Stephen L. Nesbitt , Kathleen K. Barchick, Dennis R. Sugino and...

Stephen L. Nesbitt, Kathleen K. Barchick, Dennis R. Sugino and Barbara J. Smith formed alternative investment consulting firm Cliffwater, in which they are partners, said Ms. Smith. All four left Wilshire Associates earlier this year after a reorganization. Mr. Nesbitt was senior managing director, principal and head of consulting and funds management; Ms. Barchick and Mr. Sugino were senior consultants; and Ms. Smith was a managing director.