
Full ownership will create a more comprehensive direct lending platform across the middle market and large cap segments


PGIM has agreed to acquire the remaining 25% interest in Deerpath Capital; bringing the firm’s

<p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">Full ownership will create a more comprehensive direct lending platform across the middle market and large cap segments</b>

</p><p xmlns="http://www.w3.org/1999/xhtml">
PGIM has agreed to acquire the remaining 25% interest in Deerpath Capital; bringing the firm’s ownership to 100%. This transaction follows PGIM’s initial acquisition of a 75% stake announced in May 2023 and is subject to regulatory approval.

</p><p xmlns="http://www.w3.org/1999/xhtml" id="news-body-cta">This press release features multimedia. View the full release here: <a xmlns="http://www.w3.org/1999/xhtml" href="https://www.businesswire.com/news/home/20260727723428/en/" rel="nofollow">https://www.businesswire.com/news/home/20260727723428/en/</a></p><div xmlns="http://www.w3.org/1999/xhtml" id="bwbodyimg" style="width: 480px; float:left; padding-left:0px; padding-right:20px; padding-top:0px; padding-bottom:0px;"><img xmlns="http://www.w3.org/1999/xhtml" src="https://mms.businesswire.com/media/20260727723428/en/2859833/4/Harvey_Matt.jpg" alt=""We continue to believe the traditional middle market remains an attractive and important segment for borrowers and investors." --Matt Harvey, Global Head of Middle Market Direct Lending, PGIM"></img><p xmlns="http://www.w3.org/1999/xhtml" style="font-size:85%;">"We continue to believe the traditional middle market remains an attractive and important segment for borrowers and investors." --Matt Harvey, Global Head of Middle Market Direct Lending, PGIM</p></div><p xmlns="http://www.w3.org/1999/xhtml">
The acquisition will strengthen PGIM’s direct lending platform by adding Deerpath Capital’s lower middle market expertise to PGIM’s existing core middle market and large cap capabilities. With the addition of Deerpath’s lower middle market platform, PGIM will be positioned among a select group of asset managers with capabilities across the direct lending spectrum, with a combined $16B in AUM across a team of 55 investment professionals.&#x2A;

</p><p xmlns="http://www.w3.org/1999/xhtml">
"As direct lenders have scaled, many have moved into the large cap segment. We continue to believe the traditional middle market remains an attractive and important segment for borrowers and investors," said Matt Harvey, PGIM’s global head of middle market direct lending. "By moving to full ownership of Deerpath Capital, we are creating a more coordinated and scaled direct lending platform while preserving the investment discipline that has underpinned Deerpath Capital’s success. That combination better positions us to serve sponsors, borrowers and investors across the direct lending spectrum."

</p><p xmlns="http://www.w3.org/1999/xhtml">
The comprehensive platform will allow for continued support of private equity sponsored and non-sponsored businesses as they grow and transition across the middle market and large cap market over time. More broadly, full ownership is expected to strengthen sponsor coverage and coordination while supporting more tailored direct lending solutions across borrower size segments and cohesive investor distribution and client service.

</p><p xmlns="http://www.w3.org/1999/xhtml">
Deerpath Capital CEO James Kirby commented: "As one of the world&#39;s leading asset managers, PGIM is an ideal home for Deerpath, combining deep capital resources, asset management expertise and global relationships. Tas and I have developed an excellent working relationship with our colleagues at PGIM, and we look forward to the next chapter as part of the comprehensive PGIM Credit platform."

</p><p xmlns="http://www.w3.org/1999/xhtml">
James Kirby and Tas Hasan will continue to lead the Deerpath investment process and investment committee governance for Deerpath funds while assuming leadership roles in PGIM Credit.

</p><p xmlns="http://www.w3.org/1999/xhtml">
James Kirby will contribute investment strategy thought leadership across middle market direct lending. Matt Harvey and Tas Hasan will lead the middle market direct lending platform together. The transaction will not alter Deerpath’s existing investment team capabilities, investment process or approach to underwriting.

