Cliffwater LLC
Registered adviserRegulatory profile
From Form ADV, the SEC filer profile, 13D/13G type codes and N-CEN, never from the name.
| Rosters | Regulatory AUM | Main clients |
|---|---|---|
| Apr 2026 to Oct 2026 | $48,506,898,979 | Registered funds and BDCs (91%) |
| Apr 2025 to Mar 2026 | $35,092,105,766 | Registered funds and BDCs (89%) |
| Apr 2024 to Mar 2025 | $26,711,555,154 | Registered funds and BDCs (87%) |
| May 2023 to Mar 2024 | $14,264,206,279 | Registered funds and BDCs (79%) |
| Apr 2023 | $14,264,206,279 | Registered funds and BDCs (79%) |
| Apr 2022 to Mar 2023 | $11,159,222,167 | Registered funds and BDCs (68%) |
In the firm's words
- Private markets:
Cliffwater assists clients globally in their allocations to alternative investments, including private equity, private debt, hedge funds, real estate, real assets, and liquid alternative investments.
- Long/short hedge:
Cliffwater assists clients globally in their allocations to alternative investments, including private equity, private debt, hedge funds, real estate, real assets, and liquid alternative investments.
- Fixed income / rates:
Cliffwater also advises clients regarding other types of investments, including middle market lending, private equity and real assets investments.
- Wealth management / planning:
Cliffwater advises clients on the selection of investments in commingled funds, including coinvestments with those vehicles, and separate accounts that are managed by other investment managers.
- Quantitative / systematic:
Portfolio construction and asset allocation recommendations are based on internal capital markets research and on analyses performed using proprietary models.
- Multi-asset:
Recommend long-term allocation strategies to various asset classes, including alternative assets;
Portfolio style
Measured from the filed 13F common-share book for Jun 30, 2026, never from the firm's own description.
Closest benchmark: every 13F filer's combined book, active share 96.7%; sector active share 75.0% against the combined 13F book's sector weights.
Over time 26 measured quarters
How the bands are measured
Style bands measure the filed 13F common-share book each closed quarter, tested in this order. Unknown: under $10,000,000 of valued equity or 5 stocks. Index-like (100+ stocks): active share of 20% or less against the closest benchmark, which is the S&P 500, S&P MidCap 400, S&P SmallCap 600, Russell 1000, Russell 2000, Nasdaq-100 or Dow Jones Industrial Average (weighted by an index-tracking fund's reported holdings or the index's constituents nearest the quarter end, over the names resolved to companies, and only when those are 90%+ of its weight) or every 13F filer's combined book, or index series holding 80%+ of the registered fund assets it advises (N-CEN) and equal to 50%+ of its book. Systematic-like: 500+ stocks, 100%+ annual turnover and a top 10 weight of 25% or less. Concentrated: a top 10 weight of 60%+ or 12 or fewer effective positions. Diversified active: none of these. Turnover is the smaller of buys and sells over average equity value, summed over four quarters: low under 30%, high 100%+. Horizon is the value-weighted number of quarters each position has been held: short under 4, long 12+.
Clone Performance
Build a hypothetical price-return history from this filer's public 13F holdings.
View clone backtestPortfolio Concentration
22 tracked positions · as of Jun 30, 2026 · Δ vs Mar 31, 2026Portfolio Trend
Sector Breakdown
As of Jun 30, 2026| Sector | % Portfolio | Value |
|---|---|---|
| Unclassified | 79.5% | $319,227,211 |
| Financial Services | 19.7% | $79,090,650 |
| Healthcare | 0.6% | $2,210,583 |
| Consumer Cyclical | 0.2% | $613,771 |
| Technology | 0.1% | $522,432 |
Last Quarter's Activity
Export CSVTrimmed
Positions the filer reducedSold Out
Positions the filer fully exited| Ticker | Company | Type | Shares | Value (USD) | % of Portfolio | History |
|---|---|---|---|---|---|---|
| VTI |
VANGUARD TOTAL STOCK MARKET INDEX FUND
|
Reduced | 307,085 | $113,633,733 | 28.29% | |
| VGIT |
VANGUARD INTERMEDIATE-TERM TREASURY INDEX FUND
|
Added | 1,200,527 | $70,807,082 | 17.63% | |
| OTF |
Blue Owl Technology Finance Corp.
Financial Services
|
Held | 5,908,955 | $61,157,684 | 15.23% | |
| VEA |
Vanguard FTSE Developed Markets ETF
|
Reduced | 768,881 | $54,782,771 | 13.64% | |
| VTHR |
VANGUARD RUSSELL 3000 INDEX FUND
|
Reduced | 129,315 | $42,858,870 | 10.67% | |
| VWO |
VANGUARD EMERGING MARKETS STOCK INDEX FUND
|
Held | 208,320 | $12,434,620 | 3.10% | |
| CVBF |
Cvb Financial Corp
Financial Services
|
Held | 412,247 | $9,296,169 | 2.31% | |
| SPY |
Spdr S&P 500 ETF Trust
|
Held | 10,752 | $8,029,271 | 2.00% | |
| VCSH |
VANGUARD SHORT-TERM CORPORATE BOND INDEX FUND
|
Held | 89,515 | $7,074,370 | 1.76% | |
| VNQ |
VANGUARD REAL ESTATE INDEX FUND
|
Held | 69,923 | $6,742,674 | 1.68% | |
| FRBT |
Forbright, Inc.
Financial Services
|
NEW | 280,309 | $5,126,851 | 1.28% | |
| EEM |
iShares MSCI Emerging Markets ETF
|
Held | 40,400 | $2,763,764 | 0.69% | |
| CGBD |
Carlyle Secured Lending, Inc.
Financial Services
|
Held | 207,319 | $2,183,069 | 0.54% | |
| XERS |
Xeris Biopharma Holdings, Inc.
Healthcare
|
NEW | 263,158 | $2,084,211 | 0.52% | |
| BBDC |
Barings BDC, Inc.
Financial Services
|
Held | 126,753 | $1,079,935 | 0.27% | |
| CVNA |
Carvana Co.
Consumer Cyclical
|
Added | 9,325 | $613,771 | 0.15% | |
| TOST |
Toast, Inc.
Technology
|
Held | 9,591 | $266,821 | 0.07% | |
| RBRK |
Rubrik, Inc.
Technology
|
Held | 3,184 | $255,611 | 0.06% | |
| NU |
Nu Holdings Ltd.
Financial Services
|
Held | 9,485 | $126,719 | 0.03% | |
| OSCR |
Oscar Health, Inc.
Healthcare
|
Held | 4,431 | $126,372 | 0.03% | |
| BKLN |
Invesco Ltd.
Financial Services
|
Held | 5,902 | $120,223 | 0.03% | |
| IEFA |
iShares Core MSCI EAFE ETF
|
Held | 1,036 | $100,056 | 0.02% |
Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.