Cliffwater has appointed Sam Walsh as Managing Director of its Cascade Real Assets Fund team, adding a senior real estate investor from GIC as the firm’s private markets platform continues to expand.
Walsh most recently served as Senior Vice President, Investments, Americas Real Estate at GIC, where he held senior responsibilities across both real estate equity and credit.
During his tenure, he also served as Head of Multifamily and Retail in North America, giving him experience across major property sectors and multiple parts of the real estate capital structure.
His background is expected to strengthen Cliffwater’s capabilities as the firm continues building out the Cascade Real Assets Fund team and expanding its broader exposure to private real estate and other real assets.
Walsh’s appointment follows the recent additions of Ryan Madani as Managing Director and Sean Brenan as Head of Real Estate and Portfolio Manager.
Together, the hires add senior investment experience to the Cascade platform as Cliffwater develops its real assets investment capabilities.
The Cascade team is supported by Cliffwater’s broader real assets platform, which spans private real estate, infrastructure and other real asset strategies.
Real assets can provide investors with exposure to investments whose return drivers differ from traditional public equity and fixed-income markets. Depending on the underlying strategy, these investments can include real estate equity and debt, infrastructure and other asset-backed opportunities.
Walsh’s experience across both real estate equity and credit is particularly relevant to a platform that can evaluate opportunities across different parts of the capital structure.
His multifamily and retail background also adds operating and sector expertise within two large segments of the North American commercial real estate market.
Cliffwater has deployed approximately $136 billion in private markets on behalf of clients as of March 31, 2026, including approximately $19 billion allocated to real assets.
That scale gives the firm a substantial existing platform across private investments as it continues expanding its real estate capabilities.
Cliffwater has also built a sizable private markets interval fund business.
The firm’s private markets interval fund platform reported approximately $44.6 billion in net assets as of July 31, 2026.
Interval funds have become an increasingly important structure for providing investors with access to private markets through registered vehicles while offering periodic liquidity rather than the daily liquidity associated with traditional mutual funds.
The addition of Walsh further expands Cliffwater’s senior investment bench as the firm continues developing the Cascade Real Assets Fund team.
With experience spanning real estate equity, credit, multifamily and retail at GIC, Walsh brings institutional investing expertise that can support portfolio construction, manager evaluation and investment selection across Cliffwater’s growing real assets platform.
KEY QUOTE:
“As a leader at one of the most significant institutional investors in the world, Sam brings substantial real estate investing experience and a strong track record allocating capital across property types and sectors.”
Blake Nesbitt, Co-Head Of Asset Management And CIO At Cliffwater
