Franklin Templeton Makes Bold Private Credit Move With Apera Acquisition — Making Its Next Big Bet in Alternatives
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Franklin Resources Inc. (NYSE:BEN), operating as Franklin Templeton, recently closed on its acquisition of Apera Asset Management. The deal augments the global investment management company's alternatives platform and increases its presence in Europe's lower middle market.
With offices in Munich, Paris and Luxembourg, London-based Apera is a pan-European private credit firm with 5 billion euros ($5.868 billion) under management, according to a news release from Franklin Templeton.
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Opportunities abound in Europe's lower middle market, according to a blog post from the CFA Institute. Small and medium-sized enterprises are the backbone of the European economy, representing 99% of the European Union's 32.3 million enterprises, but they've been operating under constrained bank lending.
"The acquisition of Apera reflects our continued commitment to building a world-class global alternatives platform," said Jenny Johnson, CEO of Franklin Templeton, when the acquisition was announced in June 2025. "We are pleased to welcome Apera's outstanding team and believe our combined capabilities will deliver even greater value to clients globally."
Franklin Templeton Positioned to Dominate Private Credit Market
Acquiring Apera grew Franklin Templeton's alternative credit assets under management to $90 billion. That pushed the firm's total alternative AUM to about $270 billion, bolstering its position as a leading manager of alternative assets.
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The private credit market, where private lenders bypass banks and the public to provide capital directly to companies, is a fast-expanding segment of the financial industry. In a January 2025 research note, Moody's said it expects private credit AUM to jump to $3 trillion by 2028.
Apera will complement Franklin Templeton's existing global alternative credit offerings, further diversifying the firm's geographic exposure and capabilities within the private credit asset class, according to the firm's news release in June.
What Is Apera?
Apera was founded in 2016 and provides senior secured private capital to private equity-backed companies in Western Europe. The company is dedicated to supporting mid-market companies, specifically those in the lower middle market that have strong cash flow, market leadership and support from private equity sponsors. Apera provides financing strategies and services to investors, sponsors and companies to help businesses grow.
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