Benefit Street Partners Amasses $4.7B for 5th Direct Lending Fund

Credit-focused alternative asset manager Benefit Street Partners LLC, a wholly owned subsidiary of Franklin Templeton, has closed its fifth flagship direct lending vehicle, BSP Debt Fund V, with $4.7 billion of investable capital across the strategy.

Consistent with its predecessor vehicles, the fund invests primarily in privately originated, floating rate, senior secured loans, targeting private equity-sponsored and non-sponsored middle-market companies in North America.

“The close of BSP Debt Fund V reflects the strong demand for this asset class from both existing and new limited partners around the globe,” said David Manlowe, CEO of the $75 billion Benefit Street Partners. “The market opportunity and backdrop for U.S. direct lending is tremendous.”

“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,” added Blair Faulstich, head of U.S. private debt at BSP.

Benefit Street Partners has deployed roughly $38 billion in its private debt platform since its inception in 2008.