Cliffwater
Cliffwater, an institutional investment consultant, runs the largest family of interval funds in the US, led by the $30 billion Cliffwater Corporate Lending Fund (CCLFX). The fund has returned 9.17% a year net since 2019 with very few realized losses, but its total annual expenses are 3.20% of net assets, more than half of it borrowing cost, nearly all of its assets are valued with significant judgment from manager marks, with Cliffwater as the valuation designee, in March 2026 it bought back 7% of its shares, the full amount available under that quarter's offer, and in its last fiscal year its distributions exceeded its net investment income.
No platform response on record for this profile. Is this your platform? Respond or claim it.
Platform Identity
- Website
- cliffwaterfunds.com
- Headquarters
- Marina del Rey, CA, US
- Founded
- 2004
- Parent
- Cliffwater LLC (SEC-registered investment adviser, CRD 132167, 801-63344), controlled by Stephen L. Nesbitt through CW Parent LLC / CW Rollover LP
- Platform type
- Interval fund sponsor (registered closed-end funds sold through financial advisers)
- Regulatory
- sec_registered_ia
- Eligibility
- retail
AltStreet Coverage
- Review status
- Published
- Coverage type
- Investment platform
- Review date
- Oct 29, 2026
- Last updated
- Oct 29, 2026
- Composite score
- 6.4
- Structural signals
- 12 total
Key Data Points
- EDGAR-linked offerings
- 4
- Filing-verified raised
- $45.10B
Auditors of Record
Audit firms named in this platform's issuer filings, as recorded in AltStreet's auditor directory. Each firm page lists every issuer it audits across covered platforms.
Manager (Form ADV)
Investment adviser records matched to this platform from SEC Form ADV filings (IARD). Figures are manager-level — they describe the advisory firm, not any single offering on this page.
CLIFFWATER LLC
SEC-Registered Adviser- CRD / SEC#
- 132167 · 801-63344
- Status
- Approved
- Regulatory AUM
- $48.51B
- Private funds
- 4 · $459.97M gross assets
- Item 11 disclosures
- None reported
- Main office
- MARINA DEL REY, CA
- Latest ADV filed
- May 4, 2026
Item 11 disclosures are affirmative answers to Form ADV's disciplinary questions, which can include affiliate events — they are not a count of violations. Source: SEC Form ADV data, refreshed monthly.
Reference Reading
AltStreet reference pages on the filings and mechanics behind this platform's category.
Claim a Verified Profile.
Verified Profiles give covered platforms a structured channel to respond to AltStreet's editorial framework with source-documented amendments, additional disclosures, and attributed corrections — improving signal quality for buyers and investors evaluating your platform.