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$18.8M

Average EBITDA1

208

Borrowers

97%

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 31%
  • Media 9%
  • Diversified consumer services 7%
  • Household durables 5%
  • Containers and packaging 4%
  • Auto components 4%
  • Health care equipment and supplies 4%
  • Construction and engineering 3%
  • Multisector holdings 3%
  • Food Products 3%
  • Trading companies and distributors 3%
  • Software 3%
  • Commercial services and supplies 2%
  • Machinery 2%
  • Food and staples retailing 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

Borrower 1

Health care providers and services

DETAILS

Asset TypeFirst Lien Senior Secured
Reference Rate & SpreadS + 5.75%
Closing OID1.8%
% of Fair Vaue of Investments4.1%

Borrower 2

Health care providers and services

DETAILS

Asset TypeFirst Lien Senior Secured
Reference Rate & SpreadS + 5.75%
Closing OID0.9%
% of Fair Vaue of Investments3.2%

Borrower 3

Auto components

DETAILS

Asset TypeFirst Lien Senior Secured
Reference Rate & SpreadS + 5.25%
Closing OID2.0%
% of Fair Vaue of Investments2.5%

Borrower 4

Health care providers and services

DETAILS

Asset TypeFirst Lien Senior Secured
Reference Rate & SpreadS + 6.25%
Closing OID3.0%
% of Fair Vaue of Investments2.4%

Borrower 5

Construction and engineering

DETAILS

Asset TypeFirst Lien Senior Secured
Reference Rate & SpreadS + 6.50%
Closing OID2.0%
% of Fair Vaue of Investments2.2%

Borrower 6

Media

DETAILS

Asset TypeFirst Lien Senior Secured
Reference Rate & SpreadS + 6.00%
Closing OID2.0%
% of Fair Vaue of Investments2.1%

Borrower 7

Media

DETAILS

Asset TypeFirst Lien Senior Secured
Reference Rate & SpreadS + 6.25%
Closing OID2.0%
% of Fair Vaue of Investments2.0%

Borrower 8

Life sciences tools and services

DETAILS

Asset TypeFirst Lien Senior Secured
Reference Rate & SpreadS + 6.25%
Closing OID1.5%
% of Fair Vaue of Investments1.9%

Borrower 9

Health care providers and services

DETAILS

Asset TypeFirst Lien Senior Secured
Reference Rate & SpreadS + 6.00%
Closing OID2.0%
% of Fair Vaue of Investments1.8%

Borrower 10

Health care providers and services

DETAILS

Asset TypeFirst Lien Senior Secured
Reference Rate & SpreadS + 6.25%
Closing OID1.8%
% of Fair Vaue of Investments1.8%

Borrower 11

Health care providers and services

DETAILS

Asset TypeFirst Lien Senior Secured
Reference Rate & SpreadS + 6.00%
Closing OID2.0%
% of Fair Vaue of Investments1.7%

Borrower 12

Health care technology

DETAILS

Asset TypeFirst Lien Senior Secured
Reference Rate & SpreadS + 5.25%
Closing OID2.0%
% of Fair Vaue of Investments1.7%

Borrower 13

Diversified consumer services

DETAILS

Asset TypeFirst Lien Senior Secured
Reference Rate & SpreadS + 5.50%
Closing OID2.0%
% of Fair Vaue of Investments1.6%

Borrower 14

Containers and packaging

DETAILS

Asset TypeFirst Lien Senior Secured
Reference Rate & SpreadS + 6.25%
Closing OID2.5%
% of Fair Vaue of Investments1.6%

Borrower 15

Household durables

DETAILS

Asset TypeFirst Lien Senior Secured
Reference Rate & SpreadS + 6.00%
Closing OID3.0%
% of Fair Vaue of Investments1.5%

Borrower 16

Media

DETAILS

Asset TypeFirst Lien Senior Secured
Reference Rate & SpreadS + 5.75%
Closing OID2.5%
% of Fair Vaue of Investments1.4%

Borrower 17

Media

DETAILS

Asset TypeFirst Lien Senior Secured
Reference Rate & SpreadS + 5.75%
Closing OID2.0%
% of Fair Vaue of Investments1.4%

Borrower 18

Trading companies and distributors

DETAILS

Asset TypeFirst Lien Senior Secured
Reference Rate & SpreadS + 6.50%
Closing OID2.0%
% of Fair Vaue of Investments1.4%

Borrower 19

Household durables

DETAILS

Asset TypeFirst Lien Senior Secured
Reference Rate & SpreadS + 6.00%
Closing OID2.0%
% of Fair Vaue of Investments1.3%

Borrower 20

Food Products

DETAILS

Asset TypeFirst Lien Senior Secured
Reference Rate & SpreadS + 6.00%
Closing OID2.0%
% of Fair Vaue of Investments1.3%
Company NameSectorAsset TypeReference Rate & SpreadClosing OID*% of Fair Value of Investments
Borrower 1Health care providers and servicesFirst Lien Senior SecuredS + 5.75%1.8%4.1%
Borrower 2Health care providers and servicesFirst Lien Senior SecuredS + 5.75%0.9%3.2%
Borrower 3Auto componentsFirst Lien Senior SecuredS + 5.25%2.0%2.5%
Borrower 4Health care providers and servicesFirst Lien Senior SecuredS + 6.25%3.0%2.4%
Borrower 5Construction and engineeringFirst Lien Senior SecuredS + 6.50%2.0%2.2%
Borrower 6MediaFirst Lien Senior SecuredS + 6.00%2.0%2.1%
Borrower 7MediaFirst Lien Senior SecuredS + 6.25%2.0%2.0%
Borrower 8Life sciences tools and servicesFirst Lien Senior SecuredS + 6.25%1.5%1.9%
Borrower 9Health care providers and servicesFirst Lien Senior SecuredS + 6.00%2.0%1.8%
Borrower 10Health care providers and servicesFirst Lien Senior SecuredS + 6.25%1.8%1.8%
Borrower 11Health care providers and servicesFirst Lien Senior SecuredS + 6.00%2.0%1.7%
Borrower 12Health care technologyFirst Lien Senior SecuredS + 5.25%2.0%1.7%
Borrower 13Diversified consumer servicesFirst Lien Senior SecuredS + 5.50%2.0%1.6%
Borrower 14Containers and packagingFirst Lien Senior SecuredS + 6.25%2.5%1.6%
Borrower 15Household durablesFirst Lien Senior SecuredS + 6.00%3.0%1.5%
Borrower 16MediaFirst Lien Senior SecuredS + 5.75%2.5%1.4%
Borrower 17MediaFirst Lien Senior SecuredS + 5.75%2.0%1.4%
Borrower 18Trading companies and distributorsFirst Lien Senior SecuredS + 6.50%2.0%1.4%
Borrower 19Household durablesFirst Lien Senior SecuredS + 6.00%2.0%1.3%
Borrower 20Food ProductsFirst Lien Senior SecuredS + 6.00%2.0%1.3%

3 All figures presented are as of April 30, 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.

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