| Document And Entity Information | 6 Months Ended |
| Sep. 30, 2024 | |
| Document Information [Line Items] | |
| Entity Registrant Name | Cliffwater Enhanced Lending Fund |
| Document Type | N-CSRS |
| Amendment Flag | false |
| Entity Central Index Key | 0001842754 |
| Document Period End Date | Sep. 30, 2024 |
| N-2 - USD ($) | 6 Months Ended | |||
| Sep. 30, 2024 | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
| Cover [Abstract] | ||||
| Entity Central Index Key | 0001842754 | |||
| Amendment Flag | false | |||
| Document Type | N-CSRS | |||
| Entity Registrant Name | Cliffwater Enhanced Lending Fund | |||
| Financial Highlights [Abstract] | ||||
| Senior Securities [Table Text Block] | For the For the For the For the Period Net asset value, beginning of period $ 10.70 $ 10.85 $ 10.89 $ 10.00 Income from Investment Operations: Net investment income 1 0.33 0.63 0.58 0.33 Net realized and unrealized gain (loss) on investments 2 0.46 0.67 0.38 0.88 Total income from investment operations 0.79 1.30 0.96 1.21 Less Distributions to shareholders: From net investment income (0.31 ) (0.61 ) (0.73 ) (0.28 ) From return of capital — (0.84 ) (0.27 ) (0.04 ) Total Distributions to shareholders (0.31 ) (1.45 ) (1.00 ) (0.32 ) Net asset value, end of period $ 11.18 $ 10.70 $ 10.85 $ 10.89 Total return 7.43 % 3 12.74 % 9.36 % 12.30 % 3,6 Ratios and Supplemental Data: Net assets, end of period (in thousands) $ 3,970,702 $ 2,925,909 $ 1,478,012 $ 478,646 Ratio of expenses to average net assets: Before fees waived and deferred tax expense 1.25 % 4 1.30 % 1.28 % 1.54 % 4 After fees waived 1.25 % 4 1.30 % 1.07 % 0.50 % 4 Ratio of expenses to average net assets (including interest expense) 5 Before fees waived 2.11 % 4 2.20 % 1.93 % 1.68 % 4 After fees waived 2.11 % 4 2.20 % 1.72 % 0.64 % 4 Ratio of net investment income to average net assets (including interest expense) 5 Before fees waived 6.04 % 4 5.84 % 5.22 % 3.20 % 4 After fees waived 6.04 % 4 5.84 % 5.43 % 4.24 % 4 Portfolio turnover rate 17 % 3 13 % 9 % 11 % 3 * 1 2 3 4 5 6 Supplemental Expense Ratios: For the For the For the For the Period Ratio of expenses to average net assets: Deferred tax expense 0.03 % 0.04 % 0.15 % — % With fees waived, after taxes 1.28 % 1.34 % 1.22 % 0.50 % Senior Securities Total Amount Outstanding Secured Revolving Credit Facility $ 150,000,000 $ 200,000,000 $ 15,000,000 $ 14,546,760 Asset Coverage Per $1,000 of Borrowings Secured Revolving Credit Facility 27,471 15,630 99,534 33,904 | |||
| General Description of Registrant [Abstract] | ||||
| Investment Objectives and Practices [Text Block] | The Fund’s primary investment objective is to seek high current income and modest capital appreciation. The Fund’s secondary objective is capital preservation. Under normal market conditions, the Fund seeks to achieve its investment objectives by investing at least 80% of its assets (net assets, plus any borrowings for investment purposes) in lending to businesses, broadly defined as providing capital or assets to businesses or individuals in exchange for regular payments, the level of which is commensurate with the probability of loss for each investment or strategy, or through the provision of capital to businesses or individuals by acquiring assets from those businesses or individuals that produce regular cash flows as an alternative to a traditional loan, such as receivables factoring or a sale leaseback of real estate or equipment. Investments by the Fund may take the form of secured or unsecured bonds and loans with a fixed or floating coupon, a structured capital instrument with preference to common equity holders and a stated contractual interest payment or rate of return, assets with fixed lease payments, or other income producing assets. Investments may be made directly or indirectly through a range of investment vehicles that the Investment Manager believes offer high current income across corporate, real asset and alternative credit opportunities. The Investment Manager will employ a dynamic process that allocates the Fund’s assets between Investment Funds and direct investments. Investment Funds may include secondary strategies that primarily acquire credit funds and to a lesser extent, fund interests or direct investments in equity or other security types. | |||
