Franklin Templeton buys €5bn European private credit firm

Franklin Templeton is set to acquire a majority interest in Apera Asset Management, a pan-European private credit firm with over €5bn (£4.2bn) in assets under management (AUM), for an undisclosed sum.

The acquisition will expand Franklin Templeton’s global alternatives platform and its direct lending capabilities across Europe’s growing lower middle market, it said in a statement.

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Following the acquisition of Apera, Franklin Templeton’s global alternative credit AUM would increase to $87bn (roughly £64bn).

Apera provides senior secured private capital solutions to private equity-backed companies in Western Europe, with headquarters in London and offices in Germany, France and Luxembourg.

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“We are pleased to welcome Apera’s outstanding team and believe our combined capabilities will deliver even greater value to clients globally”, said Jenny Johnson, chief executive of Franklin Templeton.

“Apera is a strong strategic fit for our platform,” added David Manlowe, chief executive of Benefit Street Partners, part of Franklin Templeton. “Their focus on the European lower middle market adds a new dimension to our global private credit capabilities”

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The transaction is expected to close in the third quarter of this year.