Debevoise & Plimpton LLP has advised Apera Asset Management (“Apera”), a pan-European private credit firm, in its definitive agreement to sell a majority interest of the firm to Franklin Resources, Inc. [NYSE: BEN], a global investment management organisation operating as Franklin Templeton.

With the acquisition of Apera, Franklin Templeton’s global alternative credit AUM would increase to $87 billion and the firm’s total pro-forma alternative asset AUM would grow to approximately $260 billion, each as of 30 April, 2025.

Founded in 2016, Apera provides senior secured private capital solutions to private equity-backed companies in Western Europe.

This transaction is expected to close in Q3 2025, subject to customary regulatory approvals and closing conditions.

For more information, see the official announcement here.

Debevoise has previously advised Apera in a variety of matters, most recently in the raising of its €2.9 billion Private Debt Fund III (detail here).

The Debevoise team advising Apera was led by partner Geoffrey Burgess, and included M&A associates Christina Heil, Jung-Wook Lee, Joseph Millard, Sandli Pandey, Toby Wenham Rogers, and Zachary Sosah. Funds advice was provided by Geoffrey Kittredge, and included associates Hosung Bae and Rachel Stables. Regulatory advice was provided by partner Patricia Volhard, counsel John Young, and associates Eric Olmesdahl and Sameena Hussain. Tax advice was provided by partner Richard Ward, counsel Paul Eastham, and associate Christopher Gossage. Finance advice was provided by counsel Felix Paterson, and associates Eoin Molloy and Anna Moore. Antitrust and competition advice was provided by partner Timothy McIver and associate Lina Hamidou.