Twin Brook Capital Partners
Twin Brook Capital Partners (TPG Twin Brook) is a Chicago-based private direct lender founded in 2014 that provides cash-flow based senior secured, unitranche, and stretch senior loans to U.S. lower middle market companies backed by private equity sponsors, with deep healthcare sector specialization.
- Company typePrivate
- Founded2014
- HeadquartersChicago, United States
- Headcount101–250
- GTM typeB2B
- OfferingServices
What Twin Brook Capital Partners does
Twin Brook Capital Partners (operating as TPG Twin Brook Capital Partners since the 2023 acquisition of parent Angelo Gordon by TPG) is a private, Chicago-based direct lending firm founded in Q4 2014 that provides cash-flow based financing solutions to private equity sponsors in the lower middle market. The firm targets U.S. companies with $3 million to $50 million of EBITDA — with particular emphasis on companies at or below $25 million of EBITDA — offering senior financing up to $400 million per transaction with hold sizes of $25 million to $250 million. Its core product suite consists of five instruments: revolvers, first lien senior secured loans, stretch senior loans, unitranche loans, and equity co-investments, deployed across sponsor-led leveraged buyouts, recapitalizations, add-on acquisitions, and growth capital situations.
The firm serves as a direct lender through bilateral relationships with 98+ PE sponsors, acting as lead or co-lead arranger on 56% of its transactions, and has closed 525+ transactions totaling $13.6 billion in arranged commitments since inception, with the company website citing $28 billion+ and 1,504+ transactions cumulatively. It generates revenue through interest income on its loan portfolio, arrangement and administrative agent fees, and management economics on its funds. As a subsidiary of TPG Angelo Gordon, Twin Brook benefits from the parent's institutional capital base, infrastructure, and distribution, and has raised successive flagship direct lending funds — over $2.3 billion (2017), over $2.75 billion (2019), an $800 million income-focused vehicle (2023), and approximately $3 billion (2025).
Twin Brook has built deep vertical specialization, most notably in healthcare — where it ranked #1 most active lender in PitchBook's 2021 and 2022 PE Lending League Tables and committed over $3.5 billion to healthcare transactions in 2021 — alongside sector experience in aerospace, business services, distribution, education, financial services, insurance, industrial/manufacturing, and software. The firm employs 101-250 people operating from a single Chicago headquarters and was recognized as Lender of the Year by M&A Atlas Awards, Private Debt Investor, and Mergers & Acquisitions on multiple occasions between 2017 and 2022.
Twin Brook Capital Partners firmographics
Firmographics- Name
- Twin Brook Capital Partners
- Legal name
- TPG Twin Brook Capital Partners
- Website
- https://twincp.com
- Company type
- Private
- Founded year
- 2014
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- Twin Brook Capital Partners (TPG Twin Brook) is a Chicago-based private direct lender founded in 2014 that provides cash-flow based senior secured, unitranche, and stretch senior loans to U.S. lower middle market companies backed by private equity sponsors, with deep healthcare sector specialization.
- Ownership category
- akta.pro rank
Twin Brook Capital Partners industry classification
Industry- Product category
- Direct Lending / Private Credit
- NAICS
- Other Financial Vehicles (52599)
- SIC
- Miscellaneous Business Credit Institution (6159)
- akta.pro primary industry
- Senior Secured Direct Lending (FSANADAA)
- akta.pro secondary industries
- Large-Cap / Sponsor Finance Direct Lending (FSANADAJ), Direct Lending — Junior Capital (Second Lien & Mezzanine) (FSAHAJAC)
Keywords
Where Twin Brook Capital Partners is headquartered
LocationHeadquarters
- HQ city
- Chicago
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Twin Brook Capital Partners business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure
Revenue model
- Interest Income from Lending: TPG Twin Brook generates revenue primarily through interest income on its senior secured loans, stretch senior loans, unitranche loans, and revolvers extended to private equity-backed companies in the lower middle market.
- Loan Arrangement and Advisory Fees: The firm earns fees for arranging financing, serving as administrative agent, and providing tailored financing solutions for leveraged buyouts, recapitalizations, and acquisitions.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels4 records
Twin Brook Capital Partners product offering
Product offeringCore offering
TPG Twin Brook Capital Partners is a direct lender providing cash-flow based financing solutions to private equity sponsors in the lower middle market. The firm offers a flexible suite of senior secured lending products — including revolvers, first lien senior secured loans, stretch senior loans, unitranche loans, and equity co-investments — to support sponsor-led buyouts, recapitalizations, add-on acquisitions, and growth capital transactions. Senior financing is sized up to $400 million per transaction, with hold sizes typically ranging from $25 million to $250 million, targeting companies with $3 million to $50 million of EBITDA.
Product overview
Twin Brook Capital Partners operates as a single, unified financing platform offering a flexible suite of lending products to the middle market private equity community. The core offering consists of five distinct financing products: Revolvers, First Lien Senior Secured Loans, Stretch Senior Loans, Unitranche Loans, and Equity Co-Investments. These products are designed to support sponsor-led buyouts and recapitalizations, with the ability to provide tailored financing solutions across leveraged buyouts, add-on acquisitions, growth capital, and other situations. The firm targets companies with $3 million to $50 million of EBITDA, with emphasis on companies with $25 million of EBITDA and below, providing senior financing opportunities up to $400 million with hold sizes ranging from $25 million to $250 million.
