DFX Intelligence
RIA Intelligence
Registered investment advisers, the advisors registered through them, the capital they report, the private vehicles they run and the people who own them, as a graph with a filing date behind every number. RAUM is what the adviser filed, a move is two registration dates, and a class is a rule you can read.
SEC-registered adviser
Cliffwater LLC
Latest filing May 4, 2026
First filing on the tape Mar 2, 2012 · 34 filings
SEC status approved since Jul 8, 2004
RAUM
$49B
reported, Item 5.F
Discretionary
100%
of RAUM
Private clients
0.4%
$172M individuals and HNW
Advisors
0
registered through the firm on IAPD
RAUM per advisor
n/a
derived; firm RAUM over IAPD count
Employees
213
105 advisory (5.B.1)
Offices
3
beyond the principal office
Private funds
4
reported on Schedule D
History
34 filings and snapshots on the tape
RAUM$49B as of May 4, 2026
Mar 2, 2012$796M then
HNW client RAUM$172M as of May 4, 2026
Mar 30, 2018$22.2M then
State-registered IARs (5.B.3)0 as of May 4, 2026
Mar 21, 20130 then
Employees (5.A)213 as of May 4, 2026
Mar 21, 201345 then
Private funds4 as of May 4, 2026
Mar 30, 20231 then
RAUM +38% over the last fiscal year+50% a year over threeIARs 0 to 0
Practice profile
derived from the filing of May 4, 2026; every figure names its basis
- RAUM per advisor
- unknownderivedRAUM over IAPD advisors; not a book size
- Clients per advisor
- unknownderivedindividual and HNW clients (5.D) over advisors
- Average HNW client
- $17.2MderivedHNW RAUM over HNW clients
- Average account
- $1.9BderivedRAUM over accounts (5.F.2.f)
- Discretionary
- 100%derivedof RAUM
- Institutional
- 3.2%derivedpensions, charities, corporations, government, insurance, banks, other advisers
- Employees per advisor
- unknownderivedItem 5.A over advisors
- Advisors per office
- unknownderived4 offices incl. principal (1.F.5)
- RAUM growth, one year
- +38%derivedbetween the last two annual amendments
- Advisor growth, one year
- unknownderivedItem 5.B.3 between annual amendments
- Client growth, one year
- +0.0%derived
- Compensation
- percentage of assets, fixed feesreportedItem 5.E
- Advisory activities
- portfolio management for individuals, portfolio management for businesses and institutions, portfolio management for pooled vehicles, portfolio management for investment companies, pension consulting, selection of other advisers, publications, otherreportedItem 5.G
- Custody
- $39.1M, 3 clientsreportedItem 9.A
- Ownership
- no PE, bank or public-company owner found on Schedule Aderived
- Advisor book size
- not public; not estimatedreported
Also answered yes on Form ADV
- buys or sells securities as principal to or from clients (8.A.2)
- has discretionary authority over which securities are bought or sold (8.C.1)
- receives research or other products from a broker-dealer, soft dollars (8.E)
- has custody of client cash or bank accounts (9.A.1.a)
- has custody of client securities (9.A.1.b)
Where the RAUM sits
Form ADV Item 5.D, latest filing
- Investment companies$44B95%
- State and municipal entities$933M2.0%
- Pooled investment vehicles$813M1.7%
- Pension and profit-sharing plans$457M1.0%
- Charitable organizations$177M0.4%
- High-net-worth individuals$172M0.4%
- Individual clients
- 0reported
- HNW clients
- 10reported
- Pension plan clients
- 7reported
- Charitable clients
- 2reported
- Accounts
- 25reported
- Financial planning clients
- 51-100reported
- Wrap fee programs
- noreported
- Custody of client assets
- $39.1M for 3 clientsreported
- Compensation
- % of AUM, fixedreported
- Class basis
- private_client_share=0.0 fund_share=0.92 institutional_share=0.03 related_bd=false related_bank=false bd_reps=34.0derived
Advisors registered through the firm
0 on IAPD today, longest tenure first
No representative is registered through this CRD on IAPD.
