Cliffwater Adds Tim Henn as Head of Private Equity Secondaries

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.

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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.

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SOURCE Cliffwater