Largest single fund credit continuation vehicle supported by a diversified, senior secured credit portfolio.[1]
NEW YORK, September 2, 2025 – Benefit Street Partners L.L.C. (“BSP”), a leading credit-focused alternative asset manager with strategies spanning the credit spectrum, and Coller Capital, the world’s largest dedicated private markets secondaries manager[2], today announced the closing of a $2.3 billion private credit continuation vehicle, BSP Debt Fund IV CV. This landmark transaction, which was led by Coller Capital, 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.
“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.”
“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,” said Ed Goldstein, Partner and Chief Investment Officer of Coller Credit Secondaries at Coller Capital. “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 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. JP Morgan and Wells Fargo provided financing for the transaction.
About Benefit Street Partners
BSP is a leading global alternative credit asset manager offering clients investment solutions across a broad range of complementary credit strategies, including direct lending, special situations, structured credit, high yield bonds, leveraged loans and commercial real estate debt. As of May 31, 2025, BSP, along with Alcentra, has more than $79 billion of assets under management globally, with 501 employees operating across North America, Europe and Asia Pacific. BSP is a wholly owned subsidiary of Franklin Templeton. For further information, please visit www.benefitstreetpartners.com.
[1] Jefferies proprietary analysis of global credit secondary transaction data to date.
[2] Based on a review by Coller Capital of the websites of Adams Street Partners, AlpInvest Partners, Ardian, Goldman Sachs, HarbourVest Partners, Landmark Partners, Lexington, Partners Group, Pomona Capital and Strategic Partners in January 2025.
