Dennis Sugino, president and co-founder Marina Del Rey, Calif.-based Cliffwater LLC, is retiring, as part of changes in the ownership structure of the alternative investment consulting firm.

Stephen Nesbitt, chief executive of Cliffwater, told Money Management Executive that Sugino's undisclosed ownership stake in the company is being bought out by existing partners and that Sugino’s title will not be replaced.

Sugino’s retirement takes effect at the end of the month.

Prior to co-founding Cliffwater in 2004, Sugino was a managing director and principal of consulting shop Wilshire Associates where he worked with public funds, corporate plans and endowments/foundations on their investment strategies and implementation. From 1986 to 1992 he was the chief investment officer of the Los Angeles Fire and Police Pension system where he was responsible for its multi-billion dollar investment fund.

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