SRZ Advises Portfolio Advisors in Agreement to Combine with FS Investments

Schulte Roth & Zabel advised Portfolio Advisors, a global middle-market private asset specialist with more than $38 billion in assets under management, as special regulatory counsel in a definitive agreement to combine with FS Investments, a pioneer in the democratization of alternative investments with more than $35 billion in assets under management.

The combined company will have more than $73 billion in assets under management, including a significant permanent capital base, and a robust distribution platform. Together, Portfolio Advisors and FS Investments will meet increasing investor demand for alternatives with a diversified suite of alternative investment solutions for both institutional and individual investors.

Founded in 1994 to serve institutional investors, Portfolio Advisors offers a variety of innovative investment solutions across private equity, private credit and private real estate. The firm manages a broad range of strategies including direct, secondary, and primary investments and junior and senior credit. Portfolio Advisors also provides institutional clients customized discretionary and non-discretionary portfolio management across its core strategies. Most recently, Portfolio Advisors launched its MVP Private Markets Fund, a registered private equity fund with more than $500 million in assets, which is structured for both wealth management and institutional clients.

The SRZ team was led by partner Marc Elovitz, and included partners Larry Natke and David Nissenbaum; special counsel Shawn McCune; and associate Faith Pang.

SRZ also serves as regular fund counsel to numerous of Portfolio Advisors private investment funds.