Future Standard, a Philadelphia-based alternative asset manager with $94 billion in assets under management, has closed PA Secondary Fund V LP (PASF V) with approximately $3 billion in committed capital — the largest single private fund closing in the firm’s more than 30-year history. The fund attracted commitments from 350 new and existing institutional investors across North America, Europe, and Asia.
PASF V focuses on acquiring interests in private equity funds through the secondary market, with a primary emphasis on LP-led transactions in the North American middle market. Future Standard has deployed more than $12 billion in secondaries since 2002 across multiple market cycles. Patrick Gerbracht and Justin Lux, managing directors and co-heads of LP-Led Secondaries at Future Standard, lead the strategy.
Future Standard was formed through the combination of FS Investments and Portfolio Advisors, completed in 2023, and rebranded under the Future Standard name in July 2025. The firm invests across private equity, credit, real estate, and infrastructure with a focus on the middle market. Michael Forman serves as CEO.
