Philadelphia-based FS Investments, a global alternative asset manager, recently completed its merger with Portfolio Advisors, a global middle-market private asset specialist.
The combined company will be a $75 billion alternative asset manager. A management committee with representatives from both FS Investments and Portfolio Advisors will lead the company. Members include Michael Forman, FS Investments chairman and CEO, who will serve as the combined company’s chairman and CEO; FS Investments co-presidents Enrico Gaglioti and Mike Kelly; and Portfolio Advisors managing directors Elizabeth Campbell and Brooks Lindberg.
The combined company’s first joint initiative will be to grow the FS MVP Private Markets Fund, an SEC-registered private equity fund focused on the U.S. middle market with approximately $600 million in assets.
“Our wealth management clients have long expressed interest in greater access to private equity and other private markets solutions,” Forman said. “I think funds like FS MVP will be the next significant growth area for wealth managers, providing both return and diversification potential for client portfolios. We see many more growth opportunities across the Portfolio Advisors platform and look forward to delivering them to our clients over time.”
Headquartered in Pennsylvania, FS Investments has more than 500 employees in the United States, Europe and Asia.