Benefit Street Partners
Benefit Street Partners is a New York-based alternative credit investment manager managing $93 billion across CLOs, direct lending, real estate debt, and structured credit, serving pension funds, sovereign wealth funds, and insurance companies globally as a wholly owned subsidiary of Franklin Templeton.
- Company typePrivate
- Founded2008
- HeadquartersNew York, United States
- Headcount251–500
- GTM typeB2B
- OfferingServices
What Benefit Street Partners does
Benefit Street Partners (BSP) is an alternative credit investment manager founded in 2008 and headquartered in New York, operating as a wholly owned subsidiary of Franklin Resources, Inc. (NYSE: BEN). As of March 31, 2026, BSP manages $93 billion in assets across nine credit strategies: CLOs ($32 billion), direct lending, structured credit, liquid credit (senior loans and high yield), multi-asset credit, real estate debt, infrastructure debt, and special situations. The platform serves institutional investors globally — including pension funds, sovereign wealth funds, insurance companies, and asset owners — through closed-end funds, separately managed accounts, and registered/public vehicles (FBRT, FBCC, FBSPX, FBLEND, FBRED, and the newly launched YCLO ETF).
The firm combines a 52-person investment and operating team (18 dedicated investment professionals) with the institutional scale of Franklin Templeton ($1.68 trillion AUM parent) while retaining full investment and operational independence. BSP's technology stack includes an integrated global credit research platform spanning U.S. and European markets, a proprietary climate risk assessment tool, and an ESG scoring system with sector materiality guide. Revenue is generated through asset management fees (typically a percentage of committed or invested capital) and performance fees/carried interest on closed-end structures, with no public revenue disclosure. The firm maintains offices in New York, Boston, West Palm Beach, and London (European headquarters regulated by the FCA).
Following the 2016 Franklin Templeton acquisition and subsequent acquisitions of Alcentra (2022), Apera Asset Management (October 2025), and NewPoint Holdings (March 2025), BSP unified the Benefit Street Partners and Alcentra brands under a single BSP identity in January 2026. The platform is on track to exceed $100 billion in AUM in 2026, with stated expansion plans into Asia and the Middle East. BSP is a top-10 global CLO manager (9th largest in the U.S., 8th globally) and has issued 50 CLOs with $25.5 billion in cumulative CLO capital raised since 2012.
Benefit Street Partners firmographics
Firmographics- Name
- Benefit Street Partners
- Legal name
- Benefit Street Partners L.L.C.
- Website
- https://bspcredit.com
- Company type
- Private
- Founded year
- 2008
- Operating status
- Operating
- Headcount range
- 251–500 employees
- Short description
- Benefit Street Partners is a New York-based alternative credit investment manager managing $93 billion across CLOs, direct lending, real estate debt, and structured credit, serving pension funds, sovereign wealth funds, and insurance companies globally as a wholly owned subsidiary of Franklin Templeton.
- Ownership category
- akta.pro rank
Benefit Street Partners industry classification
Industry- Product category
- Alternative Credit Asset Management
- NAICS
- Other Nondepository Credit Intermediation (52229)
- SIC
- Asset-Backed Securities (6189)
- akta.pro primary industry
- Real Assets — Social Infrastructure / PPP (Schools, Hospitals, Government Facilities) (FSAHAIAH)
Keywords
Where Benefit Street Partners is headquartered
LocationHeadquarters
- HQ city
- New York
- HQ country
- United States
- HQ region
- North America
Offices5 records
Markets served
Benefit Street Partners business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales
Revenue model
- Asset Management Fees: BSP generates management fees from managing alternative credit funds and separately managed accounts. Fees are typically charged as a percentage of assets under management across various fund structures including CLOs, direct lending funds, real estate debt funds, and structured credit vehicles.
