About This Fund
Apera Private Debt Fund III is a senior secured private credit fund managed by Apera Asset Management, a London-headquartered specialist private debt manager founded in 2016 and operating under majority ownership of Franklin Templeton since 2025. The fund is Apera's third flagship private credit vehicle, focusing exclusively on direct lending to private equity-backed mid-market companies across Western Europe, including the DACH region (Germany, Austria, Switzerland), United Kingdom, France, Nordics, and Benelux. With a strategy centered on senior secured unitranche and first-lien financings, Apera has established a reputation for disciplined underwriting and strong sponsor relationships in the lower mid-market.
Apera Private Debt Fund III targets transactions with enterprise values typically ranging between €30 million and €300 million, with individual investment sizes of €15 million to €100 million per transaction. The fund maintains a concentrated focus on industries favored by European private equity sponsors, including business services, healthcare, technology-enabled services, and industrials. As a unitranche-first platform, Apera provides borrowers with certainty of execution, flexible structures, and long-term partnership capital, making it a preferred counterparty for both private equity sponsors and family business owners undertaking growth transactions or management buyouts across Western Europe.
Apera Private Debt Fund III held its final close in April 2025 at €2.9 billion in total commitments including related vehicles and leverage, surpassing its hard cap and representing a doubling in size over its predecessor, Apera Private Debt Fund II (€1.27 billion final close, July 2022). The fundraise attracted a diverse base of institutional limited partners including insurance companies, pension funds, and sovereign wealth funds from Europe, the Middle East, and North America. Franklin Templeton's majority acquisition of Apera in 2025 provides additional distribution capabilities and global reach to support the continued growth of the platform.