Franklin Templeton acquired Benefit Street Partners from Providence Private Equity.

Franklin Templeton acquired Benefit Street Partners, an investment management firm, from Providence Private Equity. The deal will lift Franklin Templeton's overall alternative funds under management to $40bn. “We are confident that BSP’s experience and capabilities, combined with Franklin Templeton’s global scale and extensive resources in more liquid credit investing, will enhance origination capabilities and increase our breadth and depth of expertise across the leveraged finance market.” Greg Johnson, Franklin Templeton chairman and CEO Terms of the transaction were undisclosed.