Deerpath Capital Management has closed its oversubscribed fifth fund with $1.1 billion of capital commitments.
Limited partners in the new senior debt-focused fund include institutional investors in Australia, Canada, Germany, Lebanon, Luxembourg, Switzerland, South Korea and the United Kingdom.
Deerpath invests from $15 million to $50 million in companies with revenues of $10 million to $200 million, and EBITDA from $3 million to $15 million. The firm’s transaction types range from senior secured loans to senior stretch, unitranche loans, and minority equity. Deerpath’s sectors of interest include technology, healthcare, business services, consumer and retail, distribution, niche manufacturing, energy services, financial services, telecommunications and media.
“We are very proud of the success of this fundraise, which was oversubscribed despite a challenging environment due to COVID-19,” said Tas Hasan, a partner at Deerpath. “We are pleased to see increased interest from new investors globally combined with the sustained support from our existing limited partner base.”
Deerpath has already invested approximately 75% of Fund V. In August 2020, Deerpath provided debt financing to support Palladin Consumer Retail Partners acquisition of Decowraps, a Florida-based manufacturer of packaging for fresh cut flowers and potted plants. Deerpath’s financing included an unfunded acquisition line and a revolving credit facility.
“We have steadfastly maintained our initial investment thesis that we implemented nearly fourteen years ago of prioritizing safety in all economic climates to protect against the unexpected,” added Mr. Hasan. “This strategy has been time tested and provides clear differentiation for Deerpath within the direct lending market.”
Deerpath Capital was founded in 2007 by Gary Wendt, James Kirby, and John Fitzgibbons and has offices in New York City, Fort Lauderdale, Boston, Los Angeles and Chicago.
© 2021 Private Equity Professional | May 14, 2021