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">ABOUT PGIM</b>

</p><p xmlns="http://www.w3.org/1999/xhtml">
<a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.pgim.com%2F&amp;esheet=54576695&amp;newsitemid=20260727723428&amp;lan=en-US&amp;anchor=PGIM&amp;index=1&amp;md5=c9890d95395357109655e662b3dca183" shape="rect">PGIM</a> is the global asset management business of Prudential Financial, Inc. ((<a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp, url=http%3A%2F%2Fcorporate.prudential.com%2Fview%2Fpage%2Fcorp%2F31826&amp, esheet=54576695&amp, newsitemid=20260727723428&amp, lan=en-US&amp, anchor=NYSE%3A+PRU&amp, index=2&amp, NYSE:<a class="ticker" href="https://www.benzinga.com/quote/PRU">PRU</a>), with $1.4 trillion in assets under management.&#x2A; PGIM offers clients deep expertise across public and private asset classes, delivering a diverse range of investment strategies and tailored solutions—including fixed income, equities, real estate and alternatives. With 1,500+ investment professionals across 40 offices in 20 countries, we serve retail and institutional clients worldwide. For more information, visit <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.pgim.com%2F&amp;esheet=54576695&amp;newsitemid=20260727723428&amp;lan=en-US&amp;anchor=pgim.com&amp;index=3&amp;md5=8f117679a1503cc27d1f2242066839c8" shape="rect">pgim.com</a>.

</p><p xmlns="http://www.w3.org/1999/xhtml">
Prudential Financial, Inc. (PFI) of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom or with Prudential Assurance Company, a subsidiary of M&amp;G plc, incorporated in the United Kingdom. For more information please visit <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fnews.prudential.com&amp;esheet=54576695&amp;newsitemid=20260727723428&amp;lan=en-US&amp;anchor=news.prudential.com&amp;index=4&amp;md5=f22794f7fa36434a39dbb0be26216526" shape="rect">news.prudential.com</a>.

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">ABOUT DEERPATH CAPITAL MANAGEMENT, L.P</b>

</p><p xmlns="http://www.w3.org/1999/xhtml">
Deerpath Capital is an established private credit manager providing customized, cash-flow-based senior debt financing to sponsor-backed U.S. lower middle market companies. With a singular focus on this segment for nearly two decades, the firm has invested over $15 billion across more than 1,200 transactions and manages more than $9 billion in AUM as of March 31, 2026. Deerpath operates through regional origination and underwriting teams in the U.S. which are supported by global investor coverage across major U.S. markets, the U.K., Europe, Australia, Japan, Korea, and the Middle East. The firm’s focused strategy, deep lower middle market expertise, long-standing sponsor relationships, disciplined credit philosophy, and comprehensive direct lending platform define the Deerpath Difference. For more information, please visit <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.deerpathcapital.com&amp;esheet=54576695&amp;newsitemid=20260727723428&amp;lan=en-US&amp;anchor=www.deerpathcapital.com&amp;index=5&amp;md5=a5a5997540db7e0211fb30b671f2fbfe" shape="rect">www.deerpathcapital.com</a>.

</p><p xmlns="http://www.w3.org/1999/xhtml">
&#x2A; As of Mar. 31, 2026.

</p><p xmlns="http://www.w3.org/1999/xhtml">
The information contained herein is provided by PGIM, the principal asset management business of Prudential Financial, Inc. (PFI), and a trading name of PGIM, Inc. and its global subsidiaries and affiliates.

</p><p xmlns="http://www.w3.org/1999/xhtml">
Please visit the <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.pgim.com%2Fus%2Fen%2Finstitutional%2Flegal-disclosures%2Fglobal-important-disclosures&amp;esheet=54576695&amp;newsitemid=20260727723428&amp;lan=en-US&amp;anchor=Important+Disclosures&amp;index=6&amp;md5=9789c7cff5800450a905870df395f75b" shape="rect">Important Disclosures</a> page on <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.PGIM.com&amp;esheet=54576695&amp;newsitemid=20260727723428&amp;lan=en-US&amp;anchor=PGIM.com&amp;index=7&amp;md5=8bfcc4bdb6d023eb5e9b585ef2b81ab1" shape="rect">PGIM.com</a> for additional information.

</p><p xmlns="http://www.w3.org/1999/xhtml">
This information is for informational purposes only and does not constitute investment advice, a recommendation, or a solicitation where prohibited. Certain information has been obtained from sources that PGIM believes to be reliable as of the date presented; however, PGIM does not guarantee its accuracy or completeness. Information may be changed without notice, and PGIM has no obligation to update it.

</p><p xmlns="http://www.w3.org/1999/xhtml">
PGIM and its affiliates may develop and publish research that is independent of and different from the information contained herein.