| Risk Factors [Table Text Block] | Principal Risks Non -Diversified Status The Fund is a “non -diversified Investment Funds The Fund will incur higher and duplicative expenses, including advisory fees, when it invests in shares of mutual funds (including money market funds), BDCs, closed -end -traded -end -end The Fund may invest in the securities of other investment companies to the extent that such investments are consistent with the Fund’s investment objectives and permissible under the Investment Company Act. Under one provision of the Investment Company Act, the Fund may not acquire the securities of other investment companies if, as a result, (i) more than 10% of the Fund’s total assets would be invested in securities of other investment companies, (ii) such purchase would result in more than 3% of the total outstanding voting securities of any one investment company being held by the Fund or (iii) more than 5% of the Fund’s total assets would be invested in any one investment company. In some instances, the Fund may invest in an investment company in excess of these limits. For example, the Fund may invest in other registered investment companies, such as mutual funds, closed -end -4 -4 private funds and other investment vehicles may be limited and, under these circumstances, the Fund’s investments in other investment companies, private funds and other investment vehicles will be consistent with applicable law and/or exemptive relief obtained from the SEC. The requirements of Rule 12d1 -4 Private Investment Funds The Fund may invest in Private Investment Funds that are not registered as investment companies. As a result, the Fund as an investor in these funds would not have the benefit of certain protections afforded to investors in registered investment companies. The Fund may not have the same amount of information about the identity, value, or performance of the Private Investment Funds’ investments as such Private Investment Funds’ managers. Investments in Private Investment Funds generally will be illiquid and generally may not be transferred without the consent of the fund. The Fund may be unable to liquidate its investment in a Private Investment Fund when desired (and may incur losses as a result), or may be required to sell such investment regardless of whether it desires to do so. Upon its withdrawal of all or a portion of its interest in a Private Investment Fund, the Fund may receive securities that are illiquid or difficult to value. The Fund may not be able to withdraw from a Private Investment Fund except at certain designated times, thereby limiting the ability of the Fund to withdraw assets from the Private Investment Fund due to poor performance or other reasons. The fees paid by Private Investment Funds to their advisers and general partners or managing members often are higher than those paid by registered funds and generally include a percentage of gains. The Fund will bear its proportionate share of the management fees and other expenses that are charged by a Private Investment Fund in addition to the management fees and other expenses paid by the Fund. Derivative Instruments The Fund may use options, swaps, futures contracts, forward agreements, reverse repurchase agreements and other similar transactions. The Fund’s derivative investments have risks, including the imperfect correlation between the value of such instruments and the underlying asset, rate or index, which creates the possibility that the loss on such instruments may be greater than the gain in the value of the underlying asset, rate or index; the loss of principal; the possible default of the other party to the transaction; and illiquidity of the derivative investments. If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a derivative contract due to financial difficulties, the Fund may experience significant delays in obtaining any recovery under the derivative contract in a bankruptcy or other reorganization proceeding, or may not recover at all. In addition, in the event of the insolvency of a counterparty to a derivative transaction, the derivative contract would typically be terminated at its fair market value. If the Fund is owed this fair market value in the termination of the derivative contract and its claim is unsecured, the Fund will be treated as a general creditor of such counterparty and will not have any claim with respect to the underlying security. Certain of the derivative investments in which the Fund may invest may, in certain circumstances, give rise to a form of financial leverage, which may magnify the risk of owning such instruments. The ability to successfully use derivative investments depends on the ability of the Investment Manager to predict pertinent market movements, which cannot be assured. In addition, amounts paid by the Fund as premiums and cash or other assets held in margin accounts with respect to the Fund’s derivative investments would not be available to the Fund for other investment purposes, which may result in lost opportunities