Differentiator
Problem solved
Functional benefit
Products and services
- Revolvers
Quantifiable outcome
- Over 525 transactions closed and $13.6 billion in total arranged commitments since inception in Q4 2014
- +2 more outcomes
Companies that use Twin Brook Capital Partners
Customer profileNamed customers4 records
Segments3 records
Ideal customer profiles2 records
Twin Brook Capital Partners technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Twin Brook Capital Partners partnerships and signals
Strategic signalScale indicators10 records
Recent moves7 records
Expansion highlights5 records
Twin Brook Capital Partners competitors and assessment
Company assessmentDirect peers
- Golub Capital: Golub Capital is the largest U.S. middle market direct lender, providing senior secured, stretch senior, and unitranche financing to PE-backed companies in a comparable lower-middle-market segment. It is Twin Brook's closest competitor on business model, sponsor relationships, and target borrower profile.
- Antares Capital: Antares Capital is a major middle market direct lender offering first lien, unitranche, and co-investment financing to PE sponsors across the U.S. Its product mix, deal size range, and sponsor-led origination model closely mirror Twin Brook's lower-middle-market focus.
- New Mountain Finance Corporation: New Mountain Finance is a publicly traded BDC focused on senior secured direct lending to middle market PE-backed companies, with similar defensive growth and healthcare sector exposures. Its fund-style middle market credit strategy is directly comparable to Twin Brook's direct lending platform.
- Madison Capital Funding: Madison Capital Funding is a long-established middle market direct lender focused on senior secured loans to PE-sponsored companies, and is the former employer of multiple Twin Brook senior partners (including Faraaz Kamran and Christopher Martin), making its business model and target borrower nearly identical.
- PennantPark Floating Rate Capital: PennantPark is a BDC providing senior secured floating-rate loans to middle market PE-backed companies, with comparable deal sizes, sponsor relationships, and first-lien orientation. It competes head-to-head with Twin Brook for many of the same lower-middle-market transactions.
- Main Street Capital: Main Street Capital is a publicly traded specialty finance company providing first lien debt and equity to lower middle market companies, often sponsor-backed. Its lower-end of the middle market focus and unitranche-style structures overlap materially with Twin Brook's core segment.
- H.I.G. WhiteHorse Capital: H.I.G. WhiteHorse is the credit affiliate of H.I.G. Capital, providing senior secured loans to middle market PE-sponsored borrowers. Its fund-style direct lending strategy and middle market sponsor focus make it a direct competitor to Twin Brook's lower-middle-market lending franchise.
Broad incumbents
- Sixth Street Partners: Sixth Street is a large global alternative credit manager with significant direct lending and private credit capabilities spanning middle and upper middle market. While broader in mandate and scale than Twin Brook, it competes for many of the same PE-sponsored borrowers and pursues similar healthcare and services verticals.
- Blue Owl Capital: Blue Owl Capital is a major alternative asset manager with a large direct lending franchise (formed via the Owl Rock and Dyal merger) competing for middle market PE-sponsored loans. It overlaps with Twin Brook on sponsor relationships and senior secured product offerings, but at significantly greater scale.
- Ares Management (Credit): Ares Management operates one of the largest direct lending and private credit platforms globally, including U.S. middle market senior loan funds that compete with Twin Brook. Its direct lending business shares Twin Brook's focus on first lien loans to PE-sponsored companies but operates at meaningfully greater scale and breadth.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Twin Brook Capital Partners social profiles
Digital presenceTwin Brook Capital Partners financial estimates
Financial estimateRevenue estimate
Valuation estimate
Twin Brook Capital Partners leadership team
Management profileNumber of profiles
Profiles17 records
Twin Brook Capital Partners funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Twin Brook Capital Partners M&A and investment
M&A and investmentM&A
Investments17 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Twin Brook Capital Partners
What does Twin Brook Capital Partners do?
TPG Twin Brook Capital Partners is a direct lender providing cash-flow based financing solutions to private equity sponsors in the lower middle market. The firm offers a flexible suite of senior secured lending products — including revolvers, first lien senior secured loans, stretch senior loans, unitranche loans, and equity co-investments — to support sponsor-led buyouts, recapitalizations, add-on acquisitions, and growth capital transactions. Senior financing is sized up to $400 million per transaction, with hold sizes typically ranging from $25 million to $250 million, targeting companies with $3 million to $50 million of EBITDA.
Is Twin Brook Capital Partners a public or private company?
Twin Brook Capital Partners is a private company. It is classified as corporate owned and is currently operating.
When was Twin Brook Capital Partners founded?
Twin Brook Capital Partners was founded in 2014. It employs 101 to 250 people.
Where is Twin Brook Capital Partners based?
Twin Brook Capital Partners is headquartered in Chicago, United States, in the North America region.
How does Twin Brook Capital Partners make money?
Two revenue lines are on record. Interest Income from Lending is the primary driver. The others are loan Arrangement and Advisory Fees.
Who are Twin Brook Capital Partners's main competitors?
Direct peers on record are Golub Capital, Antares Capital, New Mountain Finance Corporation, Madison Capital Funding, PennantPark Floating Rate Capital, Main Street Capital and H.I.G. WhiteHorse Capital. Broad incumbents are Sixth Street Partners, Blue Owl Capital and Ares Management (Credit).
Does Twin Brook Capital Partners have an API?
No public API is recorded for Twin Brook Capital Partners.
What industry is Twin Brook Capital Partners in?
Twin Brook Capital Partners's product category is Direct Lending / Private Credit. Its primary akta.pro industry code is FSANADAA, Senior Secured Direct Lending, with a secondary code of FSANADAJ, Large-Cap / Sponsor Finance Direct Lending. Its NAICS code is 52599 and its SIC code is 6159.