On April 21, 2025, TPG and Temasek Holdings Limited announced a definitive agreement to make a minority investment in Cliffwater LLC.
TPG and Temasek Holdings Limited (“Temasek”) announced, on April 21, 2025, a definitive agreement to make a minority investment in Cliffwater LLC (“Cliffwater”). Cliffwater’s existing minority private equity investor, TA Associates Management, LP (“TA”), will retain majority control of Cliffwater. Further terms of the deal were not disclosed.
TPG (NASDAQ: TPG), based in San Francisco, is an alternative asset firm specializing in private equity, impact, credit, real estate, and market solutions. TPG has $246 billion in assets under management. Ardea Partners LP acted as financial advisor to TPG.
Temasek, based in Singapore, is an investment firm investing in digitization, sustainable living, future of consumption and longer lifespans. As of March 31, 2024, Temasek has approximately $288 billion in net assets.
TA, based in Boston, is a registered investment advisor specializing in buyouts and minority recapitalizations of profitable growth companies. The firm has raised approximately $65 billion in capital.
Cliffwater, based in Marine del Rey, California, is a registered investment advisor offering asset management, proprietary index, and advisory services. Cliffwater has approximately $36 billion in assets under management and $80 billion in assets under advisement. Moelis & Company LLC acted as exclusive financial advisor to Cliffwater.
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