PGIM Acquires Deerpath Capital: How Full-Spectrum Direct Lending Works from $5M to $500M Deals
TL;DR: PGIM announced July 27 it is acquiring the remaining 25% of Deerpath Capital, completing its full ownership of a lower middle market lender with $9 billion in AUM and 1,200 transactions over 20
Lower Middle Market Direct Lending: The Underserved $9 Billion Niche Below the Radar
TL;DR: Lower middle market (LMM) direct lending targets companies with $5M to $25M EBITDA. It pays 100 to 150 basis points more than upper-middle-market loans, carries lower leverage (4.0x vs. 5.0 to
Vesterra Capital Acquires PHFM: Inside the Facilities Management Roll-Up Thesis
Vesterra Capital Acquires PHFM: Inside the Facilities Management PE Roll-Up Thesis By Jeff Barnes, MBA | Angel Investors Network | July 27, 2026 TL;DR Vesterra Capital Partners (formerly Comvest Private Equity) just…
TZP Group: The Lower-Middle-Market PE Firm That Got Caught Overcharging LPs (And What It Teaches Us)
In August 2025, the SEC ordered TZP Management Associates to repay $683,877 after it overcharged fund LPs on management fees for five years. A small number relative to $2.4B in assets. A loud signal a
TZP Group: Inside the Lower-Middle-Market PE Firm That Just Settled with the SEC
TL;DR TZP Group is a New York-based lower-middle-market PE firm with approximately $2.0 to $2.4 billion in AUM across buyout, growth equity, and SBIC debt strategies. In August 2025, the SEC...
TZP Group: The Lower-Middle-Market Firm That Sold AtData to Experian and Keeps Getting Invited Back
When Experian acquired AtData in February 2026, the deal closed quietly—no splashy press coverage, no announced purchase price. But for anyone tracking lower-middle-market private equity, the transaction carried a...