Coller Capital and TPG Twin Brook Finalize $3 Billion Continuation Fund in Private Credit

Coller Capital and TPG Twin Brook Capital Partners have finalized a $3 billion continuation fund in the private credit secondaries market, marking a landmark transaction in the sector. The deal, concluded on August 13, 2025, offers ongoing management of senior loans and enhances liquidity options for existing investors, reflecting a growing trend in private credit fund restructuring [1]. The transaction, considered one of the largest of its kind, underscores the increasing demand for flexible and liquid investment structures within the private credit space [3].

The collaboration between Coller Capital, a leading secondary market firm, and TPG Twin Brook, known for its middle-market lending expertise, highlights a strategic alignment focused on maximizing the value of high-performing assets. The continuation fund provides continuity for TPG Twin Brook’s 2016 and 2018 funds while enabling investors to access more favorable terms for capital redeployment [1]. Trevor Clark, Founder and Managing Partner of TPG Twin Brook, emphasized the transaction as a testament to the strength of the partnership and the shared commitment to delivering creative liquidity solutions [1].

Private credit senior loans, the primary focus of the deal, remain unaffected by direct influences from cryptocurrency or DeFi markets. Analysts note that the transaction reflects the sector’s broader movement toward alternative structures that balance long-term value creation with investor flexibility [2]. This trend is expected to gain further traction as private credit strategies mature and investor expectations evolve [3].

The continuation fund’s structure allows for the efficient management of TPG Twin Brook’s existing credit holdings while preserving the fund’s core assets. This approach aligns with industry-wide shifts toward more adaptable investment vehicles that cater to the dual demands of liquidity and long-term returns [1]. The deal is also seen as a strategic repositioning for TPG Twin Brook, which has been actively restructuring its portfolio to better align with market dynamics and investor needs [3].

Market observers highlight the significance of the $3 billion agreement in reshaping the private credit landscape. As the industry continues to expand, such large-scale continuation vehicles are expected to become more common, offering new avenues for institutional investors seeking diversified pools of assets [3]. The transaction positions Coller Capital and TPG Twin Brook as key players in the ongoing evolution of private credit, with their combined expertise likely to influence future developments in the sector [2].

Sources:

[1] ABL Advisor, TPG Twin Brook Closes $3B Continuation Vehicle, Led by Coller Capital (https://www.abladvisor.com/news/41276/tpg-twin-brook-closes-3b-continuation-vehicle-led-by-coller-capital)

[2] ABL Advisor, TPG Twin Brook Closes $3 Billion Continuation Vehicle (https://www.abladvisor.com/news/41279/comvest-credit-partners-closes-fourth-middle-market-clo-at-403mm)

[3] Stock Titan, TPG Twin Brook Closes $3 Billion Continuation Vehicle (https://www.stocktitan.net/news/TPG/tpg-twin-brook-closes-3-billion-continuation-vehicle-led-by-coller-mt8jthifrtrq.html)