{"url":"https://nivawealth.com/firms/cliffwater-132167","iapdUrl":"https://adviserinfo.sec.gov/firm/summary/132167","regulatoryAum":48506898979,"crd":"132167","secFileNumber":"801-63344","legalName":"Cliffwater LLC","displayName":"Cliffwater","website":"https://www.cliffwaterfunds.com","linkedinUrl":"https://www.linkedin.com/company/cliffwater","founded":null,"organization":"Delaware limited liability company","fiscalYearEnd":"December","headquarters":{"street":"4640 Admiralty Way, 11th Floor","city":"Marina Del Rey","state":"CA","stateName":"California","country":"United States","postalCode":"90292-6623"},"tradeNames":[],"registration":{"secApproved":"8 July 2004","noticeFilings":null,"latestNoticeFiling":null},"staff":{"employees":213,"advisory":105,"brokerDealerReps":34,"insuranceAgents":0,"promoters":0},"aum":{"discretionary":48506898979,"discretionaryAccounts":25,"nonDiscretionary":0,"nonDiscretionaryAccounts":0,"wrapProgram":null,"nonUsClientsPct":21,"nonAumClients":25},"clientTypes":[{"label":"High-net-worth individuals","clients":10,"regulatoryAum":171803449},{"label":"Banking or thrift institutions","clients":2,"regulatoryAum":0},{"label":"Investment companies","clients":3,"regulatoryAum":43927463684},{"label":"Pooled investment vehicles","clients":4,"regulatoryAum":812546775},{"label":"Pension and profit-sharing plans","clients":7,"regulatoryAum":457250999},{"label":"Charitable organizations","clients":2,"regulatoryAum":176586754},{"label":"State or municipal government entities","clients":9,"regulatoryAum":933104263},{"label":"Other investment advisers","clients":3,"regulatoryAum":0},{"label":"Sovereign wealth funds and foreign official institutions","clients":1,"regulatoryAum":0},{"label":"Corporations and other businesses","clients":1,"regulatoryAum":0},{"label":"Other","clients":12,"regulatoryAum":2028143055}],"fees":[],"feeNotes":[],"custodians":[{"name":"BNY Mellon, N.A.","shortName":"BNY Mellon, N.A.","location":"Pittsburgh, PA","smaAssets":562910500},{"name":"The Northern Trust Company","shortName":"The Northern Trust","location":"Chicago, IL","smaAssets":1182022027},{"name":"RBC Investor Service Trust","shortName":"RBC Investor Service Trust","location":"Montreal","smaAssets":475132813},{"name":"The Vanguard Group Inc","shortName":"The Vanguard Group","location":"Malvern, PA","smaAssets":834031103},{"name":"J.P. Morgan Securities LLC","shortName":"J.P. Morgan","location":"New York, NY","smaAssets":119080309}],"custodyNote":"Cliffwater has custody of $39.1M for 3 clients.","otherCustodians":[],"leadership":[{"name":"Stephen Nesbitt","title":"Chief Executive Officer","crd":"1941499"},{"name":"Laurence Haddad","title":"Chief Financial Officer","crd":"6237388"},{"name":"Michael Cowart","title":"Chief Compliance Officer","crd":"5924957"},{"name":"Jonathan Rogal","title":"Senior Managing Director / General Counsel","crd":"6395860"}],"ownership":[{"label":"Stephen Nesbitt","detail":"Chief executive officer in the 25% to 50% ownership band and a control person, since June 2004. Also manager of CW Parent LLC and a control person, since October 2023. Also manager of CW Parent LLC and a control person, since October 2023. Also a limited partner of CW Rollover LP in the 25% to 50% band and a control person, since October 2023."},{"label":"CW Intermediate LLC","detail":"Member in the 75% or more ownership band and a control person, since September 2023."},{"label":"CW Parent LLC","detail":"Indirect owner: a member of CW Intermediate LLC in the 75% or more band and a control person, since September 2023.","parent":"CW Intermediate LLC"},{"label":"CW Rollover LP","detail":"Indirect owner: a member of CW Parent LLC in the 50% to 75% band and a control person, since September 2023.","parent":"CW Parent LLC"},{"label":"Michael Burns","detail":"Indirect owner: manager of CW Parent LLC and a control person, since October 2023.","parent":"CW Parent LLC"},{"label":"Todd Crockett","detail":"Indirect owner: manager of CW Parent LLC and a control person, since October 2023.","parent":"CW Parent LLC"},{"label":"CW GP Rollover LP","detail":"Indirect owner: general partner of CW Rollover LP and a control person, since October 2023.","parent":"CW Rollover