AG Twin Brook Capital Income Fund Launches with Over $800M in Assets

Real estate and credit-focused investment firm Angelo Gordon, which manages more than $52bn in assets, announced that the AG Twin Brook Capital Income Fund (TCAP) has launched with more than $800mn in assets.

TCAP is a non-traded business development company with approximately $530mn in equity and more than $1bn in total commitments. The fund generates returns largely through current income, and to a lesser extent capital appreciation, by targeting floating rate, senior secured loans.

In line with Angelo Gordon’s middle market direct lending strategy, TCAP focuses on investing in loans to US private equity-backed companies in the middle market, with an emphasis on lower middle market businesses. The firm defines these criteria as those companies with less than $25mn of EBITDA.

“We’ve observed growing interest in private credit as an attractive alternative to traditional fixed income in recent years,” said Trevor Clark, Chief Executive Officer of TCAP and head of Angelo Gordon’s middle market direct lending business, Twin Brook Capital Partners.