Founded in 2004, Cliffwater has been shaping how alternatives are understood and accessed through its research, proprietary indices, and evergreen private markets funds. The Firm’s research has been cited in industry-leading publications and led to the creation of the Cliffwater Direct Lending Index (“CDLI”), the first published index and widely accepted benchmark for direct lending. Cliffwater is also one of the largest providers of alternative investment solutions for the wealth management channel. The Firm’s private markets interval fund platform is now the largest in the market with $44.5 billion in net assets as of 3/31/2026.