LP"},{"label":"Philip Hasbrouck","detail":"Indirect owner: manager of CW Parent LLC and a control person, since October 2023.","parent":"CW Parent LLC"},{"label":"Brian Langstraat","detail":"Indirect owner: manager of CW Parent LLC and a control person, since April 2024.","parent":"CW Parent LLC"},{"label":"Peter McGoohan","detail":"Indirect owner: manager of CW Parent LLC and a control person, since June 2025.","parent":"CW Parent LLC"},{"label":"Joshua Evans","detail":"Indirect owner: manager of CW Parent LLC and a control person, since June 2025.","parent":"CW Parent LLC"}],"branchOffices":null,"filedOffices":{"otherThanPrincipal":3,"privateResidences":0},"listedOfficeAddresses":4,"officesByState":[{"state":"California","offices":2,"addresses":[{"street":"4640 Admiralty Way, 11th Floor","city":"Marina Del Rey","headquarters":true},{"street":"888 San Clemente Drive","city":"Newport Beach"}]},{"state":"Illinois","offices":1,"addresses":[{"street":"71 S. Wacker","city":"Chicago"}]},{"state":"New York","offices":1,"addresses":[{"street":"477 Madison Avenue","city":"New York"}]}],"advFacts":{"source":{"file":"ia100226.zip","asOf":"2 October 2026"},"telephone":"310-448-5000","stateRegisteredReps":0,"otherAdviserReps":0,"compensation":["A percentage of assets under management","Fixed fees (other than subscription fees)"],"activities":["Portfolio management for individuals and/or small businesses","Portfolio management for investment companies","Portfolio management for pooled investment vehicles (other than investment companies)","Portfolio management for businesses (other than small businesses) or institutional clients","Pension consulting services","Selection of other advisers (including private fund managers)","Publication of periodicals or newsletters","Other"],"financialPlanningClients":"51-100","assetMix":[{"label":"Exchange-traded equity securities","percent":25},{"label":"Securities issued by pooled investment vehicles (other than registered investment companies)","percent":74},{"label":"Cash and cash equivalents","percent":1}],"privateFunds":4},"sources":{"adv1FilingDate":"4 May 2026","adv1Url":"https://reports.adviserinfo.sec.gov/reports/ADV/132167/PDF/132167.pdf","brochureDate":null,"brochureUrl":null,"iapdCompiledDate":null,"retrievedDate":"15 October 2026","retrievedOn":"2026-10-15","adv1Pages":{},"brochurePages":{}},"otherBusiness":[],"faq":[{"question":"How many clients does Cliffwater have?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"What services does Cliffwater offer?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"Which custodians does Cliffwater use?","answer":"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","sourceRef":{"doc":"adv1","section":"custodians"}},{"question":"How many financial advisors does Cliffwater have?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"What does Cliffwater invest in?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"Who owns Cliffwater?","answer":"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","sourceRef":{"doc":"adv1","section":"scheduleA"}},{"question":"How does Cliffwater get paid?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}}],"holdings":{"url":"https://nivawealth.com/firms/cliffwater-132167/holdings","form":"13F-HR","periodOfReport":"2026-06-30","filedOn":"2026-08-12","filingIndexUrl":"https://www.sec.gov/Archives/edgar/data/1659851/000110465926094702/0001104659-26-094702-index.html","totalValue":401664141,"positionCount":22,"top10Share":0.9630352588532418,"top10":[{"issuer":"VANGUARD INDEX FDS","titleOfClass":"TOTAL STK MKT","cusip":"922908769","value":113633733,"shares":307085,"shareType":"SH","priorValue":103176346,"priorShares":321612},{"issuer":"VANGUARD SCOTTSDALE FDS","titleOfClass":"INTER TERM TREAS","cusip":"92206C706","value":70807082,"shares":1200527,"shareType":"SH","priorValue":45974387,"priorShares":772030},{"issuer":"BLUE OWL TECHNOLOGY FIN CORP","titleOfClass":"COMMON 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Facts as filed; not a rating, ranking, or recommendation. Niva Wealth is not affiliated with this firm. Disciplinary history is deliberately not included here or on the page; the SEC publishes the complete record at the `iapdUrl` above."}