Cliffwater Llc
SEC-registered
Mutual Fund / Asset Manager · Large ($10B–$100B)
CRD 132167
· SEC file 801-63344
· Marina Del Rey, CA
· WWW.CLIFFWATERDIRECTLENDINGINDEX.COM
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ADV data as of May 04, 2026
- Regulatory AUM
- $48.5B
- Discretionary
- $48.5B
- Clients
- 54
- Avg AUM / client
- $898M
- Accounts
- 25
- Employees
- 213
AUM over time
$796M
$48.5B
Dec 2011
May 2026
Annual snapshots from Form ADV filings · as of May 04, 2026
Who they serve
| Client type | Clients | AUM | % of AUM |
|---|---|---|---|
| High net worth individuals | 10 | $172M | 0.35% |
| Banking or thrift institutions | 2 | $0 | — |
| Investment companies | 3 | $43.9B | 90.6% |
| Pooled investment vehicles (non-investment companies) | 4 | $813M | 1.68% |
| Pension and profit sharing plans | 7 | $457M | 0.94% |
| Charitable organizations | 2 | $177M | 0.36% |
| State or municipal government entities | 9 | $933M | 1.92% |
| Other investment advisers | 3 | $0 | — |
| Insurance companies | 0 | $0 | — |
| Sovereign wealth funds and foreign official institutions | 1 | $0 | — |
| Corporations and other businesses | 1 | $0 | — |
| Other | 12 | $2.0B | 4.18% |
Private funds (1)
Reported in Form ADV Section 7.B.(1), filing of May 2024 · $48.6M combined gross assets
| Fund | Type | Domicile | Gross assets | Owners |
|---|---|---|---|---|
| Cliffwater Corporate Lending Fund (Offshore) Ltd. feeder | Other Private Fund | Cayman Islands | $48.6M | 8 |
Retirement plan clients
Plans that reported this firm as an investment service provider on Form 5500 Schedule C.
| Plan | Location | Plan year |
|---|---|---|
| Abbott Abbvie Multiple Employer Pension Plan Abbott Laboratories | 2024 | |
| The Citigroup Pension Plan Citigroup Inc. | 2024 | |
| New York State Nurses Association Pension Plan Board Of Trustees New York State Nurses Association Pension Plan | Albany, NY | 2024 |
People (7)
| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| Nesbitt, Stephen, Lane | Chief Executive Officer | Jun 2004 (22y) | 25% – 50% | |
| Johnson, Lance, Jeremy | Chief Financial Officer / Chief Operations Officer | Sep 2014 (12y) | Less than 5% | |
| Rogal, Jonathan, Adam | Senior Managing Director / General Counsel | Sep 2014 (12y) | Less than 5% | |
| Cowart, Michael, Bruce | Chief Compliance Officer | Oct 2022 (4y) | Less than 5% | |
| Crockett, Todd, Richard | Manager | Oct 2023 (3y) | GP / trustee / elected manager of Cw Parent Llc (indirect) | |
| Michael Roy Burns | Manager | Oct 2023 (3y) | GP / trustee / elected manager of Cw Parent Llc (indirect) | |
| Nesbitt, Stephen, B | Manager | Oct 2023 (3y) | GP / trustee / elected manager of Cw Parent Llc (indirect) |
Entity owners (Schedule A/B)
| Entity | Title / status | Since | Sch. | Ownership |
|---|---|---|---|---|
| Cw Intermediate Llc | Member | Sep 2023 | A | 75% or more |
| Cw Parent Llc | Member | Sep 2023 | B | ≈ 56.25% – 100% via Cw Intermediate Llc |
| Ta Xiv B Cw Blocker Corp. | Member | Oct 2023 | B | ≈ 2.64% – 25% via Ta Xiv B Cw Subsidiary Partnership, L.P. |
| Ta Xiv B, L.P. | Member | Oct 2023 | B | ≈ 1.98% – 25% via Ta Xiv B Cw Blocker Corp. |
| Ta Associates Cayman, Llc | General Partner | Oct 2023 | B | 75% or more of Ta Associates Xiv Gp, L.P. (indirect) |
| Cw Rollover Lp | Member | Sep 2023 | B | ≈ 28.13% – 75% via Cw Parent Llc |
| Ta Xiv A, L.P. | Member | Oct 2023 | B | ≈ 7.03% – 37.5% via Ta Cw Buyer Llc |
| Ta Cw Buyer Llc | Member | Oct 2023 | B | ≈ 14.06% – 50% via Cw Parent Llc |
| Ta Xiv B Cw Subsidiary Partnership, L.P. | Member | Oct 2023 | B | ≈ 3.52% – 25% via Ta Cw Buyer Llc |
