Benefit Street Partners Closes Second Special Situations Fund
09 5월 2024 - 2:32AM
Business Wire
Benefit Street Partners L.L.C (“BSP”) announced the final close
of BSP Special Situations Fund II and its affiliated vehicles
(“Fund II”) which were oversubscribed with approximately $850
million in capital commitments. Fund II will seek to continue the
investment approach of its predecessor fund.
BSP’s special situations platform aims to provide solutions to
borrowers unable to access traditional markets, leveraging its vast
experience in stressed and distressed situations. Since inception
of the platform, the special situations team has deployed over $3
billion.
“Given the dynamic credit market environment, the need for
bespoke financing solutions is increasingly important,” said David
Manlowe, Chief Executive Officer of BSP. “We appreciate the trust
our investors have placed in our team to generate attractive
risk-adjusted returns.”
“We see a unique opportunity to provide non-traditional capital
to over-leveraged businesses,” said Ray Costa, Head of Special
Situations at BSP. “Fund II has already deployed 40% of its capital
and its early investments are currently achieving a strong
inception-to-date net internal rate of return (IRR) of 25%. We
remain committed to utilizing the expertise across the BSP platform
to capitalize on emerging opportunities.”
About Benefit Street Partners
BSP-Alcentra 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 December 31, 2023,
BSP-Alcentra has $76 billion of assets under management, with over
400 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 Franklin Templeton
Franklin Resources, Inc. [NYSE:BEN] 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 over $1.6 trillion in assets under management as of
March 31, 2024. For more information, please visit
franklintempleton.com and follow us on LinkedIn, Twitter and
Facebook.
Securities offered through Franklin Distributors, LLC.
Copyright © 2024. Franklin Distributors, LLC. Member FINRA/SIPC.
All rights reserved.
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version on businesswire.com: https://www.businesswire.com/news/home/20240508236875/en/
Franklin Templeton Corporate Communications: Travis Fishstein,
(917) 822-1857, travis.fishstein@franklintempleton.com
Franklin Resources (NYSE:BEN)
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Franklin Resources (NYSE:BEN)
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