Benefit Street Partners is a leading, credit-focused alternative asset management firm based in New York founded in 2008.  Benefit Street Partners offers a broad suite of credit related solutions designed to generate attractive returns for investors.

United States

North America

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Benefit Street Partners Reviews 2024 | BankerAdvisor

Benefit Street Partners

The turmoil in global markets this past week is causing private credit funds to question whether they should reconsider the ever-tighter loan margins they’re demanding. Industry stalwarts such as Ares Management Corp. and Blackstone Inc. have been charging less for private credit for most of this year, according to data compiled by Bloomberg News, as they try to snatch business away from the syndicated loan market. But that strategy may change after recession fears have risen amid a slew of worrying economic reports. 

Private Credit Is Eyeing Bigger Margins on Loans: Credit Weekly

A group of private credit lenders led by Blue Owl Capital and Ares Management has agreed to take over troubled software company Pluralsight, wiping out $4bn that Vista Equity Partners and other investors had put into the business since they bought it less than four years ago. The closely watched restructuring is one of the biggest in which the creditors that ultimately take control are also so-called direct lenders. The deal values Pluralsight at about $900mn, far below the more than $5bn that Vista, its partners and private lenders had invested or lent to the business. Vista and its co-investors had sunk roughly $4bn into Pluralsight, while lenders provided it with about $1.7bn of debt financing.


Vista and co-investors lose $4bn in Pluralsight restructuring

State Street Global Advisors, the asset management business of State Street Corporation (NYSE: STT), announced today that it is working with Apollo Global Management, Inc. (NYSE: APO), a leading provider of alternative assets and retirement solutions, and its affiliates (collectively, Apollo), to expand investor access to private market opportunities. "Private assets are one of the fastest growing sectors of the financial industry. We are excited to be working with Apollo, a global leader in alternative assets, to continue to increase accessibility to private markets, opening them to an even larger cross section of investors," said Ron O’Hanley, president and chief executive officer of State Street. 

State Street Global Advisors and Apollo Global Management Join Forces to Increase and Broaden Investor Access to Private Markets

A week’s worth of inflation data showed that price pressures have eased substantially since their meteoric rise in 2021-22. Fed officials head into their two-day policy meeting Tuesday closer to their goal of low inflation, but how much they will ease interest rates remains an open question.  “The federal funds rate has been over 5%, has been there for over a year to fight inflation. That fight is won. They need to start getting out of the way,” economist Claudia Sahm said.

The Fed has the proof it wants that inflation is slowing, but the next move is still up in the air

Guggenheim Investments, the asset-management arm of Guggenheim Partners, is seeking to raise at least $1.5 billion for its newest private credit fund, according to people with knowledge of the matter.

Guggenheim Targets $1.5 Billion for New Private Credit Fund

Marathon Asset Management, a leading global credit investment manager, today announced the final close for the third vintage of a closed-end asset-based lending fund with $1.7 billion of capital commitments.  As traditional lenders have downsized their lending programs, Marathon’s ABL strategy is designed to pursue compelling returns for clients by creating a diversified portfolio through sourcing, underwriting, and structuring attractive private investments that exhibit principal protection, robust asset coverage and predictable cashflows. , Marathon also intends to capitalize on the secondary loan market opportunities, as select undercapitalized financial institutions seek to improve their financial condition through asset sales.

Marathon Asset Management Closes $1.7 Billion Asset-Based Lending Fund

Goldman Sachs Asset Management is reportedly planning a major expansion of its private credit portfolio. The Wall Street giant aims to grow that portfolio to $300 billion in five years, up from $130 billion, a senior executive told Reuters Tuesday (March 12). “It’s a huge opportunity,” said Marc Nachmann, Goldman Sachs’ global head of asset and wealth management. According to the report, Goldman has loftier goals than other banking titans. For example, Morgan Stanley is planning to double its private credit portfolio to $50 billion, while JPMorgan Chase has set aside at least $10 billion for private credit. 

Goldman Sachs Aims for $300 Billion Private Credit Portfolio

The $1 billion-plus injection that New York Community Bank announced Wednesday is the latest example of private equity players coming to the need of a wounded American lender. Key to these deals is speed and discretion, according to advisors to several recent transactions and external experts. Steven Mnuchin reached out to NYCB directly to offer support amid headlines about the duress it was under, according to a person with knowledge of the matter.