- Performance Fees/ Carried Interest: The firm earns performance-based fees from closed-end fund structures, typically tied to achieving specified return thresholds for investors.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Annual | Institutional Fund Management - closed-end funds |
Go-to-market motion1 record
Distribution channels3 records
Marketing channels5 records
Benefit Street Partners product offering
Product offeringCore offering
Benefit Street Partners (BSP) is an alternative credit investment manager that originates and manages credit investments across the capital structure, including CLOs, direct lending, infrastructure debt, liquid credit, multi-asset credit, structured credit, real estate debt, and special situations. The firm operates as a wholly owned subsidiary of Franklin Resources, deploying capital on behalf of institutional investors through commingled funds, separately managed accounts, and registered/public vehicles.
Product overview
Benefit Street Partners (BSP) is an alternative credit manager managing $93 billion in assets as a wholly owned subsidiary of Franklin Templeton. BSP operates as a unified platform combining multiple investment strategies including CLOs ($32 billion AUM), Direct Lending, Infrastructure Debt, Liquid Credit (Senior Loans and High Yield), Multi-Asset Credit, Real Estate Debt, Special Situations, and Structured Credit. BSP serves institutional and individual investors through various fund structures including closed-end funds, semi-liquid vehicles (FBRT REIT, FBCC BDC), registered funds (FBLEND, FBSPX), and the newly launched Franklin BSP CLO ETF (YCLO). The platform was unified in January 2026 by aligning the former Benefit Street Partners and Alcentra brands under the BSP name, creating one of the world's largest alternative credit platforms.
Differentiator
Problem solved
Functional benefit
Brands
- Alcentra: European alternative credit business operating under BSP brand since January 2026 integration
- Apera
- Franklin BSP Realty Trust (FBRT)
- Franklin BSP Capital Corporation (FBCC)
Products and services
- BSP CLO 50
Quantifiable outcome
- 92% of global institutional investors plan to maintain or increase alternative credit allocations in 2026
- +2 more outcomes
Companies that use Benefit Street Partners
Customer profileNamed customers4 records
Segments4 records
Ideal customer profiles1 record
Benefit Street Partners technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Benefit Street Partners partnerships and signals
Strategic signalPartnerships
Five partnerships are on record, tiered flagship, minor and core.
- AlcentraflagshipFranklin Templeton aligned its US (Benefit Street Partners) and European (Alcentra) alternative credit businesses under a unified BSP brand. Alcentra was acquired in 2022 and integrated with BSP to create a leading global alternative credit platform managing over $78 billion in corporate credit strategies.
- Morgan PropertiesminorCo-sponsorship of NewPoint Impact Fund I focused on affordable housing investments. Fund completed final close at $348 million, exceeding initial target, and deployed approximately $600 million supporting nearly 3,200 affordable units.
- Apera Asset ManagementcoreFranklin Templeton and BSP acquired Apera Asset Management in October 2025, strengthening European private debt capabilities. Apera focuses on lower-middle-market direct lending across Europe and now operates under the BSP brand, contributing approximately $15 billion in AUM.
- Siena Lending GroupminorSiena Lending Group served as sole left lead arranger for a $350 million credit facility for SkyWater Technology. BSP funds participated alongside Siena and other lenders including Great Rock Capital and Ares Commercial Finance.
- NewPoint HoldingscoreBSP acquired NewPoint Holdings, an agency lender and servicer, through Franklin BSP Realty Trust in March 2025. NewPoint provides mortgage servicing, bridge lending capabilities, and healthcare investment platform expansion, enhancing BSP's real estate debt platform.
Scale indicators12 records
Recent moves6 records
Expansion highlights6 records
Benefit Street Partners competitors and assessment
Company assessmentBroad incumbents
- Blackstone: Blackstone is the world's largest alternative manager with $1T+ AUM, including the largest private credit platform post-HPS acquisition, offering direct lending, CLOs, real estate debt, and structured credit that directly compete with BSP for institutional capital.
- Apollo Global Management: Apollo is one of the largest alternative asset managers globally with $700B+ AUM, including a major private credit and CLO franchise that directly competes with BSP across direct lending, CLO management, and structured credit for institutional LPs.
