Milestone Reflects Growing Investor Interest in Diversified Real Assets Strategies
NEW YORK, Oct. 14, 2026 /PRNewswire/ -- Cliffwater, a leading private markets interval fund manager, today announced that its Cascade Real Assets Fund ("CRAFX") has surpassed $1 billion in net assets after just launching in September.
CRAFX seeks to provide investors with diversified exposure to real assets, including real estate and infrastructure, through a flexible, multi-manager approach. The Fund's open-architecture strategy allows it to invest across seasoned primaries, secondaries, co-investments, and other attractive opportunities, drawing on Cliffwater's extensive network of investment managers. The portfolio is composed entirely of assets originated following the rate hikes and is diversified across sectors and strategies.
"The launch of CRAFX comes at a time when the real estate market is undergoing a dramatic transformation, five years in the making," said Sean Brenan, Head of Real Estate and Lead Portfolio Manager of CRAFX. "In a period of sustained illiquidity, real estate sponsors and investors are seeking out strong partners who can bring capital to bear in creative and timely transactions. CRAFX's successful launch puts the fund in an excellent position to go on offense and to pursue compelling opportunities that build on Cliffwater's approach to private markets, combining rigorous research, deep manager relationships and disciplined portfolio construction."
"Surpassing $1 billion in net assets is an important milestone for CRAFX and reflects the continued growth and diversification of Cliffwater's interval fund platform," said Blake Nesbitt, Chief Investment Officer and Co-Head of Asset Management at Cliffwater. "As demand for private markets strategies continues to evolve, we see opportunity to build on our established platform and expand our investment offerings."
Cliffwater brings more than 20 years of real assets experience to CRAFX, having committed $14 billion in capital across real estate and infrastructure strategies.
ABOUT CASCADE REAL ASSETS FUND
Launched in September 2026, Cascade Real Assets Fund ("CRAFX") is a Delaware statutory trust registered under the Investment Company Act of 1940 operating as an interval fund.
CRAFX invests in real assets opportunities that may be overlooked, including real estate and infrastructure, through an open-architecture, multi-manager approach, allowing for diversification and the flexibility to invest across managers, sectors, and transaction types.
As of October 13, 2026, CRAFX had $1.0 billion in net assets. The portfolio included exposure to 120 properties and 7 unique platform partners across secondaries, co-investments, and seasoned primaries.
Cliffwater serves as the investment adviser of the Fund.
https://www.cliffwaterfunds.com/CRAFX
ABOUT CLIFFWATER
Cliffwater LLC ("Cliffwater" or "the Firm") is an independent alternative investment adviser and fund manager. Founded in 2004, Cliffwater has been shaping how alternatives are understood and accessed through its research, proprietary indices, and innovative evergreen private markets funds. The Firm has deployed $136 billion in private markets on behalf of its clients, including $19 billion across real estate, infrastructure, and other real assets, as of June 30, 2026. Cliffwater is also one of the largest providers of alternative investment solutions for the wealth management channel. The Firm's private markets interval fund platform is the largest in the market with $45.1 billion in net assets as of September 30, 2026.
Cliffwater LLC is an investment adviser registered with the Securities and Exchange Commission ("SEC").
Important Disclosure Information
Investors should consider the investment objectives, risks, charges, and expenses of the Cascade Real Assets Fund (the "Fund") carefully before investing. Before investing, carefully read the prospectus, which can be found on www.cliffwaterfunds.com.
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 a speculative and illiquid investment involving substantial risk of loss.
Summary of Risk Factors:
- Shares are not listed on any securities exchange and it is not anticipated that a secondary market for Shares will develop. Thus, an investment in the Fund may not be suitable for you if you may need the money you invest in a specified timeframe.
- You should generally not expect to be able to sell your Shares (other than through the repurchase process), regardless of how the Fund performs.
- Although the Fund is required to implement a Share repurchase program, only a limited number of Shares will be eligible for repurchase by the Fund. Shares are not redeemable at a Shareholder's sole option nor are they exchangeable for shares of any other fund. As a result, you may not be able to sell or otherwise liquidate your Shares.
- Shares are appropriate only for those investors who can tolerate a high degree of risk and do not require a liquid investment and for whom an investment in the Fund does not constitute a complete investment program.
- 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.
- All or a portion of an annual distribution may be only a return of capital (i.e., from your original investment) and not a return of net investment income.
- Shares are speculative and involve a high degree of risk and leverage. See "General Risks" in the Fund's prospectus.
- The amount of distributions the Fund may pay, if any, is uncertain.
- The Fund may pay distributions in significant part from sources that may not be available in the future and that are unrelated to the Fund's performance, such as from offering proceeds, borrowings, and amounts from the Fund's affiliates that are subject to repayment by investors.
- No Prior History. The Shares have no history of public trading.
The Fund is a diversified closed-end interval fund under the Investment Company Act of 1940. 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 no operating history, limited liquidity, restricted and illiquid investments, and valuations subject to adjustments. The Fund may engage in the use of leverage, hedging, and other speculative investment practices that may accelerate losses. The Fund is subject to risks associated with investing in real estate and other real assets, including risks related to economic conditions, property markets, interest rates, financing availability, tenant performance, construction and development, regulation, environmental matters, and natural or man-made disasters. The Fund may also invest through secondary transactions, which may involve incomplete information and other transaction-specific risks. The Fund's use of leverage may increase volatility, magnify losses, and reduce returns.
The Fund is distributed by Foreside Fund Services, LLC.
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