Rebrand highlights firm's evolution, transformational combination with Portfolio Advisors and commitment to delivering differentiated performance
New Private Market Outlook urges investors to embrace a more specialized approach to private markets

PHILADELPHIA, July 21, 2025 /PRNewswire/ -- FS Investments, an $86 billion global alternative asset manager, today announced its rebrand and renaming to Future Standard. The move marks a major milestone in the firm's evolution into one of the alternative investment industry's leading platforms for private equity, credit and real estate investments and solutions.

Future Standard will operate under a unified identity following its transformational combination with Portfolio Advisors, delivering an integrated experience across the firm's investment strategies. Both firms have long been known as first-movers in the private markets, and the rebrand signals a commitment by the combined firm to remain at the leading edge for clients.

"Future Standard reflects what has always been at our core--a relentless drive to serve clients by uncovering differentiated opportunities that drive performance," said Michael Forman, Chief Executive Officer. "Our expertise and access enable us to deliver the attractive returns our clients seek by uncovering opportunities others overlook."

With deep specialization in the U.S. middle market, Future Standard is focused on a segment that is essential to economic growth but remains underrepresented in many investor portfolios. The middle market includes more than 200,000 companies generating between $10 million and $1 billion in annual revenue. As 99% of these companies are privately held, it makes access difficult without the right relationships, expertise and structure.

"In today's crowded market, standing out demands clarity, conviction and a commitment to challenging convention," said Stephen Tisdalle, Chief Marketing Officer. "Future Standard reflects how we help optimize our clients' portfolios with unique and untapped opportunities. This brand gives us the voice and platform to bring our specialization, skill and ambition to our clients and to the entrepreneurs powering the U.S. economy."

The firm's new brand leverages its legacy of innovation and industry firsts, including launching the first private business development company (BDC) and the largest non- traded credit REIT. Future Standard's investment approach combines deep domain expertise with thoughtful product design, providing clients with access to opportunities across liquidity profiles and market cycles.

"While much is changing, the core of who we are and where we operate remains the same," Forman added. "With specialized teams across asset classes and a strong distribution infrastructure, we are focused on investor outcomes and leading the way in private markets access and performance."

Private Markets Outlook

Future Standard today also released its latest Private Markets Outlook, "Follow the Value, Not the Herd," which examines how policy uncertainty and macroeconomic risks are impacting dealmaking. Beneath this cyclical uncertainty, the report identifies a more significant shift: a new investment imperative is emerging in private markets. Many allocators are flocking to large, brand-name managers--but as the report underscores, capturing real value in this next market phase will require a different approach.

"Nearly half of all private capital raised globally this year has flowed into megafunds, intensifying the challenge of generating attractive returns," said Mike Kelly, Chief Investment Officer. "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."

In this environment, operational expertise and domain specialization will be the key to outperformance. Future Standard's analysis shows that in private equity, large-cap managers have underperformed their smaller peers in both median and top-end returns. In both private credit and real estate, smaller funds show greater upside. Meanwhile, higher interest rates are reshaping the investment terrain, compressing equity returns and shifting value toward lenders.

As the global investment landscape evolves, the imperative is clear: managers must think differently and embrace the complexity of what comes next.

Contact information:
Marc Hazelton or Melanie Hemmert
media@futurestandard.com

ABOUT 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, we back the business owners and financial sponsors that drive growth and innovation across the middle market, transforming untapped potential into durable value.¹

Visit futurestandard.com to learn more.

1 Total AUM estimated as of March 31, 2025.

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