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Driven by integrity, innovation, and
our passion to continuously advance
the alternatives landscape.


With {{ valuesSection.assets }}1 total assets under management and advisement,
Cliffwater's footprint expands across markets

Since 2004, Cliffwater has been a leader in alternatives.

Through our proprietary research, continued innovation, and valued reputation, we continue to lead and evolve how institutions and individual investors alike understand and access opportunities in private markets.

We believe a repeatable process and consistent team collaboration lead to better investment outcomes across market conditions.

Key Milestones


2004

Cliffwater is founded to help investors achieve their long-term objectives through alternatives


2005

Cliffwater makes its initial private equity investment


2006

Cliffwater makes its initial private real estate and private debt investments


2015

Cliffwater Direct Lending Index (CDLI) becomes the first published direct lending index and is currently the widely accepted direct lending benchmark


2017

The Journal of Alternative Investments publishes "The Investment Opportunity in U.S. Middle Market Direct Lending" by Stephen Nesbitt


2019

Wiley publishes Private Debt: Opportunities in Corporate Direct Lending by Stephen Nesbitt, which has become an essential resource to understanding the asset class


2019

Cliffwater launches the Cliffwater Corporate Lending Fund (CCLFX), now the largest interval fund, to enhance access to private debt


2021

Cliffwater launches the Cliffwater Enhanced Lending Fund (CELFX) to provide access to the full diverse private debt spectrum


2023

Wiley publishes Private Debt: Yield, Safety and the Emergence of Alternative Lending by Stephen Nesbitt


2024

Cliffwater becomes the investment adviser of Cascade Private Capital Fund (CPEFX) and restructures it as the first daily NAV, ticker symbol executed, comprehensive private capital interval fund 2


2024

Cliffwater is recognized by Private Debt Investor as LP/Investor of the Year, Americas 3

Cliffwater is proud to be recognized as LP/Investor of the Year, Americas by Private Debt Investor (PDI).

Through its two private debt SEC-registered interval funds [Cliffwater Corporate Lending Fund & Cliffwater Enhanced Lending Fund], Cliffwater invested $7 billion (excluding unfunded commitments) for the 12 months to 31 October 2023. The new invested capital was deployed through lender (GP) primary funds, secondaries, separately managed accounts, private BDCs and co-investments. Cliffwater’s total capital base (including borrowings) across the funds exceeded $20 billion. Capital providers include high-net-worth individuals, insurance companies, pensions, endowments and SWFs3 .


Contact Us

Stay in touch to learn more about Cliffwater and our work.

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