Portfolio Data as of October 31, 2024
Average EBITDA1
Borrowers
Senior Secured First Lien
1 EBITDA is a weighted average at investment closing.
TCAP seeks to generate attractive, consistent total returns by sourcing, underwriting, and actively managing a diversified portfolio principally comprised of floating rate, senior secured loans to private equity-backed middle market companies, with a focus on lower middle market businesses, which we generally define as those with $25 million of EBITDA and below.
With the TPG Twin Brook team’s deep direct originations capabilities and credit underwriting expertise, TCAP is able to maintain robust standards when it comes to deal selectivity and credit discipline, concentrating on loans to market leading companies in non-cyclical industries that have strong historical performance. Additionally, we are the administrative agent or co-lead arranger on 99% of the loans in TCAP’s portfolio.
Portfolio Overview2
Investment Type
Top 15 Industries
- Health care providers and services 29%
- Media 9%
- Trading companies and distributors 8%
- Diversified consumer services 6%
- Commercial services and supplies 4%
- Machinery 4%
- Household durables 3%
- Containers and packaging 3%
- Multisector holdings 3%
- Auto components 3%
- Construction and engineering 3%
- Health care equipment and supplies 3%
- Food Products 2%
- Software 2%
- IT services 2%
2 Measured as the fair value of investments for each category relative to the total fair value of investments. Totals may not sum due to rounding and/or limited number of categories presented.
Top 20 Portfolio Companies by Investment Fair Value3
| Company Name | Sector | Asset Type | Reference Rate & Spread | Closing OID* | % of Fair Value of Investments |
|---|---|---|---|---|---|
| Borrower 1 | Health care providers and services | First Lien Senior Secured | S + 5.25% | 1.0% | 2.1% |
| Borrower 2 | Diversified consumer services | First Lien Senior Secured | S + 5.25% | 3.0% | 2.1% |
| Borrower 3 | Health care providers and services | First Lien Senior Secured | S + 6.00% | 0.9% | 2.1% |
| Borrower 4 | Trading companies and distributors | First Lien Senior Secured | S + 5.75% | 2.0% | 2.0% |
| Borrower 5 | Health care providers and services | First Lien Senior Secured | S + 5.25% | 2.2% | 1.9% |
| Borrower 6 | Multiline Retail | First Lien Senior Secured | S + 5.50% | 1.5% | 1.9% |
| Borrower 7 | Health care providers and services | First Lien Senior Secured | S + 5.25% | 3.0% | 1.6% |
| Borrower 8 | Health care providers and services | First Lien Senior Secured | S + 6.25% | 3.0% | 1.6% |
| Borrower 9 | Auto components | First Lien Senior Secured | S + 5.25% | 2.0% | 1.5% |
| Borrower 10 | Commercial services and supplies | First Lien Senior Secured | S + 5.25% | 2.2% | 1.5% |
| Borrower 11 | Trading companies and distributors | First Lien Senior Secured | S + 5.25% | 1.5% | 1.5% |
| Borrower 12 | Health care providers and services | First Lien Senior Secured | S + 5.50% | 1.6% | 1.5% |
| Borrower 13 | Media | First Lien Senior Secured | S + 5.75% | 2.5% | 1.5% |
| Borrower 14 | Trading companies and distributors | First Lien Senior Secured | S + 5.75% | 2.0% | 1.5% |
| Borrower 15 | Life sciences tools and services | First Lien Senior Secured | S + 6.25% | 1.5% | 1.4% |
| Borrower 16 | Media | First Lien Senior Secured | S + 6.00% | 1.8% | 1.4% |
| Borrower 17 | Construction and engineering | First Lien Senior Secured | S + 5.25% | 2.0% | 1.4% |
| Borrower 18 | Media | First Lien Senior Secured | S + 5.50% | 2.0% | 1.3% |
| Borrower 19 | Electrical equipment | First Lien Senior Secured | S + 4.75% | 1.3% | 1.3% |
| Borrower 20 | Health care providers and services | First Lien Senior Secured | S + 5.25% | 2.0% | 1.3% |
3 All figures presented are as of October 31, 2024 unless otherwise indicated. Top portfolio companies displayed are based on debt holdings exposure.
* Represents original issue discount as a percentage of the deal’s total debt commitment at closing.