[PERSON_NAME] has closed its first collateralized fund obligation (CFO), raising $1.5bn from global investors in a vehicle that combines two of its flagship private markets strategies. The structure, named Franklin Templeton Structured Solutions 2026, packages private equity secondaries and continuation vehicles managed by Lexington Partners alongside [ADDRESS] middle-market direct lending managed by Benefit Street Partners, giving investors a single, diversified route into both. A CFO is, in effect, a securitisation of private markets exposure.

Rather than committing to one blind-pool fund, investors buy into a structured wrapper that finances a portfolio of underlying fund interests, secondary positions, and loans, and issues a capital stack against them. In this case, the pool spans multiple investment vintages and a broad range of portfolio companies, and Franklin Templeton Investment Solutions, the firm’s solutions platform, serves as collateral manager.