BSP Debt Fund IV CV

BSP Debt Fund IV CV is a private credit continuation vehicle managed by Benefit Street Partners (BSP), a leading global alternative credit asset manager with approximately 79 billion US dollars in assets under management and a wholly owned subsidiary of Franklin Templeton Investments. Closed in September 2025, the fund represents the largest single-fund private credit continuation vehicle in market history, providing a structured liquidity solution for limited partners of BSP Debt Fund IV while preserving ongoing exposure to the underlying direct lending portfolio. The vehicle was structured as a GP-led secondaries transaction led by Coller Capital's credit secondaries platform.

The continuation vehicle maintains exposure to a diversified portfolio of senior secured, floating-rate loans to U.S. middle market companies, including both sponsor-backed and non-sponsor-backed first lien loans. BSP's direct lending platform targets the U.S. middle market, an underserved segment characterized by limited competition from large-cap lenders, providing financing solutions to companies with EBITDA typically between 10 million and 150 million US dollars. The GP-led continuation vehicle structure allows existing LPs to either roll their interests into the new vehicle or seek liquidity at the time of the transaction, representing the evolution of secondaries techniques from private equity into private credit asset classes.

The 2.3 billion US dollar BSP Debt Fund IV CV was described by Coller Capital's Ed Goldstein, Partner and CIO of Coller Credit Secondaries, as 'another significant step in the evolution of the credit secondaries market.' BSP has operated its direct lending platform for over a decade, having closed multiple successive Debt Fund vintages with consistent performance across U.S. middle market credit cycles, maintaining its position as one of the most active and largest dedicated credit managers globally, with operations spanning North America, Europe, and Asia Pacific.