Benefit Street Partners, a credit-focused alternative asset manager with strategies spanning the credit spectrum, closed a $2.3 billion private credit continuation vehicle, BSP Debt Fund IV CV. This transaction was led by Coller Capital.
BSP Debt Fund IV CV was established to acquire a resilient, income-generating portfolio of diversified senior secured, floating-rate loans — both sponsor- and non-sponsor-backed — from BSP’s 2016 vintage flagship direct lending fund, consisting primarily of first lien loans to U.S. middle market companies.
“This transaction underscores our ability to deliver strong outcomes for our investors while also advancing innovation in the private credit secondaries market,” Blair Faulstich, head of private debt at Benefit Street Partners, said. “This continuation vehicle structure allows us to extend the life of our fourth flagship private credit vintage and position the portfolio for continued success.”
“We are delighted to have led this landmark transaction with BSP, which represents another significant step in the evolution of the credit secondaries market and highlights the diversified exposure and strength of the core middle market,” Ed Goldstein, partner and chief investment officer of Coller Credit Secondaries at Coller Capital, said. “Our leadership role, combined with the quality of the portfolio and BSP’s established track record, made this a compelling opportunity for our investors.”
Jefferies served as financial adviser on the transaction. Kirkland & Ellis acted as legal counsel for Benefit Street Partners. Cleary Gottlieb Steen & Hamilton acted as legal counsel for Coller Capital. J.P. Morgan and Wells Fargo provided financing for the transaction.
