Cliffwater LLC

MARINA DEL REY, CA · CIK 1659851 · 13F filing filed 2026-08-12

SEC-registered investment adviser since 2004 · limited liability company

Assets managed$48.5bn
Staff213 · 105 in investment roles
Main clients (by assets)Mutual funds and ETFs 91%, State and local governments 2%, Private funds 2%
Private funds4 · $460.0m gross assets
Websitebdcs.com
Form ADV · 2026-05-04SEC adviser record

Kindmutual funds, futures
Others nearbyMarina Del Rey, CA, New York, NY, Chicago, IL, Newport Beach, CA

As an employer

Offices in1 country
Private fundsother private 4

Where they work

people there (dot area)number not reportedmain officeHover or tap a dot. Australian and UK companies are placed at their business or registered address, with their staff across the whole country.

Offices

From Form ADV: the main office and the other offices where it does advisory work (at most the 25 largest), with the people doing investment work at each. “About” is worked out: the firm's investment staff less its other offices. Each city links to the other managers there.

City	Country	People
Marina Del Rey, CA (main office)United States	United States	about 29
New York, NYUnited States	United States	56
Chicago, ILUnited States	United States	15
Newport Beach, CAUnited States	United States	5

US visa salary filings

Filings FY2024–20252
Median salary offered$219,625
Middle half$154,438 – $284,812
Job titles2

Job title	Filings	Median	Range
Investment Research DirectorNew York, NY	1	$350,000	$350,000 – $355,000
Valuation AnalystMarina Del Rey, CA	1	$89,250	$89,250 – $95,250

Source: US Department of Labor, Labor Condition Application disclosure data (certified, full-time, yearly equivalent). These are the salaries the employer committed to pay the visa roles it filed for, at least the prevailing wage for the job and place; they are not the pay of all its staff. Filed by: CLIFFWATER LLC.

Map: places from GeoNames (CC BY 4.0), outlines from Natural Earth.

$401.7m reported value +6.4% vs Q1 2026

22positions

96.3%in top 10

2 new 1 added 3 reduced 0 sold out vs Q1 2026

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	VANGUARD INDEX FDS TOTAL STK MKT VTI	VTI	307,085	$113.6m28.29%	28.29%	Reduced -14.5k	-14,527 -4.5%
2	VANGUARD SCOTTSDALE FDS INTER TERM TREAS VGIT	VGIT	1,200,527	$70.8m17.63%	17.63%	Added +428.5k	+428,497 55.5%
3	BLUE OWL TECHNOLOGY FIN CORP COMMON STOCK OTF	OTF	5,908,955	$61.2m15.23%	15.23%	Unchanged
4	VANGUARD TAX-MANAGED FDS VAN FTSE DEV MKT VEA	VEA	768,881	$54.8m13.64%	13.64%	Reduced -1.3k	-1,300 -0.2%
5	VANGUARD SCOTTSDALE FDS VNG RUS3000IDX VTHR	VTHR	129,315	$42.9m10.67%	10.67%	Reduced -76.2k	-76,188 -37.1%
6	VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF VWO	VWO	208,320	$12.4m3.10%	3.10%	Unchanged
7	CVB FINL CORP COM CVBF	CVBF	412,247	$9.3m2.31%	2.31%	Unchanged
8	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	10,752	$8.0m2.00%	2.00%	Unchanged
9	VANGUARD SCOTTSDALE FDS SHRT TRM CORP BD VCSH	VCSH	89,515	$7.1m1.76%	1.76%	Unchanged
10	VANGUARD INDEX FDS REAL ESTATE ETF VNQ	VNQ	69,923	$6.7m1.68%	1.68%	Unchanged
11	FORBRIGHT INC CL A COM FRBT	FRBT	280,309	$5.1m1.28%	1.28%	New
12	ISHARES TR MSCI EMG MKT ETF EEM	EEM	40,400	$2.8m0.69%	0.69%	Unchanged
13	CARLYLE SECURED LENDING INC COM CGBD	CGBD	207,319	$2.2m0.54%	0.54%	Unchanged
14	XERIS BIOPHARMA HOLDINGS INC COM XERS	XERS	263,158	$2.1m0.52%	0.52%	New
15	BARINGS BDC INC COM BBDC	BBDC	126,753	$1.1m0.27%	0.27%	Unchanged
16	CARVANA CO CL A CVNA	CVNA	9,325	$613.8k0.15%	0.15%	Unchanged
17	TOAST INC CL A TOST	TOST	9,591	$266.8k0.07%	0.07%	Unchanged
18	RUBRIK INC. CL A RBRK	RBRK	3,184	$255.6k0.06%	0.06%	Unchanged
19	NU HLDGS LTD ORD SHS CL A NU	NU	9,485	$126.7k0.03%	0.03%	Unchanged
20	OSCAR HEALTH INC CL A OSCR	OSCR	4,431	$126.4k0.03%	0.03%	Unchanged
21	INVESCO EXCH TRADED FD TR II SR LN ETF BKLN	BKLN	5,902	$120.2k0.03%	0.03%	Unchanged
22	ISHARES TR CORE MSCI EAFE IEFA	IEFA	1,036	$100.1k0.02%	0.02%	Unchanged