Cliffwater LLC provides alternative advisory services to institutional investors including endowments, foundations, retirement systems and financial institutions.


Cliffwater is one of the largest alternatives advisory firms, assisting clients globally in their allocations to hedge funds, private equity and real assets. 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.

2016 State Pension Study

Current trends in asset allocation and performance.


Why Hedge Funds?

Hedge funds do have a role with a diversified portfolio.


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

Opportunities in Direct Lending.