Advisor movement
Left, latest
none on the tape
Joined, latest
none on the tape
Private funds
1 reported on Schedule D 7.B.(1)
| Fund | Type | Gross assets | Owners | First reported |
|---|---|---|---|---|
| Cliffwater Corporate Lending Fund (Offshore) Ltd. | Other Private Fund | $48.6M | 8 | Mar 30, 2023 |
Owners and control persons
Schedule A and B, latest filing
- Bruce Michael Cowart · Chief Compliance Officercontrolsince 10/2022 · owns less than 5%
- Jeremy Lance Johnson · Chief Financial Officer / Chief Operations Officercontrolsince 09/2014 · owns less than 5%
- Lane Stephen Nesbitt · Chief Executive Officercontrolsince 06/2004 · owns 25% to 50%
- Adam Jonathan Rogal · Senior Managing Director / General Counselcontrolsince 09/2014 · owns less than 5%
- Roy Michael Burns · Managercontrolsince 10/2023 · owns F of Cw Parent LLC
- Richard Todd Crockett · Managercontrolsince 10/2023 · owns F of Cw Parent LLC
- B Stephen Nesbitt · Managercontrolsince 10/2023 · owns F of Cw Parent LLC
- Lane Stephen Nesbitt · Managercontrolsince 10/2023 · owns F of Cw Parent LLC
- Lane Stephen Nesbitt · Limited Partnercontrolsince 10/2023 · owns 25% to 50% of Cw Rollover LP
Entity owners
- Cw Intermediate LLC · Memberdirect · owns 75% or more
- Cw Gp Rollover LP · General Partnerindirect · owns F of Cw Rollover LP
- Cw Parent LLC · Memberindirect · owns 75% or more of Cw Intermediate LLC
- Cw Rollover LP · Memberindirect · owns 50% to 75% of Cw Parent LLC
- Ta Associates Cayman, LLC · General Partnerindirect · owns 75% or more of Ta Associates Xiv Gp, L.P.
- Ta Associates Xiv Gp, L.P. · General Partnerindirect · owns F of Ta Xiv-B Cw Subsidiary Partnership, L.P.
- Ta Cw Buyer LLC · Memberindirect · owns 25% to 50% of Cw Parent LLC
- Ta Xiv-A, L.P. · Memberindirect · owns 50% to 75% of Ta Cw Buyer LLC
- Ta Xiv-B Cw Blocker Corp. · Memberindirect · owns 75% or more of Ta Xiv-B Cw Subsidiary Partnership, L.P.
- Ta Xiv-B Cw Subsidiary Partnership, L.P. · Memberindirect · owns 25% to 50% of Ta Cw Buyer LLC
- Ta Xiv-B, L.P. · Memberindirect · owns 75% or more of Ta Xiv-B Cw Blocker Corp.
Related persons
Schedule D 7.A
Offices
Schedule D 1.F, the 25 largest
- New York, NY46 employees
- Chicago, IL20 employees
- Newport Beach, CA1 employees
What changed
consecutive filings, newest first
- Advisory employees · 102 to 105Jul 15, 2025 to Mar 30, 2026
- BD registered reps · 37 to 34Jul 15, 2025 to Mar 30, 2026
- Pooled vehicle clients · 2 to 4Jul 15, 2025 to Mar 30, 2026
- Assets in custody · $39.1M to $39.1MJul 15, 2025 to Mar 30, 2026
- Employees · 190 to 213Jul 15, 2025 to Mar 30, 2026
- Private funds · 3 to 4Jul 15, 2025 to Mar 30, 2026
- Discretionary RAUM · $35B to $49BJul 15, 2025 to Mar 30, 2026
- HNW RAUM · $165M to $172MJul 15, 2025 to Mar 30, 2026
- Pension RAUM · $553M to $457MJul 15, 2025 to Mar 30, 2026
- Pooled vehicle RAUM · $236M to $813MJul 15, 2025 to Mar 30, 2026
- RAUM · $35B to $49BJul 15, 2025 to Mar 30, 2026
- Financial planning clients · 51-100 to 51-100Mar 28, 2025 to Jul 15, 2025
- Advisory employees · 76 to 102May 9, 2024 to Mar 28, 2025
- BD registered reps · 33 to 37May 9, 2024 to Mar 28, 2025
- Pooled vehicle clients · 1 to 2May 9, 2024 to Mar 28, 2025
- Assets in custody · $37.4M to $39.1MMay 9, 2024 to Mar 28, 2025
- Employees · 137 to 190May 9, 2024 to Mar 28, 2025
- Financial planning clients · unset to 51-100May 9, 2024 to Mar 28, 2025
- Private funds · 1 to 3May 9, 2024 to Mar 28, 2025
- Discretionary RAUM · $27B to $35BMay 9, 2024 to Mar 28, 2025
- HNW RAUM · $160M to $165MMay 9, 2024 to Mar 28, 2025
- Pension RAUM · $572M to $553MMay 9, 2024 to Mar 28, 2025
- Pooled vehicle RAUM · $48.6M to $236MMay 9, 2024 to Mar 28, 2025
- RAUM · $27B to $35BMay 9, 2024 to Mar 28, 2025
- Accounts · 22 to 25Nov 2, 2023 to Mar 29, 2024
- Advisory employees · 56 to 76Nov 2, 2023 to Mar 29, 2024
- Advisory activities · 7 to 8Nov 2, 2023 to Mar 29, 2024
- BD registered reps · 21 to 33Nov 2, 2023 to Mar 29, 2024
- Charity clients · unset to 2.0Nov 2, 2023 to Mar 29, 2024
