Benefit Street Partners Closes $2.3 Billion Private Credit Continuation Vehicle, Led by Coller Capital

Largest single fund credit continuation vehicle supported by a diversified, senior secured credit portfolio.¹

NEW YORK--(BUSINESS WIRE)--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 manager², 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. J.P. 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.

About Coller Capital

Coller Capital is a global leader in the secondary market for private assets, renowned for being a pioneer and innovator in the asset class. Founded in 1990, Coller provides investment and liquidity solutions to private market investors worldwide and currently manages $40 billion in private equity, private credit, and other private market vehicles. With headquarters in London and offices across North America, Europe, and Asia-Pacific, our multinational team offers a truly global reach.

Coller has exclusively focused on secondary investing since inception and today boasts one of the largest dedicated investment teams in the asset class.

For more information, visit www.collercapital.com.

About Franklin Templeton

Franklin Resources, Inc. is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 150 countries. Franklin Templeton’s mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company offers specialization on a global scale, bringing extensive capabilities in fixed income, equity, alternatives and multi-asset solutions. With more than 1,500 investment professionals, and offices in major financial markets around the world, the California-based company has over 75 years of investment experience and $1.62 trillion in assets under management as of July 31, 2025. For more information, please visit franklintempleton.com and follow us on LinkedIn, X and Facebook.

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.