Alcentra Group

Established in 2002, Alcentra Group has cemented its position as a substantial, European-headquartered alternative credit manager. The firm was founded by David Forbes-Nixon, who spun it out from Barclays Capital Asset Management with backing from private equity firm Alchemy Partners. Initially launched with $2 billion in assets primarily concentrated in Collateralized Loan Obligations (CLOs), the company has since pursued a path of largely organic growth.

A pivotal moment in Alcentra's history occurred in November 2022, when it was acquired by Franklin Templeton for a sum of up to $700 million and subsequently integrated with Benefit Street Partners (BSP). This strategic combination created a global alternative credit powerhouse, now operating as the BSP-Alcentra platform. The integration nearly doubled BSP's assets under management to approximately $75 billion and significantly expanded Franklin Templeton's alternative asset strategies. Post-acquisition, Alcentra continues to operate under its own brand in Europe, maintaining its established investment strategies.

Alcentra's business revolves around providing a wide spectrum of sub-investment grade corporate credit solutions. The firm serves a global institutional client base that includes pension funds, insurance companies, sovereign wealth funds, and family offices. Its revenue model is based on management and performance fees from the numerous funds and tailored portfolios it manages. The firm employs a disciplined, value-oriented approach to investment evaluation and portfolio construction across all its strategies. Its product suite is comprehensive, covering senior secured loans, high-yield bonds, private and direct lending, structured credit, special situations, and multi-strategy credit offerings. This allows the firm to offer solutions across the entire capital structure, from floating-rate debt to distressed debt opportunities.

Keywords: alternative credit, private debt, asset management, senior secured loans, high-yield bonds, direct lending, structured credit, special situations, multi-strategy credit, institutional investors, sub-investment grade, corporate credit, Franklin Templeton, Benefit Street Partners, European credit manager, CLOs, David Forbes-Nixon, credit investment, debt financing, asset-backed securities