PGIM takes full ownership of Deerpath Capital

PGIM said on 27 July 2026 that it will acquire the remaining 25% interest in Deerpath Capital, taking full ownership of the private credit manager. The transaction follows PGIM’s 2023 purchase of a 75% stake, and PGIM said Deerpath will keep its investment and operational independence as part of PGIM Private Capital.

PGIM said the move will strengthen its direct lending platform by adding Deerpath’s lower middle market expertise to its existing core middle market and large cap capabilities. It also said the combined platform would sit among a select group of asset managers with capabilities across the direct lending spectrum, while Deerpath’s co-founders, James Kirby and Tas Hasan, will continue to lead the business as chief executive officer and chief operating officer.

Deerpath is an established private credit manager that provides customised, cash-flow-based senior debt financing to sponsor-backed U.S. lower middle market companies. PGIM said the transaction will not alter Deerpath’s investment team capabilities, investment process or underwriting approach, and the deal remains subject to regulatory approval.