Providence Equity’s credit arm Benefit Street raises $2.55 bln for fourth debt fund

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Benefit Street Partners LLC, the New York-based credit investment arm of Providence Equity Partners, has closed its oversubscribed flagship fourth debt fund at a hard cap of $2.55 billion.

Also, BSP has closed its inaugural special situations fund at a hard cap of $750 million, beating its $500 million target.

The limited partners of both funds, Benefit Street Partners Debt Fund IV and Benefit Street Partners Special Situations Fund, include state and corporate pensions, sovereign wealth funds, family offices and high-net worth individuals.

Ropes & Gray advised Benefit Street Partners on Fund IV L.P.

In April 2014, BSP closed its third debt fund at a hard cap of $1.75 billion, sweeping past its $1 billion target, as previously reported by PE HUB. No performance data was available on the fund.

Launched in 2008, BSP currently manages over $20 billion in assets.

Studio shot of a handsome young businessman surrounded by falling money. Photo by shapecharge/iStock/Getty Images

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