Driven by integrity, innovation, and
our passion to continuously advance
the alternatives landscape.
Since 2004, Cliffwater has been a leader in alternatives.
Through our proprietary research, continued innovation, and valued reputation, we continue to lead and evolve how institutions and individual investors alike understand and access opportunities in private markets.
We believe a repeatable process and consistent team collaboration lead to better investment outcomes across market conditions.
Key Milestones
2004
Cliffwater is founded to help investors achieve their long-term objectives through alternatives
2005
Cliffwater makes its initial private equity investment
2006
Cliffwater makes its initial private real estate and private debt investments
2015
Cliffwater Direct Lending Index (CDLI) becomes the first published direct lending index and is currently the widely accepted direct lending benchmark
2017
The Journal of Alternative Investments publishes "The Investment Opportunity in U.S. Middle Market Direct Lending" by Stephen Nesbitt
2019
Wiley publishes Private Debt: Opportunities in Corporate Direct Lending by Stephen Nesbitt, which has become an essential resource to understanding the asset class
2019
Cliffwater launches the Cliffwater Corporate Lending Fund (CCLFX), now the largest interval fund, to enhance access to private debt
2021
Cliffwater launches the Cliffwater Enhanced Lending Fund (CELFX) to provide access to the full diverse private debt spectrum
2023
Wiley publishes Private Debt: Yield, Safety and the Emergence of Alternative Lending by Stephen Nesbitt
2024
Cliffwater becomes the investment adviser of Cascade Private Capital Fund (CPEFX) and restructures it as the first daily NAV, ticker symbol executed, comprehensive private capital interval fund 2
2024
Cliffwater is recognized by Private Debt Investor as LP/Investor of the Year, Americas 3
2024
Blake Nesbitt, Co-Head of Asset Management, recognized as a Rising Star by Private Debt Investor 4
2025
Cliffwater is recognized for the second consecutive year by Private Debt Investor as LP/Investor of the Year: Americas 5
2026
Cliffwater is proud to be the first firm recognized for three consecutive years as LP/Investor of the Year: Americas by Private Debt Investor (PDI) 6
Cliffwater is proud to be the first firm recognized for three consecutive years as LP/Investor of the Year: Americas by Private Debt Investor (PDI).
The Cliffwater Corporate Lending Fund and the Cliffwater Enhanced Lending Fund had net assets totalling $31.4 billion ($41.2 billion gross) and $6.9 billion ($7.1 billion gross), respectively, at September 30, 2025. The Cliffwater Corporate Lending Fund is focused on traditional senior-secured private direct loans while the Cliffwater Enhanced Lending Fund is weighted towards asset-backed lending together with second lien, venture, specialty finance, royalty, litigation, and structured equity lending. The funds act like a large traditional LP allocating to primary funds, negotiating and structuring large separately managed accounts, purchasing secondaries, and co-investing.6.
Read PDI Interview
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