TPG, Temasek to Take Stake in Cliffwater

The duo will join private equity firm TA Associates as investors in the alternative investment adviser.



Alternative manager TPG Inc. and Singapore’s sovereign wealth fund, Temasek,
announced Monday that they have entered a definitive agreement to make a minority investment in alternative investment adviser Cliffwater LLC.

Cliffwater, with $36 billion in assets under management and $80 billion under advisement, provides access to alternative investments for wealth management channels through its interval funds. The firm also houses an investment advisory and consulting practice. 

Both TPG and Temasek will join private equity firm TA Associates as investors in Cliffwater. TPG first invested in the adviser in 2023.

An increasing number of private equity firms are looking to expand into retail, retirement and wealth management channels—markets largely untapped by alternative investment managers—that are reeling from a recent decline in fundraising and have been slow to return capital to limited partners as a result of a growing backlog of unsold portfolio companies.

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In 2025, alternatives managers and traditional defined contribution investment providers and recordkeepers have launched or announced plans for retail investment offerings that include alternative assets like private equity and private credit. BlackRock Chairman and CEO Larry Fink, in his annual letter, wrote of the need to expand investor access to alternatives.

“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, TA Associates’ managing director, in a statement.

Cliffwater’s management, including Founder, CEO and CIO Stephen Nesbitt, will continue to be majority stakeholders in the firm. The transaction will close in the year’s second quarter, according to a joint statement from TPG and Temasek.

“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, a partner in TPG, in a statement.

TPG manages $246 billion in assets, and Temasek manages $311 billion in assets.

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