Cliffwater LLC — 13F Holdings & Portfolio
CIK 1659851 · latest 13F-HR filed 2026-08-12
Cliffwater LLC manages $401.7M in 13F-reported U.S. long-equity assets across 22 reported positions as of its 2026-06-30 13F-HR filing. Its largest disclosed positions are VTI (28.29%), VGIT (17.63%), OTF (15.23%). Quarter over quarter (versus its 2026-03-31 filing) the fund opened 2 new positions and exited 0; 11 existing positions rose in reported value and 3 fell.
AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.
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AUM
$401.7M
Long-equity book
Holdings
22
Distinct positions
Period
2026-06-30
Filed 2026-08-12
Q/Q Activity
+2 / −0 / ↑11 / ↓3
vs 2026-03-31
Portfolio charts
Latest quarter's book, what changed, and how the portfolio has evolved across filings.
Portfolio map
Q2 26Box size = position value; colour = change in share count vs the prior quarter (green added, red trimmed, blue new). Rows split across managers or share classes are combined. Click a box for the stock.
Sector mix
% of 13F valueSectors from each company's SIC code; funds and ETFs grouped separately.
Biggest buys and sells
Q1 26 → Q2 26Estimated from the change in shares held × the quarter-end price, so price moves alone don't count as buying. New and exited positions are included.
13F assets and positions
4 quartersTotal reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.
Top positions over time
reported valueThe eight largest current positions, valued at each quarter end.
Concentration
top 10 = 96.3%Cumulative share of the portfolio held in the largest N positions.
Firm Profile & Key People
As of the firm’s regulatory filing dated May 4, 2026.
Assets Under Management
$48.51B
Discretionary
$48.51B
Employees
213
Accounts
25
Address
4640 ADMIRALTY WAY
11TH FLOOR
MARINA DEL REY, CA 90292-6623
11TH FLOOR
MARINA DEL REY, CA 90292-6623
Phone
(310) 448-5000
| Name | Title / Status | Ownership | Type |
|---|---|---|---|
| COWART, MICHAEL, BRUCE Control | CHIEF COMPLIANCE OFFICER since Oct 2022 | Less than 5% | Individual |
| CW INTERMEDIATE LLC Control | MEMBER since Sep 2023 | 75% or more | Domestic Entity |
| NESBITT, STEPHEN, LANE Control | CHIEF EXECUTIVE OFFICER since Jun 2004 | 25–50% | Individual |
| ROGAL, JONATHAN, ADAM Control | SENIOR MANAGING DIRECTOR / GENERAL COUNSEL since Sep 2014 | Less than 5% | Individual |
| HADDAD, LAURENCE, GERMAINE, AYALA | CHIEF FINANCIAL OFFICER since Jun 2024 | Less than 5% | Individual |
| BURNS, MICHAEL, ROY Control Indirect owner via CW PARENT LLC | MANAGER since Oct 2023 | General partner, trustee or manager | Individual |
| CROCKETT, TODD, RICHARD Control Indirect owner via CW PARENT LLC | MANAGER since Oct 2023 | General partner, trustee or manager | Individual |
| CW GP ROLLOVER LP Control Indirect owner via CW ROLLOVER LP | GENERAL PARTNER since Oct 2023 | General partner, trustee or manager | Domestic Entity |
| CW PARENT LLC Control Indirect owner via CW INTERMEDIATE LLC | MEMBER since Sep 2023 | 75% or more | Domestic Entity |
| CW ROLLOVER LP Control Indirect owner via CW PARENT LLC | MEMBER since Sep 2023 | 50–75% | Domestic Entity |
| EVANS, JOSHUA, RYAN Control Indirect owner via CW PARENT LLC | MANAGER since Jun 2025 | General partner, trustee or manager | Individual |
| HASBROUCK, PHILIP, D Control Indirect owner via CW PARENT LLC | MANAGER since Oct 2023 | General partner, trustee or manager | Individual |
| Langstraat, Brian, D Control Indirect owner via CW PARENT LLC | MANAGER since Apr 2024 | General partner, trustee or manager | Individual |
| MCGOOHAN, PETER, M Control Indirect owner via CW PARENT LLC | MANAGER since Jun 2025 | General partner, trustee or manager | Individual |
| NESBITT, STEPHEN, B Control Indirect owner via CW PARENT LLC | MANAGER since Oct 2023 | General partner, trustee or manager | Individual |
| NESBITT, STEPHEN, LANE Control Indirect owner via CW PARENT LLC | MANAGER since Oct 2023 | General partner, trustee or manager | Individual |
| NESBITT, STEPHEN, LANE Control Indirect owner via CW ROLLOVER LP | LIMITED PARTNER since Oct 2023 | 25–50% | Individual |
Ownership & leadership changes · 12 filings with changes since Mar 2, 2012
From the firm’s regulatory filings, newest first. Dates are filing dates: a filing that no longer lists someone does not say when they left.
