TPG’s Twin Brook Seeks $3.5 Billion for New Direct Lending Fund

TPG Inc.’s Twin Brook Capital Partners started to raise cash for its latest direct lending fund, according to people familiar with the matter.

The private debt manager is seeking $3.5 billion for its TPG Twin Brook Fund VI, said the people, who asked not to be identified because the matter is private. Twin Brook targeted $3 billion for the previous vintage of the fund and ended up attracting $3.9 billion.

As competition to lure investors to direct lending products heats up, Twin Brook plans to charge a success fee of 12.5% for the new fund compared to the 15% ...