Cliffwater's Cascade Real Assets Fund Surpasses $1 Billion in Net Assets One Month After Launch

Cliffwater announced that its Cascade Real Assets Fund (CRAFX) has surpassed $1 billion in net assets after launching in September 2026. The firm, which describes itself as a private markets interval fund manager, said the fund held $1.0 billion in net assets as of Oct. 13, 2026.

Cliffwater's CRAFX Fund Structure and Strategy

CRAFX is a Delaware statutory trust registered under the Investment Company Act of 1940 and operates as an interval fund. Cliffwater serves as the fund's investment adviser.

The fund seeks to provide investors with diversified exposure to real assets, including real estate and infrastructure, through a flexible, multi-manager approach. Its open-architecture strategy allows it to invest across seasoned primaries, secondaries, co-investments and other opportunities, drawing on Cliffwater's network of investment managers. The fund focuses on real assets opportunities that may be overlooked.

The portfolio is composed entirely of assets originated following the rate hikes and is diversified across sectors and strategies, according to Cliffwater. As of Oct. 13, 2026, the portfolio included exposure to 120 properties and seven unique platform partners across secondaries, co-investments and seasoned primaries.

Executives Cite Market Transformation in Real Estate

Sean Brenan, Head of Real Estate and Lead Portfolio Manager of CRAFX, said the fund's launch comes as the real estate market undergoes a significant shift. "The launch of CRAFX comes at a time when the real estate market is undergoing a dramatic transformation, five years in the making," Brenan said. "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."

Blake Nesbitt, Chief Investment Officer and Co-Head of Asset Management at Cliffwater, said the milestone reflects growth across the firm's interval fund platform. "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," Nesbitt said. "As demand for private markets strategies continues to evolve, we see opportunity to build on our established platform and expand our investment offerings."

Cliffwater's Real Assets Track Record and Platform Scale

Cliffwater said it brings more than 20 years of real assets experience to CRAFX, having committed $14 billion in capital across real estate and infrastructure strategies. Founded in 2004, the independent alternative investment adviser and fund manager has deployed $136 billion in private markets on behalf of clients, including $19 billion across real estate, infrastructure and other real assets, as of June 30, 2026.

The firm said its private markets interval fund platform is the largest in the market, with $45.1 billion in net assets as of Sept. 30, 2026. Cliffwater is registered with the Securities and Exchange Commission as an investment adviser and describes itself as one of the largest providers of alternative investment solutions for the wealth management channel.

Market Context for Real Assets Funds

The fund launched into a commercial real estate market characterized by illiquidity, repricing and selective capital availability. CBRE expects U.S. commercial real estate investment volume to rise 16% in 2026 to approximately $562 billion, with cap rates for most property types projected to compress by 5 to 15 basis points. CBRE also expects leasing activity to continue recovering from its 2024 low, with available prime space becoming scarcer by the end of 2026.

The recovery has been uneven. CBRE reports that office demolitions and conversions exceeded new completions for a second consecutive year, and that prime-office vacancy has declined substantially, while broader office markets continue to face structural challenges.

Pricing varies widely by property type. Recent market estimates place indicative cap rates at 5.4% for multifamily, 5.1% for industrial, 7.4% for office and 8.5% for hotels. A separate 2026 outlook puts average commercial-property capitalization rates near 6.0%, with investors emphasizing income growth rather than near-term yield compression.

CRAFX competes within the expanding market for evergreen and interval funds, which give individual and wealth-management investors access to private assets without a traditional closed-end commitment structure. A fund with semi-permanent capital can participate in secondary purchases, recapitalizations of assets facing refinancing pressure, co-investments alongside established sponsors and purchases of seasoned fund interests.

Liquidity and Risk Considerations

The $1 billion figure represents net assets. Fund materials describe the investment program as speculative with substantial risks, and state that investors could lose some or all of their investment. Shares are not listed on any securities exchange, and it is not anticipated that a secondary market will develop. Shares have no history of public trading.

Although the fund is required to implement a share repurchase program, only a limited number of shares will be eligible for repurchase, and shares are not redeemable at a shareholder's sole option. The disclosure also notes that the fund may use leverage, hedging and other speculative investment practices, and that it is subject to risks associated with real estate and other real assets, including economic conditions, interest rates, financing availability, tenant performance, regulation and environmental matters. The fund is distributed by Foreside Fund Services, LLC.

Sources

• Cliffwater press release via PR Newswire: Cliffwater Cascade Real Assets Fund Surpasses $1 Billion in Net Assets in First Month Since Launch