Steve is the CEO of Cliffwater, an investment advisory firm specializing in alternative investments, including private equity, private debt, hedge funds, real assets, and real estate. Additionally, Steve is portfolio manager for the Cliffwater Corporate Lending Fund and the Cliffwater Enhanced Lending Fund. Prior to forming Cliffwater in 2004, Steve was a Senior Managing Director at Wilshire Associates where he led its consulting division for 15 years. Steve is recognized for a broad range of investment research. His papers have appeared in the Financial Analysts Journal, The Journal of Portfolio Management, The Journal of Applied Corporate Finance, and The Journal of Alternative Investments