Betashares Private Capital | Cliffwater Private Credit Fund
Earn attractive income from high-quality private credit
Fund objective
The Fund aims to generate attractive income from exposure to a diversified portfolio of loans issued to predominantly US companies, with foreign currency exposure hedged back to the Australian dollar.
Introducing Cliffwater LLC
The fund primarily invests in the US-domiciled and regulated Cliffwater Corporate Lending Fund (Underlying Fund).
For over 20 years, Cliffwater has been at the forefront of private market investing, providing clients with access to proprietary research, indices, and investment solutions. Widely regarded as a leader in private credit, Cliffwater manages one of the largest portfolios of direct loans available to investors.
Cliffwater utilises an innovative ‘multi-lender’ model, partnering with world leading lenders to source loans. This strategy allows Cliffwater to build a highly selective and diversified portfolio of loans with attractive yields.
Suitability
The Fund is available to wholesale investors, and other investors with a financial adviser using an investment platform. It may suit investors who are seeking income and capital preservation from an allocation to private credit, and who have a medium risk and return profile for that portion of their investment portfolio. Investors must be comfortable with the risks associated with private credit, including exposure to an asset class that is inherently illiquid and limited ability for investors to withdraw their investment. A minimum investment timeframe of 5 years is suggested.
Benefits
Earn attractive income with a high level of capital stability
The Fund provides investors with attractive income, paid quarterly, with exposure to predominantly senior secured, floating-rate loans to healthy businesses. This high-quality loan portfolio historically has demonstrated a high degree of capital stability over time.
Enhanced portfolio outcomes
Highly diversified, cost-effective access to private credit
There are risks associated with an investment in the Fund, including liquidity risk, interest rate risk, leverage risk and credit risk. Investment value can go up and down. An investment in the Fund should only be considered as a part of a broader portfolio, taking into account your particular circumstances, including your tolerance for risk. For more information on risks and other features of the Fund, please see the Product Disclosure Statement and Target Market Determination, both available on this website.
For investors who qualify as wholesale clients and other eligible investors, you can invest in this Fund with a Betashares Direct account.
- This fund is available on selected major platforms under the APIR Code — BSC7690AU
If you don’t invest via wrap platforms, you can apply online via the link below. For instructions on how to apply, please see here.
Profile
**Certain additional costs may apply. In addition to the management fees and costs, the Fund is expected to incur additional fees and costs associated with its investment in the Underlying Fund (particularly the fees and expenses incurred by Underlying Fund itself). These additional costs are accrued and paid in the Underlying Fund and reflected in the value of the Fund's holding in the Underlying Fund (and therefore the NAV of the Fund). For more information about the fees charged by the Underlying Fund, refer to Section 3 of the Fund's Product Disclosure Statement.
^ Please refer to the redemption calendar below for information on Redemption Request Cut-Off Dates and Redemption Dates. Generally, the Responsible Entity will process redemption requests from the Fund on a quarterly basis, in line with the quarterly repurchase offer of the Underlying Fund. Note that an investor's ability to redeem will be subject to various factors including available liquidity and the Fund's ability to withdraw from the Underlying Fund. In certain circumstances, it is possible that redemptions will not be able to be paid upon request (either in full or partially).
Pricing information
* As at 19 February 2026
* Past performance is not indicative of future performance. Please refer to the Performance section for additional information regarding performance/return information.
Fund returns after fees (%)
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Net Annual Return |
|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
2026 |
0.34% | - | - | - | - | - | - | - | - | - | - | - | - |
2025 |
- | - | - | - | - | - | - | - | 0.56% | 0.45% | 0.76% | 0.54% | - |
Past performance is not an indicator of future performance. Returns are calculated in Australian dollars using net asset value per unit at the start and end of the specified period and do not reflect brokerage or the bid ask spread that investors incur when buying and selling units on the ASX. Returns are after fund management costs, assume reinvestment of any distributions and do not take into account tax paid as an investor in the Fund. Returns for periods longer than one year are annualised. Current performance may be higher or lower than the performance shown.
Portfolio characteristics