FS Investments announces rebrand to "Future Standard," signaling vision for the next era in private markets
New Private Market Outlook urges investors to embrace a more specialized approach to private markets
PHILADELPHIA, July 21, 2025 /PRNewswire/ — FS Investments, an $86 billion global alternative asset manager, today announced its rebrand and renaming to Future Standard. The move marks a major milestone in the firm's evolution into one of the alternative investment industry's leading platforms for private equity, credit and real estate investments and solutions.
Future Standard will operate under a unified identity following its transformational combination with Portfolio Advisors, delivering an integrated experience across the firm's investment strategies. Both firms have long been known as first-movers in the private markets, and the rebrand signals a commitment by the combined firm to remain at the leading edge for clients.
'Future Standard reflects what has always been at our core—a relentless drive to serve clients by uncovering differentiated opportunities that drive performance,' said Michael Forman, Chief Executive Officer. 'Our expertise and access enable us to deliver the attractive returns our clients seek by uncovering opportunities others overlook.'
With deep specialization in the U.S. middle market, Future Standard is focused on a segment that is essential to economic growth but remains underrepresented in many investor portfolios. The middle market includes more than 200,000 companies generating between $10 million and $1 billion in annual revenue. As 99% of these companies are privately held, it makes access difficult without the right relationships, expertise and structure.
'In today's crowded market, standing out demands clarity, conviction and a commitment to challenging convention,' said Stephen Tisdalle, Chief Marketing Officer. 'Future Standard reflects how we help optimize our clients' portfolios with unique and untapped opportunities. This brand gives us the voice and platform to bring our specialization, skill and ambition to our clients and to the entrepreneurs powering the U.S. economy.'
The firm's new brand leverages its legacy of innovation and industry firsts, including launching the first private business development company (BDC) and the largest non- traded credit REIT. Future Standard's investment approach combines deep domain expertise with thoughtful product design, providing clients with access to opportunities across liquidity profiles and market cycles.
'While much is changing, the core of who we are and where we operate remains the same,' Forman added. 'With specialized teams across asset classes and a strong distribution infrastructure, we are focused on investor outcomes and leading the way in private markets access and performance.'
Private Markets Outlook
Future Standard today also released its latest Private Markets Outlook, 'Follow the Value, Not the Herd,' which examines how policy uncertainty and macroeconomic risks are impacting dealmaking. Beneath this cyclical uncertainty, the report identifies a more significant shift: a new investment imperative is emerging in private markets. Many allocators are flocking to large, brand-name managers—but as the report underscores, capturing real value in this next market phase will require a different approach.
'Nearly half of all private capital raised globally this year has flowed into megafunds, intensifying the challenge of generating attractive returns,' said Mike Kelly, Chief Investment Officer. 'We believe the next cycle of alpha will be led by operators who understand how to drive real value—through pricing power, margin expansion, and executional excellence. At a time when policy and geopolitical uncertainty persist, we believe the most compelling opportunities for investors lie in the U.S. middle market, where operational rigor, sector specialization, and manager skill drive differentiated returns.'
In this environment, operational expertise and domain specialization will be the key to outperformance. Future Standard's analysis shows that in private equity, large-cap managers have underperformed their smaller peers in both median and top-end returns. In both private credit and real estate, smaller funds show greater upside. Meanwhile, higher interest rates are reshaping the investment terrain, compressing equity returns and shifting value toward lenders.
As the global investment landscape evolves, the imperative is clear: managers must think differently and embrace the complexity of what comes next.
Contact information:Marc Hazelton or Melanie Hemmert media@futurestandard.com
ABOUT FUTURE STANDARD
Future Standard is a global alternative asset manager serving institutional and private wealth clients, investing across private equity, credit and real estate. With a 30+ year track record of value creation and over $86 billion in assets under management, we back the business owners and financial sponsors that drive growth and innovation across the middle market, transforming untapped potential into durable value.1
Visit futurestandard.com to learn more.
