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TCAP is a non-traded BDC that seeks to make private credit opportunities in the lower middle market accessible to income-focused investors by sourcing, underwriting, and actively managing a diversified portfolio principally comprised of floating rate, senior secured loans to private equity-backed mid-market companies.

Angelo Gordon Twin Brook Capital Income Fund (TCAP) video


What is TCAP?

AG Twin Brook Capital Income Fund, or TCAP, is a Delaware statutory trust and a non-diversified, closed-end management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940. TCAP is externally managed by its Adviser, AGTB Fund Manager, LLC (the “Adviser”), an affiliate of TPG Angelo Gordon. In making investment decisions on behalf of TCAP, the Adviser will utilize and rely on the experience, insights, professional connections, and expertise of individuals at TPG Angelo Gordon, including Twin Brook Capital Partners, LLC.

What is a business development company, or BDC?

A BDC is a special closed-end investment vehicle that is regulated under the Investment Company Act of 1940 and used to facilitate capital formation by smaller U.S. companies, typically private companies and small public firms that have low trading volumes. BDCs are required to invest at least 70% of their assets in “qualifying assets,” which are generally defined as private U.S. companies or public U.S. companies with less than $250 million in market capitalization. A BDC may also invest up to 30% of its portfolio in “non-qualifying” portfolio investments.

Who are TPG Angelo Gordon and Twin Brook?

Founded in 1988, Angelo, Gordon & Co., L.P. (“TPG Angelo Gordon”) is a diversified credit and real estate investing platform within TPG. The platform currently manages approximately $76 billion* across a broad range of credit and real estate strategies. TPG Angelo Gordon has over 700 employees, including more than 230 investment professionals, across offices in the U.S., Europe, and Asia.

Twin Brook is TPG Angelo Gordon’s middle market direct lending business. TPG Twin Brook is a middle market, sponsor-backed, directly originated, cash flow-oriented direct lender, and TPG Twin Brook’s borrowers are predominantly lower middle market companies, which we generally define as those that generate $25 million of EBITDA and below. Operating under the Twin Brook banner allows TPG Angelo Gordon’s middle market direct lending team to highlight its distinguishing capabilities to investors as well as the private equity community, where Twin Brook sources opportunities, and – given its lower middle market focus – points to the specialized nature of the business.

*TPG Angelo Gordon’s currently stated AUM of approximately $76 billion as of September 30, 2023 reflects fund-level asset-related leverage. Prior to May 15, 2023, TPG Angelo Gordon calculated its AUM as net assets under management excluding leverage, which resulted in TPG Angelo Gordon AUM of approximately $53 billion last reported as of December 31, 2022. The difference reflects a change in TPG Angelo Gordon’s AUM calculation methodology and not any material change to TPG Angelo Gordon’s investment advisory business. For a description of the factors TPG Angelo Gordon considers when calculating AUM, please see the disclosure linked here.

What type of investments do you intend to make?

We believe that TCAP’s investment strategy represents a differentiated approach to middle market direct lending and seeks to provide investors with consistent, downside-protected returns. We seek to invest primarily in privately originated, floating rate, first lien, senior secured loans to private equity-backed U.S. middle market companies, with an emphasis on those with EBITDA of $25 million and below – which we generally define as lower middle market businesses. TCAP may also invest opportunistically in senior secured stretch and unitranche facilities, second lien loans, mezzanine and subordinated debt, and equity investments, either directly or through acquisitions in the secondary market.

Why focus on the lower middle market?

We believe there are many factors that make lending to private equity-backed companies in the lower middle market attractive. We believe the competitive landscape is favorable, as we’ve observed that there are fewer established lenders exclusively focused on this segment – typically providing for greater pricing power and more lender-friendly terms, which supports our ability to seek to produce consistent, stable returns. Additionally, many of the senior members of the TPG Twin Brook team have been focused on this part of the market for 20+ years and have established deep, long-standing relationships with the private equity sponsor community operating in this segment. As such, TPG Twin Brook is often a partner of choice for these sponsors and their portfolio companies’ lending needs, providing for a strong, high-quality flow of deals for the TPG Twin Brook team to evaluate and creating a barrier to entry for new market entrants.

Does TCAP pay distributions?

TCAP will seek to pay regular monthly distributions. Any distributions will be at the discretion of TCAP’s Board of Trustees, who will consider, among other factors, TCAP’s earnings, cash flow, capital needs, and general financial condition. Distributions are not guaranteed. TCAP will operate under regulated investment company (“RIC”) requirements and, as such, will generally be required to distribute at least 90% of its net income to shareholders annually. Distributions may be funded through sources other than TCAP’s cash flow, including the sale of assets, borrowings or return of capital. For further information regarding the source of TCAP’s distributions, see the Performance page of our website.


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Complete information about investing in shares of TCAP is available in the Prospectus. An investment in TCAP involves risks.

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