nbsp; <br> TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)<br>IV | &nbsp;&nbsp; <br> TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)<br>IV | &nbsp;&nbsp; <br> TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)<br>IV |

---

<sup>1</sup> The Reporting Persons have waived their voting rights in excess of 4.99%.

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;CUSIP No. N/A | &nbsp;&nbsp;CUSIP No. N/A | &nbsp;&nbsp;CUSIP No. N/A |
| &nbsp;&nbsp; <br> 1. | &nbsp;&nbsp; <br> NAME OF REPORTING PERSONS<br> Cliffwater LLC | &nbsp;&nbsp; <br> NAME OF REPORTING PERSONS<br> Cliffwater LLC | &nbsp;&nbsp; <br> NAME OF REPORTING PERSONS<br> Cliffwater LLC |
| &nbsp;&nbsp; <br> 2. | &nbsp;&nbsp; <br> CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP<br> (see instructions)<br> (a) ◻<br> (b) ◻ | &nbsp;&nbsp; <br> CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP<br> (see instructions)<br> (a) ◻<br> (b) ◻ | &nbsp;&nbsp; <br> CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP<br> (see instructions)<br> (a) ◻<br> (b) ◻ |
| &nbsp;&nbsp; <br> 3. | &nbsp;&nbsp; <br> SEC USE ONLY | &nbsp;&nbsp; <br> SEC USE ONLY | &nbsp;&nbsp; <br> SEC USE ONLY |
| &nbsp;&nbsp; <br> 4. | &nbsp;&nbsp; <br> CITIZENSHIP OR PLACE OF ORGANIZATION<br> Delaware | &nbsp;&nbsp; <br> CITIZENSHIP OR PLACE OF ORGANIZATION<br> Delaware | &nbsp;&nbsp; <br> CITIZENSHIP OR PLACE OF ORGANIZATION<br> Delaware |
| &nbsp;&nbsp;NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON<br> WITH | &nbsp;&nbsp;NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON<br> WITH | &nbsp;&nbsp; <br> 5. | &nbsp;&nbsp; SOLE VOTING POWER<br> 0 |
| &nbsp;&nbsp;NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON<br> WITH | &nbsp;&nbsp;NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON<br> WITH | &nbsp;&nbsp; <br> 6. | &nbsp;&nbsp; SHARED VOTING POWER<br> 368,228<sup>2</sup> |
| &nbsp;&nbsp;NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON<br> WITH | &nbsp;&nbsp;NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON<br> WITH | &nbsp;&nbsp; <br> 7. | &nbsp;&nbsp; SOLE DISPOSITIVE POWER<br> 0 |
| &nbsp;&nbsp;NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON<br> WITH | &nbsp;&nbsp;NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON<br> WITH | &nbsp;&nbsp; <br> 8. | &nbsp;&nbsp; SHARED DISPOSITIVE POWER<br> 500,000 |
| &nbsp;&nbsp; <br> 9. | &nbsp;&nbsp; <br> AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br> 500,000 | &nbsp;&nbsp; <br> AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br> 500,000 | &nbsp;&nbsp; <br> AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br> 500,000 |
| &nbsp;&nbsp; <br> 10. | &nbsp;&nbsp; <br> CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES<br> (SEE INSTRUCTIONS)<br> □  | &nbsp;&nbsp; <br> CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES<br> (SEE INSTRUCTIONS)<br> □  | &nbsp;&nbsp; <br> CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES<br> (SEE INSTRUCTIONS)<br> □  |
| &nbsp;&nbsp; <br> 11. | &nbsp;&nbsp; <br> PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)<br> 6.8% | &nbsp;&nbsp; <br> PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)<br> 6.8% | &nbsp;&nbsp; <br> PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)<br> 6.8% |
| &nbsp;&nbsp; <br> 12. | &nbsp;&nbsp; <br> TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)<br>IA | &nbsp;&nbsp; <br> TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)<br>IA | &nbsp;&nbsp; <br> TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)<br>IA |

---

<sup>2</sup> The Reporting Persons have waived their voting rights in excess of 4.99%.

