Clients
Cliffwater serves 54 clients, 10 of them high-net-worth individuals. The average client has about $898 million with the firm, and high-net-worth clients hold 0% of its $48.5 billion in assets.
- Investment companies3 clients91%
- Other12 clients4%
- OtherHigh-net-worth individuals, Pooled investment vehicles, Pension and profit-sharing plans, Charitable organizations, State or municipal government entities5%
Show client breakdownHide client breakdown
| Client type | Clients | Regulatory AUM | Share | Avg. per client |
|---|---|---|---|---|
| High-net-worth individuals | 10 | $171,803,449 | 0.4% | $17.2M |
| Banking or thrift institutions | 2 | $0 | 0.0% | $0 |
| Investment companies | 3 | $43,927,463,684 | 90.6% | $14.64B |
| Pooled investment vehicles | 4 | $812,546,775 | 1.7% | $203.1M |
| Pension and profit-sharing plans | 7 | $457,250,999 | 0.9% | $65.3M |
| Charitable organizations | 2 | $176,586,754 | 0.4% | $88.3M |
| State or municipal government entities | 9 | $933,104,263 | 1.9% | $103.7M |
| Other investment advisers | 3 | $0 | 0.0% | $0 |
| Sovereign wealth funds and foreign official institutions | 1 | $0 | 0.0% | $0 |
| Corporations and other businesses | 1 | $0 | 0.0% | $0 |
| Other | 12 | $2,028,143,055 | 4.2% | $169.0M |
| Total | 54 | $48,506,898,979 | 100% | $898.3M |
- Clients
- 10
- Regulatory AUM
- $171,803,449
- Share
- 0.4%
- Avg. per client
- $17.2M
- Clients
- 2
- Regulatory AUM
- $0
- Share
- 0.0%
- Avg. per client
- $0
- Clients
- 3
- Regulatory AUM
- $43,927,463,684
- Share
- 90.6%
- Avg. per client
- $14.64B
- Clients
- 4
- Regulatory AUM
- $812,546,775
- Share
- 1.7%
- Avg. per client
- $203.1M
- Clients
- 7
- Regulatory AUM
- $457,250,999
- Share
- 0.9%
- Avg. per client
- $65.3M
- Clients
- 2
- Regulatory AUM
- $176,586,754
- Share
- 0.4%
- Avg. per client
- $88.3M
- Clients
- 9
- Regulatory AUM
- $933,104,263
- Share
- 1.9%
- Avg. per client
- $103.7M
- Clients
- 3
- Regulatory AUM
- $0
- Share
- 0.0%
- Avg. per client
- $0
- Clients
- 1
- Regulatory AUM
- $0
- Share
- 0.0%
- Avg. per client
- $0
- Clients
- 1
- Regulatory AUM
- $0
- Share
- 0.0%
- Avg. per client
- $0
- Clients
- 12
- Regulatory AUM
- $2,028,143,055
- Share
- 4.2%
- Avg. per client
- $169.0M
Total
- Clients
- 54
- Regulatory AUM
- $48,506,898,979
- Share
- 100%
- Avg. per client
- $898.3M
What it does
Cliffwater provides portfolio management for individuals and small businesses, portfolio management for investment companies, portfolio management for pooled vehicles, portfolio management for institutions, pension consulting, selecting other managers, publishing newsletters and other activities. It is paid through a percentage of assets and fixed fees.
Cliffwater provided financial planning to 51–100 clients last fiscal year and advises 4 private funds.
100.0% of assets ($48.51B across 25 accounts) are managed with discretion. 21% of clients are outside the U.S., and 25 clients received advice without assets under management last fiscal year.
What the accounts hold
- Stocks25%
- Funds74%
- Cash1%
Custodians
Cliffwater’s client accounts are held mainly at The Northern Trust, with 2% of managed assets, and The Vanguard Group, with 2%. Cliffwater has custody of $39.1M for 3 clients.
- BNY Mellon, N.A.BNY Mellon, N.A. · Pittsburgh, PA · $562.9M1%
- The Northern TrustThe Northern Trust Company · Chicago, IL · $1.18B2%
- RBC Investor Service TrustRBC Investor Service Trust · Montreal · $475.1M1%
- The Vanguard GroupThe Vanguard Group Inc · Malvern, PA · $834.0M2%
- OtherJ.P. Morgan, All other custodians94%
Ownership and leadership
CW Intermediate LLC owns 75% or more of Cliffwater, and Stephen Nesbitt is its CEO.
