TPG Twin Brook and Coller Capital Close $3 Billion Record Continuation Vehicle
Deal News | Aug 12, 2025 | Campbell Lutyens
The article covers the completion of a $3 billion credit-focused continuation vehicle between TPG Twin Brook Capital Partners and Coller Capital. Campbell Lutyens acted as the financial adviser for this significant transaction, marking the largest of its kind in the private credit secondaries market. The continuation vehicle was designed to acquire a diversified portfolio of floating-rate, senior secured, sponsor-backed loans from TPG Twin Brook's 2016 and 2018 vintage funds. This move reflects the increasing institutional demand for credit secondaries, highlighting the ongoing maturation and expansion of the private credit market. The vehicle offers a liquidity option for existing investors and new access to high-quality private credit assets for new investors, maintaining long-term alignment between TPG Twin Brook and its limited partners while continuing active management of a diversified portfolio of North American middle-market borrowers.
Sectors
- Private Equity
- Private Credit
- Financial Advisory
Geography
- United States – Both TPG Twin Brook and the target loan portfolio primarily focus on the North American market, particularly the United States.
Industry
- Private Equity – TPG Twin Brook and Coller Capital's involvement in a continuation vehicle highlights the role of private equity firms in the secondary market and credit investments.
- Private Credit – The article focuses on a private credit transaction, indicating its relevance to the private credit sector.
- Financial Advisory – Campbell Lutyens is highlighted as a financial adviser in this major transaction, indicating the importance of financial advisory services in deal structures.
Financials
- $3 billion – The total value of the credit-focused continuation vehicle transaction, marking it as the largest in the private credit secondaries market.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| TPG Twin Brook Capital Partners | Target Company | Company | The middle-market direct lending platform of TPG Inc., engaging in acquiring and managing credit assets. |
| Coller Capital | Buyer | Company | The world's largest dedicated private market secondaries manager, involved in the transaction of credit assets. |
| Campbell Lutyens | Financial Adviser | Company | Provided financial advisory services for the execution of the continuation vehicle transaction. |