Below you will find topical research documents published by Cliffwater. Please be aware that documents which appear with a lock are only accessible to our clients. For information about these documents, please contact firstname.lastname@example.org.
- U.S. Mezzanine Debt - An Asset Class Perspective - February 2017
- Corporate Direct Lending and J-Curve Mitigation - January 2017
- Real Estate Investment Trusts (REITs) - January 2017
- 2017 Asset Allocation Report: Including: Long-Term Capital Market Assumptions and Short-Term Tactical Outlook - January 2017
- Risk Premiums in U.S. Middle Market Lending (Part 1) - December 2016
- Cliffwater Asset Allocation Supplement - A Five-year Market Outlook
- 2016 Market Outlook and Asset Allocation 4Q - October 2016
- Why Borrowers Choose Non-Bank Lenders - October 2016
- An Examination of State Pension Performance: 2006-2015 - September 2016
- Hedge Fund Indices: Which is Best? - July 2016
- 2016 Market Outlook and Asset Allocation 3Q - July 2016
- Hedge Fund Navigation of Brexit - June 2016
- CLO Risk Retention Vehicles - May 2016
- Volatility as an Investment Strategy - May 2016
- 2016 Market Outlook and Asset Allocation 2Q - April 2016
- 2015 U.S. Direct Lending and BDC Report Card - April 2016
- A Comparison of Long Dated Funds to Traditional Fund Structures - April 2016
- Asia-Focused Hedge Funds: Differentiated Alpha - January 2016
- 2016 Asset Allocation Report: The Stimulus Unwind - January 2016
- U.S. Direct Lending and the Cliffwater Direct Lending Index - January 2016
- SEC Findings from Hedge Fund Form PF Disclosures - November 2015
- SEC Chief Sounds Warning on Hedge Fund Proprietary Account Conflicts and Performance Disclosures - November 2015
- 2015 Market Outlook and Asset Allocation 4Q - October 2015
- 2015 Report on State Pension Asset Allocation and Performance - September 2015
- 2015 Asset Allocation Outlook 3Q - July 2015
- Regulatory Reform and its Impact on Hedge Funds - June 2015
- MLPs: A Tactical Opportunity? - May 2015
- 2015 Asset Allocation Outlook 2Q - April 2015
- How Many Hedge Funds? - March 2015
- BDCs - A Liquid Alternative to Private Debt - January 2015
- 2015 Asset Allocation Report: On Our Own - January 2015
- Liquid BDC's vs Illiquid Private Debt, Is There A Liquidity Discount? - November 2014
- Why Hedge Funds? - October 2014
- Portable Alpha (Using Hedge Funds to Beat Market Indices) - October 2014
- Recent Court Ruling on Freddie Mac and Fannie Mae - October 2014
- 2014 Asset Allocation Outlook 4Q - September 2014
- Antitrust Litigation in Private Equity - September 2014
- Why Calpers is Cutting Its Hedge Fund Allocation - August 2014
- Leveraging Pension Assets - August 2014
- Subprime Auto Lending - August 2014
- 2014 Report on State Pension Asset Allocation and Performance - August 2014
- Risk Assessment: New Normal to Old Normal - July 2014
- 2014 Asset Allocation Outlook 3Q - July 2014
- Fees and Expenses in Private Equity - May 2014
- Hedge Funds and High Frequency Trading - April 2014
- 2014 Asset Allocation Outlook 2Q - April 2014
- Portfolio Diversification through Liquid Alternatives - April 2014
- Investment Opportunities in Liquid Private Assets - March 2014
- 2014 Tactical Asset Allocation Outlook - January 2014
- 2014 Asset Allocation Report: Back to Normal? - January 2014
- Inflation Protection through a Diversified Liquid Real Assets Portfolio - November 2013
- Investments in MLPs updated August 2013
- 2013 Report on State Pension Performance and Trends - July 2013
- Cliffwater 2013 Mid Year Asset Allocation Update - July 2013
- Performance of Private versus Liquid Alternatives - June 2013
- The "Breakeven" Portfolio - June 2013
- 2013 Asset Allocation Report: Finding Eight Percent
- European Real Estate Direct Lending - December 2012
- European Corporate Direct Lending -December 2012
- Trends in State Pension Asset Allocation and Performance - June 2012
- Is There Return Left in Buyouts?
