TPG Inc. and Coller Capital Collaborate on $3 Billion Credit-Focused Continuation Vehicle, Largest in Private Credit Secondaries Market.

TPG Inc and Coller Capital have closed a $3 billion credit-focused continuation vehicle, the largest in the private credit secondaries market. The transaction provides liquidity for existing investors and access to high-quality assets for new investors. It also strengthens TPG's position in the private credit market and supports long-term alignment between the company and its LP base.

TPG Inc. and Coller Capital have closed a $3 billion credit-focused continuation vehicle, marking the largest transaction of its kind in the private credit secondaries market. The continuation vehicle, which was established to acquire a diversified portfolio of floating-rate, senior secured, sponsor-backed loans from TPG Twin Brook’s 2016 and 2018 vintage funds, supports long-term alignment between TPG Twin Brook and its LP base.

The transaction provides existing investors with an attractive liquidity option and offers new investors access to a high-quality pool of private credit assets alongside a long-tenured manager. It also reflects increasing institutional demand for credit secondaries, with transaction volume in the category accelerating as the broader private credit market continues to mature and expand.

Trevor Clark, Founder and Managing Partner of TPG Twin Brook, commented on the successful close of the continuation fund, stating, "The 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. The strong support we received validates our flexible, solutions-based approach, and we look forward to continuing to manage these loans through the next phase of their lifecycle."

Michael Schad, Partner and Head of Coller Credit Secondaries at Coller Capital, added, "We’re proud to back TPG Twin Brook in what is a milestone transaction for the private credit secondaries market. This is a high-quality, diversified portfolio managed by one of the most consistent credit platforms in the market, and we are pleased to support its continued success with long-term, strategic capital."

The transaction was advised by Campbell Lutyens, with legal counsel provided by Debevoise & Plimpton LLP for Coller Capital and Ropes & Gray LLP for TPG Twin Brook. Deutsche Bank provided financing for the transaction.

This significant deal further solidifies TPG's position in the private credit market and demonstrates the growing importance of credit secondaries in providing liquidity and access to high-quality assets for investors. The transaction is a testament to the strong portfolio fundamentals and thoughtful structure that can be achieved through strategic partnerships.

References:
[1] https://www.tpg.com/news-and-insights/tpg-twin-brook-closes-3-billion-continuation-vehicle-led-by-coller-capital
[2] https://www.marketscreener.com/news/tpg-twin-brook-closes-3-billion-continuation-vehicle-led-by-coller-capital-ce7c51dad980f225