Ropes & Gray Advised TPG Twin Brook on $3 Billion Continuation Vehicle

Ropes & Gray advised TPG Twin Brook Capital Partners on the closing of a $3 billion credit-focused continuation vehicle, which represents the largest completed transaction of its kind to date in the private credit secondaries market. The transaction was announced in a press release on August 12.

The continuation vehicle 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. The transaction involved a consortium of investors led by Coller Capital, the world’s largest dedicated private market secondaries manager.

The Ropes & Gray team includes asset management partners Laura Hirst, Laurel FitzPatrick and Katie Waite, tax partner Adam Greenwood, and alternative asset opportunities counsel Rob Schmidt.