Fs/Kkr Advisor, Llc
SEC-registered
Investment Adviser · Large ($10B–$100B)
CRD 292803
· SEC file 801-112799
· Philadelphia, PA
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ADV data as of Jun 01, 2026
- Regulatory AUM
- $16.1B
- Discretionary
- $16.1B
- Clients
- 3
- Avg AUM / client
- $5.4B
- Accounts
- 3
- Employees
- 736
AUM over time
$15.8B
$19.5B
Dec 2017
Jun 2026
Annual snapshots from Form ADV filings · as of Jun 01, 2026
Who they serve
| Client type | Clients | AUM | % of AUM |
|---|---|---|---|
| Business development companies | 3 | $16.1B | 100.0% |
People (9)
| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| Adelman, David, Jason | Member | May 2007 (19y) | 50% – 75% of Franklin Square Holdings, G.P., Llc (indirect) | |
| Forman, Michael, Craig | Managing Member | May 2007 (19y) | 50% – 75% of Franklin Square Holdings, G.P., Llc (indirect) | |
| Heller, Michael, Jay | Trustee | Jan 2012 (15y) | GP / trustee / elected manager of The 2011 Forman Investment Trust (indirect) | |
| Browne, Philip | Managing Director, Finance And Administration | Mar 2018 (8y) | Less than 5% | |
| Detwiler, Elizabeth, Camilla | Managing Director, Cco | Mar 2018 (8y) | Less than 5% | |
| Sypherd, Stephen | General Counsel, Secretary | Apr 2018 (8y) | Less than 5% | |
| Bryant, Marc, Robert | Chief Legal Officer | May 2019 (7y) | Less than 5% | |
| Nelb, Stephen, Thomas | Derivatives Risk Manager | Mar 2022 (4y) | Less than 5% | |
| Pietrzak, Daniel, Ryan | President | Jun 2023 (3y) | Less than 5% |
Entity owners (Schedule A/B)
| Entity | Title / status | Since | Sch. | Ownership |
|---|---|---|---|---|
| Fsjv Holdco, Llc | Member | Mar 2018 | A | 50% – 75% |
| Kkr Credit Advisors (Us) Llc | Member | Mar 2018 | A | 50% – 75% |
| Franklin Square Holdings, L.P. | Member, Class C | Jun 2023 | B | ≈ 37.5% – 75% via Fsjv Holdco, Llc |
| Kkr Group Partnership L.P. | Limited Partner | Jan 2020 | B | ≈ 28.13% – 75% via Kohlberg Kravis Roberts & Co. L.P. |
| Kohlberg Kravis Roberts & Co. L.P. | Member | Jun 2004 | B | ≈ 37.5% – 75% via Kkr Credit Advisors (Us) Llc |
| Kkr & Co. Inc | Shareholder | May 2022 | B | 75% or more of Kkr Group Co. Inc. (indirect) |
| Kkr Holdco Llc | Member | Jan 2020 | B | 75% or more of Kkr & Co. Gp Llc (indirect) |
| Kkr Group Co. Inc. | Shareholder | Dec 2017 | B | 75% or more of Kkr Group Holdings Corp. (indirect) |
| Kkr Group Holdings L.P. | Limited Partner | Jan 2020 | B | ≈ 7.03% – 37.5% via Kkr Group Partnership L.P. |
| Fsh Advisor Fee Holdings, Llc | Member | Jun 2023 | B | ≈ 12.5% – 37.5% via Fsjv Holdco, Llc |
| Fsh Nci Aggregator, Llc | Limited Partner | Jun 2023 | B | ≈ 9.38% – 37.5% via Franklin Square Holdings, L.P. |
| The 2011 Forman Investment Trust | Member | Jun 2023 | B | ≈ 2.34% – 18.75% via Fsh Nci Aggregator, Llc |
| Fb Capital Partners, L.P. | Member | Jun 2023 | B | ≈ 2.34% – 18.75% via Fsh Nci Aggregator, Llc |
| Franklin Square Holdings, G.P., Llc | General Partner | May 2007 | B | GP / trustee / elected manager of Franklin Square Holdings, L.P. (indirect) |
| Kkr & Co. Gp Llc | General Partner | Jan 2020 | B | GP / trustee / elected manager of Kohlberg Kravis Roberts & Co. L.P. (indirect) |
| Kkr Group Holdings Corp. | General Partner | Jan 2020 | B | GP / trustee / elected manager of Kkr Group Partnership L.P. (indirect) |
| Fb Capital Management, Llc | General Partner | Jan 2013 | B | GP / trustee / elected manager of Fb Capital Partners, L.P. (indirect) |
Estimated effective ownership (look-through of filed bands):
- Franklin Square Holdings, L.P.: 75% – 100% of Fsjv Holdco, Llc × 50% – 75% direct ≈ 37.5% – 75% of the firm
- Kkr Group Partnership L.P.: 75% – 100% of Kohlberg Kravis Roberts & Co. L.P. × 75% – 100% of Kkr Credit Advisors (Us) Llc × 50% – 75% direct ≈ 28.13% – 75% of the firm
- Kohlberg Kravis Roberts & Co. L.P.: 75% – 100% of Kkr Credit Advisors (Us) Llc × 50% – 75% direct ≈ 37.5% – 75% of the firm
- Kkr Group Holdings L.P.: 25% – 50% of Kkr Group Partnership L.P. × 75% – 100% of Kohlberg Kravis Roberts & Co. L.P. × 75% – 100% of Kkr Credit Advisors (Us) Llc × 50% – 75% direct ≈ 7.03% – 37.5% of the firm
- Fsh Advisor Fee Holdings, Llc: 25% – 50% of Fsjv Holdco, Llc × 50% – 75% direct ≈ 12.5% – 37.5% of the firm
- Fsh Nci Aggregator, Llc: 25% – 50% of Franklin Square Holdings, L.P. × 75% – 100% of Fsjv Holdco, Llc × 50% – 75% direct ≈ 9.38% – 37.5% 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 Fsjv Holdco, Llc × 50% – 75% direct ≈ 2.34% – 18.75% 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 Fsjv Holdco, Llc × 50% – 75% direct ≈ 2.34% – 18.75% 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.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 06/01/2026 | 2.38 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
- • Performance-based fees
- • Other fees
- • MANAGEMENT FEES
Services
- • Portfolio management for investment companies
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: Jun 01, 2026.
View current Form ADV (SEC/IAPD) ↗