Beneficient enters $9.6M GP primary capital transaction

Beneficient (BENF) announced it has closed on the financing of a $9.6M primary capital commitment for Pulse Pioneer Fund, LP, a fund managed by Pulse Pioneer GP, LLC, an asset manager that manages venture capital funds that invest in scalable climate companies within its target interdependent investment verticals. The transaction represents Ben’s first GP Primary transaction of the fiscal year. In exchange for an interest in the Fund, the Fund received approximately $9.6M in stated value of shares of the company’s Resettable Convertible Preferred Stock, which is convertible at the election of the holder into shares of the company’s Class A common stock, subject to the terms and conditions of the transaction documents. As a result of the transaction, the collateral for company’s ExAlt loan portfolio is expected to increase by approximately $9.6M of interests in alternative assets.