Jul 15, 2025 filing
- No longer listedTA ASSOCIATES CAYMAN, LLC · GENERAL PARTNER · 75% or more · indirect via TA ASSOCIATES XIV GP, L.P. · listed since Oct 2023
- No longer listedTA ASSOCIATES XIV GP, L.P. · GENERAL PARTNER · General partner, trustee or manager · indirect via TA XIV-B CW SUBSIDIARY PARTNERSHIP, L.P. · listed since Oct 2023
- No longer listedTA CW BUYER LLC · MEMBER · 25–50% · indirect via CW PARENT LLC · listed since Oct 2023
- No longer listedTA XIV-A, L.P. · MEMBER · 50–75% · indirect via TA CW BUYER LLC · listed since Oct 2023
- No longer listedTA XIV-B CW BLOCKER CORP. · MEMBER · 75% or more · indirect via TA XIV-B CW SUBSIDIARY PARTNERSHIP, L.P. · listed since Oct 2023
- No longer listedTA XIV-B CW SUBSIDIARY PARTNERSHIP, L.P. · MEMBER · 25–50% · indirect via TA CW BUYER LLC · listed since Oct 2023
- No longer listedTA XIV-B, L.P. · MEMBER · 75% or more · indirect via TA XIV-B CW BLOCKER CORP. · listed since Oct 2023
- AddedEVANS, JOSHUA, RYAN · MANAGER · General partner, trustee or manager · indirect via CW PARENT LLC · control person
- AddedHASBROUCK, PHILIP, D · MANAGER · General partner, trustee or manager · indirect via CW PARENT LLC · control person
- AddedLangstraat, Brian, D · MANAGER · General partner, trustee or manager · indirect via CW PARENT LLC · control person
- AddedMCGOOHAN, PETER, M · MANAGER · General partner, trustee or manager · indirect via CW PARENT LLC · control person
Mar 28, 2025 filing
- No longer listedJOHNSON, LANCE, JEREMY · CHIEF FINANCIAL OFFICER / CHIEF OPERATIONS OFFICER · Less than 5% · control person · listed since Sep 2014
- AddedHADDAD, LAURENCE, GERMAINE, AYALA · CHIEF FINANCIAL OFFICER · Less than 5%
May 9, 2024 filing
- ChangedTA ASSOCIATES XIV GP, L.P. · indirect via TA XIV-B CW SUBSIDIARY PARTNERSHIP, L.P.: ownership 75% or more → General partner, trustee or manager
Mar 29, 2024 filing
- AddedCW GP ROLLOVER LP · GENERAL PARTNER · General partner, trustee or manager · indirect via CW ROLLOVER LP · control person
- ChangedCW ROLLOVER LP · indirect via CW PARENT LLC: title GENERAL PARTNER → MEMBER
Nov 2, 2023 filing
- No longer listedBARCHICK, KATHLEEN, KAY · MEMBER / SENIOR MANAGING DIRECTOR · 10–25% · control person · listed since Jun 2004
