TCW Direct Lending

Alternative Products Division

Strategy

TCW Direct Lending specializes in providing senior-secured loans to U.S.-based middle market borrowers. Since 2001, the group has provided private credit solutions to borrowers across a wide range of industries. The group partners with business owners, management teams, financial intermediaries, and asset-based lenders to arrange customized financing solutions for a variety of needs, including:

  • Acquisitions / LBOs
  • Growth Capital
  • Recapitalizations
  • Dividends
 
  • Rescue Financing
  • Debtor-in-possession Financing
  • Chapter 11 Exit Financing
  • Failed Syndications

The group has an extensive, 18-year operating history working with both private equity sponsored and non-sponsored companies, including family-owned businesses, small-cap public companies, employee-owned and other non-traditionally owned businesses. TCW Direct Lending takes a highly individualized and creative structuring approach to address the unique challenges and opportunities of each transaction.

The group is currently investing its seventh flagship fund and can underwrite financing solutions of up to $300 million, with typical hold sizes ranging from $25 million to $150 million. Investments are normally structured as first-lien, senior-secured financings, with the ability to participate in equity co-investments.  

The group’s large committed capital base and experienced professionals enable it to offer flexible structuring alternatives with a high certainty of execution. TCW Direct Lending is committed to being a long-term, value-enhancing partner.

TCW Direct Lending is composed of experienced investment professionals who have extensive credit experience, including expertise in transaction origination, structuring, negotiation, due diligence, and portfolio management.

Investment Team

  • Richard T. Miller
  • James S. Bold
  • Ryan K. Carroll
  • Michael L. Coster
  • Mark Gertzof
  • Suzanne Grosso
  • James D. Synborski
  • David Wang
  • Jason Andreotes, CFA
  • Alison C. Weiss
  • Michael Anello
  • Harry Anscher
  • Hudson Evei, CFA

Legal Disclosures


This material is for general information purposes only and does not constitute an offer to sell, or a solicitation of an offer to buy, any security. Any issuers or securities noted in this document are provided as illustrations or examples only, for the limited purpose of analyzing general market or economic conditions and may not form the basis for an investment decision, nor are they intended to serve as investment advice. Any such issuers or securities are under periodic review by the portfolio management group and are subject to change without notice. TCW makes no representation as to whether any security or issuer mentioned in this document is now in any TCW portfolio. TCW, its officers, directors, employees or clients may have positions in securities or investments mentioned in this publication, which are subject to change without notice. Any information and statistical data contained herein derived from third party sources are believed to be reliable, but TCW does not represent that they are accurate, and they should not be relied on as such or be the basis for an investment decision. All information is as of the date of this presentation unless otherwise indicated. An investment in the strategy described herein has risks, including the risk of losing some or all of the invested capital. An investor should carefully consider the risks and suitability of an investment strategy based on their own investment objectives and financial position. There is no assurance that the investment objectives and/or trends will come to pass or be maintained. The information contained herein may include preliminary information and/or “forward-looking statements.” Due to numerous factors, actual events may differ substantially from those presented herein. TCW assumes no duty to update any forward-looking statements or opinions in this document. This material comprises the assets under management of The TCW Group, Inc. and its subsidiaries, including TCW Investment Management Company LLC, TCW Asset Management Company LLC, and Metropolitan West Asset Management, LLC. Any opinions expressed herein are current only as of the time made and are subject to change without notice. The investment processes described herein are illustrative only and are subject to change. Past performance is no guarantee of future results. © 2019 TCW.

Investment Team

  • Photo: Richard T. Miller
    Richard T. Miller
    Group Managing Director

    Mr. Miller joined TCW in 2013 with the acquisition of the Special Situations Funds Group from Regiment Capital Advisors, LP. He is in charge of the firm’s Direct Lending effort. Under Mr. Miller’s leadership, the group has raised over $7 billion of capital since its inception. Mr. Miller has over 27 years of experience in the capital markets and previously was ranked on the Institutional Investor “All American High Yield Research Team” for six consecutive years, focusing primarily on the metals and mining sectors. Prior to his involvement in high yield research, he was at Chase Manhattan Bank in the Mergers & Acquisitions Group. He then moved on to become a Managing Director with the High Yield Group. Subsequently, he became the head of High Yield Research at BankBoston Securities and in 1999, Mr. Miller joined UBS as a Managing Director and head of the Global High Yield Research Group. Mr. Miller received his BS from Syracuse University and his MBA from the University of Rochester.

