Cliffwater Adds Liz Campbell as Head of Private Equity and Lead Portfolio Manager of Cascade Private Capital Fund

MARINA DEL REY, Calif., Aug. 6, 2025 /PRNewswire/ -- Cliffwater, a leading private markets interval fund manager, announced the addition of Elizabeth ("Liz") Campbell to the firm's leadership team. Liz will head Cliffwater's private equity investment team and serve as lead Portfolio Manager of Cliffwater's private equity evergreen fund, Cascade Private Capital Fund ("CPEFX").

Liz brings 18 years of private markets experience to Cliffwater's long-standing private equity platform. Prior to joining Cliffwater, Liz was Chief Investment Officer at Portfolio Advisors, where she oversaw investments in private equity, including the firm's private equity 40-Act fund. She also served as a member of its Management Committee, where she helped guide firm strategy and oversee the day-to-day management of the firm.

"Liz has an extensive background leveraging a multi-manager framework within private markets. Coupled with her strong industry reputation, she will be invaluable to Cliffwater as we continue to expand our leadership in managing private markets evergreen funds," noted Blake Nesbitt, Co-Head of Asset Management at Cliffwater. The firm's suite of interval funds is now the largest in the market with $40B in net assets as of June 30, 2025.

ABOUT CASCADE PRIVATE CAPITAL FUND

Cascade Private Capital Fund ("CPEFX") is a Delaware statutory trust registered under the Investment Company Act of 1940 operating as an interval fund. On February 27, 2024, the fund became known as CPEFX and Cliffwater became the investment adviser. Prior to the date, the fund was known as the Barings Private Equity Opportunities & Commitments Fund ("BPEOC") and Barings was the investment adviser. The inception date of BPEOC was January 7, 2022.

CPEFX invests across the diverse private equity spectrum with a focus on under-allocated strategies to take advantage of opportunities arising from market inefficiencies and evolving business cycles. The fund also has the ability to invest across other segments of private markets.

As of June 30, 2025, CPEFX had $3.4 billion in net assets. CPEFX has delivered a net annualized total return of 21.10% since inception and a net total return of 21.52% and 24.96% over 3-years and 1-year, respectively. The portfolio was comprised of over 200 investments with 130 investment partners across secondaries, co-investments, and primary funds.

Cliffwater serves as the investment adviser of the Fund.

https://www.cliffwaterfunds.com/cpefx

ABOUT CLIFFWATER

Cliffwater LLC ("Cliffwater", or "the Firm") is an independent alternative investment adviser and fund manager that provides proactive research, advisory, and investment services. Cliffwater was founded in 2004; has offices in Los Angeles, Chicago, New York, and Newport Beach; and currently has approximately $42 billion in assets under management (AUM) and $79 billion in assets under advisement (AUA). 

Cliffwater's platform of 82 investment and research professionals span private markets. The Firm made its first private equity investment in 2005 and currently oversees $41 billion in private equity assets for its clients.

Cliffwater LLC is an investment adviser registered with the Securities and Exchange Commission ("SEC").

https://www.cliffwater.com

Performance data represents past performance, which does not guarantee future results. Investment returns and principal value will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost; and the current performance may be lower or higher than the performance data quoted. Fund performance is net of fees.

Investors should consider the investment objectives, risks, charges, and expenses of the Fund carefully before investing. Before investing, carefully read the prospectus, which can be found on the above website or by calling (888) 442-4420.

The Fund has limited operating history, limited liquidity, illiquid investments, and the shares have no history of public trading. The Fund's investment program is speculative and entails substantial risks. There can be no assurance that the Fund's investment objectives will be achieved or that its investment program will be successful Investors should consider the Fund as a supplement to an overall investment program and should invest only if they are willing to undertake the risks involved Investors could lose some or all of their investment. Shares are an illiquid investment.

Summary of Risk Factors

• Shares are not listed on any securities exchange and it is not anticipated that a secondary market for Shares will develop. Thus, an investment in the Fund may not be suitable for you if you may need the money you invest in a specified timeframe.
• You should generally not expect to be able to sell your Shares (other than through the repurchase process), regardless of how the Fund performs.
• Although the Fund is required to implement a Share repurchase program, only a limited number of Shares will be eligible for repurchase by the Fund. Shares are not redeemable at a Shareholder's sole option nor are they exchangeable for shares of any other fund. As a result, you may not be able to sell or otherwise liquidate your Shares.
• Shares are appropriate only for those investors who can tolerate a high degree of risk and do not require a liquid investment and for whom an investment in the Fund does not constitute a complete investment program.
• Because you will be unable to sell your Shares or have them repurchased immediately, you will find it difficult to reduce your exposure on a timely basis during a market downturn.
• All or a portion of an annual distribution may consist solely of a return of capital (i.e., from your original investment) and not a return of net investment income.
• Shares are speculative and involve a high degree of risk and leverage. See "General Risks" in CPEFX's prospectus.
• The amount of distributions the Fund may pay, if any, is uncertain.
• The Fund may pay distributions in significant part from sources that may not be available in the future and that are unrelated to the Fund's performance, such as from offering proceeds, borrowings, and amounts from the Fund's affiliates that are subject to repayment by investors.

The Fund is a closed-end interval fund and non-diversified management investment company and may be more susceptible to any single economic or regulatory occurrence than a diversified investment company. Cybersecurity risks have significantly increased in recent years and the Fund could suffer such losses in the future.

All data as of June 30, 2025 unless otherwise noted. Source for largest suite of interval funds is Bloomberg.

Distributed by Foreside Fund Services, LLC.

This is not an advertisement, is being distributed for informational and discussion purposes only, should not be considered investment advice, and should not be construed as an offer or solicitation of an offer for the purchase or sale of any security. The information and opinions presented in this presentation should not be construed as any advice from Cliffwater as to any legal, tax, investment or other matter.

FORWARD-LOOKING STATEMENTS

This press release may contain certain forward-looking statements. Any such statements other than statements of historical fact are likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under Cliffwater LLC's control, and that Cliffwater LLC may or may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual performance and results could vary materially from these estimates and projections of the future as a result of a number of factors, including those described from time to time in Cliffwater LLC's filings with the SEC. Such statements speak only as of the time when made and are based on information available to Cliffwater LLC as of the date hereof and are qualified in their entirety by this cautionary statement. Cliffwater LLC assumes no obligation to revise or update any such statement now or in the future.

SOURCE Cliffwater