for gain. Economic Downturn or Recession and other Market Disruptions Many of the Fund’s investments may be issued by companies susceptible to economic slowdowns or recessions. Therefore, the Fund’s non -performing The Fund may also be adversely affected by uncertainties and events around the world, such as public health emergencies (such as the COVID -19 International war or conflicts (including Russia’s invasion of Ukraine and the Israel -Hamas LIBOR Discontinuation Risk LIBOR had been used extensively in the U.S. and globally as a “benchmark” or “reference rate” for various commercial and financial contracts, including corporate and municipal bonds, bank loans, asset -backed -related -week -month Neither the ultimate effect of the LIBOR transition process nor its success can yet be known. Although the transition away from LIBOR has become increasingly well -defined -based -setting -setting -based -issued Specifically, the transition to one or more alternate Benchmark Rate(s), and the implementation of such new Benchmark Rate(s) may impact a number of factors, which, either alone or in the aggregate, may cause a material adverse effect on the Fund’s performance and ability to achieve its investment objective. Such factors include, without limitation: (i) the administration and/or management of portfolio of investments, including (a) cost of funding or other operational or administrative costs, (b) costs incurred to transition to and implement a substitute index or Benchmark Rate(s) for purposes of calculating interest, (c) costs of negotiating with counterparties with respect to an acceptable replacement calculation and potential amendments to existing debt instruments or credit facilities currently utilizing LIBOR to determine interest rates, and/or (d) costs of potential disputes and/or litigation regarding interest calculation, loan value, appropriateness or comparability of any new Benchmark Rate(s) or any other dispute over terms relating to or arising from any of the foregoing; (ii) the availability (or lack thereof) of potential investments in the market during the transition period; (iii) the time periods necessary to make investments and deploy capital during the transition period; (iv) the calculation and value of investments and overall cash flows, profitability and performance; (v) the liquidity of investments in the secondary market or otherwise, and the asset -liability SOFR RISK SOFR is a broad measure of the cost of borrowing funds overnight in transactions that are collateralized by U.S. Treasury securities. SOFR is calculated based on transaction -level -weighted data or the calculations underlying SOFR after its initial publication on a given day, SOFR may be republished at a later time that day. Rate revisions will be effected only on the day of initial publication and will be republished only if the change in the rate exceeds one basis point. Because SOFR is a financing rate based on overnight secured funding transactions, it differs fundamentally from LIBOR. LIBOR was intended to be an unsecured rate that represents interbank funding costs for different short -term -looking -risk -term -based -month -based -based Limited Liquidity Shares in the Fund provide limited liquidity since shareholders will not be able to redeem shares on a daily basis. A shareholder may not be able to tender its shares in the Fund promptly after it has made a decision to do so. In addition, with very limited exceptions, shares are not transferable, and liquidity will be provided only through repurchase offers made quarterly by the Fund. In addition, the Fund does not expect any trading market to develop for the shares. As a result, if investors decide to invest in the Fund, they will have very limited opportunity to sell their shares. Shares in the Fund are therefore suitable only for investors who can bear the risks associated with the limited liquidity of Shares and should be viewed as a long -term | |||
| Effects of Leverage [Text Block] | Borrowing, Use of Leverage On December -owned -year In connection with the Facility, the Fund and Guarantors have made certain customary representations and warranties and are required to comply with various customary covenants, reporting requirements and other requirements. The Facility contains events of default customary for similar financing transactions, including: (i) the failure to make principal, interest or other payments when due after the applicable grace period; (ii) the insolvency or bankruptcy of the Guarantors or the Fund; (iii) a change of management of the Fund. Upon the occurrence and during the continuation of an event of default, the Lenders may declare the outstanding advances and all other obligations under the Facility immediately due and payable. For the six months ended September The use of leverage increases both risk of loss and profit potential. The Fund is subject to the Investment Company Act requirement that an investment company satisfy an asset coverage requirement of 300% of its indebtedness, including amounts borrowed (including through one or more SPVs that are wholly -owned -third -owned | |||
