TPG and Temasek have agreed to acquire a significant minority stake in Cliffwater LLC, joining existing investor TA Associates. The deal aims to support Cliffwater’s continued expansion in the private markets investment advisory space.

Founded in 2004, Cliffwater is known for its expertise in alternative investments, particularly private credit and equity interval funds. Its flagship vehicle, the Cliffwater Corporate Lending Fund, is the largest private credit interval fund in the U.S., managing $27.9 billion in net assets as of March 31, 2025.

The transaction is expected to close in Q2 2025, subject to customary regulatory approvals and conditions.