TPG Twin Brook Capital Partners, the middle-market direct lending platform of TPG, has closed a $3bn credit-focused continuation vehicle backed by Coller Capital, marking the largest private credit secondaries transaction completed to date.
The vehicle will acquire a diversified pool of floating-rate, senior secured, sponsor-backed loans from TPG Twin Brook’s 2016 and 2018 vintage funds. Existing LPs were offered a liquidity option, while new investors gained exposure to a seasoned portfolio managed by a long-established private credit platform.
The deal reflects growing institutional demand for private credit secondaries as the market expands and matures, with transaction volumes accelerating.
“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,” said Trevor Clark, founder and managing partner of TPG Twin Brook.
Advisers on the deal included Campbell Lutyens, with legal counsel from Debevoise & Plimpton for Coller Capital and Ropes & Gray for TPG Twin Brook. Deutsche Bank provided financing.
