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Laxman Pai, Opalesque Asia: Deerpath Capital Management closed lower-middle-market direct lending fund Deerpath Capital V at $1.1 billion.
The fund exceeded the firm's initial target and gathered capital from more than 50 limited partners worldwide, said a press release from the firm. Combined with debt financing, the fundraising gives Deerpath more than $2 billion to deploy, it said.
Fund 5's closing marks another fundraising record for Deerpath and is the firm's largest fundraise in Europe and Asia to date, the release said.
There are over 50 limited partners from around the globe into Fund 5, including Australia, Canada, Germany, Lebanon, Luxembourg, Switzerland, South Korea, and the United Kingdom. Investors include the $3.6 billion Santa Barbara County (Calif.) Employees' Retirement System.
To date, Deerpath has committed approximately 75% of Fund 5 to a large pool of portfolio companies, wholly diversified by industry, geography, and sponsor. Deerpath Capital V pursues first-lien, senior debt financing to U.S. companies with between $50 million and $100 million in enterprise value.
"Deerpath's investment model is designed to deliver sturdy returns while prioritizing capital preservation in any economic climate," it said.
The prior fund, Deerpath Capital IV, closed at $750 million in 2018.
Founded in 2007 by Gary Wendt, James Kirby, and John Fitzgibbons, Deerpath Capital Management, LP is a leading provider of customized, cash-flow-bas...................... To view our full article Click here
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