CLIFFWATER LLC
Q2 2022 Form 13-F
MARINA DEL REY, CALIFORNIA
CIK 0001659851
· CRD 132167
· SEC-registered investment adviser
$309.7M Reported Value Total
CLIFFWATER LLC reports 23 total accounts under management (AUM). There are 23 discretionary accounts valued at $11,159,222,167, and 0 non-discretionary accounts.
Source: Form ADV filed * Note that certain holdings are exempt from Form 13-F reporting, so the AUM totals may be greater than the Form 13-F total.
Private funds (Form ADV)
4 funds
· $460.0M gross asset value
Other: $460.0M
Source: Form ADV filed 2026-10-13
Reported value
$309.7M
Quarter over quarter
-14.9%
Holdings
25
Top-10 concentration
73.9%
Key People
Form ADV owners & control persons
Stephen Lane Nesbitt
CHIEF EXECUTIVE OFFICER
Michael Bruce Cowart
CHIEF COMPLIANCE OFFICER
Laurence Germaine Ayala Haddad
CHIEF FINANCIAL OFFICER
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Q2 2022 13F record
Q2 2022 13F filing summary
| Period of report | June 30, 2022 |
|---|---|
| Filed | August 12, 2022 |
| Form | 13F-HR |
| Reported value | $309.7M |
| Positions | 25 |
| Change in reported value | -18.8% |
| New positions | 0 |
| Exited positions | 0 |
| Position turnover | 0.0% |
| Top-10 concentration | 73.9% |
13F filings by quarter
| Quarter | Positions | Value |
|---|---|---|
|
Q2 2026 13F
Filed Aug 12, 2026
|
22 | $401.7M |
|
Q1 2026 13F
Filed May 13, 2026
|
20 | $377.4M |
|
Q4 2025 13F
Filed Feb 12, 2026
|
22 | $476.4M |
|
Q3 2025 13F
Filed Nov 13, 2025
|
22 | $474.7M |
|
Q2 2025 13F
Filed Aug 13, 2025
|
24 | $486.3M |
|
Q1 2025 13F
Filed May 14, 2025
|
23 | $382.5M |
|
Q4 2024 13F
Filed Feb 14, 2025
|
19 | $408.7M |
|
Q3 2024 13F
Filed Nov 13, 2024
|
23 | $432.4M |
|
Q2 2024 13F
Filed Aug 14, 2024
|
26 | $467.3M |
|
Q1 2024 13F
Filed May 10, 2024
|
25 | $371.0M |
|
Q4 2023 13F
Filed Feb 13, 2024
|
23 | $349.7M |
|
Q3 2023 13F
Filed Nov 14, 2023
|
26 | $305.3M |
|
Q2 2023 13F
Filed Aug 14, 2023
|
26 | $304.6M |
|
Q1 2023 13F
Filed May 12, 2023
|
26 | $312.5M |
|
Q4 2022 13F
Filed Feb 10, 2023
|
26 | $355.0M |
|
Q3 2022 13F
Filed Nov 10, 2022
|
25 | $296.1M |
|
Q2 2022 13F
Filed Aug 12, 2022
|
25 | $309.7M |
|
Q1 2022 13F
Filed May 13, 2022
|
25 | $381.2M |
|
Q4 2021 13F
Filed Feb 11, 2022
|
25 | $384.9M |
|
Q3 2021 13F
Filed Nov 15, 2021
|
24 | $381.1M |
15 earlier quarters on file — choose one from the quarter menu above.
Top 20 holdings · Q2 2022
| # | Holding | Reported value | % of portfolio |
|---|---|---|---|
| 1 | VTI VANGUARD INDEX FDS | $75.5M | 24.38% |
| 2 | VEA VANGUARD TAX-MANAGED INTL FD | $32.7M | 10.56% |
| 3 | VTHR VANGUARD SCOTTSDALE FDS | $16.7M | 5.4% |
| 4 | ARCC ARES CAPITAL CORP | $15.4M | 4.98% |
| 5 | OBDC OWL ROCK CAPITAL CORPORATION | $15.2M | 4.92% |
| 6 | TCPC BLACKROCK TCP CAPITAL CORP | $15.1M | 4.88% |
| 7 | NMFC NEW MTN FIN CORP | $15.1M | 4.87% |
| 8 | BBDC BARINGS BDC INC | $14.6M | 4.72% |
| 9 | GBDC GOLUB CAP BDC INC | $14.4M | 4.67% |
| 10 | TSLX SIXTH STREET SPECIALTY LENDI | $14.0M | 4.51% |
| 11 | CVBF CVB FINL CORP | $10.5M | 3.38% |
| 12 | VCSH VANGUARD SCOTTSDALE FDS | $8.9M | 2.86% |
| 13 | OCSL OAKTREE SPECIALTY LENDING CO | $8.8M | 2.85% |
| 14 | VWO VANGUARD INTL EQUITY INDEX F | $8.5M | 2.75% |
| 15 | GSBD GOLDMAN SACHS BDC INC | $8.3M | 2.67% |
| 16 | BXSL BLACKSTONE SECD LENDING FD | $7.2M | 2.34% |
| 17 | VNQ VANGUARD INDEX FDS | $6.4M | 2.05% |
| 18 | SLRC SLR INVESTMENT CORP | $5.7M | 1.85% |
| 19 | SPY SPDR S&P 500 ETF TR | $4.6M | 1.49% |
| 20 | CCAP CRESCENT CAP BDC INC | $4.3M | 1.38% |
Values as reported on the Q2 2022 Form 13F. Every position is in the holdings table below.