Simpson Thacher advised Benefit Street Partners (“BSP”) in the formation and raising of Benefit Street Partners Special Situations Fund II and its affiliated vehicles, which closed on approximately $850 million in aggregate capital commitments, including the capital commitment from BSP and its professionals. BSP’s special situations platform aims to provide solutions to borrowers unable to access traditional markets.
BSP is a New York-based credit-focused alternative asset management firm with over $76 billion in assets under management together with its affiliates. The firm currently manages assets across a broad range of complementary credit strategies, including direct lending, special situations, structured credit, high yield bonds, leveraged loans and commercial real estate debt.
The Simpson Thacher team representing BSP included Barrie Covit, Sage Hughes, Daniela Chediak and Lena Dennington (Funds); Marcy Geller, Edward Grais and Michael Stephenson (Tax); and Jeanne Annarumma (ERISA).