  • Photo: James S. Bold
    James S. Bold
    Managing Director

    Mr. Bold joined the TCW Direct Lending group as a Managing Director in 2013 with the acquisition of the Special Situations Funds Group from Regiment Capital Advisors, LP. He joined the group in 2005 and is involved in the origination, due diligence review, structuring, and execution of new investments, and the ongoing management of portfolio companies. Previously, he was a Partner in an energy-focused investment banking firm, Baxter Bold & Company, which he founded in 2002. Prior to that, he was a Managing Director and Head of Global Energy Mergers and Acquisitions for JPMorgan. He began his career in 1980 at Chemical Bank where he specialized in the energy, power, and natural resources industries. Mr. Bold received a BS in Business Administration from Bucknell University.

  • Photo: Ryan K. Carroll
    Ryan K. Carroll
    Managing Director

    Mr. Carroll joined the TCW Direct Lending group in 2016 and is involved in the origination, due diligence review, structuring, execution, and monitoring of investments. Prior to joining TCW, he was a Managing Director within the US Private Capital group at BlackRock. He joined BlackRock in 2015 with the acquisition of BlackRock Kelso Capital Advisors, which he joined in 2005. During this time, Mr. Carroll helped source, structure and monitor debt and equity investments across diverse industries, and he sat on numerous private company boards as a director. Prior to joining BlackRock Kelso Capital Advisors, he worked at JPMorgan in the leveraged finance group, where he began his career in 2004. Mr. Carroll received a BSBA from the Olin School of Business at Washington University in St. Louis.

  • Photo: Michael L. Coster
    Michael L. Coster
    Managing Director

    Mr. Coster joined the TCW Direct Lending group in 2014 and is involved in the origination, due diligence review, structuring, and execution of new investments, and the ongoing management of portfolio companies. Prior to joining TCW, he was a Director in Houlihan Lokey’s Technology, Media, Telecom, and Gaming Group, where he spent five years leading debt private placement and M&A transactions for the international investment bank. Prior to that, Mr. Coster was a Managing Director in the investment banking division of Libra Securities and its predecessor firm, U.S. Bancorp Libra. Mr. Coster has also spent over six years as a finance executive for two large private companies in the manufacturing and telecommunications industries and he began his career in public accounting working as a CPA for Ernst & Young LLP. Mr. Coster is a graduate of the University of Missouri-Columbia where he received a BS in Accounting.

  • Photo: Mark Gertzof
    Mark Gertzof
    Managing Director

    Mr. Gertzof joined the TCW Direct Lending group as a Managing Director in 2013 and is involved in the origination, due diligence review, structuring, and execution of new investments, and the ongoing management of portfolio companies. Prior to joining TCW, he was the Managing Partner of a middle market investment banking and credit advisory firm, Monroe Credit Advisors, which he co-founded in 2009. Prior to that, he was a Managing Director and team leader for Merrill Lynch Capital’s Corporate Finance leverage lending group where he spent six years. Mr. Gertzof started his career at Bank of Boston in 1989 and spent 13 years at BankBoston/Fleet Capital in various positions primarily focused on asset-based lending. Mr. Gertzof holds a BS with high distinction in Finance and Investments from Babson College.

  • Photo: Suzanne Grosso
    Suzanne Grosso
    Managing Director

    Ms. Grosso joined the TCW Direct Lending group as a Managing Director in 2013 with the acquisition of the Special Situations Funds Group from Regiment Capital Advisors, LP. She joined the group in 2004 and is involved in the origination, due diligence review, structuring, and execution of new investments, and the ongoing management of portfolio companies. She has worked in the public and private financial markets since 1994. Previously, Ms. Grosso worked on private equity transactions in Bear Stearns’ Merchant Banking group and was a high yield research analyst at Chase Manhattan Bank. Ms. Grosso received a BA from Cornell University and an MBA from the Wharton School of the University of Pennsylvania.

  • Photo: James D. Synborski
    James D. Synborski
    Managing Director

    Mr. Synborski is a Managing Director in TCW’s Direct Lending group and is responsible for the origination, due diligence review, structuring, execution, and monitoring of investments. Mr. Synborski joined the TCW Direct Lending group in 2013 with the acquisition of the Special Situations Funds Group from Regiment Capital Advisors, LP. He joined Regiment in 2010 and previously worked at NewStar Financial, a Boston-based commercial lender which focuses on the middle market. He has been involved in structuring, underwriting, and monitoring middle market senior secured loan transactions since 2005. Mr. Synborski received a BS in Finance from Babson College.

