Ropes & Gray Advises Benefit Street Partners on Debt Fund IV
Ropes & Gray advised Benefit Street Partners in connection with the raise and formation of its fourth flagship fund, Benefit Street Partners Debt Fund IV L.P. (“Fund IV”). The fund announced its close on Dec. 4.
Fund IV was oversubscribed, reaching its hard cap of $2.55 billion from many existing and new BSP investors, including state and corporate pensions, sovereign wealth funds, family offices and high net worth individuals.
Benefit Street Partners L.L.C. is a leading credit-focused alternative asset management firm with over $20 billion in assets under management. Established in 2008 and is based in New York, BSP is in partnership with Providence Equity Partners L.L.C., a leading global private equity firm with more than $50 billion in capital under management.
The Ropes & Gray team advising Benefit Street Partners on the close of Fund IV was led by hedge funds partner Jessica O’Mary and included tax partner Adam Greenwood, hedge funds associates Jessica Marlin and Kaitien Boucher, and corporate associates Casey Burns and Young Yoon.