Franklin Resources Inc. [NYSE: BEN], a global investment management organization operating as Franklin Templeton Investments, has completed its acquisition of Benefit Street Partners LLC, an alternative credit manager with approximately $26 billion in assets under management. Following the acquisition, Franklin Templeton’s alternative offerings represent more than $40 billion in assets under management.
Benefit Street affiliates serve as the advisers to Business Development Corporation of America (BDCA) and Benefit Street Partners Realty Trust (formerly Realty Finance Trust), a business development company and non-traded REIT, respectively, both formerly managed by AR Global.
Benefit Street acquired all of the outstanding interests of BDCA’s adviser in November 2016 by purchasing $10 million of company common stock. Realty Finance Trust appointed Benefit Street Partners as its new advisor at the end of September 2016.
In connection with the transaction, Franklin Templeton acquired Benefit Street’s 100 percent ownership interest in BDCA Adviser LLC. All investment professionals currently managing BDCA and its investments, and all members of the Benefit Street investment committee, are expected to maintain their current responsibilities.
Established in 2008 in partnership with Providence Equity Partners, Benefit Street offers investment capabilities covering corporate performing and distressed private credit, structured credit and commercial real estate credit.
Franklin Templeton provides global and domestic investment management to retail, institutional and sovereign wealth clients in more than 170 countries. The company’s alternatives capabilities include private equity, hedge, commodities, real estate, infrastructure and venture capital strategies from Darby Overseas Investments, Franklin Real Asset Advisors, Franklin Venture Partners, K2 Advisors, Pelagos Capital Management, Templeton Global Macro and Templeton Private Equity Partners. Franklin Templeton has more than $717 billion in assets under management as of September 30, 2018.