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Laxman Pai, Opalesque Asia: PGIM, the $1.2 trillion global investment management business of Prudential Financial, will acquire a majority interest in U.S. private credit and direct lending manager Deerpath Capital Management.
With over $5 billion in assets under management, Deerpath Capital is a U.S. provider of senior debt financing to U.S. lower middle market companies backed by private equity sponsors focused mostly on financing private equity sponsor-backed companies in the lower middle market.
Terms of the deal were not disclosed in a joint press release.
According to the release, Deerpath Capital will retain its investment and operational independence as part of PGIM Private Capital (PPC) and will receive significant support from PGIM as part of the strategic partnership.
Deerpath Capital co-founders James Kirby and Tas Hasan will continue to manage the business as chief executive officer and chief operating officer, it said.
"This partnership with Deerpath Capital reflects our ambition to further grow our alternatives platform," said David Hunt, president and CEO of PGIM. "It complements PGIM Private Capital's existing direct lending capabilities by adding expertise in the lower middle market-sponsored space, further enhancing the direct origination platform of PGIM Private Capital's core middle market-focused direct lending platform."
Bringing together the benefits of global scale and deep asset-class expertise across public and private market...................... To view our full article Click here
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