Cliffwater Welcomes Liz Campbell as New Leader in Private Equity Management

In a strategic move to bolster its leadership team, Cliffwater, a prominent player in private market investments, has announced the appointment of Elizabeth 'Liz' Campbell as the Head of Private Equity and the Lead Portfolio Manager of the Cascade Private Capital Fund (CPEFX). This decision reflects Cliffwater's commitment to enhancing its investment capabilities in an increasingly competitive market.

Liz Campbell brings a wealth of experience to her new role, having spent 18 years immersed in private markets. Before joining Cliffwater, she served as the Chief Investment Officer at Portfolio Advisors, where she not only oversaw investments in private equity but also played a significant role in the firm’s strategic direction as a member of its Management Committee. Her extensive background in a multi-manager framework will be invaluable for Cliffwater as it aims to expand its leadership in managing evergreen funds within private markets.

Blake Nesbitt, Co-Head of Asset Management at Cliffwater, praised Liz's industry reputation and expertise. He noted, "Liz has an extensive background leveraging a multi-manager framework within private markets. Coupled with her strong industry reputation, she will be invaluable to Cliffwater as we continue to expand our leadership in managing private markets evergreen funds." This leadership change comes at a time when Cliffwater’s suite of interval funds is the largest in the market, boasting net assets of $40 billion as of June 30, 2025.

Overview of Cascade Private Capital Fund

The Cascade Private Capital Fund, known by the ticker symbol CPEFX, is a Delaware statutory trust registered under the Investment Company Act of 1940, operating as an interval fund. The fund transitioned to its current name in February 2024 when Cliffwater took on the role of investment adviser. Previously, the fund had been known as the Barings Private Equity Opportunities Commitments Fund (BPEOC), advised by Barings since its inception on January 7, 2022.

CPEFX aims to invest across a diverse private equity spectrum, particularly focusing on under-allocated strategies that capitalize on market inefficiencies and shifting business cycles. As of June 30, 2025, it had amassed $3.4 billion in net assets, showcasing a robust performance with a net annualized total return of 21.10% since its inception. Over the past three years, the fund achieved net total returns of 21.52% and 24.96% over the last year, reflecting the strategic investments made across more than 200 positions in collaboration with 130 investment partners.

Cliffwater's Commitment to Growth

Founded in 2004, Cliffwater has established itself as an independent alternative investment adviser and fund manager, providing proactive research, advisory, and investment services. The firm's extensive platform encompasses over 82 investment and research professionals, focusing on private markets. With approximately $42 billion in assets under management and $79 billion in assets under advisement, Cliffwater continues to strengthen its portfolio across various investment sectors.

The firm has been a significant player in private equity since making its first investment in 2005, now managing around $41 billion in private equity assets for clients. As it looks to the future, Cliffwater remains focused on delivering strong returns and meeting the evolving needs of its investors.

In conclusion, the addition of Liz Campbell to Cliffwater's leadership team signifies a pivotal enhancement to the firm’s investment strategies in private equity. With her extensive experience and the firm's commitment to excellence, Cliffwater is well-positioned for continued success in the private markets arena. Investors can anticipate focused growth and strategic investments under Campbell's stewardship as they navigate the complexities of the financial landscape.