Cliffwater LLC
Cliffwater LLC is a fee-based, SEC-registered investment adviser in Marina Del Rey, California, registered with the SEC since 2004, managing approximately $48.5B. As an SEC-registered adviser it is held to a fiduciary standard. Its exact fee schedule and account minimums are disclosed in Form ADV Part 2A.
Source: SEC Form ADV · CRD #132167 · SEC #801-63344 · SEC-registered since 2004 (22 yrs) · Last filing data January 1, 2026
- AUM
- $48.5B
- Fee model
- Fee-based
- Clients
- 25
- Employees
- 213
as of 2026
per Form ADV 5.E
Form ADV 5.C — may be institutional
105 advisers
Assets per adviser
$462Mper adviser
A scale-normalized measure that lets you compare large and small firms. The typical firm in our directory manages about $102M per adviser — this firm runs leaner (more assets per adviser).
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Overview
AI-generated summary
Cliffwater LLC is a fee-based, SEC-registered investment adviser based in Marina Del Rey, California. It reported approximately $48.5B in regulatory assets under management on its most recent Form ADV. The firm reported no disclosures on its most recent Form ADV filing.
This summary is generated from Form ADV data and may not capture all nuances. Always review the complete SEC filing before making decisions.
Firm details
- CRD #
- 132167
- SEC #
- 801-63344
- Headquarters
- Marina Del Rey, CA
- Employees
- 213
Clients served
Client types not reported on this filing.
Fees & compensation
- Compensation model: Fee-based — the firm reports client fees and may also receive commissions on certain products.
- Typical fee range: See Part 2A. Exact advisory fee rates are reported in Form ADV Part 2A, not Part 1.
- Account minimum: See Part 2A. Minimums are disclosed in the firm's Part 2A brochure.
- Custodial, trading, and fund expenses may apply in addition to advisory fees. See the firm's Form ADV Part 2A for the complete fee schedule.
Assets under management
| Year | Reported AUM |
|---|---|
| 2026 | $48.5B |
Reflects the most recent Form ADV filing. Multi-year history is added as additional historical filings are ingested.
Disclosures
Cliffwater LLC reported no disclosures on its most recent Form ADV (Item 11). Always confirm the current record on the SEC IAPD site.
Frequently asked questions
Is Cliffwater LLC a fiduciary?+
Yes. Cliffwater LLC is an SEC-registered investment adviser (CRD #132167), which means it is held to a fiduciary standard and must act in its clients' best interest. Verify its current status on the SEC's Investment Adviser Public Disclosure (IAPD) site.
How is Cliffwater LLC compensated?+
Cliffwater LLC reports a fee-based compensation model on its Form ADV. Fee-based advisers charge client fees and may also earn commissions on certain products. Exact fee rates and account minimums are disclosed in the firm's Form ADV Part 2A brochure.
How much money does Cliffwater LLC manage?+
Cliffwater LLC reported approximately $48.5B in regulatory assets under management as of its most recent Form ADV filing.
Does Cliffwater LLC have any disclosures?+
Cliffwater LLC reported no disclosures on its most recent Form ADV (Item 11). Always confirm the current record on the SEC IAPD site.
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This profile is generated from publicly available SEC filings. Cliffwater LLC has not verified or endorsed this information. Last updated from filings: January 1, 2026. View the official filing at SEC IAPD.