TPG to make minority investment in Cliffwater, terms undisclosed

TPG (TPG) and Temasek announced a definitive agreement to make a substantial minority investment in Cliffwater, an independent alternative investment adviser and fund manager. TPG’s investment will be made through TPG Growth, its growth equity platform. TPG and Temasek join existing investor TA Associates. Following the transaction, Cliffwater’s management team will retain majority control of the firm and continue to lead the business. Terms of the transaction were not disclosed.