Franklin Templeton Gobbles Up Apera in Alternatives Land Grab

Another day, another asset manager playing catch-up in the 'alternatives' gold rush. Franklin Templeton just snapped up Apera—because nothing screams innovation like throwing cash at the problem.

The move reeks of desperation in a market where yield-starved investors will lap up anything labeled 'alternative.' Hedge funds? Private credit? Crypto? Just slap the label on it and watch the fees roll in.

Meanwhile, the real disruptors keep building while the old guard keeps buying. Place your bets on who wins that race.

Franklin Resources, a global investment management organisation operating as Franklin Templeton, announced it has entered into a definitive agreement to acquire a majority interest in Apera Asset Management, a pan-European private credit firm with over €5 billion in assets under management. The acquisition will expand Franklin Templeton’s global alternatives platform and its direct lending capabilities across Europe’s growing lower middle market.

With the acquisition of Apera, Franklin Templeton’s global alternative credit AUM WOULD increase to $87 billion and the firm’s total pro-forma alternative asset AUM would grow to approximately $260 billion, each as of 30 April, 2025, reinforcing its position as a leading manager of diversified alternative asset strategies. Apera will be complementary to Franklin Templeton’s existing global alternative credit offerings, alongside Benefit Street Partners in the U.S. and Alcentra in Europe, further diversifying the firm’s geographic exposure and capabilities within the private credit asset class.

Founded in 2016, Apera provides senior secured private capital solutions to private equity-backed companies in Western Europe. Headquartered in London, with offices in Germany, France, and Luxembourg, Apera has built a strong track record of disciplined underwriting and DEEP sponsor relationships and brings differentiated capabilities and expertise in the pan-European lower middle market – a segment that remains underserved relative to the broader private credit landscape. Apera recently closed its third flagship fund family at €2.9 billion, exceeding its target and reflecting investor demand for access to European private credit.

“This transaction with Franklin Templeton marks an exciting new chapter for Apera,” said Klaus Petersen, Founding Partner of Apera. “We share a long-term vision centered on performance and responsible growth. With Franklin Templeton’s global scale and clear commitment to alternatives, we are well-positioned to accelerate the growth of our strategy and expand our reach while continuing to deliver for our investors.”

“Apera is a strong strategic fit for our platform,” said David Manlowe, CEO of Benefit Street Partners. “Their focus on the European lower middle market adds a new dimension to our global private credit capabilities. It’s a segment distinct from those served by BSP and Alcentra, and one where Apera’s local expertise and disciplined underwriting approach provide access to attractive, risk-adjusted returns.”

“The acquisition of Apera reflects our continued commitment to building a world-class global alternatives platform,” said Jenny Johnson, CEO of Franklin Templeton. “We are pleased to welcome Apera’s outstanding team and believe our combined capabilities will deliver even greater value to clients globally.”

This transaction is expected to close in Q3 2025, subject to customary regulatory approvals and closing conditions.

Source: Franklin Templeton