- Investments in MLPs (Master Limited Partnerships)
- 2012 Mid-Year Asset Allocation and Capital Market Update
- Trends in State Pension Asset Allocation and Performance
- Survey of State Pension Fund Investments in Hedge Funds
- 2012 Asset Allocation Report: More of the Same?
- Hedging Tail Risk Oct 2011
- Research Findings from European Hedge Fund Manager Due Diligence Trip
- Cliffwater Opportunistic Investments, Second Quarter 2011
- Constructing a Portfolio of Hedge Funds
- Allocations to Alternative Investments: 2011 Survey
- Survey of State Pension Fund Investments in Hedge Funds
- 2011 Asset Allocation Report: No Easy Money
- The Better Deal: Hedge Funds or Private Equity?
- Private Equity in Asia
- Investments in Private Energy Partnerships
- Asset Allocation Update: That Sinking Feeling (June 2010)
- Alternative Investments: Are they Worth the Price?
- 2010 Asset Allocation Report: The Re-Engagement of Risk
- Asset Allocation Update (October 2009)
- Cliffwater Update on PPIP (August 2009)
- Asset Allocation Update (August 2009)
- Cliffwater Update on PPIP (July 2009)
- Asset Allocation Update (June 2009)
- Asset Allocation Update (May 2009)
- Update on TALF and PPIP Investment Opportunities
- Private Equity Secondary Market
- Asset Allocation: Where to from Here
- Overview of Infrastructure Investing
- 2009 Asset Allocation Report: Picking up the Pieces
- Navigating the Credit Crisis (Part 2): Asset Allocation
- Impact of the Credit Crisis on Wealth
- Credit Crisis Impact on Real Assets
- Private Equity Investing in Asia Pacific
- Navigating the Credit Crisis: Where Do Investors Go From Here?
- Are Hedge Funds Living Up to Their Promise to Preserve Capital?
- Hedge Fund and Private Market Opportunities in Distressed Securities
- Portable Alpha-Using Hedge Funds to Beat Market Indexes
- 2008 Asset Allocation Report: Paying for Yield
- 130-30: Is it Working?
- Do Opportunistic Real Estate Partnerships Add Value?
- Investment Opportunities in Senior Bank Loans
- Hedge Fund Fees, Are They Worth It?
- 2007 Asset Allocation Report: Is Beta Back?
- Private Equity: Too Much Money?
Published Research Papers
Other papers written by Cliffwater professionals are listed below. If you would like to receive copies of any of these papers, please contact us via e-mail at email@example.com to request a copy.
- You say 'to-may-to,' I say 'to-mah-to' - A Discussion on Commercial Real Estate Strategy Convergence in Private Funds: A PERE article written by Christopher Rice-Shepherd. (July 2016)
- Benchmarks for Private Market Investments. Stephen L. Nesbitt and Hal W. Reynolds, The Journal of Portfolio Management, vol 27, no. 4 (Fall 1997).
- Buy High, Sell Low: Timing Errors in Mutual Fund Allocations. Stephen L. Nesbitt, The Journal of Portfolio Management, Fall 1995.
- Long-Term Rewards from Shareholder Activism: A Study of the CalPERS Effect. Stephen L. Nesbitt, Journal of Applied Corporate Finance, Winter 1994.
- Currency Hedging Rules for Plan Sponsors. Stephen L. Nesbitt, Financial Analysts Journal, vol 47, no. 2 (March/April 1991).
- Performance Fees for Investment Management. Lawrence E. Davanzo and Stephen L. Nesbitt, Financial Analysts Journal, vol 43, no. 1 (January/February 1987).