- No longer listedBN 2021 TRUST, STEPHEN LANE NESBITT AS TRUSTEE · MEMBER · 5–10% · control person · listed since Dec 2021
- No longer listedHASBROUCK, PHILIP, D · CLASS A MEMBER · 50–75% · indirect via ROCKINGHAM PARTNERS · control person · listed since Dec 2021
- No longer listedJN 2021 TRUST, STEPHEN LANE NESBITT AS TRUSTEE · MEMBER · 5–10% · control person · listed since Dec 2021
- No longer listedLYNCH, THOMAS, KEVIN · SENIOR MANAGING DIRECTOR · 5–10% · control person · listed since Jan 2021
- No longer listedNESBITT, STEPHEN, B · MANAGING DIRECTOR · 10–25% · control person · listed since Jan 2021
- No longer listedROCKINGHAM PARTNERS · MEMBER · 5–10% · control person · listed since Feb 2022
- AddedBURNS, MICHAEL, ROY · MANAGER · General partner, trustee or manager · indirect via CW PARENT LLC · control person
- AddedCROCKETT, TODD, RICHARD · MANAGER · General partner, trustee or manager · indirect via CW PARENT LLC · control person
- AddedCW INTERMEDIATE LLC · MEMBER · 75% or more · control person
- AddedCW PARENT LLC · MEMBER · 75% or more · indirect via CW INTERMEDIATE LLC · control person
- AddedCW ROLLOVER LP · GENERAL PARTNER · 50–75% · indirect via CW PARENT LLC · control person
- AddedNESBITT, STEPHEN, B · MANAGER · General partner, trustee or manager · indirect via CW PARENT LLC · control person
- AddedNESBITT, STEPHEN, LANE · MANAGER · General partner, trustee or manager · indirect via CW PARENT LLC · control person
- AddedNESBITT, STEPHEN, LANE · LIMITED PARTNER · 25–50% · indirect via CW ROLLOVER LP · control person
- AddedTA ASSOCIATES CAYMAN, LLC · GENERAL PARTNER · 75% or more · indirect via TA ASSOCIATES XIV GP, L.P.
- AddedTA ASSOCIATES XIV GP, L.P. · GENERAL PARTNER · 75% or more · indirect via TA XIV-B CW SUBSIDIARY PARTNERSHIP, L.P.
- AddedTA CW BUYER LLC · MEMBER · 25–50% · indirect via CW PARENT LLC
- AddedTA XIV-A, L.P. · MEMBER · 50–75% · indirect via TA CW BUYER LLC
- AddedTA XIV-B CW BLOCKER CORP. · MEMBER · 75% or more · indirect via TA XIV-B CW SUBSIDIARY PARTNERSHIP, L.P.
- AddedTA XIV-B CW SUBSIDIARY PARTNERSHIP, L.P. · MEMBER · 25–50% · indirect via TA CW BUYER LLC
- AddedTA XIV-B, L.P. · MEMBER · 75% or more · indirect via TA XIV-B CW BLOCKER CORP.
