Temasek and TPG invest in Cliffwater

Singapore-based investment company Temasek and alternative asset manager TPG have agreed to make “a substantial minority investment” in Cliffwater, an alternative investment adviser and fund manager.

The pair join existing investor TA Associates, a private equity firm that first invested in Cliffwater two years ago. The terms of the transaction have not been disclosed and Cliffwater’s management team will retain majority control of the firm and remain in charge of the business.

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Cliffwater manages a range of private credit and private equity interval funds, including the Cliffwater Corporate Lending Fund, the Cliffwater Enhanced Lending Fund and the recently launched Cascade Private Capital Fund.

Cliffwater has around $36bn (£27bn) in assets under management and $80bn in assets under advisement. It also provides consulting and advisory services on asset allocation, portfolio building and monitoring, and manager selection.

“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.

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“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

The deal is expected to close in the second quarter of 2025.

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