Pete Notter
Partner
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- Full Name
- Pete Notter
- Title
- Partner
- Firm
- TPG Twin Brook Capital Partners (the middle-market direct lending business of TPG Angelo Gordon / TPG)
- Firm Type
- Private credit / middle-market direct lending (*note: the stub data classified him as an "Angel Investor" doing "Seed Round" deals — this does not match the verified record. Notter is a senior originator of leveraged/sponsor-backed debt financing, not an early-stage equity angel.*)
- Investment Stage
- Not seed/early-stage equity. Twin Brook provides senior debt financing for private-equity-sponsored buyouts, recapitalizations, add-on acquisitions, and growth capital.
- Check Size
- Firm targets companies with EBITDA of roughly $3M–$50M, with an emphasis on companies at $25M of EBITDA and below; Twin Brook's most recent flagship fund closed at $3.9B in commitments.
- Target Company Profile
- North American, private-equity-backed middle-market companies needing cash-flow-based debt financing for LBOs, recaps, add-ons, and growth.
- Sector Focus
- Sector-agnostic middle-market lending; Twin Brook is noted as one of the most active lenders in healthcare.
- Geographic Focus
- North America
- Location
- Greater Chicago Area (Chicago, IL)
Background
Pete Notter is a Partner at TPG Twin Brook Capital Partners, the Chicago-based middle-market direct lending platform of TPG (formerly part of TPG Angelo Gordon). In his role he focuses on the origination, evaluation, and structuring of new lending opportunities with private equity sponsors — i.e., sourcing and underwriting senior debt that backs sponsor-led acquisitions and recapitalizations of lower-middle-market companies.
He joined Twin Brook in 2016. Before that he was a Director at Madison Capital Funding, another well-known middle-market lending franchise. Earlier in his career he served as a Senior Vice President in the Midwest Corporate Banking Group at National City Bank (a predecessor of PNC Bank), and he began his career at Bank of America. His career has been spent almost entirely in middle-market corporate lending and leveraged finance rather than in venture or angel investing.
Notter holds a B.A. in Economics from Ohio University and an M.B.A. from the Weatherhead School of Management at Case Western Reserve University.
Twin Brook itself was founded by a team of veteran middle-market lenders and operates as TPG's middle-market direct lending business; TPG is a global alternative asset manager with roughly $261B in assets under management. The Twin Brook team numbers around 125 professionals in Chicago, averaging more than 20 years of experience in the middle market.
Investment Thesis & Focus
- Provides cash-flow-based senior debt financing (not equity) to North American, private-equity-sponsored middle-market companies.
- Targets borrowers with EBITDA of ~$3M–$50M, with a deliberate emphasis on the lower middle market ($25M EBITDA and below).
- Flexible product suite supports leveraged buyouts, recapitalizations, add-on acquisitions, and growth capital.
- Relationship-driven, sponsor-focused model: deals come through private equity firms, and Twin Brook positions itself on consistency and reliability across market cycles.
- Particularly active in healthcare lending, among the most active middle-market lenders in that sector.
Notable Investments
- TPG Twin Brook Fund V — closed at $3.9 billion, the firm's largest fund to date.
- $3 billion continuation vehicle — TPG Twin Brook closed a ~$3B continuation vehicle led by Coller Capital.
- AG Twin Brook Capital Income Fund (TCAP) — a non-traded BDC affiliated with the platform, deploying capital into middle-market loans.
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