TA Associates Expands Cliffwater Investment with TPG and Temasek
Deal News | Apr 25, 2025 | Goodwin
TA Associates, a significant player in the private equity space, is set to bolster its investment in Cliffwater LLC, an independent alternative investment adviser and fund manager. The deal includes new contributions from TPG and Temasek. After the transaction, Cliffwater's management will maintain majority control, continuing to guide the company. This strategic move aligns with TA Associates' track record in propelling profitable growth across several industries, supported by over $65 billion in accumulated capital. The transaction is expected to finalize in Q2 2025, contingent upon standard closing requirements. Prominent legal advisory for the deal is being provided by Goodwin with a team led by Mike Kendall and Josh Soszynski.
Sectors
- Private Equity
- Alternative Investment Management
Geography
- United States – TA Associates, Cliffwater LLC, and the legal advisors Goodwin are based primarily in the United States.
- Global – TA Associates operates globally with offices in Boston, Menlo Park, Austin, London, Mumbai, and Hong Kong.
Industry
- Private Equity – The article involves TA Associates, a notable participant in the private equity industry, investing in Cliffwater LLC along with TPG and Temasek.
- Alternative Investment Management – Cliffwater LLC specializes in alternative investment management, which is the focus of the investment by TA Associates, TPG, and Temasek.
Financials
- $65 billion – The total capital raised by TA Associates to date.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Cliffwater LLC | Target Company | Company | An independent alternative investment adviser and fund manager. |
| TA Associates | Investor | Company | A leading global private equity firm investing in profitable companies across various industries. |
| TPG | New Investor | Company | A global alternative asset firm joining as a new investor in Cliffwater LLC. |
| Temasek | New Investor | Company | A Singaporean holding company contributing as a new investor in Cliffwater LLC. |
| Goodwin | Legal Advisor | Company | Provided legal advisory services for TA Associates in the investment agreement. |