Future Standard Secondaries (formerly Portfolio Advisors)

HeadquartersDarien, USA

Founded1994 (rebranded Future Standard, July 2025)

OwnershipPart of FS Investments (combined entity rebranded Future Standard)

StrategyLP-led fund stakes, co-investment, mezzanine

ScaleCombined firm manages roughly $73B

Portfolio Advisors was founded in Darien, Connecticut in 1994, building a multi-strategy private-markets business that included secondaries, co-investments, and mezzanine debt investing for institutional clients, alongside offices in Switzerland and Hong Kong.

The firm became wholly owned by Franklin Square Holdings (operating as FS Investments) prior to 2025. In July 2025, FS Investments and Portfolio Advisors combined and rebranded under a single new name, Future Standard, creating a roughly $73 billion alternative investment firm.

The secondaries business built by Portfolio Advisors continues to operate inside the combined Future Standard platform, illustrating how quickly brand names in this corner of the industry can change even when the underlying investment team and strategy stay intact.

Worth knowing

Changed its name from a 30-year-old brand to "Future Standard" as recently as July 2025.

See the full buyer directory, or read the glossaryfor the terms (LP-led, GP-led, continuation fund) that describe how firms like this actually transact.