Franklin Templeton has agreed to acquire a majority stake in Apera Asset Management, a private credit manager based in London.

Financial terms of the deal were not revealed.

Apera is a pan-European firm managing over €5bn ($5.69bn) in assets.

The transaction is slated for completion in the third quarter of this year, contingent on regulatory approvals and other standard closing conditions.

The deal is expected to bolster Franklin Templeton’s global alternatives platform and enhance its direct lending capabilities in Europe’s lower middle market.

The acquisition will increase Franklin Templeton’s global alternative credit assets under management to $87bn and its total pro-forma alternative asset base to around $260bn, as of 30 April 2025.

Apera will complement Franklin Templeton’s existing alternative credit offerings, including Benefit Street Partners in the US and Alcentra in Europe.

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

“We are pleased to welcome Apera’s outstanding team and believe our combined capabilities will deliver even greater value to clients globally.”

Established in 2016, Apera specialises in offering senior secured private capital solutions to private equity-backed companies across Western Europe.

In addition to its London headquarters, it has offices in Germany, France, and Luxembourg.

The firm recently closed its third flagship fund family at €2.9bn ($3.3bn).

Aperafounding partner Klaus Petersen said: “We share a long-term vision centred 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.”

Last month, Franklin Templeton and Lexington Partners launched a new private equity secondaries fund in Luxembourg, which has more than $875m in assets under management.