Twin Bridge Capital Partners Targets $600 Million for Debut Secondaries Fund

Twin Bridge Capital Partners is seeking up to $600 million for its first dedicated private equity secondaries fund, moving deeper into single-asset continuation vehicles as record secondary-market volumes draw specialist capital into smaller transactions.

The Chicago-based private equity firm held an interim close of $300 million for the Twin Bridge Amplify Fund in December with backing from an anchor investor and is targeting a final close in the first half of 2027. The fundraising would expand a strategy Twin Bridge has already been pursuing through its broader small and lower-middle-market platform.

Amplify targets single-asset continuation vehicles

Twin Bridge plans to deploy most of the Amplify Fund into single-asset continuation vehicles, primarily alongside private equity sponsors with which it already has relationships.

The firm describes its broader investment model as providing capital across primary fund investments, equity co-investments and GP-led secondaries. Its website lists single-asset continuation vehicles and co-investments as a dedicated strategy within its North American small and lower-middle-market focus. Twin Bridge has raised more than $5.4 billion since inception and had deployed about $4.8 billion as of March 31, 2026.

Twin Bridge’s positions the manager as a capital provider to smaller North American buyout sponsors, giving Amplify an existing network from which to source continuation transactions.

The new vehicle is expected to make investments of roughly $20 million to $40 million, targeting companies with average enterprise values of $1 billion or less. About 25% of the fund can be allocated to co-investments, while as much as 20% can be used for tactical opportunities arising from market dislocations.

That mandate places Twin Bridge below the scale at which many of the largest secondaries managers concentrate their capital, potentially giving it access to transactions that are too small to materially move multibillion-dollar secondary funds.

Secondaries volume reaches record $121 billion

The fundraising comes during a record year for secondary-market activity.

Global secondary deal volume reached $121 billion during the first half of 2026, according to Evercore data cited by PitchBook. GP-led transactions accounted for more than half of that activity, while single-asset continuation vehicles generated about $34 billion, representing 53% of GP-led volume.

Continuation vehicles allow a private equity sponsor to move one or more portfolio companies from an older fund into a newly capitalized vehicle. Existing LPs typically receive the option to sell their interests or roll their exposure into the new structure, giving sponsors additional time to own assets that they do not want to exit immediately.

PE NEWSWIRE recently reported that CVC raised $10 billion for its largest secondaries fund, nearly doubling the size of its predecessor as institutional investors allocate more capital to private-market liquidity strategies.

Twin Bridge is pursuing a different part of that market. Established investors including ICG, Carlyle AlpInvest and Lexington Partners have launched dedicated single-asset strategies, but their transactions generally skew toward larger assets.

Existing portfolio provides a secondaries pipeline

Twin Bridge’s expansion into a dedicated vehicle follows years of investing alongside smaller private equity sponsors.

The manager said in May that it had invested more than $100 million across 16 continuation vehicles, alongside approximately 150 fund investments and more than $1.4 billion of direct equity co-investments since its founding in 2005.

Those figures were disclosed when Twin Bridge closed Pacific Street Fund VI with more than $855 million, exceeding its $800 million target. The fund invests in lower-middle-market buyout funds and co-investments, with fund commitments generally ranging from $25 million to $35 million and co-investments from $10 million to $20 million. Twin Bridge’s Pacific Street Fund VI closing announcement provides the clearest public measure of the firm’s existing sponsor network and continuation-vehicle activity.

That installed network matters for Amplify because sourcing is a significant differentiator in single-asset secondaries. Existing relationships can give a buyer earlier access to portfolio-company information and a longer history with the sponsor managing the asset.

Twin Bridge expands as LP liquidity demand grows

The Amplify launch also reflects a broader expansion of the secondary market beyond conventional purchases of LP fund stakes.

PE NEWSWIRE has tracked structured fund-stake transactions gaining momentum as private equity investors seek liquidity, with preferred-equity and other structured solutions giving investors additional ways to generate cash from private-market portfolios without an immediate conventional exit.

For Twin Bridge, the strategy adds a dedicated GP-led product alongside its established fund-of-funds and co-investment business. The manager is simultaneously raising Twin Bridge Narrow Gate Fund III, its third vehicle focused on small buyout funds. A July 15 SEC filing identifies Narrow Gate Fund III as a Delaware private equity fund, although the filing does not disclose a target amount.

The Amplify Fund itself was formed in Delaware in 2025. Its initial Form D listed an indefinite offering amount and no completed sales when filed Dec. 18, meaning the regulatory filing alone does not establish the subsequently reported $600 million fundraising target.

Twin Bridge’s move into a dedicated secondaries vehicle therefore combines two trends reshaping private equity liquidity: the rapid expansion of GP-led transactions and the development of increasingly specialized funds targeting segments below the largest continuation deals.

If Amplify reaches its $600 million target, Twin Bridge would have a substantially larger pool of dedicated capital to apply the sponsor relationships built through more than two decades of investing in North America’s small and lower-middle-market buyout ecosystem.