Coller Capital in $2.3 Billion Private Credit Continuation Vehicle

Cleary Gottlieb advised Coller Capital, the world’s largest dedicated private markets secondaries manager, in the closing of a $2.3 billion private credit continuation vehicle with Benefit Street Partners L.L.C. (BSP) called BSP Debt Fund IV CV.

The landmark transaction, which was led by Coller Capital, represents the largest single-fund portfolio of its kind in the private credit secondaries market.

BSP Debt Fund IV CV was established to acquire a resilient, income-generating portfolio of diversified senior secured, floating-rate loans—both sponsor- and non-sponsor-backed—from BSP’s 2016 vintage flagship direct lending fund, consisting primarily of first-lien loans to U.S. middle market companies. The transaction closed on August 28, 2025.

Coller Capital is one of the world’s leading investors in the secondary market for private assets. Since completing their first GP-led investment in 1996, they have invested almost $18 billion in over 100 transactions.

BSP is a leading global alternative credit asset manager offering clients investment solutions 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.

For more information, please see the press release.