TPG Twin Brook Capital Partners, the middle-market direct lending arm of global asset manager TPG Inc, has closed a $3-billion credit-focused continuation vehicle backed by Coller Capital.
The continuation vehicle allows TPG Twin Brook Capital Partners to recapitalise a portfolio of floating-rate, senior secured loans from its 2016 and 2018 vintage funds, per the announcement.
The vehicle offers existing investors a liquidity option while allowing new investors to participate alongside the firm in a diversified pool of private credit assets.
“The successful close of our first continuation fund underscores the strength of our partnership with Coller Capital,” said Trevor Clark, founder and managing partner of TPG Twin Brook.
The deal underscores rising institutional appetite for credit secondaries as the broader private credit market expands, the companies said.
Continuation vehicles allow private equity and credit fund managers to extend the life of performing assets beyond the typical fund lifecycle, giving original investors the choice to cash out or roll into the new vehicle.
Michael Schad, partner at Coller Capital, described the portfolio as “high-quality” and “managed by one of the most consistent credit platforms in the market.”
TPG, which manages $261 billion in assets, invests across private equity, impact, credit, real estate, and market solutions.
The firm has racked up $402 million so far for its first-ever mid-cap private equity fund for Asia’s developed markets after its CEO Jon Winkelried announced in February that the fund had reached almost half of its fundraising goalin the first close.
The 2025-vintage fund has deployed $52 million, show its first quarter earnings.
TPG NewQuest, one of the region’s leading secondary private equity platforms, also closed its fifth Asia-focused secondaries fund at $981 million.
The total includes a $689-million core co-mingled vehicle, anchored by a $20-million general partner commitment, and several separately managed accounts, according to the report.
Coller Capital, on the other hand, announced in July the final closing of Coller Credit Opportunities II, bringing a record total of $6.8 billion raised for Coller’s credit platform in its latest fundraising cycle.
