TPG Twin Brook Capital Income Fund Surveillance Report

Company Profile

Formed in 2022 as a Delaware Statutory Trust, TPG Twin Brook Capital Income Fund (“TCAP” or “the company”) is a non-diversified, closed-end externally managed business development company (“BDC”) that provides capital primarily in the form of first lien senior secured debt, largely to lower middle market companies. The BDC is structured as a perpetual-life, non-traded BDC with no planned liquidity event. TCAP offers investors up to 5% of its outstanding shares for repurchase quarterly, subject to the discretion of the Board of Trustees.
In January 2023, the company merged with AGTB Private BDC, which had ~$800 million of total investments at fair value (FV). Subsequently, in July 2023, the company merged with AG Twin Brook BDC, Inc. In September 2024, TCAP changed its name from AG Twin Brook Capital Income Fund to TPG Twin Brook Capital Income Fund to build brand awareness of TPG, Inc. (NASDAQ: TPG) and Twin Brook with the credit platform’s distribution…