TPG (a leading global alternative asset management firm) and Temasek (a global investment company headquartered in Singapore) announced a definitive agreement to make a substantial minority investment in Cliffwater (an independent alternative investment adviser and fund manager). TPG’s investment will be made via the growth equity platform TPG Growth.
TPG and Temasek join existing investor TA Associates (a leading global private equity firm that first invested in Cliffwater in 2023). Following the deal, Cliffwater’s management team will retain majority control of the Firm and continue to lead the business.
Originally founded in 2004 as an alternatives-focused advisory firm, Cliffwater has expanded into a market leader in providing private markets funds to wealth management investors. And the firm manages a suite of innovative private credit and private equity interval funds, including the Cliffwater Corporate Lending Fund (CCLFX), the Cliffwater Enhanced Lending Fund (CELFX), and the recently launched Cascade Private Capital Fund (CPEFX). Cliffwater also provides advisory and consulting services to support asset allocation, portfolio construction, manager selection, and portfolio monitoring.
Cliffwater has seen momentum in recent years, with about $36 billion in assets under management (AUM) and $80 billion in assets under advisement (AUA) currently. And the firm’s flagship fund, the Cliffwater Corporate Lending Fund (CCLFX), is the largest private credit interval fund in the U.S., managing $27.9 billion in net assets as of March 31, 2025.
The deal is expected to close in the second quarter of 2025, subject to customary closing conditions. Moelis & Company acted as exclusive financial advisor to Cliffwater, and Kirkland & Ellis provided legal counsel. J.P. Morgan Securities and Ardea Partners acted as financial advisors to TPG, and Davis Polk provided legal counsel. Goodwin Proctor LLP provided legal counsel to TA.
KEY QUOTES:
“The continued support of TA and new investment from TPG and Temasek mark an exciting milestone in Cliffwater’s journey as a fund manager and allocator. Their partnership reflects the strength of our platform and ability to deliver innovative, differentiated solutions to our institutional, high-net-worth and retail investors. We’re excited to continue expanding our reach and delivering value for our clients and investors.”
Stephen Nesbitt, Founder and Chief Executive Officer of Cliffwater
“Individual investors continue to seek exposure to private markets as a way to diversify their portfolios and access some of the most dynamic corners of the economy. Cliffwater is an early mover, trusted partner, and proven innovator, with one of the longest and strongest track records in the fast-growing retail segment. The firm is exceptionally well positioned for the opportunity ahead, and we’re excited to partner with the Cliffwater team, TA and Temasek to support and grow the platform.”
Peter McGoohan, Partner at TPG
“Since our investment in 2023, Cliffwater has consistently outperformed expectations, delivering meaningful growth and deepening its relationships in the high-net-worth channel. With its clear vision, innovative approach and strong leadership, the firm has positioned itself at the forefront of a market still in the early innings of expansion. It has been a privilege to support Cliffwater through this transformational period, and we are proud to continue the journey alongside TPG, Temasek and Cliffwater’s exceptional leadership team.”
Todd Crockett, Managing Director at TA
