asset manager
Cliffwater
MARINA DEL REY, CA
CRD: 132167
In PWD coverage since August 19, 2026 · 2 stories
$48.5BRegulatory AUMSEC Form ADV · Aug 21
213EmployeesForm ADV
1Moves on the wire · 12 months
Talent flow · 12 monthsOn the wire →
Sam Walsh
Aug 18 · exec change
PWD coverage
issuers
Private credit's ETF wrapper runs on equity swaps
The PCR ETF delivers private-credit yield through listed BDC and closed-end fund holdings plus a long/short equity swap hedge, but in a downturn the derivatives layer, not the loan book, will set its daily price.