Deerpath Capital Management, a lower-middle market private credit manager in the U.S., reset 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 Dec. 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,” Derek Dubois, managing director and treasurer of Deerpath, said. “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 and co-placement agent NatWest Markets Securities priced this upsized reset.
