Future Standard
Future Standard is a Philadelphia-based, privately held global alternative asset manager investing across private equity, credit, real estate, infrastructure, and multi-asset strategies for the U.S. middle market, managing approximately $94 billion in AUM and serving financial advisors, institutional investors, and sponsors worldwide.
- Company typePrivate
- Founded1994
- HeadquartersPhiladelphia, United States
- Headcount501–1,000
- GTM typeB2B
- OfferingServices
What Future Standard does
Future Standard is a Philadelphia-headquartered, privately held global alternative asset manager that invests across private equity, credit, real estate, infrastructure, and multi-asset strategies, with a stated focus on the U.S. middle market. The firm reports approximately $94 billion in assets under management as of March 31, 2026, supported by 14 offices globally and 501-1,000 employees. Future Standard (operating as the trade name for Franklin Square Holdings, L.P.) rebranded from FS Investments in 2025 following its 2023 acquisition of Portfolio Advisors LLC, unifying legacy alternatives and secondary-fund capabilities under a single brand.
The firm's product surface spans listed closed-end funds (FS Credit Opportunities Corp. with ~$2.2B AUM, FS Specialty Lending Fund with ~$1.9B AUM), the jointly-managed FS KKR Capital Corp. business development company ($13B AUM), interval funds (FS MVP Private Markets Fund, FS Credit Income Fund), a non-traded REIT (FS Credit Real Estate Income Trust), a mutual fund (FS Multi-Strategy Alternatives Fund), private Luxembourg-domiciled vehicles (FS Mid Market Private Equity Fund), and digital infrastructure operating assets following the 2025 acquisitions of Post Road Group's digital infrastructure platform and a majority stake in Velonex Technologies. Distribution is executed through an affiliated broker-dealer, FS Investment Solutions, LLC, alongside direct institutional sales and financial-advisor relationships reaching approximately 350 institutional investors across North America, Europe, and Asia.
Future Standard generates revenue through management and performance fees on the funds and accounts it manages. Customer segments include financial advisors and wealth managers, institutional investors (endowments, foundations, pension funds), and GP/sponsor partners seeking capital and secondary-market liquidity. Recent strategic emphasis has been on scaling AUM (the $3 billion PA Secondary Fund V close in 2026), expanding into digital infrastructure through acquisition, extending European distribution via a Luxembourg-domiciled fund, and investing in private-markets operating infrastructure through Corastone.
Future Standard firmographics
Firmographics- Name
- Future Standard
- Legal name
- Franklin Square Holdings, L.P. (d/b/a Future Standard)
- Website
- https://futurestandard.com
- Company type
- Private
- Founded year
- 1994
- Operating status
- Operating
- Headcount range
- 501–1,000 employees
- Short description
- Future Standard is a Philadelphia-based, privately held global alternative asset manager investing across private equity, credit, real estate, infrastructure, and multi-asset strategies for the U.S. middle market, managing approximately $94 billion in AUM and serving financial advisors, institutional investors, and sponsors worldwide.
- Ownership category
- akta.pro rank
Future Standard industry classification
Industry- Product category
- Alternative Asset Management
- NAICS
- Portfolio Management and Investment Advice (523940), Funds, Trusts, and Other Financial Vehicles (525), Open-End Investment Funds (525910), Other Financial Vehicles (52599), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200)
- akta.pro primary industry
- Pension Master Trusts, Superannuation & Provident Funds (FSAAAGAB)
- akta.pro secondary industries
- Retirement & Pension Wealth (401(k)/IRA/SIPP/Superannuation Retail) (FSAAAAAJ), Target-Date & Lifecycle Funds (FSAAAJAC)
Keywords
Where Future Standard is headquartered
LocationHeadquarters
- HQ city
- Philadelphia
- HQ country
- United States
- HQ region
- North America
Offices2 records
Markets served
Future Standard business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure
Revenue model
- Asset Management Fees: Future Standard generates revenue through management fees and performance fees from managing alternative investment funds across private equity, credit, real estate, infrastructure, and multi-asset strategies. The firm manages approximately $94 billion in assets under management as of March 31, 2026.
Go-to-market motion1 record
Distribution channels3 records
Marketing channels5 records
Future Standard product offering
Product offeringCore offering
Future Standard is a global alternative asset manager that manages approximately $94 billion in assets across private equity, credit, real estate, infrastructure, and multi-asset strategies focused on the U.S. middle market. The firm distributes investment products through listed closed-end funds, interval funds, non-traded REITs, mutual funds, and private funds, serving financial advisors, institutional investors, and GP sponsors worldwide.
Product overview
Future Standard is a global alternative asset manager offering a comprehensive suite of investment products across private equity, credit, real estate, and multi-asset strategies. The product portfolio includes listed closed-end funds (FS Credit Opportunities Corp., FS Specialty Lending Fund, FS KKR Capital Corp.), interval funds (FS MVP Private Markets Fund, FS Credit Income Fund), non-traded vehicles (FS Credit Real Estate Income Trust), mutual funds (FS Multi-Strategy Alternatives Fund), and private funds (FS Mid Market Private Equity Fund). The firm also expanded into digital infrastructure through the acquisition of Velonex Technologies, a managed services provider. These products collectively serve institutional investors, financial advisors, and wealth management clients seeking exposure to the U.S. middle market across various alternative asset classes.
