Twin Bridge targets up to $600M for debut secondaries fund

Twin Bridge targets up to $600M for debut secondaries fund

Wed, September 23, 2026 at 8:17 PM GMT+3 2 min read

Twin Bridge Capital Partners, a fund-of-funds manager focused on the small and lower-middle market, is raising its first dedicated private equity secondaries fund.

The Chicago firm is looking to raise up to $600 million for the fund, dubbed the Twin Bridge Amplify Fund, according to a person familiar with the matter. The fund held an interim close in December with $300 million from an anchor investor and is expected to reach a final close in the first half of 2027, they added.

The Amplify fund will primarily target single-asset continuation fund deals, mainly alongside existing sponsor relationships, the firm said on its website. A quarter of the fund can go towards 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, according to the person.

Twin Bridge declined to comment on the fundraising.

The raise puts Twin Bridge among the growing ranks of managers seeking capital to capture booming secondary-market activity. 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, according to Evercore, the most active intermediary in the market.

Single-asset continuation funds totaled about $34 billion in that period, accounting for 53% of total GP-led volume.

ICG, Carlyle AlpInvest and Lexington Partners are among the established secondaries investors to have launched funds dedicated to investing in 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. Comparable firms 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.

In addition to the inaugural secondary fund, Twin Bridge is seeking 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 are the latest in a busy stretch for Twin Bridge, which wrapped up its sixth flagship fund of funds in May, with more than $855 million in capital. The firm had $5.2 billion in assets under management as of Jan. 1, according to public filings.

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This article originally appeared on PitchBook News