- ChangedJOHNSON, LANCE, JEREMY · title CHIEF OPERATIONS OFFICER → CHIEF FINANCIAL OFFICER / CHIEF OPERATIONS OFFICER
- ChangedNESBITT, STEPHEN, LANE · title MEMBER / CHIEF EXECUTIVE OFFICER → CHIEF EXECUTIVE OFFICER
- ChangedROGAL, JONATHAN, ADAM · title MEMBER / SENIOR MANAGING DIRECTOR / GENERAL COUNSEL → SENIOR MANAGING DIRECTOR / GENERAL COUNSEL
Mar 30, 2023 filing
- No longer listedHASBROUCK, PHILIP, D · MANAGING DIRECTOR · 10–25% · control person · listed since Jan 2021
- AddedHASBROUCK, PHILIP, D · CLASS A MEMBER · 50–75% · indirect via ROCKINGHAM PARTNERS · control person
- AddedROCKINGHAM PARTNERS · MEMBER · 5–10% · control person
Oct 12, 2022 filing
- No longer listedINDELICATO, MARIO, ARTHUR · CHIEF COMPLIANCE OFFICER · Less than 5% · control person · listed since Sep 2018
- AddedCOWART, MICHAEL, BRUCE · CHIEF COMPLIANCE OFFICER · Less than 5% · control person
Mar 29, 2022 filing
- AddedBN 2021 TRUST, STEPHEN LANE NESBITT AS TRUSTEE · MEMBER · 5–10% · control person
- AddedJN 2021 TRUST, STEPHEN LANE NESBITT AS TRUSTEE · MEMBER · 5–10% · control person
Jan 28, 2021 filing
- No longer listedSTERN, DANIEL · MEMBER / SENIOR MANAGING DIRECTOR · 5–10% · control person · listed since Jan 2005
- AddedHASBROUCK, PHILIP, D · MANAGING DIRECTOR · 10–25% · control person
- AddedLYNCH, THOMAS, KEVIN · SENIOR MANAGING DIRECTOR · 5–10% · control person
- AddedNESBITT, STEPHEN, B · MANAGING DIRECTOR · 10–25% · control person
- ChangedBARCHICK, KATHLEEN, KAY · ownership 25–50% → 10–25%
- ChangedNESBITT, STEPHEN, LANE · ownership 50–75% → 25–50%
Oct 2, 2018 filing
- AddedINDELICATO, MARIO, ARTHUR · CHIEF COMPLIANCE OFFICER · Less than 5% · control person
- ChangedROGAL, JONATHAN, ADAM · title MEMBER / SENIOR MANAGING DIRECTOR / GENERAL COUNSEL / CHIEF COMPLIANCE OFFICER → MEMBER / SENIOR MANAGING DIRECTOR / GENERAL COUNSEL
Older changes (3 more filings)
Mar 25, 2015 filing
- No longer listedKOMESU, CAROL, NORIKO · TREASURER · Less than 5% · listed since Sep 2014
- ChangedJOHNSON, LANCE, JEREMY · now a control person
Sep 26, 2014 filing
- No longer listedSMITH, BARBARA, JEAN · MEMBER / CHIEF OPERATING OFFICER / CHIEF COMPLIANCE OFFICER · 5–10% · control person · listed since Jun 2004
- AddedJOHNSON, LANCE, JEREMY · CHIEF OPERATIONS OFFICER · Less than 5%
- AddedKOMESU, CAROL, NORIKO · TREASURER · Less than 5%
- AddedROGAL, JONATHAN, ADAM · MEMBER / SENIOR MANAGING DIRECTOR / GENERAL COUNSEL / CHIEF COMPLIANCE OFFICER · Less than 5% · control person
Mar 2, 2012 filing (earliest on record)
- ListedBARCHICK, KATHLEEN, KAY · MEMBER / SENIOR MANAGING DIRECTOR · 25–50% · control person
- ListedNESBITT, STEPHEN, LANE · MEMBER / CHIEF EXECUTIVE OFFICER · 50–75% · control person
- ListedSMITH, BARBARA, JEAN · MEMBER / CHIEF OPERATING OFFICER / CHIEF COMPLIANCE OFFICER · 5–10% · control person
- ListedSTERN, DANIEL · MEMBER / SENIOR MANAGING DIRECTOR · 5–10% · control person
Quarter-over-quarter changes
Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.
Top Adds (vs prior quarter)
- VANGUARD SCOTTSDALE FDS$24.8M +54.0%
- VANGUARD INDEX FDS$10.5M +10.1%
- VANGUARD TAX-MANAGED FDS$5.4M +11.0%
- CVB FINL CORP$1.3M +16.3%
- VANGUARD INTL EQUITY INDEX F$1.2M +10.4%
Top Trims
- VANGUARD SCOTTSDALE FDS-$16.2M -27.5%
- BLUE OWL TECHNOLOGY FIN CORP-$12.1M -16.5%
- NU HLDGS LTD-$9.6K -7.0%
Cliffwater LLC Holdings (2026-06-30)
Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).
