Benefit Street raises $2.5bn

The Providence-based firm has hit its direct lending fund’s hard-cap target.

Benefit Street has closed its Street Partners Debt Fund IV on $2.5 billion, surpassing the original $1.75 billion target set at the time of the fund’s launch in November, 2016.

Limited partners that have committed money to the vehicle include the Employees’ Retirement System of the State of Hawaii ($50 million), the Florida State Board of Administration ($150 million), the North Carolina State Treasury($250 million), the State of Wisconsin Investment Board ($100 million) and the Teachers’ Retirement System of Louisiana ($50 million). The firm will use the capital to make mezzanine debt investments across diversified sectors in North America.