Twin Brook Capital Partners has raised approximately $2.3 billion in total equity capital for its AG Direct Lending Fund II. The firm’s second direct lending fund will source and underwrite long-term investments in middle-market businesses.

The fund will actively manage a diversified portfolio of middle-market, floating rate, and senior secured loans with a focus on first lien secured debt. The fund primarily seeks senior financing opportunities up to $200 million. AG Direct Lending Fund II has a suite of flexible and customizable financing capabilities that allow for “opportunistic” investments in second lien, mezzanine, unitranche and equity co-investments.

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