US asset manager says acquisition of European private credit firm will boost alternative credit assets to almost $90bn.

Franklin Templeton, the $1.5tn US asset management group, has acquired a majority stake in European private credit firm Apera Asset Management, marking the latest acquisition in the fast-growing private markets sector.

Franklin said the deal, which is expected to complete in the third quarter, will expand its global alternatives platform and direct lending capabilities across Europe’s lower-middle market.

Following the acquisition of Apera, Franklin’s global alternative credit assets will increase to $87bn.

London-based Apera, which oversees more than €5bn, was founded in 2016 and provides senior secured private capital solutions to private equity-backed companies in western Europe. It also has offices in Germany, France and Luxembourg.

Franklin said Apera would complement its existing global alternative credit business, which includes Benefit Street Partners in the US and Alcentra, the alternative credit manager it acquired from BNY in 2022.

“The acquisition of Apera reflects our continued commitment to building a world-class global alternatives platform,” said Jenny Johnson, chief executive of Franklin Templeton.

Financial details of the deal were not disclosed.

Franklin’s acquisition is the latest in a growing list of private markets deals completed by asset managers in recent months.

M&G, the UK-listed investments group, in February bought a 70% stake in private credit specialist P Capital Partners, which has raised about €7bn since it was set up in 2002.

Other asset managers including BlackRock, Amundi and Janus Henderson have announced private markets deals over the past 12 months. BlackRock alone spent more than $25bn on three landmark acquisitions in 2024.

Meanwhile L&G last month acquired real estate investor Proprium Capital Partners as part of a drive to bolster its presence in private markets.

The asset manager bought a 75% stake in the $3.5bn group, which was founded in 2013 as a spin-out from Morgan Stanley’s real estate special situations team.