Japanese Institutions Expand Allocation to Alternative Credit With BSP

According to a recent LinkedIn post from Benefit Street Partners, an interview with Cathy Bevan, Co-Head of Europe and Head of Structured Credit, highlights rising global allocations to alternative credit by Japanese institutional investors. The post notes that Japanese institutions now account for around 10% of BSP’s approximately $92 billion in assets under management, based on an estimate as of Dec. 31, 2025.

The LinkedIn post suggests that Japanese investors are broadening exposure beyond traditional direct lending into infrastructure debt, CLOs, special situations, and real estate debt. For investors, this trend may indicate incremental fee-bearing AUM growth for BSP and underscores the firm’s positioning as a scaled manager in higher-margin alternative credit segments.

The emphasis on the need for global expertise and scale among managers implies competitive differentiation for platforms with established structured credit and infrastructure capabilities. If sustained, increased Japanese institutional demand for alternative credit could support more stable revenue streams, diversify BSP’s client base geographically, and potentially enhance its standing in the global private credit and structured products market.