Ropes & Gray Advises on Angelo, Gordon's $2.75 Billion Direct Lending Fund

Ropes & Gray advised Angelo, Gordon’s Twin Brook Capital Partners on the formation and raise of over $2.75 billion in equity commitments for its third direct lending fund, AG Direct Lending Fund III. This exceeded the Fund’s $2 billion target and is the Firm’s largest direct lending fund to date. The Fund is managed by Twin Brook Capital Partners (“Twin Brook”), Angelo Gordon’s middle market direct lending subsidiary. The Fund announced its final close on June 19.

The Ropes & Gray team was led by asset management partner and credit funds initiative leader Jessica O’Mary, and included tax partner Adam Greenwood, asset management associate Shudan Shen, tax associates Denise Sohn and Chris Shim, and corporate associates Kyung Paik and Lisa Goodman

Asset management partner and credit funds initiative leader Jessica O’Mary said: “We are pleased to have again partnered with market leader Twin Brook on enhancing their direct lending platform.”

Ropes & Gray previously advised Angelo, Gordon’s Twin Brook Capital Partners on their first and second direct lending funds, which raised $1.6 billion and $2.3 billion respectively, both also led by Ms. O’Mary.

A pioneer at the inception of the asset management industry, Ropes & Gray today has one of the largest and most sophisticated private fund practices in the world. The world’s leading credit managers turn to Ropes & Gray for cutting-edge advice encompassing all aspects of the formation and operation of credit, structured finance and direct lending funds. Our experience across the funds spectrum and in a wide variety of lending and financing transactions allows us to craft innovative solutions tailored to the unique needs of these credit-focused managers.

Ropes & Gray’s representation was featured in the following articles:

• Law360 - Ropes & Gray Steers Angelo Gordon On $2.75B Lending Fund (June 19, 2019)
• Creditflux - Twin Brook closes latest direct lending fund at $2.75 billion (June 19, 2019)
• ABL Advisor - Ropes & Gray Advises on Angelo, Gordon’s $2.75B Direct Lending Fund (June 20, 2019)
• Global Legal Chronicle - Angelo Gordon Direct Lending Fund’s $2.75+ Billion Fundraising (June 24, 2019)