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Wednesday, May 3, 2023

Hunt Invests In a $5B-AUM Shop

Reported by Neil Anderson, Managing Editor

David Hunt and his team are poised to snap up a $5-billion-AUM, 16-year-old, nearby shop that specializes in private credit and direct lending to support PE-backed companies.

David A. Hunt
President, CEO
Yesterday, Hunt, president and CEO of Prudential Financial's PGIM [profile], confirmed that PGIM has agreed to acquire a majority stake in Deerpath Capital Management, LP and its affiliates. Once the deal closes, Deerpath is expected to become part of PGIM Private Capital (PPC), with Deerpath co-founders James Kirby and Tas Hasan staying on as CEO and chief operating officer, respectively.

Sera Global advised New York City-based Deerpath on the deal, while BofA Securities advised Newark, New Jersey-based Pru. On the legal side, Purrington Moody Weil LLP counseled Deerpath, while Debevoise & Plimpton LLP counsedl Pru.

"This partnership with Deerpath Capital reflects our ambition to further grow our alternatives platform," Hunt states. PGIM currently has $1.2 trillion in AUM, including $237 billion in its global alternatives business.

The Deerpath deal, Hunt explains, "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." Watch for Deerpath's Hasan and Kirby to work with Jeff Dickson, head of alternatives for PPC.

"We originate billions of dollars of loans every year, and the combination of Deerpath's lower middle market capabilitity and PPC's focus on the core middle market will help materially accelerate the growth of both platforms going forward," Douglass states.

Kirby, for his part, lauds PPC as "an ideal strategic partner for Deerpath."

"Their deep understanding of the asset management business, global footprint and distribution network will help Deerpath grow our direct lending platform, while allowing us to preserve our investment and operational independence," Kirby states. 

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