The transaction aims to broaden PGIM’s direct-lending platform by adding Deerpath’s lower middle-market focus to existing middle-market and large-cap lending.
The combined platform would have $16 billion in assets under management and 55 investment professionals.
Deerpath CEO James Kirby and Tas Hasan will keep leading the Deerpath investment process while taking leadership roles in PGIM Credit.
PGIM to acquire full ownership of Deerpath Capital
PGIM, Prudential’s asset-management unit, agreed to buy the remaining 25% of Deerpath Capital, taking its stake to 100%.
The deal updates PGIM’s May 2023 purchase of a 75% stake in Deerpath.
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