Deerpath Capital Successfully Resets 2023 Collateralized Loan Obligation

NEW YORK, Dec. 22, 2025 /PRNewswire/ -- Deerpath Capital Management, LP ("Deerpath"), one of the largest lower-middle market private credit managers in the U.S., recently announced a reset of Deerpath CLO 2023-2, a $353.55 million collateralized loan obligation (CLO).

This marks the first reset of the 2023-2 CLO since it was originally launched in December 2023. The reset achieved a AAA spread of SOFR+147bps—down from the original SOFR+255. This marks the fourth CLO transaction of 2025 for the firm, bringing total issuance in 2025 to approximately $2.0B.

The reset is Deerpath's fourth CLO issuance in 2025, with the most recent transaction being the refinance of Deerpath CLO 2020-1 in September. Like all of the firm's existing CLOs, Deerpath CLO 2023-2 is secured by a portfolio of senior secured loans to middle-market, private equity-backed companies, which have been primarily directly originated by the firm.

The updated structure attracted strong interest from a broad base of global institutional investors, including insurance companies, pension funds, and asset managers. Deerpath's managed funds purchased 100 percent of the subordinated notes issued by the CLO. The transaction closed on December 19, 2025, and the reinvestment period ends in 2030.

"As we approach the end of the year, we are pleased to announce the completion of our fourth transaction of the year," said Derek Dubois, Managing Director and Treasurer. "During a very active 2025, we drove accretive results for the platform by consistently accessing the CLO reset and upsize market. Thank you to our investors and team for a strong year – we look forward to carrying this momentum into 2026."

Lead placement agent GreensLedge Capital Markets LLC and co-placement agent NatWest Markets Securities Inc. priced this upsized reset.

About Deerpath Capital Management, LP
Founded in 2007, Deerpath Capital Management, LP is a leading provider of customized, cash-flow-based senior debt financing to sponsor-backed U.S. lower middle market companies. The firm has maintained a singular focus on this segment for nearly two decades, investing over $14 billion across more than 1,200 transactions and managing approximately $9 billion in AUM today. Deerpath operates through regionally based U.S. origination and underwriting teams supported by global investor coverage across major markets. Deerpath's deep experience, strong sponsor relationships, disciplined credit philosophy, and comprehensive lower middle market platform collectively define the Deerpath Difference. For more information, please visit www.deerpathcapital.com.

Media contact:
Eli Kapsack
Profile Advisors (On behalf of Deerpath Capital)
[email protected] 

SOURCE Deerpath Capital Management, LP