Data / Investment advisers / California / Cliffwater LLC
Cliffwater LLC, Marina Del Rey, CA: $48.5 billion AUM, SEC registered investment adviser
Cliffwater LLC is an SEC registered investment adviser with its main office in Marina Del Rey, California and reports $48.5 billion in regulatory assets under management in its Form ADV filed October 13, 2026. Its clients include investment companies, state and municipal governments and pooled investment vehicles. It is paid through a percentage of assets under management and fixed fees. It advises 4 private funds.
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- Registration
- SEC registered investment adviser
- CRD number
- 132167
- SEC file number
- 801-63344
- SEC status
- Approved, effective July 8, 2004
- Main office
- 4640 Admiralty Way 11th Floor, Marina Del Rey, CA 90292
- Phone
- (310) 448-5000
- Website
- bdcs.com
- Regulatory AUM
- $48,506,898,979 in the Form ADV filed October 13, 2026
- Discretionary AUM
- $48,506,898,979
- Accounts
- 25
- Employees
- 213, of which 105 give investment advice
- Form of organization
- Limited Liability Company
- Paid through
- a percentage of assets under management, fixed fees
- Private funds
- 4: 4 other private funds
- Gross assets of private funds
- $459,969,817
- Other offices
- 3
- Form ADV Item 11 disclosures
- None reported
- Latest Form ADV filing
- October 13, 2026
- SEC record
- Investment Adviser Public Disclosure
Clients
Client types the adviser reports in Form ADV item 5.D, with the AUM it attributes to each.
| Client type | Clients | AUM |
|---|---|---|
| Investment companies | 3 | $43.93 billion |
| State or municipal government entities | 9 | $933.1 million |
| Pooled investment vehicles | 4 | $812.5 million |
| Pension and profit sharing plans | 7 | $457.3 million |
| Charitable organizations | 2 | $176.6 million |
| High net worth individuals | 10 | $171.8 million |
| Other investment advisers | 3 | Not listed |
| Banking or thrift institutions | 2 | Not listed |
| Sovereign wealth funds and foreign official institutions | 1 | Not listed |
| Corporations or other businesses | 1 | Not listed |
AUM in the SEC's monthly files
Each change in the AUM the adviser reported across the monthly SEC files held here, with the first file that shows the new value.
| First in the file of | AUM | Form ADV filed |
|---|---|---|
| April 1, 2026 | $48.51 billion | March 30, 2026 |
| December 1, 2025 | $35.09 billion | July 15, 2025 |
Other advisers in California
| Adviser | City | AUM | Private funds | Source |
|---|---|---|---|---|
| SB Investment Advisers (US) Inc. | Menlo Park | $53.47 billion | 1 | adviserinfo.sec.gov |
| Farallon Capital Management, L.L.C. | San Francisco | $52.08 billion | 50 | adviserinfo.sec.gov |
| Genstar Capital | San Francisco | $51.26 billion | 30 | adviserinfo.sec.gov |
| Lightspeed Venture Partners | Menlo Park | $50.01 billion | 51 | adviserinfo.sec.gov |
| Crescent Capital Group LP | Los Angeles | $49.71 billion | 88 | adviserinfo.sec.gov |
| Capital Group Private Client Services, Inc. | Los Angeles | $48.37 billion | 1 | adviserinfo.sec.gov |
| Platinum Equity Advisors, LLC | Beverly Hills | $47.72 billion | 149 | adviserinfo.sec.gov |
| Francisco Partners | San Francisco | $47.05 billion | 43 | adviserinfo.sec.gov |
Also on SpecStream
- Investment advisers in California
- Advisers with $10 billion to $100 billion in AUM
- Advisers serving investment companies
- Advisers serving state and municipal governments
- Advisers that manage private funds
- Cliffwater LLC on the SEC's adviser search
Updated November 7, 2026. Read from the SEC's Form ADV data files for investment advisers. Public data published by the US Securities and Exchange Commission (US government work). Advisers report these values themselves in Form ADV, and neither the SEC nor the states approve or guarantee them. AUM is regulatory assets under management as the adviser reported it in Form ADV item 5.F, which can differ from the AUM a firm quotes elsewhere. Exempt reporting advisers do not report AUM. Office address, phone and website are the adviser's main office as filed; a firm that files its main office as a private residence shows no street address or phone. An Item 11 disclosure is a reported event, not a finding about the firm today. Details for each firm are on the SEC's Investment Adviser Public Disclosure site. This page uses SEC data and is not endorsed or certified by the SEC. Free to reuse with credit to SpecStream under CC BY 4.0. Spot a wrong value? Write to [email protected] with the link to this page.