Los Angeles-based Cliffwater, an advisory firm serving institutional investors, has become an equity owner and strategic partner with Costa Mesa, Calif.-based New Market Wealth Management.

“Investors are besieged with complex investment options, often accompanied by unknown fees and conflicts,” said Daryl Deke, New Market Wealth Management’s CEO, in a released statement. “Cliffwater’s strategic partnership with our firm provides us with enhanced tools to thoroughly examine and evaluate investment opportunities on behalf of our clients. We will now have access to what we consider superior research, sophisticated institutional-quality portfolio construction tools, top-tier managers and exhaustive manager due diligence.” 

Cliffwater has $70 billion AUM, serving state and private pension plans as well as university endowments, foundations and other financial institutions. The firm was founded in 2004.

New Market Wealth Management, founded in 2014, is a fee-only advisor providing holistic investment management advice.

New Market Wealth Management anticipates expanding to other parts of the country, and continuing recruitment of advisors and acquisitions of firms.