The fund, managed by Cliffwater, utilizes a multi-manager strategy to gain exposure across secondaries, co-investments, and primary offerings. By leveraging Cliffwater’s two decades of experience in the sector, the portfolio currently holds stakes in 120 properties managed by seven unique platform partners. Portfolio manager Sean Brenan noted that the fund aims to capitalize on a shifting real estate landscape, positioning itself to pursue transactions that require both liquidity and specialized research.

For Cliffwater, the milestone underscores the expansion of its broader interval fund platform, which now stands as the largest of its kind in the market with $45.1 billion in net assets. While the firm has deployed over $136 billion in private markets since its inception, the Cascade fund represents a targeted effort to provide wealth management channels with access to diversified real assets. Prospective investors should note that the fund is a speculative, illiquid investment; shares are not listed on public exchanges, and liquidity is limited to a periodic share repurchase program.