Franklin Square Holdings

What Franklin Square Holdings does

Franklin Square Holdings, doing business as Future Standard, is a Philadelphia-headquartered alternative asset manager focused on the U.S. middle market. The firm manages $94 billion in assets under management (as of 3/31/2026) across 14 global offices and offers institutional and qualified investors access to private equity, private credit, real estate, infrastructure, and multi-asset strategies through a diversified shelf of interval funds, closed-end funds, and publicly listed vehicles including FS MVP Private Markets Fund, FS Credit Income Fund, FS Credit Opportunities Corp., FS KKR Capital Corp. (in partnership with KKR), FS Credit Real Estate Income Trust, FS Multi-Strategy Alternatives Fund, and FS Specialty Lending Fund.

The firm's core technology and platform architecture consists of five integrated investment platforms — Private Equity, Credit, Real Estate, Infrastructure (digital infrastructure focus), and Multi-Asset — each with dedicated deal-sourcing, underwriting, and portfolio management teams. The Multi-Asset platform is operated through a multi-sub-advisor model partnering with Wilshire Advisors, MidOcean Partners, Mariner Investment Group, Waterfall Asset Management, and Magnetar Asset Management. The firm has been repositioning under the "Future Standard" brand from its legacy Franklin Square identity, and supports its investment platforms with a content marketing program including a FireSide Podcast, "Private Markets Outlook" research reports, and a weekly Chart of the Week publication.

Future Standard generates revenue through management fees and performance fees on its alternative investment funds, consistent with a subscription-style recurring revenue model. Distribution operates through an affiliated FINRA/SIPC broker-dealer, FS Investment Solutions, LLC (exclusive wholesale marketing agent for interval funds and FS MVP), third-party distributors including ALPS Distributors and SEI Investments Distribution Co., and direct institutional sales teams. The firm targets three primary customer segments — financial advisors and wealth managers, institutional investors (endowments, foundations, pension funds), and private equity sponsors — and offers Class I shares for qualified institutional investors across its interval fund products, with detailed fee structures disclosed in fund prospectuses.

Name

Franklin Square Holdings

Legal name

FS Investment Solutions, LLC

Website

https://fsinvestments.com

Company type

Private

Operating status

Operating

Short description

Future Standard (Franklin Square Holdings) is a Philadelphia-based alternative asset manager managing $94B AUM across private equity, credit, real estate, infrastructure, and multi-asset strategies for financial advisors, institutional investors, and PE sponsors via interval funds, closed-end funds, and listed vehicles.

Ownership category

akta.pro rank

Product category

Alternative Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Other Investment Pools and Funds (5259), Other Financial Vehicles (52599)

SIC

Investment Advice (6282), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Private Markets Fund of Funds (PE / VC / Private Credit FoF) (FSAHAKAF)

akta.pro secondary industries

Primary Fund-of-Funds (Blind-pool FoF) (FSANAGAA), Secondaries-Focused Fund of Funds (LP / GP-led / Continuation Vehicles) (FSAHAKAH)

Keywords

• Alternative asset management
• Private equity funds
• Private credit investing
• Middle market financing
• Interval fund products

Headquarters

HQ city

Philadelphia

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure, Others

Revenue model

1. Alternative Asset Management Fees: Future Standard generates revenue through management fees and potentially performance fees on its alternative investment funds including private equity, credit, real estate, infrastructure, and multi-asset strategies. The firm manages $94B in assets under management across its platforms.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels5 records

Core offering

Franklin Square Holdings (operating as Future Standard) is a private alternative asset manager that designs, distributes, and manages investment funds across private equity, credit, real estate, infrastructure, and multi-asset strategies with a focus on the U.S. middle market. The firm sells fund products (interval funds, closed-end funds, and BDC-style listed vehicles) such as FS MVP Private Markets Fund, FS Credit Income Fund, FS Credit Opportunities Corp., FS Credit Real Estate Income Trust, FS Multi-Strategy Alternatives Fund, FS Specialty Lending Fund, and FS KKR Capital Corp. to institutional investors, financial advisors, and private equity sponsors. Revenue is earned through management fees and incentive/performance fees on approximately $94B of assets under management.

