Key Takeaways
- • Future Standard closed PA Secondary Fund V LP with $3 billion in committed capital, marking the largest single fund closing in the firm's 30+ year history and demonstrating significant institutional demand for secondaries exposure.
- • The fund attracted 350 institutional investors across North America, Europe, and Asia, signaling broad geographic diversification and confidence in Future Standard's LP-led secondaries strategy focused on North American middle-market private equity fund interests.
- • Future Standard has deployed over $12 billion in secondaries investments since 2002 across multiple market cycles, establishing a track record as a scaled operator in the secondary market with deep institutional relationships.
- • The $3 billion closing reflects Future Standard's strategic position following its 2023 combination of FS Investments and Portfolio Advisors and 2025 rebranding, with the firm now managing $94 billion in total AUM across private equity, credit, real estate, and infrastructure.
- • Patrick Gerbracht and Justin Lux, co-heads of LP-Led Secondaries, lead the fund's strategy focused on acquiring private equity fund interests in lower-middle and middle-market segments.
Summary
Future Standard, a Philadelphia-based alternative asset manager, has successfully closed PA Secondary Fund V LP (PASF V) with approximately $3 billion in committed capital, achieving the largest single fund closing in the firm's history spanning more than three decades of operations. The fund's final close was supported by commitments from 350 institutional investors drawn from North America, Europe, and Asia, reflecting robust global demand for secondaries-focused strategies.
The fund targets the secondary market acquisition of private equity fund interests, with a strategic emphasis on LP-led transactions in the North American middle market. This focus aligns with broader institutional investor appetite for secondary market exposure, which allows LPs to exit fund positions and rebalance portfolios while providing specialized managers like Future Standard with deal flow and investment opportunities. Managing directors Patrick Gerbracht and Justin Lux, who serve as co-heads of LP-Led Secondaries at Future Standard, lead the investment strategy and deal execution.
Future Standard has established meaningful scale in the secondaries space, having deployed more than $12 billion across secondaries investments since 2002 through multiple market cycles. The firm's multi-decade track record in this asset class positions it within the tier of established secondaries operators serving institutional capital.
The firm's trajectory reflects significant consolidation and growth within the alternative asset management industry. Future Standard was formed through the 2023 combination of FS Investments and Portfolio Advisors, and subsequently rebranded under the Future Standard name in July 2025. The consolidated entity now manages $94 billion in total assets under management and invests across private equity, credit, real estate, and infrastructure with a stated focus on middle-market opportunities. Michael Forman serves as Chief Executive Officer of the combined entity.
The fund targets the secondary market acquisition of private equity fund interests, with a strategic emphasis on LP-led transactions in the North American middle market. This focus aligns with broader institutional investor appetite for secondary market exposure, which allows LPs to exit fund positions and rebalance portfolios while providing specialized managers like Future Standard with deal flow and investment opportunities. Managing directors Patrick Gerbracht and Justin Lux, who serve as co-heads of LP-Led Secondaries at Future Standard, lead the investment strategy and deal execution.
Future Standard has established meaningful scale in the secondaries space, having deployed more than $12 billion across secondaries investments since 2002 through multiple market cycles. The firm's multi-decade track record in this asset class positions it within the tier of established secondaries operators serving institutional capital.
The firm's trajectory reflects significant consolidation and growth within the alternative asset management industry. Future Standard was formed through the 2023 combination of FS Investments and Portfolio Advisors, and subsequently rebranded under the Future Standard name in July 2025. The consolidated entity now manages $94 billion in total assets under management and invests across private equity, credit, real estate, and infrastructure with a stated focus on middle-market opportunities. Michael Forman serves as Chief Executive Officer of the combined entity.
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