| Share Price [Table Text Block] | Assets: Investments, at value (cost $3,748,120,962) a $ 4,076,763,819 Unrealized appreciation on forward foreign currency exchange contracts 114,391 Cash 234,837 Receivables: Investment securities sold 166,470 Fund shares sold 10,259,378 Dividends and interest 31,969,573 Prepaid expenses 446,566 Prepaid commitment fees on secured revolving credit facility 9,550,076 Total assets 4,129,505,110 Liabilities: Payables: Secured revolving credit facility (Note 2) 150,000,000 Investment securities purchased 284,970 Deferred tax liability 2,698,069 Interest on secured revolving credit facility 2,679,734 Investment Management fees 716,181 Fund accounting and administration fees 489,299 Transfer Agency fees and expenses 332,374 Audit fees 32,642 Custody fees 12,319 Trustees’ fees and expenses 1,081 Other accrued expenses 1,555,950 Total liabilities 158,802,619 Net Assets $ 3,970,702,491 Components of Net Assets: Paid-in capital (par value of $0.001 per share with an unlimited number of shares authorized) $ 3,639,711,515 Total distributable earnings 330,990,976 Net Assets $ 3,970,702,491 Class I Shares: Net assets applicable to shares outstanding $ 3,970,702,491 Shares of beneficial interest issued and outstanding 355,032,566 Net asset value, offering, and redemption price per share $ 11.18 | |||
| Capital Stock, Long-Term Debt, and Other Securities [Abstract] | ||||
| Capital Stock [Table Text Block] | Capital Stock The Fund is authorized as a Delaware statutory trust to issue an unlimited number of Shares in one or more classes, with a par value of $0.001. The minimum initial investment in Class I Shares by any investor is $10,000,000. The minimum additional investment in the Fund by any shareholder is $5,000. However, the Fund, in its sole discretion, may accept investments below these minimums. Shares may be purchased by principals and employees of the Investment Manager or its affiliates and their immediate family members without being subject to the minimum investment requirements. Class I Shares are not subject to any initial sales charge. Shares will generally be offered for purchase on each business day, except that Shares may be offered more or less frequently as determined by the Fund in its sole discretion. The Board may also suspend or terminate offerings of Shares at any time. Pursuant to Rule 23c -3 retirement plan. It is the shareholder’s obligation to both notify and provide the Fund supporting documentation of a required minimum distribution from an IRA or other qualified retirement plan. The results of the repurchase offers conducted for the six months ended September 30, 2024 are as follows: Commencement Date April 29, 2024 July 29, 2024 Repurchase Request May 29, 2024 August 28, 2024 Repurchase Pricing date May 29, 2024 August 28, 2024 Net Asset Value as of Repurchase Offer Date Class I $ 11.02 $ 11.08 $ Amount Repurchased Class I $ 55,522,028 $ 85,601,864 $ Percentage of Outstanding Shares Repurchased Class I 1.69 % 2.25 % | |||
| Security Dividends [Text Block] | The minimum initial investment in Class I Shares by any investor is $10,000,000. The minimum additional investment in the Fund by any shareholder is $5,000. | |||
| Non-Diversified Status [Member] | ||||
| General Description of Registrant [Abstract] | ||||
| Risk [Text Block] | Non -Diversified Status The Fund is a “non -diversified | |||
| Investment Funds [Member] | ||||
| General Description of Registrant [Abstract] | ||||
| Risk [Text Block] | Investment Funds The Fund will incur higher and duplicative expenses, including advisory fees, when it invests in shares of mutual funds (including money market funds), BDCs, closed -end -traded -end -end The Fund may invest in the securities of other investment companies to the extent that such investments are consistent with the Fund’s investment objectives and permissible under the Investment Company Act. Under one provision of the Investment Company Act, the Fund may not acquire the securities of other investment companies if, as a result, (i) more than 10% of the Fund’s total assets would be invested in securities of other investment companies, (ii) such purchase would result in more than 