PGIM to acquire direct lender Deerpath Capital

• Deerpath Capital co-founders James Kirby and Tas Hasan will continue to manage the business as CEO and chief operating officer, respectively
• Sera Global was financial advisor to Deerpath Capital while BofA Securities served as financial advisor to Prudential
• Deerpath Capital Management has more than $5 billion of assets under management, as of March 2023

PGIM has agreed to acquire a majority stake in Deerpath Capital, a U.S. private credit and direct lending manager focused on backing private equity-backed companies in the lower middle market. No financial terms were disclosed.

PGIM is the global investment management business of Prudential Financial Inc.

Deerpath Capital co-founders James Kirby and Tas Hasan will continue to manage the business as CEO and chief operating officer, respectively.

“This partnership with Deerpath Capital reflects our ambition to further grow our alternatives platform,” said David Hunt, president and CEO of PGIM, in a statement. “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.”

Since its inception in 2007, Deerpath Capital has deployed over $8.8 billion of invested capital in more than 850 investments.

Sera Global was financial advisor to Deerpath Capital while BofA Securities served as financial advisor to Prudential.

Deerpath Capital Management has more than $5 billion of assets under management, as of March 2023.