Benefit Street Partners (BSP), a credit-focused alternative asset manager with strategies spanning the credit spectrum, and Coller Capital, the world’s largest dedicated private markets secondaries manager, have closed a $2.3bn private credit continuation vehicle, BSP Debt Fund IV CV.
This transaction represents the largest single-fund portfolio of its kind in the private credit secondaries market.
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 US middle market companies.
Jefferies LLC served as financial adviser on the transaction. Kirkland & Ellis LLP acted as legal counsel for Benefit Street Partners. Cleary Gottlieb Steen & Hamilton LLP acted as legal counsel for Coller Capital. JPMorgan and Wells Fargo provided financing for the transaction.
