PGIM boosts $237bn alternatives platform with acquisition of private credit firm

Deerpath Capital

PGIM has bolstered its $237bn global alternatives platform and private credit capabilities with the acquisition of a majority interest in private credit manager Deerpath Capital Management and its associates.

As part of the deal, subject to regulatory approval, the $5bn US-based firm will join PGIM Private Capital (PPC) but retain its investment and operational independence while receiving support from PGIM as part of the strategic partnership. Deerpath Capital primarily focuses on financing private equity sponsor-backed companies in the lower middle market, while PGIM's direct lending business focuses on the core middle market.  PGIM Investments taps BNY Mellon for head of international distribution "This partnership with Deerpath Capital reflects our ambition to further grow our alter...