Cliffwater
Overview
Cliffwater is an alternatives research and advisory firm and the manager of large interval funds such as the Cliffwater Corporate Lending and Enhanced Lending funds, rather than a property sponsor in the conventional DST sense. Its franchise is built on institutional-grade private-credit research and RIA-channel distribution, and it appears in the alts ecosystem as an allocator and fund manager. Investors should recognize that it originates no real estate DSTs and that its roughly $120 billion of advisory and fund assets reflects a credit, not a property-sponsorship, business.
Strategy & advantages
- Pioneered the institutional interval-fund structure with its flagship Corporate Lending Fund.
- Specializes in private credit, an adjacent rather than core real estate discipline.
- Built on a heritage of institutional alternatives research and manager selection.
- Originates no real estate DSTs; its ~$120 billion reflects credit and advisory assets.
- Distributes primarily through the RIA channel.
Important disclosures. Sponsor information and performance metrics are sponsor-reported and compiled by Baker 1031 from sponsor and public sources; they have not been independently verified and are subject to change. Full-cycle returns, equity multiples, hold periods, and success rates reflect realized programs only (survivorship bias), are averaged across differing assets, vintages, and structures, are net of fees and program expenses, and are not indicative of future results and not a recommendation. Designation as a preferred sponsor reflects Baker’s due-diligence coverage, not an endorsement or guarantee. For accredited investors only; not an offer or solicitation. Securities offered through Aurora Securities, Inc. (ASI), member FINRA/SIPC; subject to registered-principal approval.