TPG Twin Brook and Coller Capital Close $3 Billion Private Credit Continuation Vehicle

TPG Twin Brook and Coller Capital have completed a $3 billion continuation vehicle (CV Fund I) that recapitalizes a portfolio of senior secured loans originated from TPG Twin Brook’s 2016 and 2018 vintage funds.

According to Campbell Lutyens, the financial adviser on this transaction, CV Fund I is the largest-ever private credit continuation vehicle.

CV Fund I consolidates a mix of floating-rate, sponsor-backed, senior secured loans and allows existing limited partners in two funds – its $2.3 billion and 2016 vintage AG Direct Lending Fund II LP and its $2.75 billion and 2018 vintage AG Direct Lending Fund III LP – to realize liquidity while maintaining the ability to participate alongside new investors.

Chicago-based TPG 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 $200 million, with hold sizes across the platform ranging from $25 million to $150 million. TPG Twin Brook’s products include opportunistic investments in second lien, mezzanine, and equity co-investments. TPG acquired Angelo Gordon, the parent of Twin Brook, in November 2023. Through this transaction, Twin Brook became part of TPG’s credit platform.

“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,” said Trevor Clark, the founder and managing partner of TPG Twin Brook. “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.”

“We’re proud to back TPG Twin Brook in what is a milestone transaction for the private credit secondaries market,” said Michael Schad, a partner and head of Coller Credit Secondaries at Coller Capital. “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.”

Founded in 1990 and headquartered in London, Coller Capital is a secondary market investor managing $40 billion in assets. The firm focuses exclusively on secondaries across private equity, private credit, and related markets. In July 2025, Coller closed Coller Credit Opportunities II LP with $6.8 billion in capital commitments.

“This transaction demonstrates what can be achieved when strong portfolio fundamentals meet thoughtful structure and partnership,” added Jonathan Leu, a principal at Coller Capital. “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.”

TPG (NASDAQ: TPG) is a global alternative asset manager with more than $260 billion in assets under management. San Francisco-headquartered TPG was founded in 1992 and invests across a diversified set of strategies, including private equity, impact, credit, and real estate.

Campbell Lutyens was the financial adviser on this transaction. Debevoise & Plimpton provided legal services to Coller Capital, while Ropes & Gray advised TPG Twin Brook.

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