</p><p xmlns="http://www.w3.org/1999/xhtml">
&#xA9; 2026 Prudential Financial, Inc. (PFI) and its related entities. All rights reserved.

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</p>

PGIM to Acquire Remaining Interest in Deerpath Capital

PGIM completes Deerpath acquisition to form larger middle-market direct lending platform

<section class="insight" data-version="1">
  <section data-block="information">
    <h3>Information</h3>
    <p>Full ownership will create a more comprehensive direct lending platform across the middle market and large cap segments


PGIM has agreed to acquire the remaining 25% interest in Deerpath Capital; bringing the firm’s</p>
  </section>

  <section data-block="ai-summary-paragraph">
    <h3>AI Summary</h3>
    <p>PGIM will acquire the remaining 25% stake in Deerpath Capital, making it a wholly owned unit and expanding PGIM&#039;s direct lending reach across middle-market and large-cap borrowers. The integration combines Deerpath&#039;s lower-middle-market expertise with PGIM&#039;s broader capabilities, creating about $16B in AUM and a 55-person team, with leadership roles for Kirby, Hasan and Harvey. The deal signals a broader, more coordinated PGIM Credit platform that could lift fee revenue over time pending regulatory approval.</p>
  </section>

  <section data-block="ai-summary-bullets">
    <h3>Key Points</h3>
    <ul><li>PGIM to acquire remaining 25% of Deerpath; Deerpath becomes 100% owned. Regulatory approval pending.</li><li>Combined platform totals $16B AUM across 55 investment professionals.</li><li>Full ownership strengthens sponsor coverage and tailored direct lending.</li><li>Kirby, Hasan, and Harvey to lead PGIM Credit platform.</li></ul>
  </section>

  <section data-block="companies-mentioned">
    <h3>Companies Mentioned</h3>
    <ul><li><strong>Prudential Financial, Inc. (PRU)</strong>: Parent company; deal expands PGIM&#039;s asset-management platform and potential fee revenue.</li><li><strong>PGIM (N/A)</strong>: Asset management arm of PRU; expands direct lending across middle market and large cap.</li><li><strong>Deerpath Capital Management, L.P. (N/A)</strong>: Private credit manager; fully integrated into PGIM; adds $9B+ AUM and lower-middle-market expertise.</li></ul>
  </section>

  <section data-block="category">
    <h3>M&amp;A</h3>
    <p>Category: M&amp;A. The piece describes a strategic acquisition within PRU&#039;s asset-management affiliate, signaling scale expansion, higher cross-sell potential, and longer-term revenue growth through PGIM Credit.</p>
  </section>

  <section data-block="market-moving">
    <h3>Market-Moving</h3>
    <ul><li>Regulatory approval risk could delay closing and earnings impact.</li><li>Platform expansion may lift management fees and AUM growth over time.</li><li>Deerpath&#039;s &gt;$9B AUM as of 3/31/2026 adds meaningful scale.</li><li>PRU benefits from expanded asset-management capabilities and cross-sell opportunities.</li></ul>
  </section>

  <section data-block="key-facts">
    <h3>Key Facts</h3>
    <ul><li>Deerpath ownership to 100% post-close; regulatory approval required.</li><li>Initial 75% stake acquired in May 2023.</li><li>Combined AUM across platform: $16B; team of 55 investment professionals.</li><li>Deerpath AUM &gt;$9B as of March 31, 2026.</li><li>Leadership: Kirby, Hasan, and Harvey to lead PGIM Credit.</li></ul>
  </section>

  <section data-block="trading-thesis">
    <h3>Trading Thesis</h3>
    <p>Long-term bullish for PRU as PGIM expands its credit platform and potential AUM/fee growth over 2–3 years.</p>
  </section>
</section>


<p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">Full ownership will create a more comprehensive direct lending platform across the middle market and large cap segments</b>

</p><p xmlns="http://www.w3.org/1999/xhtml">
PGIM has agreed to acquire the remaining 25% interest in Deerpath Capital; bringing the firm’s ownership to 100%. This transaction follows PGIM’s initial acquisition of a 75% stake announced in May 2023 and is subject to regulatory approval.

