CLIFFWATER LLC
Q4 2025 Form 13-F
MARINA DEL REY, CALIFORNIA
CIK 0001659851
· CRD 132167
· SEC-registered investment adviser
$476.4M Reported Value Total
CLIFFWATER LLC reports 25 total accounts under management (AUM). There are 25 discretionary accounts valued at $48,506,898,979, 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
$476.4M
Quarter over quarter
+2.6%
Holdings
22
Top-10 concentration
97.0%
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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Q4 2025 13F record
Q4 2025 13F filing summary
| Period of report | December 31, 2025 |
|---|---|
| Filed | February 12, 2026 |
| Form | 13F-HR |
| Reported value | $476.4M |
| Positions | 22 |
| Change in reported value | +0.4% |
| New positions | 0 |
| Exited positions | 0 |
| Position turnover | 0.0% |
| Top-10 concentration | 97.0% |
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 · Q4 2025
| # | Holding | Reported value | % of portfolio |
|---|---|---|---|
| 1 | VTI VANGUARD INDEX FDS | $115.3M | 24.21% |
| 2 | OTF BLUE OWL TECHNOLOGY FIN CORP | $85.9M | 18.03% |
| 3 | ACWX ISHARES TR | $70.4M | 14.78% |
| 4 | VTHR VANGUARD SCOTTSDALE FDS | $61.7M | 12.96% |
| 5 | VEA VANGUARD TAX-MANAGED FDS | $48.1M | 10.1% |
| 6 | VGIT VANGUARD SCOTTSDALE FDS | $46.3M | 9.71% |
| 7 | VWO VANGUARD INTL EQUITY INDEX F | $11.2M | 2.35% |
| 8 | SPY SPDR S&P 500 ETF TR | $8.3M | 1.75% |
| 9 | CVBF CVB FINL CORP | $7.7M | 1.61% |
| 10 | VCSH VANGUARD SCOTTSDALE FDS | $7.2M | 1.51% |
| 11 | VNQ VANGUARD INDEX FDS | $6.2M | 1.3% |
| 12 | CGBD CARLYLE SECURED LENDING INC | $2.6M | 0.54% |
| 13 | EEM ISHARES TR | $2.2M | 0.46% |
| 14 | BBDC BARINGS BDC INC | $1.2M | 0.24% |
| 15 | CVNA CARVANA CO | $787.1K | 0.17% |
| 16 | TOST TOAST INC | $340.6K | 0.07% |
| 17 | IWM ISHARES TR | $298.6K | 0.06% |
| 18 | RBRK RUBRIK INC. | $243.5K | 0.05% |
| 19 | NU NU HLDGS LTD | $158.8K | 0.03% |
| 20 | BKLN INVESCO EXCH TRADED FD TR II | $123.9K | 0.03% |
Values as reported on the Q4 2025 Form 13F. Every position is in the holdings table below.