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Cliffwater LLC

CIK:0001659851
Investment Adviser
$120B AUM
24 holdings
Los Angeles, CA, USA
Founded:2004
200 employees
Latest filing:Jun 30, 2025

Cliffwater LLC is an independent alternative investment adviser and fund manager. It provides asset management and advisory services to institutional investors across the alternative investment landscape.

Investment Strategy

Alternative investments through GP primary funds, secondaries, separately managed accounts, private BDCs, and co-investments, with a focus on private credit and direct lending.

Latest 13F Filing Activity

Cliffwater LLC filed their most recent 13F report on Jun 30, 2025 disclosing 24 equity positions with a total 13F market value of $486M. The fund increased holdings in Blue Owl Technology Fin Corp., Vanguard Index FDS, Carlyle Secured Lending Inc. among other positions. Cliffwater LLC reduced exposure to Franklin BSP RLTY TR Inc., Morgan Stanley Direct Lendin, Vanguard Scottsdale FDS among others.

Top Buys
O
OTFBLUE OWL TECHNOLOGY FIN CORP
+$101.8M
V
VTIVANGUARD INDEX FDS
+$10.1M
C
CGBDCARLYLE SECURED LENDING INC
+$7.5M
V
VEAVANGUARD TAX-MANAGED FDS
+$4.6M
A
ACWXISHARES TR
+$3.0M
Top Sells
F
FBRTFRANKLIN BSP RLTY TR INC
-$17.0M
M
MSDLMORGAN STANLEY DIRECT LENDIN
-$4.8M
V
VGITVANGUARD SCOTTSDALE FDS
-$3.1M
T
TEMTEMPUS AI INC
-$666.9K
V
VTHRVANGUARD SCOTTSDALE FDS
-$320.8K

Top Holdings

V
VTIVANGUARD INDEX FDS
+21.9%$106.4M
O
OTFBLUE OWL TECHNOLOGY FIN CORP
+20.9%$101.8M
V
VTHRVANGUARD SCOTTSDALE FDS
+13.2%$64.4M
A
ACWXISHARES TR
+13.1%$63.9M
V
VEAVANGUARD TAX-MANAGED FDS
+9.0%$44.0M

Equity Positions (24)

TickerSecurityWeightMarket ValueSharesAvg CostPriceChange (QoQ)
VANGUARD INDEX FDS21.89%$106.4M350,195$173.71$303.93+$10.1M
BLUE OWL TECHNOLOGY FIN CORP20.94%$101.8M6,678,147$15.25$15.25+$101.8M
VANGUARD SCOTTSDALE FDS13.23%$64.4M235,936$224.94$272.75-$320.8K
ISHARES TR13.14%$63.9M1,048,621$53.21$60.94+$3.0M
VANGUARD TAX-MANAGED FDS9.04%$44.0M771,122$41.63$57.01+$4.6M

Industry Allocation

STATE COMMERCIAL BANKS
+1.6%
RETAIL-AUTO DEALERS & GASOLINE STATIONS
+0.1%
SERVICES-PREPACKAGED SOFTWARE
+0.1%
SERVICES-COMPUTER PROCESSING & DATA PREPARATION
+0.0%
FINANCE SERVICES
+0.0%