Cliffwater's Private Equity Interval Fund Reaches $5 Billion AUM
NEW YORK, Jan. 27, 2026 /PRNewswire/ -- Cliffwater, a leading private markets interval fund manager, announced that its Cascade Private Capital Fund ("CPEFX") has reached $5 billion in net assets and leads the category of 1940 Act private equity funds1 in both performance and fundraising. Since inception, CPEFX has generated an annualized net return of 21.01%. The Fund has delivered the highest returns relative to its peers1 since inception and consistent outperformance over rolling 1-, 2-, and 3-year periods.
"The momentum driving CPEFX's rapid adoption and growth illustrates Cliffwater's position as a trusted partner and leader in making private markets more accessible to the wealth channel. We are thankful for the confidence investors have placed in our leading interval funds, first our private debt products and now private equity," noted Stephen Nesbitt, Cliffwater CEO. "We've been able to leverage our longstanding private equity platform, supported by over two decades of advising and managing private equity portfolios for institutional clients, to deliver a differentiated product that continues to provide attractive results year after year."
"We've demonstrated, yet again, how our clients are well-served by our investment teams. With focus, tight alignment of interests, and high-caliber talent, we have proven we can deliver attractive returns and high-quality, low-cost products to our investors," added Blake Nesbitt, Cliffwater CIO and Co-Head of Asset Management. "We are grateful for the many firms that supported CPEFX and are pleased the market continues to reward our leading performance with strong capital flows."
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.
1All peer comparison data is as of November 30, 2025, the latest data commonly available across the universe. Peer universe includes all 1940 Act private equity-focused evergreen funds derived from Bloomberg that were live as of CPEFX's inception (January 7, 2022). Source for fundraising is Stanger. All other data as of January 26, 2026, unless otherwise noted.
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 January 26, 2026, CPEFX had $5.0 billion in net assets. CPEFX has delivered a net annualized total return of 21.01% since inception and a net total return of 24.69% and 22.28% over 3-years (starting February 1, 2023 and based on monthly returns prior to February 2024 and daily returns following) and 1-year, respectively. The portfolio was comprised of over 240 investments and 156 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. 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'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, and its suite of sub-indices. 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 billion in net assets as of December 31, 2025.
Cliffwater LLC is an investment adviser registered with the Securities and Exchange Commission ("SEC").
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.
Total Fees and Expenses are 2.77% inclusive of the fee waiver (3.17% without the fee waiver). Total Fees and Expenses include a management fee estimated at 1.40%; acquired fund fees and expenses, which are estimated at 0.68%; and other expenses, which are estimated at 0.24%; fees and interest payments on borrowed funds, which are estimated at 0.85% as of July 29, 2025 for the current fiscal year. Additionally, Cliffwater has entered into a written fee waiver agreement providing that it will limit the Management Fee it charges the Fund to 1.00% from July 1, 2025 through June 30, 2026. Cliffwater has also agreed to reimburse the Fund for the investment management fees paid on any of investments that may be made in Cliffwater Corporate Lending Fund, although the Fund will be subject to asset-based and other non-management fees charged by CCLFX. These figures represent the Fees and Expenses that the Fund expects to incur. Please note that management fees are accrued daily based upon the Fund's average daily net assets. Such management fees are paid before giving effect to any repurchase of Shares in the Fund effective as of that date and will decrease the net profits or increase the net losses of the Fund that are credited to its shareholders.
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
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