3% of the total outstanding voting securities of any one investment company being held by the Fund or (iii) more than 5% of the Fund’s total assets would be invested in any one investment company. In some instances, the Fund may invest in an investment company in excess of these limits. For example, the Fund may invest in other registered investment companies, such as mutual funds, closed -end -4 -4 private funds and other investment vehicles may be limited and, under these circumstances, the Fund’s investments in other investment companies, private funds and other investment vehicles will be consistent with applicable law and/or exemptive relief obtained from the SEC. The requirements of Rule 12d1 -4 | |||
| Private Investment Funds [Member] | ||||
| General Description of Registrant [Abstract] | ||||
| Risk [Text Block] | Private Investment Funds The Fund may invest in Private Investment Funds that are not registered as investment companies. As a result, the Fund as an investor in these funds would not have the benefit of certain protections afforded to investors in registered investment companies. The Fund may not have the same amount of information about the identity, value, or performance of the Private Investment Funds’ investments as such Private Investment Funds’ managers. Investments in Private Investment Funds generally will be illiquid and generally may not be transferred without the consent of the fund. The Fund may be unable to liquidate its investment in a Private Investment Fund when desired (and may incur losses as a result), or may be required to sell such investment regardless of whether it desires to do so. Upon its withdrawal of all or a portion of its interest in a Private Investment Fund, the Fund may receive securities that are illiquid or difficult to value. The Fund may not be able to withdraw from a Private Investment Fund except at certain designated times, thereby limiting the ability of the Fund to withdraw assets from the Private Investment Fund due to poor performance or other reasons. The fees paid by Private Investment Funds to their advisers and general partners or managing members often are higher than those paid by registered funds and generally include a percentage of gains. The Fund will bear its proportionate share of the management fees and other expenses that are charged by a Private Investment Fund in addition to the management fees and other expenses paid by the Fund. | |||
| Derivative Instruments [Member] | ||||
| General Description of Registrant [Abstract] | ||||
| Risk [Text Block] | Derivative Instruments The Fund may use options, swaps, futures contracts, forward agreements, reverse repurchase agreements and other similar transactions. The Fund’s derivative investments have risks, including the imperfect correlation between the value of such instruments and the underlying asset, rate or index, which creates the possibility that the loss on such instruments may be greater than the gain in the value of the underlying asset, rate or index; the loss of principal; the possible default of the other party to the transaction; and illiquidity of the derivative investments. If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a derivative contract due to financial difficulties, the Fund may experience significant delays in obtaining any recovery under the derivative contract in a bankruptcy or other reorganization proceeding, or may not recover at all. In addition, in the event of the insolvency of a counterparty to a derivative transaction, the derivative contract would typically be terminated at its fair market value. If the Fund is owed this fair market value in the termination of the derivative contract and its claim is unsecured, the Fund will be treated as a general creditor of such counterparty and will not have any claim with respect to the underlying security. Certain of the derivative investments in which the Fund may invest may, in certain circumstances, give rise to a form of financial leverage, which may magnify the risk of owning such instruments. The ability to successfully use derivative investments depends on the ability of the Investment Manager to predict pertinent market movements, which cannot be assured. In addition, amounts paid by the Fund as premiums and cash or other assets held in margin accounts with respect to the Fund’s derivative investments would not be available to the Fund for other investment purposes, which may result in lost opportunities for gain. | |||
| Economic Downturn or Recession and other Market Disruptions [Member] | ||||
| General Description of Registrant [Abstract] | ||||
