Franklin Templeton and Benefit Street Partners are teaming up to launch a new interval fund: Franklin BSP Private Credit Fund filed an initial draft registration statement on November 18.
Franklin BSP Private Credit Fund
Benefit Street Partners will serve as the Advisor to the Franklin BSP Private Credit Fund. The fund’s investing strategy will focus on private credit. Benefit Street has approximately $27 billion in AUM, and an extensive network for sourcing private credit deals, according to the prospectus. According to the draft prospectus, there will be two share classes: Class A and Class . The fund will provide additional details on fee structure in subsequent filings.
This is Franklin Templeton’s first foray into the interval fund space since buying Benefit Street Partners earlier this year. Although its struggled with outflows in its traditional mutual fund strategies, Franklin Templeton’s robust distribution network should be valuable in launching this new fund.
More than 50% of interval funds in registration are planning to launch credit strategies. Click here for additional details on interval funds in registration.