Co-founder Chris Williams officially out at Twin Brook

Key-man clauses were not triggered in the firm’s funds, even though Williams had been in Fund II’s provision.

After months of being on indefinite leave, Twin Brook Capital Partners co-founder Chris Williams officially left the firm effective 31 December, a source familiar with the matter told Private Debt Investor.

Williams stepped back from his role due to the health issues of an immediate family member, the Chicago-based firm said in its fourth-quarter 2016 investment letter. Williams’ fellow co-founder, Trevor Clark, is still overseeing the business. Since taking leave, Williams has invested in a car wash in Sterling, Illinois.

Twin Brook declined to comment.

Williams had been named in the key-man clause for AG Direct Lending Fund II, as Private Debt Investor previously reported, a fundraise that collected $2.3 billion across a commingled fund and separately managed accounts. However, his departure did not trigger a key-man clause for any of Twin Brook’s funds, this person said.

The firm is currently raising Fund III, for which Williams was not included in the key-man provision, as Private Debt Investor previously reported. The vehicle has held a first close on about $2 billion, the fund’s target.

In 2014, Clark and Williams founded Twin Brook, which is the mid-market lending arm of Angelo Gordon. The firm, which has committed $9 billion, invests senior debt in lower mid-market private equity-backed companies.