TPG Twin Brook closed its fifth direct lending fund with $3.9 billion in commitments.
“During [Q2/24], we held a final close for Twin Brook’s fifth drawdown fund. In total, we raised $3.9 billion, which exceeded our original fund target and is 13% larger than its predecessor. This successful outcome was driven by Twin Brook’s strong investment track record and differentiated focus on sponsor-backed, lower middle market companies, as investors seek to complement and diversify their exposure to the U.S. direct lending market.,” Jon Winkelried, CEO of TPG, said. “In addition to receiving strong support from existing clients, Twin Brook meaningfully expanded its investor base globally, particularly in Asia, and increased diversification towards sovereign wealth funds as well as multi-national insurance companies in Europe and Japan. This campaign is a strong indicator of the power of our platform and the cross-selling opportunity in front of us.”
“We are also raising capital through other vehicles to accommodate investors across the broader Twin Brook platform as we continue to out-originate our capital base,” Winkelried said. “This includes standing up new SMAs and strategic partnerships with our LPs, as well as through evergreen structures and our non-traded BDC, TCAP. TCAP continues to raise capital at a steady pace and ended the quarter with $2.5 billion of total AUM. Currently, TCAP is being distributed by two of the largest wirehouses in the U.S., and we expect a third to be added by the end of this quarter.”