| Risk [Text Block] | Economic Downturn or Recession and other Market Disruptions Many of the Fund’s investments may be issued by companies susceptible to economic slowdowns or recessions. Therefore, the Fund’s non -performing The Fund may also be adversely affected by uncertainties and events around the world, such as public health emergencies (such as the COVID -19 International war or conflicts (including Russia’s invasion of Ukraine and the Israel -Hamas | |||
| LIBOR Discontinuation Risk [Member] | ||||
| General Description of Registrant [Abstract] | ||||
| Risk [Text Block] | LIBOR Discontinuation Risk LIBOR had been used extensively in the U.S. and globally as a “benchmark” or “reference rate” for various commercial and financial contracts, including corporate and municipal bonds, bank loans, asset -backed -related -week -month Neither the ultimate effect of the LIBOR transition process nor its success can yet be known. Although the transition away from LIBOR has become increasingly well -defined -based -setting -setting -based -issued Specifically, the transition to one or more alternate Benchmark Rate(s), and the implementation of such new Benchmark Rate(s) may impact a number of factors, which, either alone or in the aggregate, may cause a material adverse effect on the Fund’s performance and ability to achieve its investment objective. Such factors include, without limitation: (i) the administration and/or management of portfolio of investments, including (a) cost of funding or other operational or administrative costs, (b) costs incurred to transition to and implement a substitute index or Benchmark Rate(s) for purposes of calculating interest, (c) costs of negotiating with counterparties with respect to an acceptable replacement calculation and potential amendments to existing debt instruments or credit facilities currently utilizing LIBOR to determine interest rates, and/or (d) costs of potential disputes and/or litigation regarding interest calculation, loan value, appropriateness or comparability of any new Benchmark Rate(s) or any other dispute over terms relating to or arising from any of the foregoing; (ii) the availability (or lack thereof) of potential investments in the market during the transition period; (iii) the time periods necessary to make investments and deploy capital during the transition period; (iv) the calculation and value of investments and overall cash flows, profitability and performance; (v) the liquidity of investments in the secondary market or otherwise, and the asset -liability | |||
| SOFR RISK [Member] | ||||
| General Description of Registrant [Abstract] | ||||
| Risk [Text Block] | SOFR RISK SOFR is a broad measure of the cost of borrowing funds overnight in transactions that are collateralized by U.S. Treasury securities. SOFR is calculated based on transaction -level -weighted data or the calculations underlying SOFR after its initial publication on a given day, SOFR may be republished at a later time that day. Rate revisions will be effected only on the day of initial publication and will be republished only if the change in the rate exceeds one basis point. Because SOFR is a financing rate based on overnight secured funding transactions, it differs fundamentally from LIBOR. LIBOR was intended to be an unsecured rate that represents interbank funding costs for different short -term -looking -risk -term -based -month -based -based | |||
| Limited Liquidity [Member] | ||||
| General Description of Registrant [Abstract] | ||||
| Risk [Text Block] | Limited Liquidity Shares in the Fund provide limited liquidity since shareholders will not be able to redeem shares on a daily basis. A shareholder may not be able to tender its shares in the Fund promptly after it has made a decision to do so. In addition, with very limited exceptions, shares are not transferable, and liquidity will be provided only through repurchase offers made quarterly by the Fund. In addition, the Fund does not expect any trading market to develop for the shares. As a result, if investors decide to invest in the Fund, they will have very limited opportunity to sell their shares. Shares in the Fund are therefore suitable only for investors who can bear the risks associated with the limited liquidity of Shares and should be viewed as a long -term | |||
| Class I Shares [Member] | ||||
| General Description of Registrant [Abstract] | ||||
| NAV Per Share | $ 11.18 | |||
| Secured Revolving Credit Facility [Member] | ||||
| Financial Highlights [Abstract] | ||||
| Senior Securities Amount | $ 150,000,000 | $ 200,000,000 | $ 15,000,000 | $ 14,546,760 |
| Senior Securities Coverage per Unit | $ 27,471 | $ 15,630 | $ 99,534 | $ 33,904 |
