• Hedge Funds

    Absolute Return Portfolios,

    Diversified or Single Strategy

  • Private Equity

    Buyout, Venture, Debt/Distressed,

    Non US, Opportunistic

  • Real Assets

    Natural Resources, Real Estate,

    Infrastructure, Commodities

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Private Equity Performance, 2002-16

Our Annual State Pension Report

Smart Beta & Alternative Risk Premia

Alternative Risk Premia Methodology & Performance

U.S. Direct Lending and the Cliffwater Direct Lending Index

Opportunities in Direct Lending

Cliffwater LLC provides investment advisory services to a variety of clients, primarily institutions, such as endowments, foundations, retirement systems, and financial institutions.

Cliffwater assists clients globally in their allocations to alternative investments, including hedge funds, private equity, real estate, real assets, and liquid alternative investments. In addition, Cliffwater may provide investment advice for some clients on a broad range of traditional strategies, primarily in connection with its alternative investment services. Beyond its role in sourcing investments, conducting due diligence, gaining access for clients and monitoring risks, Cliffwater has both the experience and analytical tools to help clients integrate alternative investment allocations into their overall portfolio.


Cliffwater is an independent firm, registered as an investment advisory firm with the SEC. Offices are located in Los Angeles and New York City.