Twin Brook Capital Partners Raises Over $2.75 Billion for Third Direct Lending Fund
NEW YORK & CHICAGO – June 19, 2019 – Angelo, Gordon & Co., L.P. (“Angelo Gordon” or the “Firm”), a $33 billion alternative investment firm focused on credit and real estate investing, today announced that it has raised over $2.75 billion in equity commitments for AG Direct Lending Fund III (the “Fund”), exceeding the Fund’s $2 billion target and making this the Firm’s largest direct lending fund to date. The Fund is managed by Twin Brook Capital Partners (“Twin Brook”), Angelo Gordon’s middle market direct lending subsidiary.
Consistent with Twin Brook’s distinctive approach, the Fund will seek to capitalize on the long-term investment opportunities in middle market direct lending by sourcing, underwriting, and actively managing a diversified portfolio of middle market, floating rate, senior secured loans, with a focus on providing first lien secured debt to lower middle market, sponsor-backed companies. Twin Brook targets senior financing opportunities up to $200 million, with hold sizes across the platform ranging from $25 million up to $150 million. The Fund benefits from Twin Brook’s flexible product suite and customized financing solutions, which also allows for opportunistic investments in second lien, mezzanine, and equity co-investments.
The Fund received strong backing from existing Angelo Gordon investors and welcomed a number of new global institutional investors.
“I’d like to thank our new and returning investors for their support and confidence in our strategy. The robust reception this Fund received is a testament to our deep bench of talent, differentiated platform, and unique focus on the lower middle market,” said Twin Brook Founder and Managing Partner Trevor Clark. “With over $5 billion of buying power from this Fund, our experienced team is well positioned to execute on our strong pipeline of opportunities and continue our tradition of providing leadership, support, and financing solutions to our private equity clients.”