Sergio Padilla
TPG admires Cliffwater’s long-running status in the retail market through interval funds.
The public pension fund’s relationship with Comvest dates back to 2014, with a total of $190m of commitments to its funds.
Manager expresses caution on tariffs, but notes private credit accounted for half of inflows.
The fund seeks to monetise assets independently of a borrower’s overall performance.
While a tangible decline has yet to surface, prolonged sluggish fund performance predicts a negative trend.
The strategy, one of the largest of its kind, closes amid ample opportunities in seasoned funds.
The secondaries firm has bought interests in 44 senior direct lending funds from American National Insurance.
GPs observe opportunity in refinancing with attractive terms while LPs want to hedge macro risk.
The transaction is Fortitude’s sixth in Japan, and brings its originations to $8bn in 2025.
Healthcare has been a problematic sector, with a default rate of 7.5%.