Fs Structured Products Advisor, Llc
SEC-registered
Private Fund Manager · Mid-sized ($1B–$10B)
CRD 301285
· SEC file 801-117899
· Philadelphia, PA
· www.linkedin.com
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ADV data as of Mar 27, 2026
- Regulatory AUM
- $2.2B
- Discretionary
- $2.2B
- Clients
- 6
- Avg AUM / client
- $367M
- Accounts
- 6
- Employees
- 183
AUM over time
$0
$2.2B
Dec 2019
Dec 2025
Annual snapshots from Form ADV filings · as of Mar 27, 2026
Who they serve
| Client type | Clients | AUM | % of AUM |
|---|---|---|---|
| Pooled investment vehicles (non-investment companies) | 6 | $2.2B | 100.0% |
Private funds (4)
Reported in Form ADV Section 7.B.(1), filing of Dec 2024 · $1.4B combined gross assets
| Fund | Type | Domicile | Gross assets | Owners |
|---|---|---|---|---|
| Bridge Street Clo Iv Ltd | Securitized Asset Fund | Cayman Islands | $363M | 2 |
| Bridge Street Clo Iii Ltd | Securitized Asset Fund | Cayman Islands | $350M | 2 |
| Bridge Street Clo I Ltd | Securitized Asset Fund | Cayman Islands | $345M | 2 |
| Bridge Street Clo Ii Ltd | Securitized Asset Fund | Cayman Islands | $345M | 2 |
People (9)
| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| Adelman, David, Jason | Principal | May 2007 (19y) | 50% – 75% of Franklin Square Holdings, G.P., Llc (indirect) | |
| Forman, Michael, Craig | Chief Executive Officer | 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) | |
| Beckman, Andrew, D | Managing Director, Portfolio Manager | Jul 2019 (7y) | Less than 5% | |
| Browne, Philip | Chief Financial Officer | Jul 2019 (7y) | Less than 5% | |
| Bryant, Marc, Robert | Chief Legal Officer | Jul 2019 (7y) | Less than 5% | |
| Detwiler, Elizabeth, Camilla | Chief Compliance Officer/Managing Director | Jul 2019 (7y) | Less than 5% | |
| Mann, William, David | Dcco | Jul 2019 (7y) | Less than 5% | |
| Sypherd, Stephen | General Counsel | Jul 2019 (7y) | Less than 5% |
Entity owners (Schedule A/B)
| Entity | Title / status | Since | Sch. | Ownership |
|---|---|---|---|---|
| Fsjv Holdco, Llc | Member | Mar 2018 | A | 75% or more |
| Fsh Advisor Fee Holdings, Llc | Member | Jun 2023 | A | 10% – 25% |
| The 2011 Forman Investment Trust | Member, Class A | Jul 2019 | A | 5% – 10% |
| Darco Capital, L.P. | Member, Class A | Jul 2019 | A | Less than 5% |
| 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 | 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) |
| Fsh Advisor Fee Holdings Llc | Member | Jun 2023 | B | GP / trustee / elected manager of Fsjv Holdco, Llc (indirect) |
| Fsh Holdco Sub, Llc | Member | Jun 2023 | B | GP / trustee / elected manager of Fsjv Holdco, Llc (indirect) |
Undisclosed: 0% – 10% 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.
Private funds (4, $1.4B gross assets)
| Fund | Type | Gross assets | Min. investment | Owners |
|---|---|---|---|---|
| Bridge Street Clo Iv Ltd | Securitized Asset Fund | $363M | $250K | 2 |
| Bridge Street Clo Iii Ltd | Securitized Asset Fund | $350M | $250K | 2 |
| Bridge Street Clo I Ltd | Securitized Asset Fund | $345M | $250K | 2 |
| Bridge Street Clo Ii Ltd | Securitized Asset Fund | $345M | $250K | 2 |
From Form ADV Section 7.B private fund reporting.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 03/27/2026 | 2.96 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
Services
- • Portfolio management for pooled investment vehicles
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) ↗