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Laxman Pai, Opalesque Asia: 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.
According to a joint press release, this landmark transaction, which Coller Capital led, 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 U.S. middle market companies, the release said.
"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. "This continuation vehicle structure allows us to extend the life of our fourth flagship private credit vintage and position the portfolio for continued success."
Ed Goldstein, Partner and Chief Investment Officer of Coller Credit Secondaries at Coller Capital, said: "We are delighted to have led this landmark transaction with BSP, which represents another significant step in the evolution of the credit secondaries mar...................... To view our full article Click here
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