Firm profile

Cliffwater LLC

MARINA DEL REY, CACRD 132167Registration Status: ApprovedEffective since July 8, 2004SEC # 801-63344Latest ADV October 13, 2026

Cliffwater LLC's Form ADV filing dated 2026-10-13 reports $48,506,898,979 in regulatory assets under management, $48,506,898,979 discretionary and $0 non-discretionary, 25 accounts, and 213 employees.

Assets Under Management
$48.5B
Employees
213
Offices
4 offices
Total Clients
54

Associated firm names

1 name listed
  • CLIFFWATER LLC

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

Offices & Contact

Primary office

MARINA DEL REY, California, United States

Loading map…

Primary office regionOther reported regions

Shading shows states and countries with reported offices. Cities are listed below; shading does not indicate service coverage.

California

MARINA DEL REYPrimary office · NEWPORT BEACH

Illinois

CHICAGO

New York

NEW YORK

4 office records listed · 4 total offices reported. Counts can use different reporting dates. SEC filers may list only their largest 25 additional offices.

Contact and digital presence

ADV profile links

Regulatory Assets Under Management Breakdown

Total regulatory assets under management$48.5Bas of October 13, 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.

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

Assets under management Growth by Quarter

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

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

Private Funds

Private funds reported by Cliffwater LLC

Loading private fund disclosures…

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%)

Historical AUM and employee figures reflect available SEC Form ADV filings under this CRD. Filing gaps may reflect registration status changes, dormant periods, state registration periods, firm restructuring, or other reporting changes. Rialytix does not interpolate missing periods.


Ownership

Reported direct and indirect ownership ranges

Each range applies to a separate reported relationship and should not be added together.

Reported ownership ranges

Highlighted bands show the percentage range reported in Form ADV.

0%25%50%75%100%
CW INTERMEDIATE LLCDirect owner · Schedule AInterest in CLIFFWATER LLC
75%+
STEPHEN LANE NESBITTDirect owner · Schedule AInterest in CLIFFWATER LLC
25% to < 50%
CW PARENT LLCIndirect owner · Schedule BInterest in CW INTERMEDIATE LLC
75%+
CW ROLLOVER LPIndirect owner · Schedule BInterest in CW PARENT LLC
50% to < 75%
STEPHEN LANE NESBITTIndirect owner · Schedule BInterest in CW ROLLOVER LP
25% to < 50%

Bars represent the reported range at that individual ownership step, not an estimated percentage of the advisory firm. Indirect relationships may refer to intermediate entities rather than directly to Cliffwater LLC.

Reported ownership and control details

Form ADV · Filing date 2026-05-04 · Schedules A and B

17 entries
#Owner / person & roleInterest in entityReported interestControl personTitle / status acquiredSource
1STEPHEN LANE NESBITTCHIEF EXECUTIVE OFFICERIndividualCLIFFWATER LLC25% to less than 50%Code CYesCHIEF EXECUTIVE OFFICER06/2004Schedule APDF page 40
2JONATHAN ADAM ROGALSENIOR MANAGING DIRECTOR / GENERAL COUNSELIndividualCLIFFWATER LLCLess than 5%Code NAYesSENIOR MANAGING DIRECTOR / GENERAL COUNSEL09/2014Schedule APDF page 40
3MICHAEL BRUCE COWARTCHIEF COMPLIANCE OFFICERIndividualCLIFFWATER LLCLess than 5%Code NAYesCHIEF COMPLIANCE OFFICER10/2022Schedule APDF page 40
4CW INTERMEDIATE LLCMEMBERDomestic entityCLIFFWATER LLC75% or moreCode EYesMEMBER09/2023Schedule APDF page 40
5LAURENCE GERMAINE AYALA HADDADCHIEF FINANCIAL OFFICERIndividualCLIFFWATER LLCLess than 5%Code NANoCHIEF FINANCIAL OFFICER06/2024Schedule APDF page 40
6CW PARENT LLCMEMBERDomestic entityCW INTERMEDIATE LLC75% or moreCode EYesMEMBER09/2023Schedule BPDF page 41
7STEPHEN LANE NESBITTMANAGERIndividualCW PARENT LLCPercentage not specifiedCode FYesMANAGER10/2023Schedule BPDF page 41
8STEPHEN B NESBITTMANAGERIndividualCW PARENT LLCPercentage not specifiedCode FYesMANAGER10/2023Schedule BPDF page 41
9CW ROLLOVER LPMEMBERDomestic entityCW PARENT LLC50% to less than 75%Code DYesMEMBER09/2023Schedule BPDF page 41
10STEPHEN LANE NESBITTLIMITED PARTNERIndividualCW ROLLOVER LP25% to less than 50%Code CYesLIMITED PARTNER10/2023Schedule BPDF page 41
11MICHAEL ROY BURNSMANAGERIndividualCW PARENT LLCPercentage not specifiedCode FYesMANAGER10/2023Schedule BPDF page 41
12TODD RICHARD CROCKETTMANAGERIndividualCW PARENT LLCPercentage not specifiedCode FYesMANAGER10/2023Schedule BPDF page 41
13CW GP ROLLOVER LPGENERAL PARTNERDomestic entityCW ROLLOVER LPPercentage not specifiedCode FYesGENERAL PARTNER10/2023Schedule BPDF page 41
14PHILIP D HASBROUCKMANAGERIndividualCW PARENT LLCPercentage not specifiedCode FYesMANAGER10/2023Schedule BPDF page 41
15Brian D LangstraatMANAGERIndividualCW PARENT LLCPercentage not specifiedCode FYesMANAGER04/2024Schedule BPDF page 41
16PETER M MCGOOHANMANAGERIndividualCW PARENT LLCPercentage not specifiedCode FYesMANAGER06/2025Schedule BPDF page 41
17JOSHUA RYAN EVANSMANAGERIndividualCW PARENT LLCPercentage not specifiedCode FYesMANAGER06/2025Schedule BPDF page 41

