Fs Fund Advisor, Llc
- Regulatory AUM
- $1.6B
- Discretionary
- $1.6B
- Clients
- 1
- Avg AUM / client
- $1.6B
- Accounts
- 1
- Employees
- 118
AUM over time
Annual snapshots from Form ADV filings · as of Mar 25, 2026
Who they serve
| Client type | Clients | AUM | % of AUM |
|---|---|---|---|
| Investment companies | 1 | $1.6B | 100.0% |
Retirement plan clients
Plans that reported this firm as an investment service provider on Form 5500 Schedule C.
| Plan | Location | Plan year |
|---|---|---|
| Leeward Construction, Inc. Employees Retirement Plan Leeward Construction, Inc. | 2024 |
People (9)
| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| Forman, Michael, Craig | Chairman And Ceo | May 2007 (19y) | 50% – 75% of Franklin Square Holdings, G.P., Llc (indirect) | |
| Adelman, David, Jason | Member | Feb 2015 (12y) | 50% – 75% of Franklin Square Holdings G.P., Llc (indirect) | |
| Detwiler, Elizabeth, Camilla | Managing Director, Cco | Jan 2017 (10y) | Less than 5% | |
| Heller, Michael, Jay | Trustee | Jan 2017 (10y) | GP / trustee / elected manager of The 2011 Forman Investment Trust (indirect) | |
| Browne, Philip | Chief Financial Officer | Mar 2017 (9y) | Less than 5% | |
| Sypherd, Stephen | General Counsel | Mar 2017 (9y) | Less than 5% | |
| Bryant, Marc, Robert | Chief Legal Officer | May 2019 (7y) | Less than 5% | |
| Trala, Thomas, Robert | Trustee | Jan 2020 (7y) | GP / trustee / elected manager of The 2011 Forman Investment Trust (indirect) | |
| Nelb, Stephen, Thomas | Derivatives Risk Manager | Mar 2022 (4y) | Less than 5% |
Entity owners (Schedule A/B)
| Entity | Title / status | Since | Sch. | Ownership |
|---|---|---|---|---|
| Fsjv Holdco, Llc | Member | Mar 2018 | A | 50% – 75% |
| The 2011 Forman Investment Trust | Member, Class A | Jan 2017 | A | 10% – 25% |
| Fsh Advisor Fee Holdings, Llc | Member | Jun 2023 | A | 10% – 25% |
| Franklin Square Holdings, L.P. | Member | Jun 2023 | B | ≈ 7.5% – 25% via Fsh Advisor Fee Holdings, Llc |
| Fsh Holdco, Llc | Member | Jun 2023 | B | 75% or more of Fsh Holdco Sub, Llc (indirect) |
| Fsh Nci Aggregator, Llc | Limited Partner | Jun 2023 | B | ≈ 1.88% – 12.5% via Franklin Square Holdings, L.P. |
| The 2011 Forman Investment Trust | Member | Jun 2023 | B | ≈ 0.47% – 6.25% via Fsh Nci Aggregator, Llc |
| Fb Capital Partners, L.P. | Member | Jun 2023 | B | ≈ 0.47% – 6.25% via Fsh Nci Aggregator, Llc |
| Franklin Square Holdings, G.P., Llc | General Partner | Jan 2017 | 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) |
| Fsh Holdco Sub, Llc | Member | Jun 2023 | B | GP / trustee / elected manager of Fsjv Holdco, Llc (indirect) |
| Fsh Advisor Fee Holdings, Llc | Member | Jun 2023 | B | GP / trustee / elected manager of Fsjv Holdco, Llc (indirect) |
Undisclosed: 0% – 30% of the firm is not attributable from the filed Schedule A bands.
Estimated effective ownership (look-through of filed bands):
- Franklin Square Holdings, L.P.: 75% – 100% of Fsh Advisor Fee Holdings, Llc × 10% – 25% direct ≈ 7.5% – 25% of the firm
- Fsh Nci Aggregator, Llc: 25% – 50% of Franklin Square Holdings, L.P. × 75% – 100% of Fsh Advisor Fee Holdings, Llc × 10% – 25% direct ≈ 1.88% – 12.5% 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% of Fsh Advisor Fee Holdings, Llc × 10% – 25% direct ≈ 0.47% – 6.25% 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% of Fsh Advisor Fee Holdings, Llc × 10% – 25% direct ≈ 0.47% – 6.25% 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.
Retirement plans served (1)
| Plan | Sponsor | Participants | Plan assets | As of |
|---|---|---|---|---|
| Leeward Construction, Inc. Employees Retirement Plan | Leeward Construction, Inc. | 169 | $20.2M | 07/01/2024 |
From Form 5500 service-provider disclosures.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 03/25/2026 | 1.72 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
Services
- • Portfolio management for investment companies
- • Other services
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 25, 2026.
View current Form ADV (SEC/IAPD) ↗