We are advising TPG Growth on the transaction

Davis Polk is advising TPG Growth on its substantial minority investment in Cliffwater LLC, alongside Temasek. TPG is investing in the business through TPG Growth, its growth equity investment platform. TPG Growth and Temasek join TA Associates as investors in Cliffwater. The transaction is expected to close in the second quarter of 2025, subject to customary closing conditions. Financial terms of the transaction were not disclosed.

TPG is a leading global alternative asset management firm, founded in San Francisco in 1992, with $246 billion of assets under management and investment and operational teams around the world. TPG invests across a broadly diversified set of strategies, including private equity, impact, credit, real estate and market solutions, and its unique strategy is driven by collaboration, innovation and inclusion.

Cliffwater has long been one of the U.S.’s leading and most innovative investors in private credit through vehicles such as its SEC-registered interval funds Cliffwater Corporate Lending Fund and Cliffwater Enhanced Lending Fund. Founded in 2004, the firm now has close to 200 employees and around $120 billion in total assets. Cliffwater invests through GP primary funds, secondaries, separately managed accounts, private BDCs and co-investments.

The Davis Polk corporate team includes partners Oliver Smith and Darren M. Schweiger and associates Alexander J. Yang and Lily (Zhifan) Zhou. Partner Gregory S. Rowland is providing investment management advice. Partner Patrick E. Sigmon is providing tax advice. Partner Adam Kaminsky is providing executive compensation advice. Partner Pritesh P. Shah is providing intellectual property advice. Partner Jack Orford is providing sponsor finance advice. Members of the Davis Polk team are based in the New York and Washington DC offices.

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