Alternatives money manager TPG and Singapore's sovereign wealth fund, the $288 billion Temasek Holdings, announced plans to acquire a minority stake in alternatives consultant and manager Cliffwater.
Terms of the deal, which is expected to close later in the second quarter, and the amount of the stake were not disclosed in a joint news release from the firms April 21.
TPG and Temasek will join TA Associates, which purchased a stake in 2023, as minority partners in Cliffwater. The firm’s management team will continue to retain majority control and continue to lead the business, the news release said.
“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, Cliffwater’s founder and CEO, in the news release. “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 currently has $80 billion in assets under advisement and $36 billion in assets under management. Its flagship private credit interval fund, the Cliffwater Corporate Lending Fund, had $27.9 billion in AUM as of March 31.
