Portfolio Manager, Cliffwater Investments LLC
Chief Executive Officer and Chief Investment Officer, Cliffwater LLC
Stephen Nesbitt is a portfolio manager at Cliffwater Investments LLC, an investment management affiliate of Virtus Investment Partners, and the chief executive officer and chief investment officer of Cliffwater LLC.
Prior to forming Cliffwater in 2004, Mr. Nesbitt was a senior managing director and principal of Wilshire Associates from 1980 to 2004. From 1990, he led the Consulting Division and built the asset management business using a manager of managers investment approach, including private equity and hedge fund of funds products.
Mr. Nesbitt’s published articles have appeared in the Financial Analysts Journal, the Journal of Portfolio Management, and the Journal of Applied Corporate Finance on issues such as performance fees, currency hedging, and private equity performance.
Mr. Nesbitt earned a B.A. in mathematics and economics from Eisenhower College, and an M.B.A. from The Wharton School of the University of Pennsylvania. He began his career in the investment industry in 1978.