Kirkland Advises Cliffwater on Sale of Minority Stake to TPG and Temasek

Kirkland & Ellis advised Cliffwater LLC, an independent alternative investment adviser and fund manager, on the sale of a substantial minority stake in its business to TPG and Temasek. Cliffwater’s management team will retain majority control of Cliffwater and continue to lead the business. The transaction was announced April 21, 2025, and is expected to close in the second quarter of 2025, subject to customary closing conditions.

Read the transaction press release

The Kirkland team included corporate lawyers Brice Lipman, Jonathan Benloulou and Bridget Hamway; investment funds lawyers Will Tuttle and Brad Green; debt finance lawyers Brian Ford and Joey Bloodworth; and tax lawyers Anne Kim and Liam Murphy.