Less than 5% may include zero. Code F identifies a role without specifying a percentage. Reported interests may overlap and may not include every owner. Total indirect ownership is not calculated.

Compliance & Disclosures

Filing dated 5/4/2026 5:11:55 PM

Responses were selected by the RIA in its filing. Questions are shortened for readability; “you” refers to the reporting firm, and some questions also cover advisory affiliates.

RIA or supervised-person involvementThe RIA reported that none of the events below involve the firm or its supervised persons.RIA responseNo
AFelonies2 No

In the past ten years, have you or any advisory affiliate:

  • A1Been convicted of or pleaded guilty or no contest to a felony?No
  • A2Been charged with a felony?No
BMisdemeanors2 No

In the past ten years, have you or any advisory affiliate:

  • B1Been convicted of or pleaded guilty or no contest to a misdemeanor involving investments, an investment-related business, fraud, false statements or omissions, wrongful taking of property, bribery, perjury, forgery, counterfeiting, or extortion?No
  • B2Been charged with a misdemeanor of the kind listed above?No
CSEC or CFTC actions5 No

Has the SEC or CFTC ever:

  • C1Found you or an advisory affiliate made a false statement or omission?No
  • C2Found you or an advisory affiliate violated SEC or CFTC regulations or statutes?No
  • C3Found you or an advisory affiliate caused an investment-related business to have its authorization to do business denied, suspended, revoked, or restricted?No
  • C4Entered an order against you or an advisory affiliate in connection with investment-related activity?No
  • C5Imposed a civil money penalty on you or an advisory affiliate, or ordered you or an advisory affiliate to cease and desist from any activity?No
DOther regulatory actions5 No

Has any other federal regulatory agency, state regulatory agency, or foreign financial regulatory authority ever:

  • D1Found you or an advisory affiliate made a false statement or omission, or was dishonest, unfair, or unethical?No
  • D2Found you or an advisory affiliate violated investment-related regulations or statutes?No
  • D3Found you or an advisory affiliate caused an investment-related business to have its authorization to do business denied, suspended, revoked, or restricted?No
  • D4In the past ten years, entered an order against you or an advisory affiliate in connection with investment-related activity?No
  • D5Denied, suspended, or revoked your or an advisory affiliate’s registration or license, or otherwise prevented association with an investment-related business or restricted activities?No
ESelf-regulatory organization actions4 No

Has a self-regulatory organization or commodities exchange ever:

  • E1Found you or an advisory affiliate made a false statement or omission?No
  • E2Found you or an advisory affiliate violated its rules, other than a violation designated as a minor rule violation under an SEC-approved plan?No
  • E3Found you or an advisory affiliate caused an investment-related business to have its authorization to do business denied, suspended, revoked, or restricted?No
  • E4Disciplined you or an advisory affiliate by expulsion, suspension, barring association with other members, or otherwise restricting activities?No
FProfessional authorizations1 No
  • FHas an authorization to act as an attorney, accountant, or federal contractor granted to you or an advisory affiliate ever been revoked or suspended?No
GPending regulatory proceedings1 No
  • GAre you or any advisory affiliate now the subject of a regulatory proceeding that could result in a “Yes” answer to any part of C, D, or E?No
HCivil judicial actions and proceedings4 No

(1) Court actions

Has a domestic or foreign court:

  • H(1)(a)In the past ten years, enjoined you or an advisory affiliate in connection with investment-related activity?No
  • H(1)(b)Found that you or an advisory affiliate violated investment-related statutes or regulations?No
  • H(1)(c)Dismissed, pursuant to a settlement agreement, an investment-related civil action brought against you or an advisory affiliate by a state or foreign financial regulatory authority?No

(2) Pending civil proceedings

  • H(2)Are you or any advisory affiliate now the subject of a civil proceeding that could result in a “Yes” answer to any part of H(1)?No

* 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.