- Corporate clients · unset to 1.0Nov 2, 2023 to Mar 29, 2024
- Pension plan clients · 6 to 7Nov 2, 2023 to Mar 29, 2024
- Pooled vehicle clients · 0 to 1Nov 2, 2023 to Mar 29, 2024
- Assets in custody · $37.5M to $37.4MNov 2, 2023 to Mar 29, 2024
- Employees · 112 to 137Nov 2, 2023 to Mar 29, 2024
- Other offices · 2 to 3Nov 2, 2023 to Mar 29, 2024
- Discretionary RAUM · $14B to $27BNov 2, 2023 to Mar 29, 2024
- HNW RAUM · $137M to $160MNov 2, 2023 to Mar 29, 2024
- Pension RAUM · $496M to $572MNov 2, 2023 to Mar 29, 2024
- Pooled vehicle RAUM · $0 to $48.6MNov 2, 2023 to Mar 29, 2024
- RAUM · $14B to $27BNov 2, 2023 to Mar 29, 2024
Signals
18 dated events
- Cliffwater Llc reported RAUM $48.5B, up 38% from $35.1B (2025-07-15 to 2026-03-30)Mar 30, 2026 · RAUM change · derived
- Cliffwater Llc reported RAUM $35.1B, up 31% from $26.7B (2024-05-09 to 2025-03-28)Mar 28, 2025 · RAUM change · derived
- Cliffwater Llc reported RAUM $26.7B, up 87% from $14.3B (2023-11-02 to 2024-03-29)Mar 29, 2024 · RAUM change · derived
- Kay Kathleen Barchick (Member / Senior Managing Director) no longer on Schedule A of Cliffwater Llc (listed 2023-08-28, absent 2023-11-02)Nov 2, 2023 · Control person left · inference
- Kevin Thomas Lynch (Senior Managing Director) no longer on Schedule A of Cliffwater Llc (listed 2023-08-28, absent 2023-11-02)Nov 2, 2023 · Control person left · inference
- D Philip Hasbrouck (Class A Member) no longer on Schedule A of Cliffwater Llc (listed 2023-08-28, absent 2023-11-02)Nov 2, 2023 · Control person left · inference
- Roy Michael Burns (Manager) appeared on Schedule A of Cliffwater LlcNov 2, 2023 · Control person joined · fact
- Richard Todd Crockett (Manager) appeared on Schedule A of Cliffwater LlcNov 2, 2023 · Control person joined · fact
- Cliffwater Llc reported RAUM $14.3B, up 28% from $11.2B (2022-10-12 to 2023-03-30)Mar 30, 2023 · RAUM change · derived
- Arthur Mario Indelicato (Chief Compliance Officer) no longer on Schedule A of Cliffwater Llc (listed 2022-03-29, absent 2022-10-12)Oct 12, 2022 · Control person left · inference
- Bruce Michael Cowart (Chief Compliance Officer) appeared on Schedule A of Cliffwater LlcOct 12, 2022 · Control person joined · fact
- Cliffwater Llc reported RAUM $11.2B, up 172% from $4.1B (2021-04-28 to 2022-03-29)Mar 29, 2022 · RAUM change · derived
- Cliffwater Llc reported RAUM $4.1B, up 88% from $2.2B (2021-01-28 to 2021-03-26)Mar 26, 2021 · RAUM change · derived
- Kevin Thomas Lynch (Senior Managing Director) appeared on Schedule A of Cliffwater LlcJan 28, 2021 · Control person joined · fact
- D Philip Hasbrouck (Managing Director) appeared on Schedule A of Cliffwater LlcJan 28, 2021 · Control person joined · fact
- B Stephen Nesbitt (Managing Director) appeared on Schedule A of Cliffwater LlcJan 28, 2021 · Control person joined · fact
- Daniel Stern (Member / Senior Managing Director) no longer on Schedule A of Cliffwater Llc (listed 2020-06-26, absent 2021-01-28)Jan 28, 2021 · Control person left · inference
- Cliffwater Llc reported RAUM $2.2B, up 28% from $1.7B (2019-03-29 to 2020-03-27)Mar 27, 2020 · RAUM change · derived
Across DFX
shared identifiers only, never a name match
- Cliffwater LLC · Family Officesshared crd · office
- Cliffwater LLC · Independent Sponsorsshared crd · capital_provider
How to reach
public business contact points only, each with its source
- Firm profile
- linkedin.com/company/cliffwaterreportedpublic record, Form ADV, Sep 17, 2026
- Website
- BDCS.COMreportedpublic record, Form ADV, Sep 17, 2026
- Principal office phone
- 310-448-5000reportedpublic record, Form ADV, May 4, 2026
Provenance
- Form ADV
- SEC filing data 2011 to 2024 and the monthly roster 2025 onreportedadviserinfo.sec.gov
- Advisors
- IAPD individual compilation feed, dailyreportedadviserinfo.sec.gov
- Class
- Asset manager (funds and pooled vehicles)deriveda rule over Items 5.D and 7.A
- RAUM per advisor
- n/aderivedfirm RAUM over the IAPD count; not a book size
- Loaded
- Sep 14, 2026