# Cliffwater

Cliffwater is a Fund of Funds Manager based in Marina del Rey, United States.

## Overview

- **Organization type:** Fund of Funds Manager
- **Headquarters:** Marina del Rey, United States
- **Region:** North America
- **Address:** Marina del Rey, CA, United States
- **Founded:** 2004
- **Assets under management:** Undisclosed
- **Website:** www.bdcs.com
- **LinkedIn:** https://www.linkedin.com/company/cliffwater

## Regulatory record

- **CRD number:** 132167
- **SEC file number:** 801-63344
- **Registration status:** Registered
- **Reports private funds:** Yes
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/132167

## About

Cliffwater is an SEC-registered investment adviser in Marina del Rey, CA, since 2004. The firm manages $48.5 billion in regulatory assets. It has 213 employees and 105 investment advisers.

## Sectors

- Private Credit
- Secondaries & Special Situations

## Questions

### Who runs investment decisions at Cliffwater?

Cliffwater does not publicly name its investment leadership team. The firm's website focuses on its index products and research rather than individual professionals.

### How does Cliffwater source proprietary deal flow?

Cliffwater operates as a manager of managers, sourcing investments through its relationships with BDCs and direct lending fund managers. Its index construction process provides data-driven insights into the private credit market.

### What investment stages does Cliffwater typically target?

Cliffwater focuses on private credit and secondaries, with exposure primarily through publicly traded BDCs and direct lending funds. Its indices capture lending-oriented strategies rather than early-stage equity.

### Does Cliffwater participate in fund commitments or only direct deals?

Cliffwater acts as a manager of managers, committing capital to BDCs and direct lending funds rather than making direct investments. Its index methodology tracks the performance of these underlying funds.

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Last updated: 2026-06-03T20:00:00.000Z

Canonical page: https://altss.com/profile/cliffwater

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