Ropes & Gray Advises Benefit Street Partners on $500 Million CLO Fund

Ropes & Gray advised Benefit Street Partners, a leading credit-focused alternative asset management firm, on the closing of its third captive U.S. CLO equity fund, BSP CLO Equity III, with $500 million in total equity commitments. The fund close was announced in a press release on June 12.

This fund gives BSP the capacity to fund up to 20 U.S. CLOs over the next four years, adding up to $10 billion in assets under management to BSP’s credit platform. Combined with Alcentra, its European counterpart, BSP is one of the largest global CLO managers with over $26 billion in CLO AUM and a 20+ year track record of investing in the asset class.

The Ropes & Gray team includes asset management partners Melissa Bender, Katie Waite and Anna Lawry, tax partners Adam Greenwood and Franziska Hertel, and finance partner Patricia Lynch.