| # | Issuer | Symbol | CUSIP | Value | Weight | Shares | Type |
|---|---|---|---|---|---|---|---|
| 1 | VANGUARD INDEX FDS | VTI | 922908769 | $113.6M | 28.29% | 307,085 | SH |
| 2 | VANGUARD SCOTTSDALE FDS | VGIT | 92206C706 | $70.8M | 17.63% | 1,200,527 | SH |
| 3 | BLUE OWL TECHNOLOGY FIN CORP | OTF | 095924106 | $61.2M | 15.23% | 5,908,955 | SH |
| 4 | VANGUARD TAX-MANAGED FDS | VEA | 921943858 | $54.8M | 13.64% | 768,881 | SH |
| 5 | VANGUARD SCOTTSDALE FDS | VTHR | 92206C599 | $42.9M | 10.67% | 129,315 | SH |
| 6 | VANGUARD INTL EQUITY INDEX F | VWO | 922042858 | $12.4M | 3.10% | 208,320 | SH |
| 7 | CVB FINL CORP | CVBF | 126600105 | $9.3M | 2.31% | 412,247 | SH |
| 8 | SPDR S&P 500 ETF TR | SPY | 78462F103 | $8.0M | 2.00% | 10,752 | SH |
| 9 | VANGUARD SCOTTSDALE FDS | VCSH | 92206C409 | $7.1M | 1.76% | 89,515 | SH |
| 10 | VANGUARD INDEX FDS | VNQ | 922908553 | $6.7M | 1.68% | 69,923 | SH |
| 11 | FORBRIGHT INC | FRBT | 34520K105 | $5.1M | 1.28% | 280,309 | SH |
| 12 | ISHARES TR | EEM | 464287234 | $2.8M | 0.69% | 40,400 | SH |
| 13 | CARLYLE SECURED LENDING INC | CGBD | 872280102 | $2.2M | 0.54% | 207,319 | SH |
| 14 | XERIS BIOPHARMA HOLDINGS INC | XERS | 98422E103 | $2.1M | 0.52% | 263,158 | SH |
| 15 | BARINGS BDC INC | BBDC | 06759L103 | $1.1M | 0.27% | 126,753 | SH |
| 16 | CARVANA CO | CVNA | 146869102 | $613.8K | 0.15% | 9,325 | SH |
| 17 | TOAST INC | TOST | 888787108 | $266.8K | 0.07% | 9,591 | SH |
| 18 | RUBRIK INC. | RBRK | 781154109 | $255.6K | 0.06% | 3,184 | SH |
| 19 | NU HLDGS LTD | NU | G6683N103 | $126.7K | 0.03% | 9,485 | SH |
| 20 | OSCAR HEALTH INC | OSCR | 687793109 | $126.4K | 0.03% | 4,431 | SH |
| 21 | INVESCO EXCH TRADED FD TR II | BKLN | 46138G508 | $120.2K | 0.03% | 5,902 | SH |
| 22 | ISHARES TR | IEFA | 46432F842 | $100.1K | 0.02% | 1,036 | SH |
Filing History
| Period | Filed | AUM | Holdings | Accession |
|---|---|---|---|---|
| 2026-06-30 | 2026-08-12 | $401.7M | 22 | 0001104659-26-094702 |
| 2026-03-31 | 2026-05-13 | $377.4M | 20 | 0001104659-26-059985 |
| 2025-12-31 | 2026-02-12 | $476.4M | 22 | 0001104659-26-014313 |
| 2025-09-30 | 2025-11-13 | $474.7M | 22 | 0001104659-25-111024 |
Filer Information
Address
4640 ADMIRALTY WAY11TH FLOOR
MARINA DEL REY, CA 90292
Phone
(310) 448-5000
Filing Manager
Cliffwater LLC
MARINA DEL REY, CA
Signatory
Jonathan A. Rogal
Senior Managing Director and General Counsel