Twin Brook Capital Partners, the middle-market direct lending subsidiary of Angelo, Gordon & Co., has hired Timothy Schifer, the former Director of Portfolio Management at Madison Capital Funding, as a Managing Director. Mr. Schifer will be active with underwriting and portfolio management and he will be based in Chicago.
“Tim is a well-respected industry executive with significant expertise underwriting and managing middle-market loan transactions. Having previously worked closely with Tim for more than a decade, we have witnessed first-hand his knowledge and commitment to the oversight of a middle-market portfolio,” said Trevor Clark and Chris Williams, Co-Heads of Twin Brook, in a released statement.
Mr. Schifer has more than 25 years of lending experience in the middle-market. During his 14-year tenure with Madison Capital Funding, Mr. Schifer oversaw the firm’s loan and investment portfolio, and also served as underwriting deal team leader, new business and sponsor client relationship manager, and senior portfolio manager. Previously, he financed middle-market, private equity-sponsored transactions at the leveraged finance units of Mercantile Bank and LaSalle Bank. Mr. Schifer has a Bachelor of Science degree from the US Air Force Academy and a Master of Business Administration degree from the University of Wyoming.
“Over the past three years Chris and Trevor have built a differentiated platform focused on the lower end of the middle-market, backed by an exceptional team of industry professionals. I am thrilled to join Twin Brook during a significant time in the firm’s evolution and look forward to building upon their momentum,” said Mr. Schifer.
In another personnel move, Twin Brook has announced that Vishal Sheth, a former Director on Angelo, Gordon’s finance and accounting team, has been appointed Chief Financial Officer. As a senior member of Angelo, Gordon’s finance and accounting team, Mr. Sheth was involved in firm wide business development, financial planning, and management reporting. In addition, he was instrumental in developing the accounting and finance functions for the Twin Brook platform. Prior to joining Angelo, Gordon in 2014, Mr. Sheth worked at Fortress Investments and PricewaterhouseCoopers. He has a Bachelor of Science degree from New York University and a Master of Business Administration degree from Dartmouth University. Mr. Sheth will be based in Chicago.
“Since launching Twin Brook, we have been focused on building a team with best-in-class industry talent to ensure we are well-positioned to serve our borrowers and private equity clients in the US middle-market. The additions of Tim and Vishal are a testament to this effort and we are excited to leverage their distinct skillsets to further meet our business objectives,” said Messrs. Clark and Williams.
Late last month, Twin Brook held a final close of AG Direct Lending Fund II with total capital commitments of $1.6 billion, markedly above the firm’s $1.0 billion target. Including separately managed accounts, the total capital raised was $2.3 billion.
Twin Brook’s focus is on loans to private equity-owned companies with EBITDA between $3 million and $50 million, with an emphasis on companies with $25 million of EBITDA and below. Since its founding in the fourth quarter of 2014, Twin Brook has closed 114 transactions and provided total arranged commitments of over $3.2 billion. The firm raised its first fund, AG Direct Lending Fund I, in 2016 with $850 million in total equity capital between the fund and separately managed accounts. Twin Brook is headquartered in Chicago (www.twincp.com).
Angelo, Gordon & Co., Twin Brook’s parent company, is an alternative investor with a focus on credit, real estate, private equity, and other strategies. The firm, founded in November 1988, currently manages approximately $28 billion in capital and has over 420 employees, including 160 investment professionals. Angelo, Gordon & Co. is headquartered in New York with additional offices in San Francisco, Los Angeles, Chicago, Houston, London, Amsterdam, Hong Kong, Seoul, Frankfurt and Tokyo (www.angelogordon.com).
© 2017 Private Equity Professional | August 9, 2017