- Carlyle Group: Carlyle is a $400B+ AUM global alternative manager with a sizable credit franchise spanning direct lending, CLOs, and real estate debt that competes with BSP for institutional LPs and middle-market borrowers in the U.S. and Europe.
- KKR & Co. KKR is a $600B+ AUM global alternative manager with a substantial credit business spanning direct lending, CLOs, real estate debt, and infrastructure debt that competes with BSP across both LP relationships and primary deal sourcing.
- Brookfield Asset Management: Brookfield is a $1T+ AUM global alternative manager that owns Oaktree and has its own significant credit franchise, competing with BSP across private credit, CLOs, real estate debt, and infrastructure debt strategies.
- Goldman Sachs Asset Management (Private Credit): Goldman Sachs Asset Management runs a substantial private credit platform within its $2.5T+ alternatives business, offering direct lending, CLOs, and real estate debt that compete with BSP across institutional LPs and middle-market deal flow.
Direct peers
- HPS Investment Partners: HPS is a $148B AUM alternative credit manager owned by BlackRock, focused on direct lending, CLOs, and private credit strategies with a similar institutional LP base and product mix to BSP, and was acquired in 2024 at a premium multiple.
- Oaktree Capital Management: Oaktree is a specialist alternative credit and distressed debt manager (~$200B AUM) owned by Brookfield, with overlapping strategies in direct lending, CLOs, structured credit, and special situations that closely mirror BSP's platform.
- Ares Management: Ares is a credit-focused alternative asset manager with $450B+ AUM, the largest U.S. CLO manager, and significant direct lending and real estate debt franchises that closely parallel BSP's strategy mix and institutional LP base.
- Sixth Street Partners: Sixth Street is a $100B+ AUM alternative credit and direct lending manager with overlapping strategies in middle-market direct lending, CLOs, structured credit, and real estate debt, and a similar institutional client base.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat6 records
Key risks5 records
Key highlights6 records
Customer concentration
Benefit Street Partners social profiles
Digital presenceBenefit Street Partners financial estimates
Financial estimateRevenue estimate
Valuation estimate
Benefit Street Partners leadership team
Management profileNumber of profiles
Profiles13 records
Benefit Street Partners subsidiaries and ownership
Company hierarchySubsidiaries5 records
Benefit Street Partners funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Benefit Street Partners M&A and investment
M&A and investmentM&A1 record
Investments11 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Benefit Street Partners
What does Benefit Street Partners do?
Benefit Street Partners (BSP) is an alternative credit investment manager that originates and manages credit investments across the capital structure, including CLOs, direct lending, infrastructure debt, liquid credit, multi-asset credit, structured credit, real estate debt, and special situations. The firm operates as a wholly owned subsidiary of Franklin Resources, deploying capital on behalf of institutional investors through commingled funds, separately managed accounts, and registered/public vehicles.
Is Benefit Street Partners a public or private company?
Benefit Street Partners is a private company. It is classified as corporate owned and is currently operating.
When was Benefit Street Partners founded?
Benefit Street Partners was founded in 2008. It employs 251 to 500 people.
Where is Benefit Street Partners based?
Benefit Street Partners is headquartered in New York, United States, in the North America region.
How does Benefit Street Partners make money?
Two revenue lines are on record. Asset Management Fees are the primary driver. The others are performance Fees/ Carried Interest.
Who are Benefit Street Partners's main competitors?
Broad incumbents on record are Blackstone, Apollo Global Management, Carlyle Group, KKR & Co., Brookfield Asset Management and Goldman Sachs Asset Management (Private Credit). Direct peers are HPS Investment Partners, Oaktree Capital Management, Ares Management and Sixth Street Partners.
Does Benefit Street Partners have an API?
No public API is recorded for Benefit Street Partners.
What industry is Benefit Street Partners in?
Benefit Street Partners's product category is Alternative Credit Asset Management. Its primary akta.pro industry code is FSAHAIAH, Real Assets — Social Infrastructure / PPP (Schools, Hospitals, Government Facilities). Its NAICS code is 52229 and its SIC code is 6189.