Benefit Street Partners closes $2.55 billion debt fund

December 5, 2017 | Arleen Jacobius | Pensions & Investments

Benefit Street Partners, the credit arm of private equity firm Providence Equity Partners, closed its most recent credit fund, Benefit Street Partners Debt Fund IV, at its $2.55 billion hard cap, said spokeswoman Kelsey Markovich in an email.

Benefit Street’s latest fund was oversubscribed. The firm closed on $1.75 billion for its third fund, Providence Debt Fund III, and parallel funds in 2014.

Investors in the latest fund include the Florida State Board of Administration, Tallahassee, which oversees a total of $195.6 billion including the $158.9 billion Florida Retirement System; $115.8 billion State of Wisconsin Investment Board, Madison; $93.9 billion North Carolina Retirement Systems, Raleigh; and $16.3 billion Hawaii Employees’ Retirement System, Honolulu.

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