Benefit Street Partners and Coller Capital have announced the close of a $2.3bn (£1.72bn) private credit continuation vehicle, BSP Debt Fund IV CV.
The transaction, led by Coller Capital, is the largest single-fund portfolio of its kind in the private credit secondaries market, the firms said in a statement.
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The fund was established to acquire a resilient, income-generating portfolio of diversified senior secured, floating-rate loans—both sponsor- and non-sponsor-backed—from Benefit Street Partner’s 2016 vintage flagship direct lending fund, consisting primarily of first lien loans to US 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,” said Blair Faulstich, head of private debt at Benefit Street Partners.
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“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 Benefit Street Partners, 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,” said Ed Goldstein, partner and chief investment officer of Coller Credit Secondaries at Coller Capital.
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