TPG and Temasek Join TA to Bolster Cliffwater’s Continued Expansion

BOSTON & SAN FRANCISCO--(BUSINESS WIRE)-- TPG (NASDAQ: TPG), a leading global alternative asset management firm, and Temasek, a global investment company headquartered in Singapore, today announced a definitive agreement to make a substantial minority investment in Cliffwater LLC (“Cliffwater” or “the Firm”), an independent alternative investment adviser and fund manager. TPG’s investment will be made through TPG Growth, its growth equity platform.

TPG and Temasek join existing investor TA Associates (“TA”), a leading global private equity firm that first invested in Cliffwater in 2023. Following the transaction, Cliffwater’s management team will retain majority control of the Firm and continue to lead the business. Terms of the transaction were not disclosed.

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. 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), which offers access to a broad range of private equity strategies. Cliffwater also provides advisory and consulting services to support asset allocation, portfolio construction, manager selection and portfolio monitoring.

“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,” said Stephen Nesbitt, Founder and Chief Executive Officer of Cliffwater. “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.”

Cliffwater has seen strong momentum in recent years, with approximately $36 billion in assets under management (AUM) and $80 billion in assets under advisement (AUA) currently. 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.

“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,” said Peter McGoohan, Partner at TPG. “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.”

“Since our investment in 2023, Cliffwater has consistently outperformed expectations, delivering meaningful growth and deepening its relationships in the high-net-worth channel,” said Todd Crockett, Managing Director at TA. “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.”

The transaction is expected to close in the second quarter of 2025, subject to customary closing conditions. Moelis & Company LLC acted as exclusive financial advisor to Cliffwater, and Kirkland & Ellis LLP provided legal counsel. J.P. Morgan Securities LLC and Ardea Partners LP acted as financial advisors to TPG, and Davis Polk provided legal counsel. Goodwin Proctor LLP provided legal counsel to TA.

About TPG
TPG is a leading global alternative asset management firm, founded in San Francisco in 1992, with $246 billion of assets under management and investment and operational teams around the world. TPG invests across a broadly diversified set of strategies, including private equity, impact, credit, real estate, and market solutions, and our unique strategy is driven by collaboration, innovation, and inclusion. Our teams combine deep product and sector experience with broad capabilities and expertise to develop differentiated insights and add value for our fund investors, portfolio companies, management teams, and communities. For more information, visit www.tpg.com.

About Temasek
Temasek is a global investment company headquartered in Singapore, with a net portfolio value of US$288b as at 31 March 2024. Marking its unlisted assets to market would provide US$23b of value uplift and bring its mark to market net portfolio value to US$311b. Temasek’s Purpose “So Every Generation Prospers” guides it to make a difference for today’s and future generations. Operating on commercial principles, Temasek seeks to deliver sustainable returns over the long term. It has 13 offices in 9 countries around the world: Beijing, Hanoi, Mumbai, Shanghai, Shenzhen, and Singapore in Asia; and Brussels, London, Mexico City, New York, Paris, San Francisco, and Washington, DC outside Asia. For more information on Temasek, please visit www.temasek.com.sg

About TA
TA is a leading global private equity firm focused on scaling growth in profitable companies. Since 1968, TA has invested in more than 560 companies across its five target industries – technology, healthcare, financial services, consumer and business services. Leveraging its deep industry expertise and strategic resources, TA collaborates with management teams worldwide to help high-quality companies deliver lasting value. The firm has raised $65 billion in capital to date and has over 150 investment professionals across offices in Boston, Menlo Park, Austin, London, Mumbai and Hong Kong. For more information, visit: www.ta.com.

About Cliffwater
Cliffwater LLC (“Cliffwater”, or “the Firm”) is an independent alternative investment adviser and fund manager that provides proactive research, advisory, and investment services. Cliffwater was founded in 2004; has offices in Los Angeles, Chicago, New York, and Newport Beach; and currently has approximately $36 billion in assets under management (AUM) and $80 billion in assets under advisement (AUA).

Cliffwater’s platform of 78 investment and research professionals span across private markets. The Firm currently oversees $52 billion in private debt assets and $38 billion in private equity assets for its clients.

Cliffwater’s research has been published in “The Journal of Alternative Investments,” and in 2018, its founder and Chief Executive Officer, Stephen Nesbitt, was named one of the “30 Most Influential People in Private Debt” by Private Debt Investor. The Firm’s research has also led to the creation of the Cliffwater Direct Lending Index (“CDLI”), the first published and widely accepted benchmark for direct lending, and its suite of sub-indices. Cliffwater continues to author research that evolves how alternatives are understood.

Cliffwater LLC is an investment adviser registered with the Securities and Exchange Commission (“SEC”).

FORWARD-LOOKING STATEMENTS

This press release may contain certain forward-looking statements. Any such statements other than statements of historical fact are likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under Cliffwater LLC's control, and that Cliffwater LLC may or may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual performance and results could vary materially from these estimates and projections of the future as a result of a number of factors, including those described from time to time in Cliffwater LLC's filings with the SEC. Such statements speak only as of the time when made and are based on information available to Cliffwater LLC as of the date hereof and are qualified in their entirety by this cautionary statement. Cliffwater LLC assumes no obligation to revise or update any such statement now or in the future.

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MEDIA CONTACTS

TA

Maggie Benoit

mbenoit@ta.com

TPG

Julia Sottosanti

media@tpg.com

Cliffwater

Prosek Partners

Pro-cliffwater@prosek.com

Source: TA Associates