Twin Bridge Capital Partners is raising its first dedicated private equity secondaries fund, a $600 million vehicle focused on small and lower-middle market deals. The Chicago firm held an interim close in December with $300 million from an anchor investor and expects to reach a final close in the first half of 2027.
The fund, called the Twin Bridge Amplify Fund, targets single-asset continuation fund deals, mostly alongside existing sponsor relationships. A quarter of the fund can go toward co-investments, with up to 20% set aside for tactical opportunities arising from market dislocation. Amplify will write checks of around $20 million to $40 million for companies with an average enterprise value of $1 billion or less.
What the Fund Targets
Twin Bridge is taking a narrower approach than the big players. Established secondaries investors like ICG, Carlyle AlpInvest and Lexington Partners have all launched funds dedicated to single-asset continuation funds, but their transactions skew to the larger end of the market, according to PitchBook data.
Twin Bridge’s fund enters a much less crowded part of the market. Its peers include NorthSands Capital, founded in 2023 by former Blackstone senior managing director Bruce McEvoy, and Orchard Investment Partners, founded in 2024 by former Madison Dearborn Partners’ executives Scott Pasquini and Mark Tresnowski.
The Market Context
The secondary market has grown sharply in recent years. Private equity firms are selling stakes in portfolio companies faster than ever, and the largest deals are attracting the biggest buyers. Evercore, the most active intermediary in the market, reports that secondary deal volume reached a record $121 billion in the first half of the year, with over half of this coming in the form of GP-led deals.
Single-asset continuation funds totaled about $34 billion in that period, accounting for 53% of total GP-led volume. That figure shows how much of the secondary market now runs through continuation vehicles, where sponsors keep control of a portfolio company while selling minority stakes to new investors.
“The Amplify fund will primarily target single-asset continuation fund deals, mainly alongside existing sponsor relationships.”
Twin Bridge’s Track Record
Twin Bridge declined to comment on the fundraising. The firm has raised its sixth flagship fund of funds, wrapping it up in May with more than $855 million in capital. As of Jan. 1, the firm had $5.2 billion in assets under management, according to public filings.
The Amplify fund is the firm’s first dedicated secondaries effort. It is also raising capital for the Twin Bridge Narrow Gate Fund III, its third pool backing small buyout funds, according to a July filing with the Securities and Exchange Commission.
The two funds together mark a busy stretch for Twin Bridge. The firm has spent recent years building its flagship fund of funds business while now adding a secondaries operation.
Why the Niche Matters
The secondaries market has become a major feature of private equity. Evercore’s $121 billion figure for the first half of the year shows how far the market has grown. The fact that GP-led deals made up over half of that volume signals a shift in how sponsors manage their portfolios.
But the market is not uniform. The largest deals attract the largest buyers. That leaves room for smaller players willing to focus on mid-sized opportunities.
Twin Bridge is positioning itself as one of those smaller players. Its $20 million to $40 million check size means it is looking at companies with an average enterprise value of $1 billion or less. That is a distinct segment from the multi-billion-dollar deals pursued by ICG, Carlyle AlpInvest and Lexington.
The Anchor Investor
The interim close in December brought in $300 million from an anchor investor. That commitment gives the fund a strong start before final close.
The fund’s strategy is straightforward. It buys stakes in continuation funds alongside existing sponsors, writes relatively small checks, and holds a portion of capital for tactical opportunities when the market dislocates. The co-investment bucket allows it to participate in deals alongside its primary investments.
The fundraising is still ongoing. Twin Bridge expects to complete the raise in the first half of 2027. The interim close suggests the firm has secured a meaningful base of committed capital.
The Bottom Line
Twin Bridge is entering a crowded but growing market. The secondary market hit a record $121 billion in the first half of the year, and GP-led deals accounted for over half of that volume.
The firm’s strategy is focused on a specific corner of that market. It is targeting single-asset continuation deals below $1 billion, alongside existing sponsor relationships, with checks of $20 million to $40 million. That is a niche where the established firms’ transactions skew to the larger end.
The fundraising is proceeding smoothly so far. Twin Bridge has already secured $300 million from an anchor investor, and the interim close in December suggests the final close is on track for the first half of 2027.
The firm’s existing flagship fund of funds provides a base of experience. Its $5.2 billion in assets under management as of Jan. 1 shows it has built a credible platform.
The secondaries market is unlikely to slow down soon. Evercore’s data shows sustained growth, and the trend toward GP-led deals continues. Twin Bridge is positioning itself to capture a share of that activity in a segment that the largest players have not fully colonized yet.
For Twin Bridge, the bet is that the smaller end of the secondaries market remains underserved. The firm’s fundraising progress so far supports that assumption. Whether the final close reaches the full $600 million target will confirm whether the market agrees.
Source material: “Twin Bridge targets up to $600M for debut secondaries fund,” Yahoo Finance.
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