Cliffwater Appoints Sean Brenan as Head of Real Estate and Portfolio Manager of Cascade Real Assets Fund

NEW YORK, June 9, 2026 /PRNewswire/ -- Cliffwater, a leading private markets interval fund manager, today announced the appointment of Sean Brenan as Head of Real Estate and Portfolio Manager of Cascade Real Assets Fund. In this new position, Sean will focus on managing Cliffwater's opportunities across real estate, infrastructure, and other real assets sectors.

Sean brings more than 16 years of real estate investment, portfolio management, and leadership experience to Cliffwater. Previously, Sean served as the Global Head of Goldman Sachs' real estate secondaries, primaries, and co-investment platform. In this role, Sean oversaw the investment activities for one of the largest real estate secondary fund programs and partnered with many of the world's leading real estate sponsors.

"Cliffwater is a recognized leader in interval fund investing and one of the industry's most innovative providers of private market solutions," said Sean. "The firm has built an exceptional platform that expands access to institutional-quality private market investments for a broad range of investors. After a prolonged market correction, compelling opportunities are emerging across the real estate landscape, and I look forward to leveraging Cliffwater's differentiated capabilities to help investors capitalize on them."

"Sean brings the exact type of expertise this strategy demands – deep sponsor relationships, rigorous portfolio construction discipline, and a proven track record built at the highest levels of real estate investing," said Blake Nesbitt, CIO and Co-Head of Asset Management at Cliffwater. "His experience will be instrumental as we expand our real assets platform, helping clients access the diversification, inflation protection, and income potential that make real assets an increasingly important component of long-term portfolios."

In February, Cliffwater filed for its Cascade Real Assets Fund, an evergreen private real assets fund that combines the firm's interval fund expertise with its real estate, infrastructure, and other real assets capabilities. Cliffwater has been investing in private real estate on behalf of its institutional clients for over 20 years, delivering a 9.3% net return since the platform's inception through December 31, 2025.

ABOUT CLIFFWATER

Cliffwater LLC ("Cliffwater" or "the Firm") is an independent alternative investment adviser and fund manager. Founded in 2004, Cliffwater has been shaping how alternatives are understood and accessed through its research, proprietary indices, and innovative evergreen private markets funds. The Firm has deployed $136 billion in private markets on behalf of its clients, including $19 billion in real assets, as of December 31, 2025. 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 $45.5 billion in net assets as of May 31, 2026.

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.

The "Cliffwater Private Assets Composites" are comprised of primary and secondary investments by Cliffwater's clients, both discretionary and non-discretionary, in all funds or accounts recommended by Cliffwater that use the strategies indicated. Information is presented by strategy and all of the strategies used by the client accounts on which Cliffwater advises on private assets as of the date indicated are shown. Strategy categorizations of funds or accounts included in the composites are determined based on Cliffwater's interpretations of information provided by the fund or account. Other industry participants may categorize funds or accounts differently. Certain investments by Cliffwater's clients are excluded from the Cliffwater Private Assets Composites since Cliffwater does not believe that such investments are illustrative of Cliffwater's investment judgment. These types of investments consist of investments in funds or accounts that were not recommended by Cliffwater and fund-of-funds. Further, investments by Cliffwater's clients for which Cliffwater is not responsible for ongoing reporting and monitoring are also excluded since information about the performance of such investments is not available to Cliffwater.

Cliffwater Real Estate composites' IRRs (internal rate of return) are calculated using current clients' combined cashflows and valuations for Cliffwater recommended funds. The IRR is calculated based on daily cash flows of Cliffwater's current clients and a residual value. The residual value used in the composites are the valuations reported by the general partner of the investment partnerships. Cliffwater has not conducted an independent verification of account values. The IRRs rely upon the accuracy and completeness of financial information provided to Cliffwater by the general partners and the custodian banks of Cliffwater's clients. All cash flows and values used to calculate returns are in, or have been converted to, U.S. dollars. The IRRs are calculated from inception (i.e., the date that a Cliffwater client first invested in real estate), January 24, 2006 through the date indicated. The IRRs are net of (i) all underlying fund or account expenses, management fees, and performance-based fees and (ii) Cliffwater's actual fees, determined based on an allocation of Cliffwater's compensation to assets under advisement by strategy. Past performance is not indicative of future returns, which may vary. Future returns are not guaranteed, and a loss of principal may occur.

SOURCE CLIFFWATER LLC