Benefit Street raises $2.5bn

The Providence-based firm hit its direct lending fund’s hard-cap.

Benefit Street has raised to date for its $2.5 billion for its Benefit Street Partners Debt Fund IV, surpassing it original target at $1.75 billion.

Limited partners that committed money to the vehicle are the Employees’ Retirement System of the State of Hawaii ($50 million), the Florida State Board of Administration ($150 million), North Carolina State Treasury($250 million), State of Wisconsin Investment Board ($100 million) and the Teachers’ Retirement System of Louisiana ($50 million).

The firm will use the capital to make mezzanine debt investments in the number of sectors in North America.