TPG (TPG) and Singapore-based investment company Temasek said Monday they have signed a deal to make a minority investment in Cliffwater, an alternative investment adviser and fund manager.

Financial terms were not disclosed.

TPG and Temasek join existing investor TA Associates, which invested in Cliffwater in 2023, the companies said, adding that Cliffwater's management will maintain majority ownership of the firm and continue to lead the business.

The transaction is expected to close in Q2, the companies said.