TPG Twin Brook Capital Partners and Coller Capital have successfully closed a $3 billion credit-focused continuation vehicle, marking the largest transaction of its kind in the private credit secondaries market to date.
This vehicle was created to acquire a diversified portfolio of floating-rate, senior secured, sponsor-backed loans from TPG Twin Brook’s funds from 2016 to 2018. It provides existing investors with liquidity options while giving new investors access to a high-quality pool of private credit assets managed by experienced professionals.
This initiative reflects the growing institutional demand for credit secondaries, as the private credit market continues to expand.
The continuation vehicle encourages long-term alignment between TPG Twin Brook and its limited partners, facilitating the ongoing management of a diversified portfolio of North American middle-market borrowers. This partnership represents a forward-looking approach to private credit management, addressing key market needs and reinforcing the growth potential of the sector.
Support: Campbell Lutyens served as financial adviser on the transaction. Legal counsel for Coller Capital was provided by Debevoise & Plimpton. Ropes & Gray acted for TPG Twin Brook. Deutsche Bank provided financing for the transaction.
KEY QUOTES:
“The successful close of our first continuation fund underscores the strength of our partnership with Coller Capital and our shared commitment to maximizing the value of high-performing assets while delivering creative liquidity solutions to our investors. The strong support we received validates our flexible, solutions-based approach, and we look forward to continuing to manage these loans through the next phase of their lifecycle.”
Trevor Clark, Founder and Managing Partner of TPG Twin Brook
“We’re proud to back TPG Twin Brook in what is a milestone transaction for the private credit secondaries market. This is a high-quality, diversified portfolio managed by one of the most consistent credit platforms in the market, and we are pleased to support its continued success with long-term, strategic capital.”
Michael Schad, Partner and Head of Coller Credit Secondaries at Coller Capital
“This transaction demonstrates what can be achieved when strong portfolio fundamentals meet thoughtful structure and partnership. We appreciated the opportunity to work closely with TPG Twin Brook to design a solution that delivered on multiple priorities: liquidity, alignment, and long-term capital.”
Jonathan Leu, Principal at Coller Capital