Why private equity has been involved in every recent bank deal

Private equity firms including Apollo Global, KKR, Blackstone and Brookfield are accelerating efforts to make low-risk loans, encroaching on territory dominated by banks and public debt markets. New York-based group Apollo on Thursday increased its long-term forecasts for its lending business, telling shareholders it expected to be able to originate more than $200bn a year in new loans, up from $150bn previously. This compares with $97bn issued last year including to investment grades European group Vonovia and Air France-KLM. Volumes reached a record $40bn in the first quarter of 2024, it said.


Private equity firms step up plans to edge banks out of low-risk lending

The Consumer Financial Protection Bureau declared on Wednesday that customers of the burgeoning buy now, pay later industry have the same federal protections as users of credit cards. The agency unveiled what it called an “interpretive rule” that deemed BNPL lenders essentially the same as traditional credit card providers under the decades-old Truth in Lending Act. The BNPL market is dominated by fintech firms like Affirm, Klarna and PayPal.

CFPB says buy now, pay later firms must comply with U.S. credit card laws

JPMorgan Chase CEO Jamie Dimon said private credit could spark turmoil if the opaque sector of financial markets weakens. "There could be hell to pay," he said at a conference on Wednesday. "I've seen a couple of these deals that were rated by a rating agency and, I have to confess, it shocked me what they got rated. So, it reminds me a little bit of mortgages."

Jamie Dimon says there could be 'hell to pay' if the swelling private-credit market starts showing cracks

It seems JPMorgan CEO Jamie Dimon can’t see a way ahead for the U.S. economy that doesn’t end in stagflation.  It’s a warning Dimon has issued before, previously saying he fears America is headed for a repeat of the 1970s when everything “felt great” and then quickly about-turned to a period of high unemployment and inflation paired with low demand, also known as “stagflation.” Appearing at AllianceBernstein’s Strategic Decisions conference on Wednesday, Dimon said he simply can’t see how the past five years of massive fiscal and monetary stimulus could result in anything other than this scenario. 

How can you tell me it won’t lead to stagflation?’ Jamie Dimon says ‘extraordinary’ government spending has him bracing for high inflation and unemployment

Regional banks around the U.S. are striking complex and costly bargains with hedge funds, hoping to insulate themselves from a replay of the turmoil that followed Silicon Valley Bank’s failure last year. Wall Street smells a payday. Ohio-based Huntington Bancshares recently entered into an arrangement to sell investors some of the risk that its borrowers won’t repay their loans. That helps the bank meet new proposed standards meant to make lenders look healthy to regulators.  The deal is known on Wall Street as a synthetic risk transfer, and it offers cash-flush, private-debt fund managers—such as Ares Management and Blackstone—an attractive investment. 

Regional Banks Want to Slim Down. Hedge Funds Smell a Bargain.

Blackstone plans to double the size of its European private credit fund in the next year after raising €1bn from the region’s rich to invest in the booming $1.7tn market in private corporate loans. The private equity giant has taken nearly two years to reach the milestone following the 2022 launch of its European Private Credit Fund, known as ECRED, which aims to replicate the success of its $54bn US flagship fund.


Blackstone draws €1bn into European private credit fund

The Bank of England joined the growing list of policymakers and market participants concerned about the booming $1.6-trillion private credit market. The central bank’s Financial Policy Committee on Wednesday highlighted riskier types of corporate borrowing such as private credit and leveraged lending as particularly vulnerable to “sharp revaluations” in credit markets, as higher interest rates could make it harder for companies to refinance debt.

Bank of England Issues Warning on Private Debt, Leveraged Loans

Sports investment group Arctos Partners is in advanced talks to buy a majority stake in European credit investment shop Hayfin Capital Management in tandem with its top executives, according to people with knowledge of the matter.  Arctos has partnered with top Hayfin executives, including co-founders Tim Flynn and Mark Tognolini, in the deal, which is expected to hand a majority of the common stock owned by the British Columbia Investment Management Corporation (BCI) to the management team when it is completed. 


European credit group Hayfin Capital nears buyout deal

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