PORTFOLIO ADVISORS LLC

Thesis

Portfolio Advisors LLC is a global private asset management specialist founded in 1994, focusing on the U.S. middle market across private equity, private credit, and private real estate. The firm operates as an employee-owned entity and is headquartered in Darien, Connecticut, with additional offices in Dallas, London, Zurich, Hong Kong, and Singapore. As of December 31, 2024, Portfolio Advisors reported $44.67 billion in assets under management (AUM), with $28.25 billion managed on a discretionary basis and $16.41 billion on a non-discretionary basis. In February 2023, Portfolio Advisors entered into an agreement to combine with FS Investments, creating a combined entity with over $73 billion in AUM. Portfolio Advisors' investment strategy centers on providing tailored private markets investment solutions. They invest in a broad range of strategies, including direct, secondary, and primary investments, as well as junior and senior credit. The firm specializes in the middle market and focuses on private equity, private real estate, and private credit asset classes. Their private equity funds typically focus on the mid-market, encompassing strategies such as buyout, venture capital, special situations, co-investments, and secondaries. Portfolio Advisors also sponsors co-investment funds that invest directly in middle-market companies, often alongside sponsor relationships. The firm's Hong Kong-based subsidiary, Portfolio Advisors (Hong Kong) Limited, focuses on Pan-Asia investments. Portfolio Advisors does not have specific size requirements for opening or maintaining an account. However, their minimum account size can vary by strategy and may be as high as $5 million. The firm does not participate in hedge funds or advise on publicly traded securities. As of December 31, 2024, Portfolio Advisors managed $44.67 billion in assets under management. The total registered AUM is reported as $47.84 billion, with $29.53 billion managed discretely and $18.31 billion non-disc