Cliffwater founders Stephen and Blake Nesbitt built a consulting business that became a giant in private credit. Now, investors are rushing out as their industry connections are under scrutiny.
Stephen Nesbitt was not known on Wall Street until he met a salesman pitching private credit to wealthy investors. The encounter sparked an idea for his book on private debt, which ultimately led to the growth of Cliffwater’s business.
Source: https://www.bloomberg.com/news/features/2026-03-23/cliffwater-private-credit-fund-cclfx-under-pressure-in-redemption-cycle