Benefit Street Partners (BSP) has announced the final closing of BSP Special Situations Fund II and its affiliated vehicles. The funds 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 provides solutions to borrowers unable to access traditional markets, utilizing its vast experience in stressed and distressed situations. Since the platform’s inception, the special situations team has deployed over $3 billion.
BSP is a wholly-owned subsidiary of Franklin Templeton.
KEY QUOTES:
“Given the dynamic credit market environment, the need for bespoke financing solutions is increasingly important. We appreciate the trust our investors have placed in our team to generate attractive risk-adjusted returns.”
– David Manlowe, Chief Executive Officer of BSP
“We see a unique opportunity to provide non-traditional capital to over-leveraged businesses. 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.”
– Ray Costa, Head of Special Situations at BSP