</p><p xmlns="http://www.w3.org/1999/xhtml" id="news-body-cta">This press release features multimedia. View the full release here: <a xmlns="http://www.w3.org/1999/xhtml" href="https://www.businesswire.com/news/home/20260727723428/en/" rel="nofollow">https://www.businesswire.com/news/home/20260727723428/en/</a></p><div xmlns="http://www.w3.org/1999/xhtml" id="bwbodyimg" style="width: 480px; float:left; padding-left:0px; padding-right:20px; padding-top:0px; padding-bottom:0px;"><img xmlns="http://www.w3.org/1999/xhtml" src="https://mms.businesswire.com/media/20260727723428/en/2859833/4/Harvey_Matt.jpg" alt=""We continue to believe the traditional middle market remains an attractive and important segment for borrowers and investors." --Matt Harvey, Global Head of Middle Market Direct Lending, PGIM"></img><p xmlns="http://www.w3.org/1999/xhtml" style="font-size:85%;">"We continue to believe the traditional middle market remains an attractive and important segment for borrowers and investors." --Matt Harvey, Global Head of Middle Market Direct Lending, PGIM</p></div><p xmlns="http://www.w3.org/1999/xhtml">
The acquisition will strengthen PGIM’s direct lending platform by adding Deerpath Capital’s lower middle market expertise to PGIM’s existing core middle market and large cap capabilities. With the addition of Deerpath’s lower middle market platform, PGIM will be positioned among a select group of asset managers with capabilities across the direct lending spectrum, with a combined $16B in AUM across a team of 55 investment professionals.&#x2A;

</p><p xmlns="http://www.w3.org/1999/xhtml">
"As direct lenders have scaled, many have moved into the large cap segment. We continue to believe the traditional middle market remains an attractive and important segment for borrowers and investors," said Matt Harvey, PGIM’s global head of middle market direct lending. "By moving to full ownership of Deerpath Capital, we are creating a more coordinated and scaled direct lending platform while preserving the investment discipline that has underpinned Deerpath Capital’s success. That combination better positions us to serve sponsors, borrowers and investors across the direct lending spectrum."

</p><p xmlns="http://www.w3.org/1999/xhtml">
The comprehensive platform will allow for continued support of private equity sponsored and non-sponsored businesses as they grow and transition across the middle market and large cap market over time. More broadly, full ownership is expected to strengthen sponsor coverage and coordination while supporting more tailored direct lending solutions across borrower size segments and cohesive investor distribution and client service.

</p><p xmlns="http://www.w3.org/1999/xhtml">
Deerpath Capital CEO James Kirby commented: "As one of the world&#39;s leading asset managers, PGIM is an ideal home for Deerpath, combining deep capital resources, asset management expertise and global relationships. Tas and I have developed an excellent working relationship with our colleagues at PGIM, and we look forward to the next chapter as part of the comprehensive PGIM Credit platform."

</p><p xmlns="http://www.w3.org/1999/xhtml">
James Kirby and Tas Hasan will continue to lead the Deerpath investment process and investment committee governance for Deerpath funds while assuming leadership roles in PGIM Credit.

</p><p xmlns="http://www.w3.org/1999/xhtml">
James Kirby will contribute investment strategy thought leadership across middle market direct lending. Matt Harvey and Tas Hasan will lead the middle market direct lending platform together. The transaction will not alter Deerpath’s existing investment team capabilities, investment process or approach to underwriting.

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">ABOUT PGIM</b>

</p><p xmlns="http://www.w3.org/1999/xhtml">
<a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.pgim.com%2F&amp;esheet=54576695&amp;newsitemid=20260727723428&amp;lan=en-US&amp;anchor=PGIM&amp;index=1&amp;md5=c9890d95395357109655e662b3dca183" shape="rect">PGIM</a> is the global asset management business of Prudential Financial, Inc. ((<a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp, url=http%3A%2F%2Fcorporate.prudential.com%2Fview%2Fpage%2Fcorp%2F31826&amp, esheet=54576695&amp, newsitemid=20260727723428&amp, lan=en-US&amp, anchor=NYSE%3A+PRU&amp, index=2&amp, NYSE:<a class="ticker" href="https://www.benzinga.com/quote/PRU">PRU</a>), with $1.4 trillion in assets under management.&#x2A; PGIM offers clients deep expertise across public and private asset classes, delivering a diverse range of investment strategies and tailored solutions—including fixed income, equities, real estate and alternatives. With 1,500+ investment professionals across 40 offices in 20 countries, we serve retail and institutional clients worldwide. For more information, visit <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.pgim.com%2F&amp;esheet=54576695&amp;newsitemid=20260727723428&amp;lan=en-US&amp;anchor=pgim.com&amp;index=3&amp;md5=8f117679a1503cc27d1f2242066839c8" shape="rect">pgim.com</a>.

