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.
SEC Registered Discretionary Manager
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

Q4 2025 Form 13F portfolio 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

Form 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

Largest Q4 2025 13F positions by reported value
# 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.

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