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.

Former SEC-registered adviser

Cliffwater Investments LLC

Former SEC-registered adviserHartford, ConnecticutCRD 169554SEC 801-78762IAPD
Latest filing Mar 21, 2016
First filing on the tape Oct 28, 2013 · 8 filings
RAUM
$152M
reported, Item 5.F
Discretionary
100%
of RAUM
Private clients
0.0%
$0 individuals and HNW
Advisors
0
registered through the firm on IAPD
RAUM per advisor
n/a
derived; firm RAUM over IAPD count
Employees
5
5 advisory (5.B.1)
Offices
n/a
beyond the principal office
Private funds
0
reported on Schedule D
History
8 filings and snapshots on the tape
RAUM$152M as of Mar 21, 2016
Mar 28, 2014$0 then
HNW client RAUM: no history
State-registered IARs (5.B.3)0 as of Mar 21, 2016
Mar 28, 20140 then
Employees (5.A)5 as of Mar 21, 2016
Mar 28, 20145 then
Private funds: no history
RAUM +2.1% over the last fiscal yearIARs 0 to 0
Practice profile
derived from the filing of Mar 21, 2016; 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
unknownderivedHNW RAUM over HNW clients
Average account
$50.8MderivedRAUM over accounts (5.F.2.f)
Discretionary
100%derivedof RAUM
Institutional
0.0%derivedpensions, charities, corporations, government, insurance, banks, other advisers
Employees per advisor
unknownderivedItem 5.A over advisors
Advisors per office
unknownderived3 offices incl. principal (1.F.5)
RAUM growth, one year
+2.1%derivedbetween the last two annual amendments
Advisor growth, one year
unknownderivedItem 5.B.3 between annual amendments
Client growth, one year
unknownderived
Compensation
percentage of assetsreportedItem 5.E
Advisory activities
portfolio management for investment companiesreportedItem 5.G
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)
  • compensates persons for client referrals (8.G.1)
  • compensates non-employees for client referrals (8.G.2)
Where the RAUM sits
Form ADV Item 5.D, latest filing
This filing has no Item 5.D breakdown (filings before 2017 reported ranges, not amounts).
Individual clients
n/areported
HNW clients
n/areported
Pension plan clients
n/areported
Charitable clients
n/areported
Accounts
3reported
Financial planning clients
n/areported
Wrap fee programs
noreported
Custody of client assets
noreported
Compensation
% of AUMreported
Class basis
absent from the latest SEC rosterderived
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
      Every departureEvery arrival
      Private funds
      No private fund reported.
      Owners and control persons
      Schedule A and B, latest filing
      • Aaron Michael Angerthal · Manager, Executive Vice President And Treasurercontrol
        since 10/2013 · owns less than 5%
      • Robert George Aylward · Manager, President And Chairmancontrol
        since 10/2013 · owns less than 5%
      • Stephen Mark Flynn · Executive Vice President, General Counsel And Assistant Secretarycontrol
        since 10/2013 · owns less than 5%
      • Kevin Thomas Lynch · Managercontrol
        since 10/2013 · owns less than 5%
      • Lane Stephen Nesbitt · Managercontrol
        since 10/2013 · owns less than 5%
      • George Francis Waltman · Manager And Executive Vice Presidentcontrol
        since 10/2013 · owns less than 5%
      • Kay Kathleen Barchick · Membercontrol
        since 06/2004 · owns 25% to 50% of Cliffwater LLC
      • Lane Stephen Nesbitt · Membercontrol
        since 06/2004 · owns 50% to 75% of Cliffwater LLC
      • George David Hanley · Vice President And Assistant Treasurer
        since 10/2013 · owns less than 5%
      • Chetram Persaud · Chief Compliance Officer
        since 04/2014 · owns less than 5%
      Entity owners
      • Cliffwater LLC · Member
        direct · owns 25% to 50%
      • Virtus Partners, Inc. · Member
        direct · owns 50% to 75%
      • Virtus Investment Partners, Inc. · Shareholder
        indirect · owns 75% or more of Virtus Partners, Inc. · public reporting company
      Related persons
      Schedule D 7.A
      Advisers that list Cliffwater Investments LLC as a related person
      Offices
      Schedule D 1.F, the 25 largest
      • Marina Del Rey, CA
      • New York, NY
      What changed
      consecutive filings, newest first
      • Discretionary RAUM · $149M to $152M
        Mar 30, 2015 to Mar 21, 2016
      • RAUM · $149M to $152M
        Mar 30, 2015 to Mar 21, 2016
      • Accounts · 0 to 3
        Nov 11, 2014 to Mar 24, 2015
      • Discretionary RAUM · $0 to $149M
        Nov 11, 2014 to Mar 24, 2015
      • RAUM · $0 to $149M
        Nov 11, 2014 to Mar 24, 2015
      • Related bank · false to true
        Mar 28, 2014 to May 1, 2014
      • Accounts · unset to 0.0
        Jan 8, 2014 to Mar 28, 2014
      • Discretionary RAUM · unset to 0.0
        Jan 8, 2014 to Mar 28, 2014
      • Non-discretionary RAUM · unset to 0.0
        Jan 8, 2014 to Mar 28, 2014
      • RAUM · unset to 0.0
        Jan 8, 2014 to Mar 28, 2014
      • Business name · VIRTUS ADVISER I, LLC to CLIFFWATER INVESTMENTS LLC
        Oct 28, 2013 to Jan 8, 2014
      • Legal name · VIRTUS ADVISER I, LLC to CLIFFWATER INVESTMENTS LLC
        Oct 28, 2013 to Jan 8, 2014
      Signals
      1 dated events
      • Virtus Adviser I, Llc filed its initial SEC registration (Form ADV)
        Oct 28, 2013 · First SEC registration · fact
      Across DFX
      shared identifiers only, never a name match
      No identifier-backed link to the venture, private equity, family office or sponsor graphs.
      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
      Former SEC-registered adviserderiveda 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