This work aims to understand which midplane conditions are probed by the DCO$^+$ emission in the disk around the Herbig Ae star HD 169142. We explore the sensitivity of the DCO$^+$ formation pathways to the gas temperature and the CO abundance. The DCO$^+$ $J$=3-2 transition was observed with ALMA at a spatial resolution of 0.3. The HD 169142 DCO$^+$ radial intensity profile reveals a warm, inner component at radii <30 AU and a broad, ring-like structure from ~50-230 AU with a peak at 100 AU just beyond the millimeter grain edge. We modeled DCO$^+$ emission in HD 169142 with a physical disk structure adapted from the literature, and employed a simple deuterium chemical network to investigate the formation of DCO$^+$ through the cold deuterium fractionation pathway via H$_2$D$^+$. Contributions from the warm deuterium fractionation pathway via CH$_2$D$^+$ are approximated using a constant abundance in the intermediate disk layers. Parameterized models show that alterations to the midplane gas temperature and CO abundance of the literature model are both needed to recover the observed DCO$^+$ radial intensity profile. The best-fit model contains a shadowed, cold midplane in the region z/r < 0.1 with an 8 K decrease in gas temperature and a factor of five CO depletion just beyond the millimeter grain edge, and a 2 K decrease in gas temperature for r > 120 AU. The warm deuterium fractionation pathway is implemented as a constant DCO$^+$ abundance of 2.0$times$10$^{-12}$ between 30-70 K. The DCO$^+$ emission probes a reservoir of cold material in the HD 169142 outer disk that is not revealed by the millimeter continuum, the SED, nor the emission from the 12CO, 13CO, or C18O $J$=2-1 lines.
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