Cliffwater's Cascade Fund Achieves $5 Billion in Assets
Cliffwater, a prominent player in private markets investment management, has officially announced that its Cascade Private Capital Fund (CPEFX) has surpassed $5 billion in net assets. This achievement positions CPEFX as one of the leading funds in the 1940 Act private equity sector, both in terms of performance and fundraising potential.
Since its inception, CPEFX has delivered an impressive annualized net return of 21.01%. This consistent performance demonstrates the fund's capability to significantly outperform its peers over various time frames, including rolling one-, two-, and three-year periods. As the demand for private equity continues to grow, CPEFX's success reflects the trust investors place in Cliffwater as a reliable and innovative fund manager.
Leadership Insights and Growth Momentum
Stephen Nesbitt, CEO of Cliffwater, expressed gratitude for the confidence investors have shown in their leading interval funds, initially established through private debt products and now expanding to private equity. He emphasized that CPEFX's rapid growth is indicative of a strong momentum driving its adoption within the wealth management channel. This momentum highlights Cliffwater's long-standing commitment to making private markets more accessible to a broader range of investors.
Similarly, Blake Nesbitt, Cliffwater's CIO and Co-Head of Asset Management, underscored the company’s emphasis on high-caliber talent and alignment of interests within the investment teams. He stated, "Our clients benefit from our focused approach, which has consistently delivered substantial returns and high-quality, low-cost investment opportunities. The support from numerous firms has been invaluable, and it is rewarding to see the market continue to respond positively to our strong performance with robust capital inflows."
Cascade Private Capital Fund Overview
The Cascade Private Capital Fund operates as a Delaware statutory trust in accordance with the Investment Company Act of 1940. The fund was rebranded from Barings Private Equity Opportunities & Commitments Fund (BPEOC) to CPEFX in early 2024, reflecting the strategic shift in management under Cliffwater's investment advising. The fund is designed to tap into diverse opportunities in private equity, particularly in strategies that historically have been under-allocated.
With a focus on market inefficiencies that arise from changing business cycles, CPEFX also retains the flexibility to invest across various segments of private markets. As of January 2026, the fund boasts over 240 investments and 156 investment partners, further solidifying its impressive market presence.
Investment Performance Highlights
CPEFX's track record showcases a net annualized total return of 21.01% since its inception. The fund has also reported a net total return of 24.69% over three years and 22.28% over one year. This exceptional performance serves as a testament to the effectiveness of the fund's investment strategy and management approach.
About Cliffwater
Founded in 2004, Cliffwater LLC has established itself as a premier independent alternative investment adviser and fund manager. The firm is renowned for its expertise in alternative investment strategies and has played a pivotal role in reshaping the understanding and accessibility of these investment vehicles. Cliffwater's research and development of proprietary indices have positioned it as a thought leader in the industry.
Cliffwater's suite of private market interval funds stands as one of the largest in the market, with a significant $44 billion in net assets recorded at the end of 2025. As an investment adviser registered with the Securities and Exchange Commission, Cliffwater is committed to ensuring that its investment offerings align with the objectives and needs of its clients.
Considerations for Investors
Investors interested in CPEFX are encouraged to carefully examine the investment objectives, risks, charges, and expenses associated with the fund before investing. It is also advisable for potential investors to consult the prospectus available on the Cliffwater website or by reaching out to the firm directly.
Frequently Asked Questions
What is the Cascade Private Capital Fund?
The Cascade Private Capital Fund (CPEFX) is an interval fund that invests in private equity and focuses on under-allocated strategies to capture market opportunities.
How has CPEFX performed since its inception?
CPEFX has achieved an annualized net return of 21.01% since its inception, showcasing strong performance compared to its peers.
Who manages the Cascade fund?
The fund is managed by Cliffwater LLC, a prominent alternative investment adviser with extensive experience in private markets.
What are some key benefits of investing in CPEFX?
Investors benefit from CPEFX's performance, strategic investment approach, and access to diverse private equity opportunities, which are often challenging to access directly.
How can I learn more about investing in CPEFX?
Interested individuals should review the prospectus available through Cliffwater's website or contact the firm directly for more information.
