Future Standard

Future Standard is a global alternative asset manager serving institutional and private wealth clients, investing across private equity, credit, and real estate. With a 30+ year track record of value creation and over $86 billion in assets under management, the Firm backs the business owners and financial sponsors that drive growth and innovation across the middle market, transforming untapped potential into durable value. Future Standard has more than 600 employees across twelve offices globally, with headquarters in Philadelphia, PA.

Future Standard’s institutional heritage spans back to 1994, when legacy firm Portfolio Advisors LLC or (“PA”) was founded as a private markets investment firm specializing in middle-market private equity, private credit, and private real estate. Future Standard’s institutional investment platform includes capabilities across direct equity and credit investments, LP- and GP-led secondary investments, and primary investments.

PA launched its first institutional investment fund in 2000 with the goal of providing advisory expertise and private equity investment management services to a wider institutional audience. The Firm added a secondaries platform in 2002, and the following year expanded its investment activities into real estate, giving the Firm a broader range of private markets coverage. As PA continued to grow, it opened offices in Europe (2007) and Asia (2010).

PA launched its first dedicated private equity secondaries fund in 2008. In addition, the Firm launched its direct equity co-investment platform in 2011. Two years later, the Firm further expanded into credit secondaries. Later that year in December 2013, PA acquired DLJ Investment Partners (“DLJIP”) from Credit Suisse, including the investment team and management of existing fund assets, adding significant junior debt lending capabilities to PA’s platform. Finally, in 2018 the Firm launched its senior debt lending business.

In 2023, Portfolio Advisors combined with FS Investments, a pioneer in the democratization of alternative assets. In July 2025, Portfolio Advisors and FS Investments were rebranded as one firm, Future Standard. Today, Future Standard’s differentiated platform services institutional and wealth clients, delivering solutions built on experience, innovation and access. The Firm looks forward to leveraging its combined resources to constantly adapt to evolving markets in pursuit of driving performance for investors.