| Ta Associates Xiv Gp, L.P. | General Partner | Oct 2023 | B | GP / trustee / elected manager of Ta Xiv B Cw Subsidiary Partnership, L.P. (indirect) |
| Cw Gp Rollover Lp | General Partner | Oct 2023 | B | GP / trustee / elected manager of Cw Rollover Lp (indirect) |
Estimated effective ownership (look-through of filed bands):
- Cw Parent Llc: 75% – 100% of Cw Intermediate Llc × 75% – 100% direct ≈ 56.25% – 100% of the firm
- Ta Xiv B Cw Blocker Corp.: 75% – 100% of Ta Xiv B Cw Subsidiary Partnership, L.P. × 25% – 50% of Ta Cw Buyer Llc × 25% – 50% of Cw Parent Llc × 75% – 100% of Cw Intermediate Llc × 75% – 100% direct ≈ 2.64% – 25% of the firm
- Ta Xiv B, L.P.: 75% – 100% of Ta Xiv B Cw Blocker Corp. × 75% – 100% of Ta Xiv B Cw Subsidiary Partnership, L.P. × 25% – 50% of Ta Cw Buyer Llc × 25% – 50% of Cw Parent Llc × 75% – 100% of Cw Intermediate Llc × 75% – 100% direct ≈ 1.98% – 25% of the firm
- Cw Rollover Lp: 50% – 75% of Cw Parent Llc × 75% – 100% of Cw Intermediate Llc × 75% – 100% direct ≈ 28.13% – 75% of the firm
- Ta Xiv A, L.P.: 50% – 75% of Ta Cw Buyer Llc × 25% – 50% of Cw Parent Llc × 75% – 100% of Cw Intermediate Llc × 75% – 100% direct ≈ 7.03% – 37.5% of the firm
- Ta Cw Buyer Llc: 25% – 50% of Cw Parent Llc × 75% – 100% of Cw Intermediate Llc × 75% – 100% direct ≈ 14.06% – 50% of the firm
- Ta Xiv B Cw Subsidiary Partnership, L.P.: 25% – 50% of Ta Cw Buyer Llc × 25% – 50% of Cw Parent Llc × 75% – 100% of Cw Intermediate Llc × 75% – 100% direct ≈ 3.52% – 25% of the firm
Roster from the IAPD representatives feed; ownership and acquisition dates from Form ADV Schedule A/B. "Since" is the earliest filed registration or acquisition date.
Private funds (1, $48.6M gross assets)
| Fund | Type | Gross assets | Min. investment | Owners |
|---|---|---|---|---|
| Cliffwater Corporate Lending Fund (Offshore) Ltd. | Other Private Fund | $48.6M | $10.0M | 8 |
From Form ADV Section 7.B private fund reporting.
Retirement plans served (3)
| Plan | Sponsor | Participants | Plan assets | As of |
|---|---|---|---|---|
| Abbott Abbvie Multiple Employer Pension Plan | Abbott Laboratories | 161 | $4.2B | 01/01/2024 |
| The Citigroup Pension Plan | Citigroup Inc. | 14,217 | $10.0B | 01/01/2024 |
| New York State Nurses Association Pension Plan | Board Of Trustees New York State Nurses Association Pension Plan | 22,140 | $5.9B | 01/01/2024 |
From Form 5500 service-provider disclosures.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 05/04/2026 | 1.78 MB | View · PDF · Source ↗ |
Archived copies of the firm's regulatory filings, versioned by content hash.
Disciplinary disclosures
No disciplinary events reported on the firm's latest Form ADV filing.
How they charge
- • Percentage of assets under management
- • Fixed fees
Services
- • Portfolio management for individuals/small businesses
- • Portfolio management for investment companies
- • Portfolio management for pooled investment vehicles
- • Portfolio management for businesses/institutional clients
- • Pension consulting services
- • Selection of other advisers
- • Publication of periodicals or newsletters
- • Other services
Custody
Reported custodians
- Northern Trust $1.2B (2% of AUM) May 2026
- State Street $986M (24% of AUM) Apr 2021
- The Vanguard Group, Inc. $834M (2% of AUM) May 2026
- BNY Mellon $563M (1% of AUM) May 2026
- RBC $475M (1% of AUM) May 2026
- J.P. Morgan $119M (0% of AUM) May 2026
Amounts as reported in ADV Item 5.K.(3) (custodians holding 10%+ of SMA assets).
Firm reports having custody of client funds or securities (Item 9.A).
Source
All data on this page comes from this firm's Form ADV filings, reproduced without modification. Latest filing: May 04, 2026.
View current Form ADV (SEC/IAPD) ↗