Benefit Street Partners chief executive Tom Gahan will assume a senior position at Franklin Templeton, once the mutual fund behemoth closes its acquisition of the New York-based credit manager.
Gahan, who has been with Benefit Street since its current parent company Providence Equity Partners started the credit branch, will adopt the title head of alternatives, Franklin Templeton said in its earnings statement on Thursday.
Franklin Templeton declined to comment.
The firm agreed to buy Benefit Street in October for a cash consideration of $683 million, which will add a dedicated private credit operation to Franklin Templeton’s alternatives business, which consists of myriad hedge fund strategies, private real estate, private equity and private credit.
The financial behemoth owns Darby Private Equity, which, in part, invests in private credit in emerging markets and closed its Darby Latin America Private Debt Fund III on $300 million in October. It also oversees mezzanine funds financing infrastructure in Brazil, Colombia and Asia.