The Fill: February 2023
A letter from our CEO
Welcome to the second issue of?The Fill. I write to you having just announced the largest transaction in our 15-plus year history at FS Investments—one that positions us to deliver a more complete suite of alternative investments to our wealth management clients and significantly expand our presence among institutional investors.
We are planning to combine with?Portfolio Advisors?to create a more than $73 billion asset management firm. Founded in 1994 to serve institutional investors, Portfolio Advisors offers a variety of investment solutions focused on providing clients access to differentiated, private middle-market investment opportunities. Through the firm’s deep relationships with middle-market sponsors, Portfolio Advisors offers a broad range of private equity, private real estate and private credit investment 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.
We have been exploring this opportunity together for nearly 18 months. While the complementary nature of our investment capabilities and distribution strengths originally brought us together, it is our common cultures and shared values that will fuel our organization going forward. Both firms value our clients, colleagues and communities, and invest in talented people who drive cultures of inclusivity, high performance, innovation, agility, and collaboration.
Together, we plan to deliver on our shared vision of providing institutional and wealth management clients a full suite of alternative investments. With our scale, diverse investment talent, innovative product development capabilities and robust distribution resources, we believe we are well-positioned to meet investors’ and advisors’ increasing demand for access to alternative investment opportunities.
I welcome our new colleagues from Portfolio Advisors and look forward to closing the transaction in coming months and?partnering with them to help you—our clients—build better portfolios for many years to come.
—?Michael Forman, Chairman + CEO
Get filled in on...?
FS Investments and Portfolio Advisors combine to create a $73 billion alternative investment firm. With Portfolio Advisors, we expand both our scale and scope as an industry-leading provider of diversified alternative investment solutions for both institutional and individual investors—including private equity offerings.
Our Investment Research team provides their 10 big ideas on the economy, the Fed and markets for 2023. Chief U.S. Economist?Lara Rhame?breaks down how to manage through volatility before she breaks up with the 60/40 once and for all.
Chief Market Strategist?Troy Gayeski?marches into the new year with his “The time for alts is now!” rally cry. Find out what Troy’s convictions are across various markets—equities, real estate and credit—for 2023 in his latest outlook.
Martin Luther King Jr. Day is a reminder that Dr. King’s work requires an ongoing commitment from all of us. Learn how FS Investments’ volunteers and family members dedicated their time last month to positively impact our community.
FS Investments in the media
FS Investments’ Chairman + CEO Michael Forman was recently named one of?Philadelphia Business Journal’s Most Admired CEOs in 2022.
“I am thrilled to join FS Investments to help advance the firm’s new product development efforts,” Mr. Ort shared. “FS Investments has long been a pioneer in bringing new alternative investment strategies to market, and I look forward to being part of its next phase of growth.”
Our Chief Market Strategist recently joined “Mornings with Maria” to discuss Q4 earnings reports, ongoing inflation and the timing of a potential recession.
领英推荐
Our Chief U.S. Economist joins Charles Payne on “Money Matters” to talk through the latest CPI numbers, bank earnings and the trajectory of Fed rate hikes.
Fulfilling acts?
Tune in to hear our chat with Eric Stetson of FourBlock on evaluating past experience, finding your?calling and building your personal brand on our latest podcast.
Understanding the relevance their non-military experience lends to the development and preparation of veterans transitioning to civilian careers, FS?Investments’ volunteers support FourBlocks by helping these brave men and women tell their story.
Weekly fill’er up
The FireSide podcast: Tap into unconventional perspectives from our very own thought leaders and research experts.
Market minute: Start receiving a weekly analysis from our Investment Research team.
Chart of the week: A collection of charts published each week using economic data to address timely market topics.
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An investment in any fund sponsored by FS Investments involves a high degree of risk and may be considered speculative. Investors are advised to consider the investment objectives, risks, and charges and expenses of the applicable fund carefully before investing. For funds offering shares to new investors, the applicable fund’s prospectus contains this and other information. Investors may obtain a copy of the applicable fund’s prospectus free of charge at?www.fsinvestments.com?or by phone at?877-628-8575?for FS interval funds and closed-end funds or?877-924-4766?for FS mutual funds. Investors should read and carefully consider all information found in the applicable fund’s prospectus and other reports filed with the U.S. Securities and Exchange Commission (SEC) before investing.
This is neither an offer to sell nor a solicitation of an offer to buy the securities described herein.?An offering is made only by a prospectus, which must be made available to you in connection with any offering.?No offering is made to New York investors except by a prospectus filed with the Department of Law of the State of New York.
Individual investors and endowments may have different investment horizons, liquidity needs and risk tolerances. In addition, fees that may be incurred by an investor in any of the funds sponsored by FS Investments may be different than fees incurred by an endowment investing in similar assets as those in which the funds invest.
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? 2023?FS Investments