Benefit Street Partners raises $4.7bn for fifth direct lending fund
Benefit Street Partners has announced the final closing of its fifth flagship direct lending vehicle, BSP Debt Fund V, with $4.7bn (£3.7bn) raised.
The credit-focused alternative asset manager said that its latest fund will invest primarily in privately originated, floating rate, senior secured loans.
The fund will target private equity sponsored and non-sponsored middle market companies in North America.
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Investors include sovereign wealth funds, public and corporate pension plans, insurance companies, family offices, and other institutional investors.
“The private credit asset class has been established as an integral part of the leveraged finance ecosystem and as an all-weather allocation for institutional investors’ portfolios,” said Blair Faulstich, head of US private debt at Benefit Street Partners. “Looking forward, we expect continued broad interest in the asset class as investors seek exposure to investment opportunities that offer highly attractive risk-adjusted returns.
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“Many of the dynamics we observe in today’s market should drive robust deal flow over the near to medium term. Our significant underwriting experience, loan structuring expertise, and focus on deep due diligence provides us with a significant competitive advantage as we capitalize on the favourable environment for new credit investments.”
The asset manager’s US private debt platform has deployed approximately $38bn since inception in 2008.
New York-headquartered Benefit Street Partners has approximately $75bn in assets under management across a range of credit strategies, including private/opportunistic debt, structured credit, high yield, special situations, long-short liquid credit and commercial real estate debt.
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