Franklin BSP Private Credit Fund Advisor Class
FBSPX
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- Franklin BSP Private Credit Fund Advisor Class (FBSPX) is a closed-end interval fund that provides investors with access to a diversified, multi-strategy private credit portfolio targeting attractive risk-adjusted returns and current income through investments in U.S. middle-market companies, typically those with annual revenues up to $1 billion. The fund, managed by Benefit Street Partners L.L.C. (BSP), a New York-based credit-focused alternative asset manager established in 2008 and a wholly owned subsidiary of Franklin Resources, Inc., offers exposure to direct lending and illiquid loans (approximately 52%), mezzanine debt (15%), distressed debt and special situations (7%), commercial real estate debt (6%), asset-backed financing (6%), tactical credit, structured corporate credit, and liquid securities; it features a high allocation to floating-rate instruments (74%), senior secured first-lien debt (69%), and employs leverage of around 42% as of late 2025. Launched on October 3, 2022, with daily NAV calculations, monthly distributions, quarterly repurchase offers of at least 5% of outstanding shares, and 1099-DIV tax reporting, the fund operates primarily in North America, serving institutional, high-net-worth, and retail investors seeking alternatives to traditional fixed income. Recent developments include BSP's completion of a merger between its affiliates Franklin BSP Lending Corporation and Franklin BSP Capital Corporation in January 2024, creating a combined business development company platform with over $3.8 billion in assets and enhanced middle-market lending capabilities; BSP also closed its fifth flagship direct lending fund, BSP Debt Fund V, at $4.7 billion in investable capital in January 2024, and in September 2025 finalized a landmark $2.3 billion private credit continuation vehicle for BSP Debt Fund IV in partnership with Coller Capital, marking the largest single-fund credit continuation vehicle supported by a diversified senior secured loan portfolio. The fund has maintained reduced management fees through contractual waivers until April 30, 2026, supporting competitive net expense ratios of 5.41% for the Advisor Class amid ongoing portfolio growth to approximately $189 million in managed assets and 200 holdings as of late 2025. BSP's platform, bolstered by its 2019 acquisition by Franklin Templeton, continues to expand with over 550 employees across offices in New York (headquarters), Boston, West Palm Beach, and London, driving multi-strategy credit deployments totaling tens of billions since inception.