Benefit Street Partners LLC, a wholly-owned subsidiary of Franklin Templeton, has closed its fifth flagship direct lending vehicle, BSP Debt Fund V, with $4.7 billion of investable capital across the strategy.

The fund seeks to generate risk-adjusted returns by investing primarily in privately originated, floating rate, senior secured loans. The fund will target private equity-sponsored and non-sponsored middle-market companies in North America.

“The close of BSP Debt Fund V reflects the strong demand for this asset class from both existing and new limited partners around the globe,” says David Manlowe, chief executive officer of BSP. “The market opportunity and backdrop for U.S. direct lending is tremendous. We look forward to providing companies with bespoke financing solutions in this latest vintage fund, while helping our investors seek to achieve their target returns.”