Deerpath Capital Management closed lower middle-market direct lending fund Deerpath Capital V at $1.1 billion, a spokeswoman said in an email.
The original fundraising target was $1 billion. There was no hard cap, the spokeswoman said. The prior fund, Deerpath Capital IV, closed at $750 million in 2018.
Deerpath Capital V pursues first-lien, senior debt financing to U.S. companies with between $50 million and $100 million in enterprise value.
Investors include the $3.6 billion Santa Barbara County (Calif.) Employees’ Retirement System.