Siepe, a provider of software and technology-enabled services for private credit and CLO managers, raised $30 million in a Series B funding round led by WestCap, an operating and investing firm with $6 billion in assets under management.
The investment will drive a multi-product roadmap, including the expansion of its AI and machine learning capabilities, and strengthen strategic partnerships. These initiatives will help support the accelerated capital flows and eliminate inconsistent data and processes seen across the collateralized loan obligation (CLO) and private credit ecosystem.
“The new capital will help us continue our momentum in deploying integrated solutions and best-in-class service for fund managers in the private credit and broadly syndicated bank debt sector,” Michael Pusateri, CEO and founder of Siepe, said. “Our mission is to help credit managers better leverage their data to reduce operational risk and increase alpha.”
“The growth of private credit markets has outpaced investment in technology and innovation, causing inefficiency, lack of insight and control over private assets,” Laurence A. Tosi, managing partner and founder of WestCapm said. “These are the challenges that Siepe is addressing with a trusted solution that brings the entire investment lifecycle into perspective.”
In conjunction with the new funding, Siepe has appointed Mark Schultis as president. Schultis joined Siepe as an advisor in October 2023, bringing nearly two decades worth of experience focused directly in the credit and CLO world. Previously, he was CEO at SE2 and a partner and senior vice president at IHS Markit running the Wall Street Office business.
“I’m thrilled to join Siepe at this pivotal moment in their journey. Michael and team have always taken a technology first approach to building products and services for their customers, which is a key differentiator in the market today,” Schultis said. “This new funding will accelerate our ability to scale our business, better support our customers and drive innovation in the industry, particularly around connectivity, quality and data transparency.”
