TPG Twin Brook Capital Partners, the middle-market direct lending platform of TPG Inc., and private markets secondaries specialist Coller Capital have closed a $3 billion credit-focused continuation vehicle—marking the largest private credit secondaries transaction completed to date. 

The vehicle will acquire a diversified portfolio of floating-rate, senior secured, sponsor-backed loans originated through TPG Twin Brook’s 2016 and 2018 vintage funds. 

“This 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, Founder and Managing Partner of TPG Twin Brook, who launched the platform at Angelo Gordon in 2014 before it became part of TPG through a 2023 acquisition. 

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

Coller’s credit secondaries platform, which raised $6.8 billion in its latest cycle, spans commingled funds, co-investment vehicles, SMAs, and credit-focused perpetual funds. Last month, Coller registered its first fund for U.S. individual investors to access private credit secondaries. 

Advisers on the deal included Campbell Lutyens as financial adviser, Debevoise & Plimpton LLP as legal counsel to Coller, Ropes & Gray LLP for TPG Twin Brook, and Deutsche Bank providing transaction financing.