Investor profile
Future Standard
PE
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Future Standard is a global alternative asset manager with $94 billion in AUM, formed from the combination of FS Investments (founded 2007) and Portfolio Advisors (founded 1994). The firm focuses on the U.S. middle market — companies generating between $10 million and $1 billion in annual revenue — which it views as underrepresented in investor portfolios yet essential to economic growth. Its platform spans private equity (direct, secondary, primary, buyout, growth equity, and special situations), private credit (senior, junior, opportunistic, and credit secondaries), real estate, and infrastructure. Future Standard's core conviction is that 'the next cycle of alpha will be led by operators who understand how to drive real value — through pricing power, margin expansion, and executional excellence.' The firm challenges convention to 'uncover what others overlook,' leveraging deep middle-market specialization, long-standing sponsor relationships, and disciplined execution to deliver differentiated, risk-adjusted returns for both institutional and private wealth clients.
Notable quotes
“Future Standard reflects what has always been at our core—a relentless drive to serve clients by uncovering differentiated opportunities that drive performance. Our expertise and access enable us to deliver the attractive returns our clients seek by uncovering opportunities others overlook.”
“Nearly half of all private capital raised globally this year has flowed into megafunds, intensifying the challenge of generating attractive returns. We believe the next cycle of alpha will be led by operators who understand how to drive real value—through pricing power, margin expansion, and executional excellence. At a time when policy and geopolitical uncertainty persist, we believe the most compelling opportunities for investors lie in the U.S. middle market, where operational rigor, sector specialization, and manager skill drive differentiated returns.”
“The middle market remains an engine of growth, but its real potential lies in areas others often overlook. Through FS MPE, we're uncovering differentiated opportunities and offering clients access to a diversified portfolio of high-quality sponsors and companies — all within a structure designed for long-term alignment and liquidity.”
Team
Michael Forman
Chairman and CEO
Mike Kelly
Chief Investment Officer
Adam Clemens
Managing Director, Head of Private Equity
Nicolas von der Schulenburg
Managing Director, Co-Head of European Investment Team
Brian Murphy
Co-Founder (Portfolio Advisors)
Briac Houtteville
Managing Director
Recent investments
| Company | Round | Size | Date |
|---|---|---|---|
| FS KKR Capital Corp. | Permanent Capital Vehicle | — | — |
| FS Credit Income Fund | Fund | — | — |
| FS MVP Private Markets Fund | Fund | $500m | 2022-01-03 |
| FS Mid Market Private Equity Fund (FS MPE) | Fund Launch | $200m | 2025-11-24 |
| Portfolio Advisors Secondary Fund V | Secondary Fund | — | 2026-06-01 |
| PA Co-Investment Fund V | Co-Investment Fund | — | 2025-01-01 |
| PA GP Solutions Fund | GP Solutions Fund | — | 2024-01-01 |
| Portfolio Advisors Private Equity Fund XII | Primary PE Fund | — | 2023-12-01 |
Frequent co-investors
| VC firm | Deals together |
|---|---|
| KKR | 1 |
| COPRÉ (Collective Pension Foundation) | 1 |
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