Deerpath Capital Management, a private credit manager in the U.S. lower-middle market, reset and upsized Deerpath CLO 2021-2, now a $479 million collateralized loan obligation (CLO).
Deerpath CLO 2021-2, issued in December of 2021, was originally sized at $429.5 million. The $50 million upsize represents the 15th CLO issued by Deerpath since 2018, bringing the firm’s total CLO issuance to approximately $6.3 billion.
This marks the second CLO transaction of 2025 for the firm, which also reset and upsized Deerpath CLO 2023-1 earlier this year. Deerpath CLO 2021-2 is secured by a portfolio of senior secured loans to middle market, private equity-backed companies, which have been primarily originated by the firm.
Global institutional investors including pension funds, insurance companies and asset managers have displayed strong interest in the updated structure. Deerpath’s managed funds purchased 100% of the subordinated notes issued by the CLO. The transaction closed on Aug. 20, 2025, and the reinvestment period was extended to Oct. 15, 2029.
“Deerpath has continued to access the CLO market in 2025 and reset and upsize CLOs at more favorable terms for our investors,” Derek Dubois, managing director and treasurer of Deerpath, said. “This is our second CLO transaction this year and demonstrates our continued access to CLOs as a strong form of portfolio financing.”
Lead placement agent GreensLedge Capital Markets and co-placement agent NatWest Markets Securities priced this upsized reset.
