Ropes & Gray Advises Benefit Street Partners on $4.7 Billion Fund Close

Ropes & Gray advised Benefit Street Partners LLC, a credit-focused alternative asset manager, on the close of its fifth flagship direct lending fund, BSP Debt Fund V at $4.7 billion of investable capital across the strategy. The fund close was announced on January 24 in a press release.

The fund seeks to generate attractive risk-adjusted returns by investing primarily in privately originated, floating rate, senior secured loans and will target private equity sponsored and non-sponsored middle market companies in North America. Investors include sovereign wealth funds, public and corporate pension plans, insurance companies, family offices, and other institutional investors.

The Ropes & Gray team was led by asset management partners Melissa Bender and Lindsey Goldstein and asset management counsel Mike Szkodzinski. The team also included asset management partner Eve Ellis, finance partners Dan Coyne and Patricia Teixeira, tax partners Franziska Hertel and Adam Greenwood, and employment, executive compensation and employee benefits partner Josh Lichtenstein.