- Owns 75% or more of Cliffwater LLC
CW Intermediate LLC
Control person · since September 2023
- Owns 75% or more of CW Intermediate LLC
CW Parent LLC
Control person · since September 2023
- Owns 50% to 75% of CW Parent LLC
CW Rollover LP
Control person · since September 2023
CW GP Rollover LP
General partner · Control person · since October 2023
Michael Burns
Manager · Control person · since October 2023
Todd Crockett
Manager · Control person · since October 2023
Philip Hasbrouck
Manager · Control person · since October 2023
Brian Langstraat
Manager · Control person · since April 2024
Peter McGoohan
Manager · Control person · since June 2025
Joshua Evans
Manager · Control person · since June 2025
- Owns 25% to 50% of Cliffwater LLC
Stephen Nesbitt
Control person · since June 2004
Leadership
- Stephen NesbittChief Executive Officer
- Laurence HaddadChief Financial Officer
- Michael CowartChief Compliance Officer
- Jonathan RogalSenior Managing Director / General Counsel
Staff
- 213 employees
- 105 in advisory functions
- 34 broker-dealer reps
Reported holdings
Cliffwater’s reported 13F holdings total $401.7M across 22 positions, and the ten largest make up 96.3% of it.
- $401.7M
- Reported 13F value
- 22
- Positions
- 96.3%
- In the 10 largest
- +6.4%
- Value vs. prior quarter
- Vanguard Index Fds · Total Stk Mkt28.3%
- Vanguard Scottsdale Fds · Inter Term Treas17.6%
- Blue Owl Technology Fin Corp.15.2%
- Vanguard Tax-managed Fds · Van FTSE Dev Mkt13.6%
- Vanguard Scottsdale Fds · Vng Rus3000idx10.7%
- Vanguard Intl Equity Index F · FTSE Emr Mkt ETF3.1%
- Cvb Finl Corp.2.3%
- SPDR S&P 500 ETF TR · TR Unit2.0%
- Vanguard Scottsdale Fds · Shrt Trm Corp. BD1.8%
- Vanguard Index Fds · Real Estate ETF1.7%
Together, the ten largest are 96.3% of reported value.
A 13F covers only exchange-traded long positions the firm holds with discretion, so this $401.7M is not its $48.51B in regulatory assets and does not represent any individual client's portfolio.
Fees
Cliffwater is paid through a percentage of assets under management and fixed fees (other than subscription fees).
Cliffwater’s fee rates are not included in this profile. Find its brochure on the SEC’s site.
Offices and registrations
Besides its headquarters, Cliffwater has 3 offices, with 4 listed addresses across 3 states.
California · 2 listed addresses
- 4640 Admiralty Way, 11th Floor, Marina Del ReyHQ
- 888 San Clemente Drive, Newport Beach
Illinois · 1 listed address
- 71 S. Wacker, Chicago
New York · 1 listed address
- 477 Madison Avenue, New York
Registration details
- Legal name
- Cliffwater LLC
- Headquarters
- 4640 Admiralty Way, 11th Floor, Marina Del Rey, CA 90292-6623
- Phone
- 310-448-5000
- Website
- www.cliffwaterfunds.com
- SEC file
- 801-63344
- Structure
- Delaware LLC
- Fiscal year end
- December
This directory does not report disciplinary history, for any firm or individual, in either direction. The SEC publishes the complete record, including any disciplinary events, and it is the authoritative place to check one. See this firm's record on adviserinfo.sec.gov
Common questions
How many clients does Cliffwater have?
Cliffwater has 54 clients and manages $48.5 billion for them, as of May 2026. They include 12 other clients, 10 high-net-worth individuals and 9 state or municipal government entities.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 4 May 2026
What services does Cliffwater offer?
Cliffwater provides portfolio management for individuals and small businesses, portfolio management for investment companies, portfolio management for pooled vehicles, portfolio management for institutions, pension consulting, selecting other managers, publishing newsletters and other activities.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
Which custodians does Cliffwater use?
Cliffwater’s separately managed account assets are held at The Northern Trust Company (Chicago, IL), with $1,182,022,027, The Vanguard Group Inc (Malvern, PA), with $834,031,103, BNY Mellon, N.A. (Pittsburgh, PA), with $562,910,500, RBC Investor Service Trust (Montreal), with $475,132,813 and J.P. Morgan Securities LLC (New York, NY), with $119,080,309. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 4 May 2026
How many financial advisors does Cliffwater have?
Cliffwater has 0 investment adviser representatives registered with state securities authorities, out of 213 employees, and 105 perform investment advisory functions. 34 are registered representatives of a broker-dealer and 0 are licensed insurance agents.
Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file
What does Cliffwater invest in?
At the end of its last fiscal year, Cliffwater’s separately managed accounts held 74% pooled vehicles (private funds and similar), 25% exchange-traded equities and 1% cash and equivalents. It advises 4 private funds.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Cliffwater?
Cliffwater’s direct owners are Stephen Nesbitt (25% to 50%) and CW Intermediate LLC (75% or more).
Source: Form ADV Part 1A, Schedules A and B, filed 4 May 2026
How does Cliffwater get paid?
Cliffwater is paid through a percentage of assets under management and fixed fees. Its Form ADV lists no commissions or performance-based fees among how it is paid.
Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file
