(Reuters) – Twin Brook Capital Partners has raised more than $2 billion in a first close of its latest direct lending fund, a person familiar with the matter said on Wednesday.
U.S. alternative lenders like Twin Brook have been on the rise since the 2008 financial crisis, when regulation curtailed lending activity by major banks at the smaller end of the market.
As with prior incarnations, Twin Brook’s AG Direct Lending Fund III will lend to lower mid-market companies, which have between $3 million and $50 million in earnings before interest, taxes, depreciation and amortization (EBITDA). These companies are also primarily owned by private equity firms.
Chicago-based Twin Brook has raised two prior direct lending funds, the first attracting $850 million and the second closing on $2.3 billion.
A spokeswoman for Twin Brook declined to comment.
Take your pick!
- Buyouts delivers exclusive news and analysis about private equity deals, fundraising, top-quartile managers and more. Get your FREE trial or subscribe now.
- VC Journal provides exclusive news and analysis about venture capital deals, fundraising, top-quartile investors and more. Get your FREE trial or subscribe now.