- TPG (TPG, Financial) and Temasek announce significant minority investment in Cliffwater LLC.
- Cliffwater manages approximately $36 billion in assets under management (AUM) and $80 billion in assets under advisement (AUA).
- The transaction is expected to close in Q2 2025, with Cliffwater's management team retaining majority control.
TPG (TPG), a leading alternative asset management firm, along with global investment company Temasek, has announced a strategic minority stake investment in Cliffwater LLC, an independent alternative investment adviser and fund manager. This move brings TPG and Temasek alongside existing investor TA Associates, who first invested in Cliffwater in 2023.
Founded in 2004, Cliffwater has positioned itself as a leader in private markets funds, serving wealth management investors. The firm oversees an impressive portfolio with approximately $36 billion in assets under management (AUM) and $80 billion in assets under advisement (AUA). Their flagship fund, the Cliffwater Corporate Lending Fund (CCLFX), is the largest private credit interval fund in the U.S., with $27.9 billion in net assets as of March 31, 2025.
The investment by TPG and Temasek is set to enhance Cliffwater’s capacity for growth and innovation, while the current management team continues to maintain their majority control. This approach ensures continuity in operations and strategy execution, as highlighted by Stephen Nesbitt, Cliffwater’s Founder and CEO.
TPG's involvement aligns with its strategy of expanding its reach within the growing market of alternative investments targeted at individual and high-net-worth investors. The transaction, subject to customary closing conditions, is anticipated to conclude in the second quarter of 2025.
