Franklin Templeton Aligns Alternative Credit Firms Under BSP Brand

Franklin Templeton’s US and European alternative credit businesses, Benefit Street Partners and Alcentra, have now aligned under an updated Benefit Street Partners (BSP) brand.

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The move is the final step in BSP and Alcentra’s integration – two pioneering alternative credit firms that Franklin Templeton acquired in 2019 and 2022, respectively – and reflects increasing investor demand for a specialist global credit platform with expertise across the full spectrum of the asset class. A refreshed logo and new website domain accompany the brand alignment, and from this week Alcentra branded funds start to take on the BSP name.¹ Overall, Franklin Templeton’s alternative credit platform – which also includes direct lender Apera – is on track to exceed $100 billion in AUM in 2026.

According to new research also published today by BSP, which surveyed 135 global institutional investors with a combined AUM of $8 trillion,² around 93% of global institutional investors intend to either maintain (42%) or increase (51%) their exposure to alternative credit in 2026. The main motivation is the pursuit of greater diversification (85%) and the potential for higher total returns in alternatives than traditional fixed income (81%). As investors grow and diversify their alternative credit allocations, 81% consider a specialist asset class focus the key to delivering strong performance.

Over the next 12 months, 47% of respondents intend to increase their exposure to infrastructure debt, making it the most popular strategy, followed by direct lending (39%), asset-based lending (35%), special situations and distressed debt (30%), commercial real estate debt (28%) and CLOs (16%).

To meet this strong and varied demand, BSP is targeting a mix of organic and inorganic growth over the next five years, with the possibility for further acquisitions where attractive opportunities complement its existing offering. This includes expansion into new markets in Asia and the Middle East, and into adjacencies within the full alternative credit landscape.

David Manlowe, CEO of Benefit Street Partners, said: “BSP and Alcentra are complementary pioneers in alternative credit with long track records of successfully supporting investors through multiple market cycles. So this alignment under a unified brand is a natural next step for our combined global platform, which has become increasingly integrated in recent years and already shares world-class research, distribution, as well as operational teams and infrastructure.

“Critically, this move ensures we are optimally positioned to meet our clients’ evolving alternative credit needs, including exposure to new asset classes and geographies around the world, leveraging our global platform and institutional capabilities to support the full scope of our investors’ ambitions.”

While Franklin Templeton is integrating its expanding alternative credit platform, it remains committed to offering clearly differentiated investment capabilities to its investors within that global platform, particularly in certain local markets and where there is a specific area of focus. This was demonstrated by the recent addition of Apera Asset Management in October 2025, focused on lower-middle-market direct lending across Europe.

With Apera now forming part of BSP, the combined business is today responsible for $78 billion AUM in corporate credit strategies and $14 billion in commercial real estate debt strategies.³

Allison Davi, Senior Managing Director, Co-COO and Head of Business Development at BSP, added: “The message from our clients is clear: they want access to the best investment opportunities available across the expanding alternative credit landscape, but managed by a single, trusted and global partner. That means providing a multijurisdictional yet integrated platform, which brings together decades of alternative credit experience, long-standing relationships, and on-the-ground expertise to help investors achieve their goals.”

¹ BSP’s new website is: http://bspcredit.com/. A high-resolution version of the new logo is available on request.
² The survey was conducted on behalf of Benefit Street Partners by CoreData Research in November and December 2025 and focused on institutional investors in Australia, Bahrain, Canada, China, Denmark, Finland, France, Germany, Italy, Israel, Japan, Norway, Qatar, Saudi Arabia, South Korea, Sweden, United Arab Emirates (UAE), United Kingdom and the United States.
³ Estimate as of 12/31/25.

Disclaimer

This communication may contain forward-looking statements, which reflect current expectations, estimates, and projections about future events or performance. These statements are based on assumptions and are subject to risks, uncertainties, and other factors—many of which are beyond our control—that could cause actual results to differ materially from those expressed or implied. Words such as “anticipate,” “believe,” “expect,” “intend,” “plan,” “project,” and similar expressions are intended to identify such statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

About Benefit Street Partners

Benefit Street Partners (BSP) is an alternative credit pioneer with $92 billion¹ in assets under management (including Apera). It seeks to deliver attractive, risk-adjusted returns through its deep specialism, long-term relationships and global reach. A wholly owned subsidiary of Franklin Templeton, BSP is focused exclusively on credit. Through its disciplined, solutions-oriented approach, BSP unlocks opportunities across market cycles and geographies. The firm manages strategies spanning private debt, real estate debt, structured credit, and liquid loans. For more information, visit http://bspcredit.com/.

¹ Estimate as of 12/31/25.

About Franklin Templeton

Franklin Templeton is a trusted investment partner, delivering tailored solutions that align with clients’ strategic goals. With deep portfolio management expertise across public and private markets, we combine investment excellence with cutting-edge technology. Since our founding in 1947, we have empowered clients through strategic partnership, forward-looking insights, and continuous innovation – providing the tools and resources to navigate change and capture opportunity.

To learn more, visit franklintempleton.com and follow us on LinkedIn.
Franklin Resources, Inc. [NYSE: BEN]

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