</p><p xmlns="http://www.w3.org/1999/xhtml">
Prudential Financial, Inc. (PFI) of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom or with Prudential Assurance Company, a subsidiary of M&amp;G plc, incorporated in the United Kingdom. For more information please visit <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fnews.prudential.com&amp;esheet=54576695&amp;newsitemid=20260727723428&amp;lan=en-US&amp;anchor=news.prudential.com&amp;index=4&amp;md5=f22794f7fa36434a39dbb0be26216526" shape="rect">news.prudential.com</a>.

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">ABOUT DEERPATH CAPITAL MANAGEMENT, L.P</b>

</p><p xmlns="http://www.w3.org/1999/xhtml">
Deerpath Capital is an established private credit manager providing customized, cash-flow-based senior debt financing to sponsor-backed U.S. lower middle market companies. With a singular focus on this segment for nearly two decades, the firm has invested over $15 billion across more than 1,200 transactions and manages more than $9 billion in AUM as of March 31, 2026. Deerpath operates through regional origination and underwriting teams in the U.S. which are supported by global investor coverage across major U.S. markets, the U.K., Europe, Australia, Japan, Korea, and the Middle East. The firm’s focused strategy, deep lower middle market expertise, long-standing sponsor relationships, disciplined credit philosophy, and comprehensive direct lending platform define the Deerpath Difference. For more information, please visit <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.deerpathcapital.com&amp;esheet=54576695&amp;newsitemid=20260727723428&amp;lan=en-US&amp;anchor=www.deerpathcapital.com&amp;index=5&amp;md5=a5a5997540db7e0211fb30b671f2fbfe" shape="rect">www.deerpathcapital.com</a>.

</p><p xmlns="http://www.w3.org/1999/xhtml">
&#x2A; As of Mar. 31, 2026.

</p><p xmlns="http://www.w3.org/1999/xhtml">
The information contained herein is provided by PGIM, the principal asset management business of Prudential Financial, Inc. (PFI), and a trading name of PGIM, Inc. and its global subsidiaries and affiliates.

</p><p xmlns="http://www.w3.org/1999/xhtml">
Please visit the <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.pgim.com%2Fus%2Fen%2Finstitutional%2Flegal-disclosures%2Fglobal-important-disclosures&amp;esheet=54576695&amp;newsitemid=20260727723428&amp;lan=en-US&amp;anchor=Important+Disclosures&amp;index=6&amp;md5=9789c7cff5800450a905870df395f75b" shape="rect">Important Disclosures</a> page on <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.PGIM.com&amp;esheet=54576695&amp;newsitemid=20260727723428&amp;lan=en-US&amp;anchor=PGIM.com&amp;index=7&amp;md5=8bfcc4bdb6d023eb5e9b585ef2b81ab1" shape="rect">PGIM.com</a> for additional information.

</p><p xmlns="http://www.w3.org/1999/xhtml">
This information is for informational purposes only and does not constitute investment advice, a recommendation, or a solicitation where prohibited. Certain information has been obtained from sources that PGIM believes to be reliable as of the date presented; however, PGIM does not guarantee its accuracy or completeness. Information may be changed without notice, and PGIM has no obligation to update it.

</p><p xmlns="http://www.w3.org/1999/xhtml">
PGIM and its affiliates may develop and publish research that is independent of and different from the information contained herein.

</p><p xmlns="http://www.w3.org/1999/xhtml">
&#xA9; 2026 Prudential Financial, Inc. (PFI) and its related entities. All rights reserved.

</p><p xmlns="http://www.w3.org/1999/xhtml">
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PGIM will acquire the remaining 25% stake in Deerpath Capital, making it a wholly owned unit and expanding PGIM's direct lending reach across middle-market and large-cap borrowers. The integration combines Deerpath's lower-middle-market expertise with PGIM's broader capabilities, creating about $16B in AUM and a 55-person team, with leadership roles for Kirby, Hasan and Harvey. The deal signals a broader, more coordinated PGIM Credit platform that could lift fee revenue over time pending regulatory approval.

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PGIM to Acquire Remaining Interest in Deerpath Capital

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