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.
Separately, Benefit Street at the same time closed Benefit Street Partners Special Situations Fund at its $750 million hard cap, surpassing its initial target of $500 million. Investors in the special situations fund include New Jersey Division of Investment, which oversees the $76.6 billion New Jersey Pension Fund, Trenton.