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;CUSIP No. N/A | &nbsp;&nbsp;CUSIP No. N/A | &nbsp;&nbsp;CUSIP No. N/A |
| &nbsp;&nbsp; <br> 1. | &nbsp;&nbsp; <br> NAME OF REPORTING PERSONS<br> Stephen Nesbitt | &nbsp;&nbsp; <br> NAME OF REPORTING PERSONS<br> Stephen Nesbitt | &nbsp;&nbsp; <br> NAME OF REPORTING PERSONS<br> Stephen Nesbitt |
| &nbsp;&nbsp; <br> 2. | &nbsp;&nbsp; <br> CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP<br> (see instructions)<br> (a) ◻<br> (b) ◻ | &nbsp;&nbsp; <br> CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP<br> (see instructions)<br> (a) ◻<br> (b) ◻ | &nbsp;&nbsp; <br> CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP<br> (see instructions)<br> (a) ◻<br> (b) ◻ |
| &nbsp;&nbsp; <br> 3. | &nbsp;&nbsp; <br> SEC USE ONLY | &nbsp;&nbsp; <br> SEC USE ONLY | &nbsp;&nbsp; <br> SEC USE ONLY |
| &nbsp;&nbsp; <br> 4. | &nbsp;&nbsp; <br> CITIZENSHIP OR PLACE OF ORGANIZATION<br> U.S.A. | &nbsp;&nbsp; <br> CITIZENSHIP OR PLACE OF ORGANIZATION<br> U.S.A. | &nbsp;&nbsp; <br> CITIZENSHIP OR PLACE OF ORGANIZATION<br> U.S.A. |
| &nbsp;&nbsp;NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON<br> WITH | &nbsp;&nbsp;NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON<br> WITH | &nbsp;&nbsp; <br> 5. | &nbsp;&nbsp; SOLE VOTING POWER<br> 0 |
| &nbsp;&nbsp;NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON<br> WITH | &nbsp;&nbsp;NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON<br> WITH | &nbsp;&nbsp; <br> 6. | &nbsp;&nbsp; SHARED VOTING POWER<br> 368,228<sup>3</sup> |
| &nbsp;&nbsp;NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON<br> WITH | &nbsp;&nbsp;NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON<br> WITH | &nbsp;&nbsp; <br> 7. | &nbsp;&nbsp; SOLE DISPOSITIVE POWER<br> 0 |
| &nbsp;&nbsp;NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON<br> WITH | &nbsp;&nbsp;NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON<br> WITH | &nbsp;&nbsp; <br> 8. | &nbsp;&nbsp; SHARED DISPOSITIVE POWER<br> 500,000 |
| &nbsp;&nbsp; <br> 9. | &nbsp;&nbsp; <br> AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br> 500,000 | &nbsp;&nbsp; <br> AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br> 500,000 | &nbsp;&nbsp; <br> AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br> 500,000 |
| &nbsp;&nbsp; <br> 10. | &nbsp;&nbsp; <br> CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES<br> (SEE INSTRUCTIONS)<br> □  | &nbsp;&nbsp; <br> CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES<br> (SEE INSTRUCTIONS)<br> □  | &nbsp;&nbsp; <br> CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES<br> (SEE INSTRUCTIONS)<br> □  |
| &nbsp;&nbsp; <br> 11. | &nbsp;&nbsp; <br> PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)<br> 6.8% | &nbsp;&nbsp; <br> PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)<br> 6.8% | &nbsp;&nbsp; <br> PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)<br> 6.8% |
| &nbsp;&nbsp; <br> 12. | &nbsp;&nbsp; <br> TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)<br>IN | &nbsp;&nbsp; <br> TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)<br>IN | &nbsp;&nbsp; <br> TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)<br>IN |

---

<sup>3</sup> The Reporting Persons have waived their voting rights in excess of 4.99%.

