Firm profile

CLIFFWATER LLC

MARINA DEL REY, CACRD 132167Latest ADV March 30, 2026

Cliffwater LLC is an SEC registered investment adviser organized as a limited liability company with a primary office location in Marina Del Rey, CA. Its latest Form ADV filing, dated March 30, 2026, reports $48.5B in regulatory assets under management, 213 employees, 3 offices, and 25 accounts.

Assets Under Management
$48.5B
Employees
213
Offices
3 offices
Total Clients
54
Primary office
MARINA DEL REY, CA
4640 ADMIRALTY WAY, 11TH FLOOR, MARINA DEL REY, CA, United States
ADV Item 1F location record

Contact and digital presence

ADV profile links

Leadership

3 roles identified
CEOStephen L. Nesbitt
CCOMichael B. Cowart
CFOLaurence G. A. Haddad

Advisory services offered

8 types reported
Other advisory services
Pension consulting services
Portfolio management for businesses

Fee models offered

2 types reported
Asset based fees
Fixed fees
Sources checked May 14, 2026

Client Coverage Demographics

Top client segmentENDOWMENTS, FAMILY OFFICES, FOREIGN GOVERNMENT PENSION PLANS represent 22.2% of total clients.
Top client categories% of clientsClients
1
ENDOWMENTS, FAMILY OFFICES, FOREIGN GOVERNMENT PENSION PLANS
22.2%
12
2
HNWI
18.5%
10
3
Government
16.7%
9
4
Pension Plans
13.0%
7
5
Pooled Investment Vehicles
7.4%
4
Categories with <5 clients
Banking or thrift institutions<5 clients
Charitable Organizations<5 clients
Other categories<5 clients

Regulatory Assets Under Management Breakdown

Total regulatory assets under management$48.5Bas of March 30, 2026
Discretionary100.0%
$48.5B
100% of total RAUM100.0%
Non-discretionary0.0%
$0
0% of total RAUM0.0%
All regulatory assets under management are discretionary.

Assets under management Growth by Quarter

Quarterly points use the latest ADV filing or SEC roster snapshot available in each quarter.

Latest AUM$48.5B
Total Accounts25
10Y AUM Change+$47.2B (+3487.8%)

Employee Growth by Quarter

Quarterly points use the latest ADV filing or SEC roster snapshot available in each quarter.

Total Employees213
Clients per Employee0:1
10Y Employee Change+162 (+317.6%)

* Metrics are based on the latest available data, including Form ADV filings, brochures, and relationship summaries pulled from the SEC IAPD, and may be subject to change. Learn what is included in the Rialytix data. Please refer to the firm's official disclosures for the most accurate information using their CRD number. This is not investment advice.