Product overview

Future Standard (Franklin Square Holdings) operates as a diversified private markets investment firm offering multiple integrated investment platforms rather than a single unified product. The core portfolio includes five distinct platforms: (1) Private Equity Platform offering access to the U.S. middle market through buyout, venture capital, growth equity, and special situations strategies, centered around the FS MVP Private Markets Fund; (2) Credit Platform providing tailored financing to middle market companies via the FS Credit Income Fund, FS Credit Opportunities Corp., and FS KKR Capital Corp.; (3) Real Estate Platform delivering commercial real estate debt and equity solutions through the FS Credit Real Estate Income Trust; (4) Infrastructure Platform focused on digital infrastructure investments; and (5) Multi-Asset Platform offering alternative strategies via the FS Multi-Strategy Alternatives Fund. The platforms share a common focus on the U.S. middle market and are distributed to institutional investors, financial advisors, and high-net-worth individuals through interval funds, closed-end funds, and publicly listed vehicles.

Differentiator

Problem solved

Functional benefit

Brands

• FS MVP Private Markets Fund: Private markets fund offering class I shares for investment.
• FS Credit Income Fund
• FS Credit Opportunities Corp.
• FS KKR Capital Corp.
• FS Credit Real Estate Income Trust
• FS Multi-Strategy Alternatives Fund
• FS Specialty Lending Fund

Products and services

• FS MVP Private Markets Fund Private markets fund offering institutional and qualified investors access to direct, secondary, and primary investments across buyout, venture capital, growth equity, and special situations within the U.S. middle market.
• FS Credit Income Fund Credit fund offering tailored financing solutions to private U.S. middle market companies, spanning senior, junior, opportunistic, and liquid credit strategies with a focus on capital preservation.
• FS Credit Opportunities Corp. Closed-end credit fund providing diversified exposure to private credit opportunities across the capital structure of U.S. middle market companies.
• FS KKR Capital Corp. Listed closed-end credit investment company managed in partnership with KKR, providing access to private credit strategies across market cycles.
• FS Credit Real Estate Income Trust Real estate investment trust delivering debt and equity capital solutions tailored to commercial real estate sponsors and borrowers, leveraging over 20 years of market experience.
• FS Multi-Strategy Alternatives Fund Multi-asset alternative fund dynamically investing across equities, credit, commodities, and currencies using direct and hedge fund strategies to provide risk-adjusted returns.
• FS Specialty Lending Fund Specialty lending fund providing tailored lending solutions.

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• KKR: Global alternatives giant and named partner on FS KKR Capital Corp. — comparable in private credit, private equity, real estate, and infrastructure offerings, and a direct competitor in the U.S. middle market while simultaneously being a strategic partner to the firm.
• Carlyle Group: Diversified global alternatives manager with credit, real estate, infrastructure, and private equity. Comparable as a multi-platform alternatives manager pursuing the U.S. middle market and competing for the same advisor and institutional allocations.
• Blackstone: Largest global alternatives manager with private credit, real estate, infrastructure, and PE platforms. Overlaps on nearly every asset class the firm operates in, representing both the benchmark competitor and a ceiling on the firm's scaling ambition.
• Ares Management: Large diversified alternatives manager with significant private credit, real estate, and private equity franchises. Comparable in U.S. middle-market credit focus and multi-channel distribution, though substantially larger in AUM and broader in geographic reach.
• Nuveen (TIAA): Large diversified asset manager with significant private credit, real estate, and infrastructure offerings alongside traditional asset management. Comparable in offering advisor-accessible alts products (including interval-fund-style vehicles) and serving similar institutional and advisor channels.
• Apollo Global Management: Large alternatives manager with deep private credit and real estate franchises and growing infrastructure exposure. Comparable in credit-led multi-platform strategy and in offering investors both listed and private access vehicles.

Direct peers

• StepStone Group: Private markets solutions provider offering fund-of-funds, secondaries, co-investments, and customized portfolios across PE, credit, real estate, and infrastructure. Closely comparable as a multi-manager private-markets platform targeting financial advisors and institutional investors.
• Hamilton Lane: Publicly traded private markets investment manager providing advisors and institutions access to primary, secondary, and co-investment opportunities across PE, credit, and real assets. Directly comparable as a multi-strategy private-markets platform serving similar financial advisor and institutional channels.
• Blue Owl Capital: Public alternatives manager with major private credit and GP-stakes platforms plus real estate, serving both institutional and retail channels via listed and private vehicles. Comparable in product breadth (credit-led, multi-asset) and distribution model (listed products plus interval-fund-style private offerings).
• Crescent Capital Group: Middle-market-focused private credit manager offering direct lending and opportunistic credit strategies. Comparable as a U.S. middle-market credit specialist with similar LP base and product orientation (private BDC plus private fund vehicles).

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Franklin Square Holdings