Twin Brook holds final close on $2bn fund

The close far surpassed its preceding direct lending fund, which was wrapped up on $850m.

Twin Brook Capital Partners has officiated the final close of its second direct lending vehicle on $2.3 billion, the firm said on Wednesday. This total surpassed the fund’s target by $600 million.

The Chicago-based affiliate of Angelo Gordon had nailed down $1.5 billion in equity commitments for the commingled vehicle, AG Direct Lending Fund II, and more than $750 million in separate accounts as of May, as Private Debt Investor exclusively reported then. 

But by the final close, the fund's total equity commitments jumped to $1.6 billion, according to a statement. Fund II targets floating rate, senior secured loans up to $200 million with hold sizes across the Twin Brook platform ranging from $25 million up to $100 million.

The fund exceeded the close amount of AG Direct Lending Fund I, which closed in 2016 and raised $850 million in total equity capital between the fund and separately managed accounts, the statement showed.

The final close of Fund II comes as the firm adds to its underwriting team with the hire of Timothy Schifer, formerly of Madison Capital Funding, who worked with Twin Brook founders Trevor Clark and Chris Williams prior to the establishment of their current firm.