1 Total AUM estimated as of March 31, 2025.
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Additionally, we do not reconcile adjusted operating profit margin (or components thereof), adjusted diluted earnings per share or free cash flow to net earnings conversion ratio to the comparable GAAP measures because of the difficulty in estimating the other unknown components such as investment gains and losses, impairments and separation costs, which would be reflected in any forecasted GAAP operating profit, forecasted diluted earnings per share or forecasted net earnings ratio. % Change Three-MonthPeriod Ending October 3,2025 vs. Comparable 2024Period Core sales growth (non-GAAP) +Mid-single-digits Three-Month Period EndingOctober 3, 2025 Adjusted Diluted Net Earnings per Share (non-GAAP) $0.91 to $0.95 % Change Year EndingDecember 31, 2025 2024 Period Core sales growth (non-GAAP) +Mid-single-digits Year Ending December 31, 2025 Adjusted Operating Profit Margin (non-GAAP) flat to +50 basis points Adjusted Diluted Net Earnings per Share (non-GAAP) $3.72 to $3.80 Free cash flow to net earnings conversion ratio (non-GAAP) 90% to 100% VERALTO CORPORATIONRECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES Cash Flow and Free Cash Flow ($ in millions) Three-Month Period Ended July 4, 2025 June 28, 2024 Year-over-YearChange Total Cash Flows: Net cash provided by operating activities (GAAP) $ 339 $ 251 Total cash used in investing activities (GAAP) $ (40) $ (11) Total cash used in financing activities (GAAP) $ (15) $ (13) Free Cash Flow: Total cash provided by operating activities (GAAP) $ 339 $ 251 ~ 35.0 % Less: payments for additions to property, plant & equipment (capital expenditures) (GAAP) (16) (11) Free cash flow (non-GAAP) $ 323 $ 240 ~ 34.5 % We define free cash flow as operating cash flows, less payments for additions to property, plant and equipment ('capital expenditures') plus the proceeds from sales of plant, property and equipment ('capital disposals'). 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Management uses these non-GAAP measures to measure the Company's operating and financial performance. The items excluded from the non-GAAP measures set forth above have been excluded for the following reasons: Amortization of Intangible Assets: We exclude the amortization of acquisition-related intangible assets because the amount and timing of such charges are significantly impacted by the timing, size, number and nature of the acquisitions we consummate. While we have a history of significant acquisition activity, we do not acquire businesses on a predictable cycle, and the amount of an acquisition's purchase price allocated to intangible assets and related amortization term are unique to each acquisition and can vary significantly from acquisition to acquisition. Exclusion of this amortization expense facilitates more consistent comparisons of operating results over time between our newly acquired and long-held businesses, and with both acquisitive and non-acquisitive peer companies. We believe however that it is important for investors to understand that such intangible assets contribute to sales generation and that intangible asset amortization related to past acquisitions will recur in future periods until such intangible assets have been fully amortized. Restructuring Charges: We exclude costs incurred pursuant to discrete restructuring plans that are fundamentally different (in terms of the size, strategic nature and planning requirements, as well as the inconsistent frequency, of such plans) from the ongoing productivity improvements that result from application of the Veralto Enterprise System. Because these restructuring plans are incremental to the core activities that arise in the ordinary course of our business and we believe are not indicative of Veralto's ongoing operating costs in a given period, we exclude these costs to facilitate a more consistent comparison of operating results over time. Other Adjustments: With respect to the other items excluded from the profitability-related non-GAAP measures, we exclude these items because they are of a nature and/or size that occur with inconsistent frequency, occur for reasons that may be unrelated to Veralto's commercial performance during the period and/or we believe that such items may obscure underlying business trends and make comparisons of long-term performance difficult. With respect to core operating profit margin changes, in addition to the explanation set forth in the bullets above relating to 'restructuring charges' and 'other adjustments', we exclude the impact of businesses owned for less than one year (or disposed of during such period and not treated as discontinued operations) because the timing, size, number and nature of such transactions can vary significantly from period to period and may obscure underlying business trends and make comparisons of long-term performance difficult. With respect to core sales related measures, (1) we exclude the impact of currency translation because it is not under management's control, is subject to volatility and can obscure underlying business trends, and (2) we exclude the effect of acquisitions and divested product lines because the timing, size, number and nature of such transactions can vary significantly from period-to-period and between us and our peers, which we believe may obscure underlying business trends and make comparisons of long-term performance difficult. With respect to the FCF Measure, we exclude payments for additions to property, plant and equipment (net of the proceeds from capital disposals) to demonstrate the amount of operating cash flow for the period that remains after accounting for the Company's capital expenditure requirements. 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We believe however that it is important for investors to understand that such intangible assets contribute to sales generation and that intangible asset amortization related to past acquisitions will recur in future periods until such intangible assets have been fully amortized. Restructuring Charges: We exclude costs incurred pursuant to discrete restructuring plans that are fundamentally different (in terms of the size, strategic nature and planning requirements, as well as the inconsistent frequency, of such plans) from the ongoing productivity improvements that result from application of the Veralto Enterprise System. Because these restructuring plans are incremental to the core activities that arise in the ordinary course of our business and we believe are not indicative of Veralto's ongoing operating costs in a given period, we exclude these costs to facilitate a more consistent comparison of operating results over time. Other Adjustments: With respect to the other items excluded from the profitability-related non-GAAP measures, we exclude these items because they are of a nature and/or size that occur with inconsistent frequency, occur for reasons that may be unrelated to Veralto's commercial performance during the period and/or we believe that such items may obscure underlying business trends and make comparisons of long-term performance difficult. With respect to core operating profit margin changes, in addition to the explanation set forth in the bullets above relating to 'restructuring charges' and 'other adjustments', we exclude the impact of businesses owned for less than one year (or disposed of during such period and not treated as discontinued operations) because the timing, size, number and nature of such transactions can vary significantly from period to period and may obscure underlying business trends and make comparisons of long-term performance difficult.
