Private credit software provider Siepe raises $30m in Series B round
Private credit software provider Siepe has raised $30m (£22.9m) in a Series B funding round, led by strategic operating and investment firm WestCap.
The proceeds of the fundraise will be used to expand its AI and machine learning capabilities and strengthen strategic partnerships.
Siepe said these initiatives will help support the accelerated capital flows, and eliminate inconsistent data and processes seen across the collateralised loan obligation (CLO) and private credit ecosystem.
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The Dallas-headquartered firm has reported significant growth across its technology and service business lines in the first half of 2024 with private credit managers.
It added 19 CLO and private credit deals with eight top-tier US CLO managers, which accounts for over $7.7bn in new assets under administration.
It also onboarded two new front-office software clients, one with $80bn AUM in private credit assets and the other with $6bn in total AUM, and launched a new private credit fund.
“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,” said Michael Pusateri, chief executive and founder of Siepe. “Our mission is to help credit managers better leverage their data to reduce operational risk and increase alpha.”
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Siepe said that its team will leverage WestCap’s experience in the private markets ecosystem, specifically around financial technology and data management workflows.
WestCap’s founder, Laurence A. Tosi, is a former chief financial officer of Blackstone who has created several platforms to serve challenges in private markets including Ipreo, TMC Bonds and iLevel.
Siepe also announced that it has appointed Mark Schultis as president. Schultis joined Siepe as an adviser in October 2023, with nearly two decades of experience in the credit and CLO sector.
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