MARINA
DEL REY, Calif., July 17,
2024 /PRNewswire/ -- Cliffwater, a leader in private
markets and interval fund management, announced the addition of
Timothy Henn as Head of Private
Equity Secondaries as it expands its dedicated investment team for
the Cascade Private Capital Fund ("CPEFX"). CPEFX is a newly
launched interval fund providing access to a broad set of private
capital investments, which recently crossed $1 billion in net asset value.
Prior to joining Cliffwater and the CPEFX team, Tim was a senior
member of J.P. Morgan's Private Equity Group where he led PE and
venture secondaries opportunities across its platform and drove
investment strategy for the firm's 40-Act private asset fund. He
was also previously a senior member of the secondaries investment
team at Portfolio Advisors across multiple strategies.
As a senior member of Cliffwater's private equity team, Tim will
spearhead the buildout of further secondaries capabilities for both
LP-led and GP-led investments. The effort will benefit from
Cliffwater's 20-year history investing with top-tier sponsors as
well as the multiple touchpoints with private equity-backed
companies that exist through Cliffwater's $41 billion private debt business.
"As we have done with all of our funds, when we launch a new
product, we are proud to bring in exceptional leaders and rapidly
scale with top talent. With that in mind, we are excited to have
Tim join our funds business and extend our secondaries
capabilities," said Blake Nesbitt, Cliffwater's Co-Head of
Asset Management. "We have been a significant player in credit
secondaries over the past three years, executing over $3 billion in transaction volume through our
funds, and we expect to be an even more active participant in
private equity secondaries as we scale our new private equity
fund," he said.
Tim Henn, Managing Director,
added, "I am excited to join Cliffwater as it executes its playbook
to bring to the wealth market a well-designed private equity fund,
just as the firm has done with its two private credit interval
funds. Cliffwater's longstanding relationships with GPs and ability
to bring scaled capital to the market will prove to be valuable
resources as we build partnerships and execute upon transactions
in-house."
ABOUT CASCADE PRIVATE CAPITAL FUND
Cascade Private Capital Fund is a Delaware statutory trust registered under the
Investment Company Act of 1940 and operates as an interval fund. On
February 27, 2024, the fund became
known as Cascade Private Capital Fund ("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,
2024, CPEFX had $965 million
in net assets. Since inception, CPEFX has delivered a net
annualized total return of 19.63%. The portfolio was comprised of
51 investments with 39 investment partners across secondaries,
co-investments, and primary funds.
Cliffwater serves as the investment adviser of
the Fund.
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 $28
billion in assets under management (AUM) and $83 billion in assets under advisement
(AUA).
Cliffwater's platform of 63 investment and
research professionals span across private markets. The Firm made
its first private equity investment in 2005 and currently oversees
$38 billion in private equity assets
for its clients.
Cliffwater's research has been published in "The
Journal of Alternative Investments," and in 2018, its founder and
Chief Executive Officer, Stephen
Nesbitt, was named one of the "30 Most Influential People in
Private Debt" by Private Debt Investor. Cliffwater continues to
author research that evolves how alternatives are understood.
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. We do not intend to list the
Fund's shares ("Shares") on any securities exchange, and we do not
expect a secondary market in the Shares to develop. You should
generally not expect to be able to sell your Shares (other than
through the limited repurchase process), regardless of how we
perform. Although we are required to implement a Share repurchase
program, only a limited number of Shares will be eligible for
repurchase by us. You should consider that you may not have access
to the money you invest for an indefinite period of time. An
investment in the Shares is not suitable for you if you have
foreseeable need to access the money you invest. 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.
The Fund is a 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.
Some of the principal risks of the Fund include limited
operating history, limited liquidity, restricted and illiquid
investments, non-diversification, and valuations subject to
adjustments. The Fund may engage in the use of leverage, hedging,
and other speculative investment practices that may accelerate
losses.
Distributed by Foreside Fund Services, LLC.
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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/cliffwater-adds-tim-henn-as-head-of-private-equity-secondaries-302198818.html
SOURCE Cliffwater