Differentiator
Problem solved
Functional benefit
Products and services
- FS Credit Opportunities Corp. (FSCO)
Companies that use Future Standard
Customer profileSegments3 records
Ideal customer profiles3 records
Future Standard technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Future Standard partnerships and signals
Strategic signalPartnerships
Three partnerships are on record, tiered core and minor.
- CorastonecoreFuture Standard invested in Corastone's private-market investing platform, which provides blockchain-based infrastructure enabling straight-through processing for private markets. The platform replaces legacy file-based processes and point-to-point integrations, serving general partners, wealth managers, and fund administrators. This partnership supports modernization of private markets infrastructure.
- KKR & Co.coreFuture Standard and KKR jointly manage FS KKR Capital Corp., a $13 billion publicly traded business development company. The partnership focuses on private credit investments and financing solutions for middle market companies.
- Post Road GroupminorFuture Standard acquired Post Road Group's Digital Infrastructure platform, with managing partner Michael Bogdan joining Future Standard to lead the acquired platform. The transaction supports Future Standard's digital infrastructure investment capabilities.
Scale indicators7 records
Recent moves8 records
Expansion highlights6 records
Future Standard competitors and assessment
Company assessmentDirect peers
- Apollo Global Management: Large multi-strategy alternative asset manager with significant credit, private equity, and real estate franchises. Comparable to Future Standard across credit and middle-market direct lending, and an existing co-investor in the Corastone platform alongside Future Standard.
- Ares Management: Public alternative asset manager with strong credit, private equity, real estate, and secondary funds franchise. Closely comparable to Future Standard's credit-anchored multi-strategy approach, including direct lending and interval/closed-end fund vehicles.
- Hamilton Lane: Pure-play private markets investment manager with deep secondary fund, co-investment, and direct credit capabilities. Direct overlap with PA Secondary Funds and FS MVP Private Markets Fund; also an investor alongside Future Standard in the Corastone private-markets platform.
- KKR & Co. Global alternative asset manager with private credit, private equity, real assets, and capital markets businesses. Directly partnered with Future Standard on the $13B FS KKR Capital Corp. BDC, making it both a peer and a strategic collaborator with highly overlapping middle-market strategies.
- Carlyle Group: Large global alternative asset manager with private equity, credit, and real assets. Comparable middle-market private equity and credit orientation, with public BDC vehicles and global institutional distribution that mirrors Future Standard's positioning.
- StepStone Group: Private markets specialist focused on secondaries, co-investments, and GP-led solutions. Comparable to Future Standard's secondary market and fund-of-funds offerings through the PA Secondary fund family.
Broad incumbents
- Blackstone: Largest global alternative asset manager spanning PE, credit, real estate, infrastructure, and hedge fund solutions. Operates in the same asset classes as Future Standard but at substantially greater scale, with much broader retail wealth and institutional platforms.
- Brookfield Asset Management: Global alternative asset manager with credit, private equity, real estate, infrastructure, and renewable power franchises. Overlaps with Future Standard's credit, real estate, and infrastructure strategies but at vastly greater scale and longer duration.
Emerging players
- iCapital Network: Technology platform providing wealth advisors access to alternative investments. Comparable as an alternative-asset distribution and infrastructure partner; competes with Future Standard's FS Investment Solutions channel for financial advisor mind-share on alts.
Others
- Heinrich Fernandez & Co. / Cohen & Steers: Public real-asset and real estate investment specialist managing listed and private vehicles. Comparable to FS Credit Real Estate Income Trust (non-traded REIT) and the firm's broader commercial real estate debt/equity capabilities.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Future Standard social profiles
Digital presenceFuture Standard compliance and trust
Trust signalCompliance6 records
Future Standard financial estimates
Financial estimateRevenue estimate
Valuation estimate
Future Standard leadership team
Management profileNumber of profiles
Profiles11 records
Future Standard subsidiaries and ownership
Company hierarchySubsidiaries2 records
Future Standard funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Future Standard M&A and investment
M&A and investmentM&A3 records
Investments11 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Future Standard
What does Future Standard do?
Future Standard is a global alternative asset manager that manages approximately $94 billion in assets across private equity, credit, real estate, infrastructure, and multi-asset strategies focused on the U.S. middle market. The firm distributes investment products through listed closed-end funds, interval funds, non-traded REITs, mutual funds, and private funds, serving financial advisors, institutional investors, and GP sponsors worldwide.
Is Future Standard a public or private company?
Future Standard is a private company. It is classified as management employee owned and is currently operating.
When was Future Standard founded?
Future Standard was founded in 1994. It employs 501 to 1,000 people.
Where is Future Standard based?
Future Standard is headquartered in Philadelphia, United States, in the North America region.
How does Future Standard make money?
One revenue line is on record: asset Management Fees.
Who are Future Standard's main competitors?
Direct peers on record are Apollo Global Management, Ares Management, Hamilton Lane, KKR & Co., Carlyle Group and StepStone Group. Broad incumbents are Blackstone and Brookfield Asset Management. iCapital Network is listed as an emerging player. Heinrich Fernandez & Co. / Cohen & Steers is listed as an others.
Does Future Standard have an API?
No public API is recorded for Future Standard.
What industry is Future Standard in?
Future Standard's product category is Alternative Asset Management. Its primary akta.pro industry code is FSAAAGAB, Pension Master Trusts, Superannuation & Provident Funds, with a secondary code of FSAAAAAJ, Retirement & Pension Wealth (401(k)/IRA/SIPP/Superannuation Retail). Its NAICS code is 523940 and its SIC code is 6200.