Benefit Street Partners Closes Asset-Backed Finance Seed Fund and Completes Transaction with Encina to Expand Asset-Backed Finance Platform
Simpson Thacher represented Benefit Street Partners (“BSP”), the alternative credit manager of Franklin Templeton, in connection with the formation of BSP Lender Finance Seed Fund, a new asset-backed finance fund formed as part of BSP's completed transaction with Encina Lender Finance (“Encina”). The new fund, backed by Franklin Templeton and BSP-affiliated funds, acquired an initial seed portfolio of approximately $480 million of commitments originated by Encina. In addition, a 14-person investment team from Encina joined BSP and will continue to manage and originate investments through the strategy.
The Simpson Thacher team included Sage Hughes, Barrie Covit, Jason Nussbaum and Ella Yumeng Zhang (Funds); Edward Grais, Ari Zak, Shareef Salfity and Jacob Chefitz (Tax).