Benefit Street Partners raises $550m for BDC

Benefit Street Partners CEO Thomas Gahan

Franklin Templeton subsidiary Benefit Street Partners announced the closing of equity commitments into Franklin BSP Capital Corp, a closed end fund that is regulated as a business development corporation (BDC).

The BDC attracted $550 million and will be advised by an investment adviser that is an affiliate of Benefit Street. The proceeds will be invested mostly in first and second lien senior secured debt investments and a smaller amount will be set aside for mezzanine and unsecured debt issued by middle market companies.

The New York-based Benefit Street . . .

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