The Carlyle Group-backed TCG BDC, an externally managed specialty finance company, and Cliffwater, an alternatives investment advisory and management firm, agreed to form Middle Market Credit Fund II, an investment fund joint venture. Financial terms were not disclosed. "Partnering with Cliffwater, one of the world’s leading global alternative investment advisors, will greatly enhance our value as a capital solutions provider and help us deliver incremental value to shareholders. MMCF II will expand TCG BDC’s scalability and investment capabilities at a time when we are seeing increased opportunity to generate attractive risk adjusted returns on new investments. Driven by our similar investment philosophy, we believe TCG BDC is well positioned to earn attractive risk-adjusted returns for its shareholders," Linda Pace, TCG BDC CEO.