# Cliffwater LLC

> Cliffwater LLC is an SEC-registered investment advisory firm in Marina del Rey, CA, registered since 2004, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated May 4, 2026.

- CRD: 132167
- Filed as: CLIFFWATER LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Marina del Rey, CA
- Filing period: October 2026
- Form ADV filing dated: May 4, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/132167
- AdvisorCensus page: https://advisorcensus.com/firm/cliffwater-llc-marina-del-rey-ca-132167

## Quick answers

**How is Cliffwater LLC compensated?**
On its Form ADV (Item 5.E, October 2026), Cliffwater LLC reports these compensation arrangements: a percentage of assets under its management; fixed fees (other than subscription fees).

**Where is Cliffwater LLC located?**
Cliffwater LLC's principal office is in Marina del Rey, CA, according to its Form ADV; the June 2026 filing also lists 3 other offices (Schedule D, Section 1.F).

**Is Cliffwater LLC registered with the SEC or a state?**
Cliffwater LLC is an SEC-registered investment advisory firm, registered since 2004. Status as filed: Approved. CRD 132167.

**How much does Cliffwater LLC manage?**
Cliffwater LLC reports $48,506,898,979 in regulatory assets under management in its Form ADV filing dated May 4, 2026 (100% discretionary).

**How have Cliffwater LLC's assets and staff changed since 2021?**
In the Form ADV data for Cliffwater LLC: Regulatory assets under management: $4,097,380,306 in the October 2021 data and $48,506,898,979 in the October 2026 data, up 1084%. Total employees: 54 in October 2021 and 213 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Cliffwater LLC serve?**
By number of clients on Form ADV Item 5.D: other (12); high net worth individuals (10); state or municipal government entities (including government pension plans) (9).

**Which custodians does Cliffwater LLC use?**
Cliffwater LLC's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Advisor Solutions, J.P. Morgan Securities LLC, RBC Investor Service Trust, The Northern Trust Company and The Vanguard Group Inc as custodians holding 10% or more of its separately managed account assets.

**Does Cliffwater LLC report any disciplinary disclosures?**
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/132167

**What changed in Cliffwater LLC's recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 102 to 105. Regulatory assets under management went from $35,092,105,766 to $48,506,898,979 (+38%).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Fixed fees (other than subscription fees)

### Custodians (Schedule D, Section 5.K(3))
- Advisor Solutions
- J.P. Morgan Securities LLC
- RBC Investor Service Trust
- The Northern Trust Company
- The Vanguard Group Inc

Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.

### Regulatory assets under management (Item 5.F)
- Total: $48,506,898,979
- Discretionary: $48,506,898,979
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 0 | $0 |
| High net worth individuals | 10 | $171,803,449 |
| Banking or thrift institutions | 2 | $0 |
| Investment companies | 3 | $43,927,463,684 |
| Business development companies | 0 | $0 |
| Pooled investment vehicles (other than investment companies and business development companies) | 4 | $812,546,775 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 7 | $457,250,999 |
| Charitable organizations | 2 | $176,586,754 |
| State or municipal government entities (including government pension plans) | 9 | $933,104,263 |
| Other investment advisers | 3 | $0 |
| Insurance companies | Fewer than 5 | $0 |
| Sovereign wealth funds and foreign official institutions | 1 | $0 |
| Corporations or other businesses not listed above | 1 | $0 |
| Other | 12 | $2,028,143,055 |

### Advisory services (Item 5.G)
- Portfolio management for individuals and/or small businesses
- Portfolio management for investment companies (and business development companies)
- Portfolio management for pooled investment vehicles (other than investment companies)
- Portfolio management for businesses (other than small businesses) or institutional clients
- Pension consulting services
- Selection of other advisers (including private fund managers)
- Publication of periodicals or newsletters
- Other

### Firm details
- Registered since: 2004 (22 years)
- Employees: 213 total, 105 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CA, IL, NJ, NY
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the June 2026 filing
- Chicago, IL
- New York, NY
- Newport Beach, CA

### Websites listed on Form ADV (Item 1.I)
- bdcs.com
- cliffwater.com
- cliffwaterdirectlendingindex.com
- cliffwaterfunds.com
- LinkedIn @cliffwater
- YouTube @Cliffwater

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $4,097,380,306 | 54 | April 28, 2021 |
| October 2022 | $11,159,222,167 | 86 | March 29, 2022 |
| October 2023 | $14,264,206,279 | 112 | August 28, 2023 |
| October 2024 | $26,711,555,154 | 137 | May 9, 2024 |
| October 2025 | $35,092,105,766 | 190 | July 15, 2025 |
| October 2026 | $48,506,898,979 | 213 | May 4, 2026 |

Regulatory assets under management: $4,097,380,306 in the October 2021 data and $48,506,898,979 in the October 2026 data, up 1084%.
Total employees: 54 in October 2021 and 213 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 102 to 105.
- Regulatory assets under management went from $35,092,105,766 to $48,506,898,979 (+38%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Cliffwater LLC (CRD 132167): Form ADV filing data as of October 2026.