Twin Brook Big Backer of Healthcare Deals in 2019

Twin Brook Capital Partners, the middle-market direct lending subsidiary of Angelo Gordon, today announced that it has committed over $3.3 billion to private equity sponsors in support of healthcare transactions, including over $1.3 billion last year alone.

In 2019, Twin Brook closed 24 healthcare transactions across 14 subsectors, bringing the firm’s total number of healthcare transactions closed to more than 80 since its inception in the fourth quarter of 2014. Twin Brook served as lead agent on all the healthcare transactions it supported in 2019, which included 14 new platform financings and 10 add-on financings.

“We achieved increased momentum in 2019, putting over $1.3 billion to work in support of our private equity clients’ investments across a broad range of healthcare subsectors,” said Faraaz Kamran, a senior partner at Twin Brook who focuses on the firm’s healthcare lending business. “In addition, we successfully closed our twentieth physician practice management platform and further enhanced our team’s healthcare expertise with the addition of Tim Wentink. Our private equity sponsor clients continue to be very active in this space, and we look forward to providing the capital needed to support their transactions in 2020 and beyond.”

Mr. Kamran joined Twin Brook in January 2016 after spending more than eight years at Madison Capital where he led the firm’s healthcare leveraged finance team. Similarly, Mr. Wentink joined Twin Brook in April 2019 after spending more than eleven years at Madison Capital, where he was a managing director on its healthcare leveraged finance team.

Chicago-based Twin Brook focuses on loans to private equity-owned companies with EBITDA between $3 million and $50 million, with an emphasis on companies with $25 million of EBITDA and below. The firm targets senior financing opportunities up to $400 million with hold sizes across the Twin Brook platform ranging from $25 million up to $150 million. Since founding in the fourth quarter of 2014, Twin Brook has closed over 425 transactions and provided total arranged commitments of approximately $12.5 billion.

Angelo, Gordon & Co., Twin Brook’s parent company, is an alternative investor with a focus on credit, real estate, private equity, and other strategies. The firm, founded in November 1988, currently manages approximately $36 billion in capital and has over 500 employees, including 200 investment professionals. Angelo Gordon is headquartered in New York City with additional offices across the US, Europe and Asia.

In June 2019, Angelo, Gordon & Co. closed AG Direct Lending Fund III LP with $2.75 billion in equity commitments. The new fund, which is managed by Twin Brook, closed above its $2 billion target and is the firm’s largest direct lending fund to date. Twin Brook’s earlier fund, AG Direct Lending Fund II LP, closed in 2017 with a total of $2.3 billion in equity capital.

© 2020 Private Equity Professional | January 9, 2020

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