---

| | | |
|:---|:---|:---|
| **Item 1(a).** | **Name of Issuer:** | **Name of Issuer:** |
|  | TCW Direct Lending VIII, LLC ("Issuer") | TCW Direct Lending VIII, LLC ("Issuer") |
| **Item 1(b).** | **Address of Issuer's Principal Executive Offices:** | **Address of Issuer's Principal Executive Offices:** |
|  | c/o TCW Asset Management Company LLC<br> 865 South Figueroa Street, Suite 1800 <br> Los Angeles, CA 90017 | c/o TCW Asset Management Company LLC<br> 865 South Figueroa Street, Suite 1800 <br> Los Angeles, CA 90017 |
| **Item 2.** | **Names of Persons Filing:** | **Names of Persons Filing:** |
|  | This Schedule 13G is being filed on behalf of the following:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Cliffwater Corporate Lending Fund, a Delaware statutory trust (the "Fund"); <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Cliffwater LLC, a Delaware limited liability company (the "Adviser"); and<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Stephen Nesbitt ("Mr. Nesbitt"), a U.S. citizen.<br>The Fund, the Adviser and Mr. Nesbitt are collectively referred to as the "Reporting Persons." The Fund is the direct holder of the securities of the Issuer. The Adviser is the investment adviser of the Fund. Mr. Nesbitt is the Chief Executive Officer of the Adviser.<br>The address of the principal business office of the Fund is c/o UMB Fund Services, Inc. 235 West Galena Street, Milwaukee, WI 53212.<br>The address of the Adviser and Mr. Nesbitt is 4640 Admiralty Way, 11th floor, Marina del Rey, CA 90292.<br>The title and class of securities is Common Units.  | This Schedule 13G is being filed on behalf of the following:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Cliffwater Corporate Lending Fund, a Delaware statutory trust (the "Fund"); <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Cliffwater LLC, a Delaware limited liability company (the "Adviser"); and<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Stephen Nesbitt ("Mr. Nesbitt"), a U.S. citizen.<br>The Fund, the Adviser and Mr. Nesbitt are collectively referred to as the "Reporting Persons." The Fund is the direct holder of the securities of the Issuer. The Adviser is the investment adviser of the Fund. Mr. Nesbitt is the Chief Executive Officer of the Adviser.<br>The address of the principal business office of the Fund is c/o UMB Fund Services, Inc. 235 West Galena Street, Milwaukee, WI 53212.<br>The address of the Adviser and Mr. Nesbitt is 4640 Admiralty Way, 11th floor, Marina del Rey, CA 90292.<br>The title and class of securities is Common Units.  |
| **Item 3.** | **If this statement is filed pursuant to §§ 240.13d-1(b), or 240.13d-2(b) or (c), check whether the person filing is a:** | **If this statement is filed pursuant to §§ 240.13d-1(b), or 240.13d-2(b) or (c), check whether the person filing is a:** |
| (a) | ◻ | Broker or dealer registered under Section 15 of the Act (15 U.S.C. 78o); |
| (b) | ◻ | Bank as defined in Section 3(a)(6) of the Act (15 U.S.C. 78c); |
| (c) | ◻ | Insurance company as defined in Section 3(a)(19) of the Act (15 U.S.C. 78c); |
| (d) | x | Investment company registered under Section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8); |
| (e) | x | An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E); |
| (f) | ◻ | An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F); |
| (g) | x | A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G); |
| (h) | ◻ | A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813); |
| (i) | ◻ | A church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act (15 U.S.C. 80a-3); |
| (j) | ◻ | A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J); |
| (k) | ◻ | Group, in accordance with § 240.13d-1(b)(1)(ii)(K). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution: ____________. |

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| | |
|:---|:---|
| **Item 4.** | **Ownership:** |
|  | Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1.<br>**The beneficial ownership of each of the Reporting Persons is as follows:**  |
| (a) | Amount beneficially owned: 500,000 Common Units |
| (b) | Percent of class: 6.8%, based upon 7,364,560 Common Units Outstanding |
| (c) | Number of shares as to which the person has: |
| (i) | Sole power to vote or to direct the vote: N/A |
| (ii) | Shared power to vote or to direct the vote: 368,228. The Reporting Persons have waived their voting rights in excess of 4.99%. |
| (iii) | Sole power to dispose or to direct the disposition of: N/A |
| (iv) | Shared power to dispose or to direct the disposition of: 500,000 |
| **Item 5.** | **Ownership of Five Percent or Less of a Class:** |
|  | If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than 5 percent of the class of securities, check the following. □ |
| **Item 6.** | **Ownership of More Than Five Percent on Behalf of Another Person:** |
|  | N/A. |
| **Item 7.** | **Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company or Control Person:** |
|  | Cliffwater LLC, a registered investment adviser |
| **Item 8.** | **Identification and Classification of Members of the Group:** |
|  | N/A. |
| **Item 9.** | **Notice of Dissolution of Group:** |
|  | N/A. |
| **Item 10.** | **Certifications:** |
|  | By signing below, I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §240.14a-11. |

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**SIGNATURE**

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

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| | | | |
|:---|:---|:---|:---|
| Date: | February 10, 2023 |  |  |
|  |  | **Cliffwater LLC** | **Cliffwater LLC** |
|  |  | By: | /s/ Stephen Nesbitt |
|  |  | Name: | Stephen Nesbitt |
|  |  | Title: | Chief Executive Officer |

---

---

| |
|:---|
| **Cliffwater Corporate Lending Fund** |
| By: Cliffwater LLC, |
| Investment Adviser |

---

---

| | |
|:---|:---|
| By: | /s/ Stephen Nesbitt |
| Name: | Stephen Nesbitt |
| Title: | Chief Executive Officer |

---

---

| |
|:---|
| **Stephen Nesbitt** |
| /s/ Stephen Nesbitt |
| Stephen Nesbitt |

---

The original statement shall be signed by each person on whose behalf the statement is filed or his authorized representative. If the statement is signed on behalf of a person by his authorized representative other than an executive officer or general partner of the filing person, evidence of the representative's authority to sign on behalf of such person shall be filed with the statement, *Provided, however*, that a power of attorney for this purpose which is already on file with the Commission may be incorporated by reference. The name and any title of each person who signs the statement shall be typed or printed beneath his signature.

**Attention: Intentional misstatements or omissions of fact constitute Federal criminal violations**

(*see* 18 U.S.C. 1001).