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CLIFFWATER LLC
CRD 132167File 801-63344
APPROVED
Retail clients
Custody
Filing as of May 4, 2026
Feed vintage Oct 1, 2026
Regulatory AUM
$48.51B
Top 10% of cohort (national)
Discretionary AUM
$48.51B
Clients
42
25 accounts
Employees
213
Top 10% of cohort in CA
Identity & registration
ADV Item 1- Organization form
- Limited Liability Company
- Firm type
- Registered
- SEC region
- LARO
- Registration date
- Jul 8, 2004
- Principal office
- 4640 ADMIRALTY WAY, 11TH FLOOR, MARINA DEL REY, CA, 90292-6623
- Phone
- 310-448-5000
- Website
- HTTPS://WWW.CLIFFWATER.COM
Assets & accounts
ADV Item 5F- Total regulatory AUM
- $48.51B
- Discretionary AUM
- $48.51B
- Non-discretionary AUM
- $0
- Discretionary accounts
- 25
- Non-discretionary accounts
- 0
- Total accounts
- 25
- AUM per client
- $1.15B
Clients by type
ADV Item 5D| Client type | Clients | AUM |
|---|---|---|
| Other | Fewer than 5 | $0 |
| Non-U.S. persons | Fewer than 5 | $0 |
| Insurance companies | Fewer than 5 | $0 |
| Investment companies | 3 | $43.93B |
| Charitable organizations | Fewer than 5 | $176.6M |
| Other investment advisers | Fewer than 5 | $0 |
| High net worth individuals | 10 | $171.8M |
| Pooled investment vehicles | 4 | $812.5M |
| Banking or thrift institutions | Fewer than 5 | $0 |
| Pension and profit sharing plans | 7 | $457.3M |
| State or municipal government entities | 9 | $933.1M |
Compensation & activities
ADV Items 5E, 5GCompensation
- Fixed fees
- A percentage of assets under your management
Advisory activities
- Publications
- Other advisory activities
- Selection of other advisers
- Portfolio management for other
- Portfolio management for businesses
- Portfolio management for investment companies
- Portfolio management for pooled investment vehicles
- Portfolio management for individuals and/or small businesses
Custody
ADV Item 9- Firm Custody Cash
- Yes
- Firm Custody Assets
- No
- Firm Custody Clients
- No
- Firm Custody Securities
- Yes
- Related Person Custody Cash
- No
- Related Person Custody Assets
- No
- Related Person Custody Clients
- No
- Related Person Custody Securities
- No
Disclosure events
ADV Item 11This firm answered no to every Item 11 disclosure question in this filing.
Filed changes
| Date | Field | From | To | Change |
|---|---|---|---|---|
| Aug 17, 2026 | Clients | 54 | 42 | decreased by12 |
| Apr 1, 2026 | Employees | 190 | 213 | increased by23 |
| Apr 1, 2026 | Clients | 52 | 54 | increased by2 |
| Apr 1, 2026 | AUM | $35,092,105,766 | $48,506,898,979 | increased by$13,414,793,213 |
| May 1, 2025 vs Oct 1, 2022 | Employees | 86 | 190 | increased by104 |
| May 1, 2025 vs Oct 1, 2022 | Clients | 42 | 52 | increased by10 |
| May 1, 2025 vs Oct 1, 2022 | AUM | $11,159,222,167 | $35,092,105,766 | increased by$23,932,883,599 |
| May 1, 2025 vs Oct 1, 2022 | Accounts | 23 | 25 | increased by2 |
| Apr 1, 2022 | Employees | 54 | 86 | increased by32 |
| Apr 1, 2022 | Clients | 40 | 42 | increased by2 |
| Apr 1, 2022 | AUM | $4,097,380,306 | $11,159,222,167 | increased by$7,061,841,861 |
| Apr 1, 2021 | Registration | — | APPROVED |
On Form 5500, an adviser usually appears as a plan service provider (Schedule C), not the plan sponsor.
See plans that list “CLIFFWATER” as a service provider on 5500mcp →Matched by name only — Form ADV and Form 5500 share no identifier, and names are searched loosely (“CLIFFWATER” may also match similarly-named firms). Confirm identity against each filing.
Every value above is reproduced from this firm's Form ADV filing. Fields the firm left blank are shown as “Not reported” rather than filled in from other sources.