  • Photo: David Wang
    David Wang
    Managing Director

    Mr. Wang joined TCW in 2013 and the TCW Direct Lending team in 2016 and is involved in the origination, due diligence review, structuring, execution, and monitoring of investments. Previously, Mr. Wang served as Director in the Capital Markets Group at Houlihan Lokey where he provided financing advisory services to middle market companies and financial sponsors. Prior to joining Houlihan Lokey, he served as Chief Financial Officer of Xinhua Finance, a publicly-traded international provider of financial indices, news, ratings and corporate communications products and services, where he led the company’s global restructuring. Prior to that, Mr. Wang was a Vice President in the leveraged finance investment banking division of Libra Securities and its predecessor firm, U.S. Bancorp Libra. He also previously served as Chief Financial Officer of Kentucky Electric Steel, a highly successful turnaround backed by Everest Capital and Libra Securities. Mr. Wang is a graduate of The Wharton School at the University of Pennsylvania where he received a BS in Economics.

  • Photo: Jason Andreotes, CFA
    Jason Andreotes, CFA
    Senior Vice President

    Mr. Andreotes joined the TCW Direct Lending group in 2015. He is involved in the origination, due diligence review, structuring, execution, and monitoring of investments. Previously he worked at Crystal Financial, a Boston-based commercial finance company that provides senior and junior secured loans for both asset-based and cash flow financings to middle market companies. Prior to that, he worked at NewStar Financial, a specialized commercial finance company, in both their Middle Market Leveraged Finance group as well as in their Corporate Business Development group. Mr. Andreotes received a MS in Finance from Boston College, a BS in Finance from Providence College, and is a CFA charterholder.

  • Photo: Alison C. Weiss
    Alison C. Weiss
    Senior Vice President

    Ms. Weiss joined the TCW Direct Lending group as a Senior Vice President in 2014 and is involved in the origination, due diligence review, structuring, and execution of new investments, as well as the ongoing management of portfolio companies. Prior to joining TCW, she worked in idea generation/investment analyst roles at MAST Capital Management and Harbinger Capital Partners where she focused primarily on High Yield and Distressed Credit opportunities. Ms. Weiss began her career in High Yield Research at BankBoston Securities where she focused on the Metals and Mining and Forest Products sectors before moving on to hold various positions at UBS Investment Bank in High Yield Research and High Yield and Distressed Sales. Ms. Weiss received her BA from Colgate University.

  • Photo: Michael Anello
    Michael Anello
    Vice President

    Mr. Anello joined the TCW Direct Lending group in 2015 and is involved in the origination, due diligence review, structuring, execution, and monitoring of investments. Prior to joining TCW, Mr. Anello was a Vice President at Jefferies Finance LLC where he was responsible for underwriting and execution of senior secured loans primarily for sponsor-backed leveraged buyouts and M&A transactions. Prior to that, he was a Senior Analyst at Prudential Capital Group where he focused on senior and mezzanine debt investments in middle market companies. Mr. Anello received a BS in Finance and Economics from Boston College’s Carroll School of Management.

  • Photo: Harry Anscher
    Harry Anscher
    Vice President

    Mr. Anscher is involved in the origination, due diligence review, structuring, and execution of new investments, in addition to ongoing management of portfolio companies, for the TCW Direct Lending group. Prior to joining TCW in 2015, he worked at NewStar Financial, a Boston-based commercial lender that focuses on the middle market, where he was involved in structuring, underwriting, and monitoring middle market senior secured loan transactions since 2012. Mr. Anscher received a BS in Finance from Boston College’s Carroll School of Management.

  • Photo: Hudson Evei, CFA
    Hudson Evei, CFA
    Vice President

    Mr. Evei is involved in the origination, due diligence review, structuring, execution, and monitoring of new investments for the TCW Direct Lending group. Prior to joining TCW in 2017, he worked in Corporate Banking at SunTrust Robinson Humphrey where he was responsible for originating and underwriting middle market loans and managing the relationships of corporate clients in the Northeast. Prior to that, he worked for Cambridge Associates where he served as an Investment Director, managing all aspects of portfolio management for clients including non-profit organizations, foundations, endowments, and high net worth individuals. Mr. Evei received a BS in Finance from Georgetown University and an MBA from the Tuck School of Business at Dartmouth College. He is a CFA Charterholder.

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