Franklin Resources, Inc., doing business as Franklin Templeton, has announced a definitive agreement to acquire a majority interest in Apera Asset Management, a pan-European private credit firm with more than €5 billion in assets under management. The transaction is expected to close in the third quarter of 2025 and marks a significant expansion of Franklin Templeton’s alternatives platform, boosting its alternative credit AUM to $87 billion and its total alternative assets to approximately $260 billion. 

Founded in 2016, Apera is headquartered in London with offices in Germany, France, and Luxembourg. The firm specializes in providing senior secured private capital to private equity-backed lower middle-market companies across Western Europe, with strong penetration in the DACH region, UK, Nordics, France, and Benelux. Apera’s third flagship fund recently closed at €2.9 billion, surpassing its fundraising target—underscoring growing investor demand in the space. 

“The acquisition of Apera reflects our continued commitment to building a world-class global alternatives platform,” said Jenny Johnson, President and CEO of Franklin Templeton. David Manlowe, CEO of Benefit Street Partners, added, “Apera’s focus on the European lower middle market adds a new dimension to our global private credit capabilities.” Apera Founding Partner Klaus Petersen commented, “With Franklin Templeton’s global scale and resources, we are well-positioned to accelerate our strategy’s growth.” 

This acquisition complements Franklin Templeton’s existing alternative credit franchises, including Benefit Street Partners in the U.S. and Alcentra in Europe, while also aligning with other specialist investment managers within the firm’s ecosystem, such as Clarion Partners, Lexington Partners, and Franklin Venture Partners.