Portfolio Advisors Llc
- Regulatory AUM
- $47.8B
- Discretionary
- $29.5B
- Clients
- 114
- Avg AUM / client
- $420M
- Accounts
- 123
- Employees
- 164
AUM over time
Annual snapshots from Form ADV filings · as of Mar 27, 2026
Asset allocation (SMA assets by investment type)
as of Mar 27, 2026Share of SMA assets by investment vehicle type, as filed in Form ADV Item 5.K. Dollar figures are percentages applied to total regulatory AUM.
Who they serve
| Client type | Clients | AUM | % of AUM |
|---|---|---|---|
| Investment companies | 1 | $1.7B | 3.52% |
| Pooled investment vehicles (non-investment companies) | 113 | $24.7B | 51.6% |
| Pension and profit sharing plans | Fewer than 5 clients | $1.1B | 2.32% |
| Charitable organizations | Fewer than 5 clients | $2.3B | 4.83% |
| State or municipal government entities | Fewer than 5 clients | $18.1B | 37.7% |
| Insurance companies | Fewer than 5 clients | $8.6M | 0.02% |
Private funds (89)
View all →Reported in Form ADV Section 7.B.(1), filing of Mar 2024 · $20.5B combined gross assets
| Fund | Type | Domicile | Gross assets | Owners |
|---|---|---|---|---|
| Pa Ep Fund, L.P. | Private Equity Fund | Delaware | $5.4B | 2 |
| Portfolio Advisors Secondary Fund Iv, Lp master | Private Equity Fund | Delaware | $2.7B | 398 |
| Pa Direct Credit Opportunities Fund Iii, Lp master | Private Equity Fund | Delaware | $1.1B | 204 |
| Portfolio Advisors Secondary Fund Iii, L.P. master | Private Equity Fund | Delaware | $1.1B | 296 |
| Pa Blue Fund, L.P. | Private Equity Fund | Delaware | $869M | 2 |
| Pa Palace Fund, Lp master | Private Equity Fund | Cayman Islands | $700M | 2 |
| Portfolio Advisors Private Equity Fund Ix (Offshore), L.P. | Private Equity Fund | Cayman Islands | $624M | 39 |
| Portfolio Advisors Private Equity Fund Viii (Offshore), L.P. master | Private Equity Fund | Cayman Islands | $526M | 89 |
| Portfolio Advisors Private Equity Fund X, Lp master | Private Equity Fund | Delaware | $496M | 102 |
| Pa Co Investment Fund Iv, Lp master | Private Equity Fund | Delaware | $391M | 38 |
| Portfolio Advisors Private Equity Fund 2022, L.P. | Private Equity Fund | Delaware | $388M | 698 |
| Portfolio Advisors Private Equity Fund Xi, Lp master | Private Equity Fund | Delaware | $365M | 111 |
| Pa Direct Credit Opportunities Fund Ii, L.P. master | Private Equity Fund | Delaware | $358M | 252 |
| Portfolio Advisors Real Estate Fund Vii, L.P. master | Real Estate Fund | Delaware | $295M | 13 |
| Portfolio Advisors Real Estate Fund Viii, L.P. master | Real Estate Fund | Delaware | $291M | 35 |
People (10)
| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| Adelman, David, Jason | Member | May 2007 (19y) | 50% – 75% of Franklin Square Holdings Gp, Llc (indirect) | |
| Forman, Michael, Craig | Managing Member | May 2007 (19y) | 50% – 75% of Franklin Square Holdings Gp, Llc (indirect) | |
| Clemens, Adam, Gerard | Member Of Management Committee | Feb 2010 (17y) | Less than 5% | |
| Heller, Michael, Jay | Trustee | Jan 2012 (15y) | GP / trustee / elected manager of The 2011 Forman Investment Trust (indirect) | |
| Dwyer, Daniel, Francis | Chief Compliance Officer | Jan 2014 (13y) | Less than 5% | |
| Eisenberg, Jesse, Sevin | General Counsel | Jan 2014 (13y) | Less than 5% | |
| Campbell, Elizabeth, Merritt | Member Of Management Committee | Jan 2018 (9y) | Less than 5% | |
| Lindberg, Brooks, Anthony | Member Of Management Committee | May 2020 (6y) | Less than 5% | |
| Higbee, Scott, David | Member Of Management Committee | Sep 2020 (6y) | Less than 5% | |
| Sloan, Stephen, Coulam | Member Of Management Committee | Oct 2020 (6y) | Less than 5% |
Entity owners (Schedule A/B)
| Entity | Title / status | Since | Sch. | Ownership |
|---|---|---|---|---|
| Franklin Square Holdings, L.P. | Member | Jun 2023 | A | 75% or more |
| Fsh Nci Aggregator, Llc | Limited Partner | Jun 2023 | B | ≈ 18.75% – 50% via Franklin Square Holdings, L.P. |
| The 2011 Forman Investment Trust | Member | Jun 2023 | B | ≈ 4.69% – 25% via Fsh Nci Aggregator, Llc |
| Fb Capital Partners, L.P. | Member | Jun 2023 | B | ≈ 4.69% – 25% via Fsh Nci Aggregator, Llc |
| Franklin Square Holdings Gp, Llc | General Partner | May 2007 | B | GP / trustee / elected manager of Franklin Square Holdings, L.P. (indirect) |
| Fb Capital Management, Llc | General Partner | Jan 2013 | B | GP / trustee / elected manager of Fb Capital Partners, L.P. (indirect) |
Undisclosed: 0% – 25% of the firm is not attributable from the filed Schedule A bands.
Estimated effective ownership (look-through of filed bands):
- Fsh Nci Aggregator, Llc: 25% – 50% of Franklin Square Holdings, L.P. × 75% – 100% direct ≈ 18.75% – 50% of the firm
- The 2011 Forman Investment Trust: 25% – 50% of Fsh Nci Aggregator, Llc × 25% – 50% of Franklin Square Holdings, L.P. × 75% – 100% direct ≈ 4.69% – 25% of the firm
- Fb Capital Partners, L.P.: 25% – 50% of Fsh Nci Aggregator, Llc × 25% – 50% of Franklin Square Holdings, L.P. × 75% – 100% direct ≈ 4.69% – 25% of the firm
Roster from the IAPD representatives feed; ownership and acquisition dates from Form ADV Schedule A/B. "Since" is the earliest filed registration or acquisition date.
Private funds (89, $20.5B gross assets)
Top 25 of 89 funds by gross assets · all funds
From Form ADV Section 7.B private fund reporting.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 03/27/2026 | 23.1 MB | View · PDF · Source ↗ |
Archived copies of the firm's regulatory filings, versioned by content hash.
Disciplinary disclosures
No disciplinary events reported on the firm's latest Form ADV filing.
How they charge
- • Percentage of assets under management
- • Hourly charges
- • Fixed fees
- • Performance-based fees
Services
- • Portfolio management for investment companies
- • Portfolio management for pooled investment vehicles
- • Portfolio management for businesses/institutional clients
- • Selection of other advisers
Custody
Firm reports it does not have custody of client funds or securities (Item 9.A).
No custodian data reported or mined yet.
Source
All data on this page comes from this firm's Form ADV filings, reproduced without modification. Latest filing: Mar 27, 2026.
View current Form ADV (SEC/IAPD) ↗