Siepe Secures $30M for Private Credit, CLO Data Management

Siepe has raised $30 million in a Series B funding round led by WestCap to expand its artificial intelligence and machine learning capabilities in the Collateralized Loan Obligation (CLO) and private credit markets.

Since its founding in 2012, the software provider has designed solutions and services for the front, middle and back-office teams of private credit asset managers and CLOs.

Siepe said it has seen significant growth across its technology and service business lines in the first half of 2024 with private credit managers, including the addition of 19 CLO and private credit deals with eight U.S. CLO managers that account for more than $7.7 billion in new assets under administration.

The Dallas-based company also onboarded two new front-office software clients, one with $80 billion in private credit assets and the other with $6 billion in assets 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, CEO and founder of Siepe.

Kevin Marcus, WestCap Partner, co-COO and head of strategic operators, and Ryan Benevides, principal at WestCap, will both join the Siepe board.

In conjunction with the new funding, Siepe has appointed Mark Schultis as President. Schultis joined Siepe as an advisor in October 2023. Previously, he was CEO at SE2 LLC, and a partner and SVP at IHS Markit.