DFX Intelligence

Data Factory

RIA / WealthRegistered adviserformer SEC advisernot on rosterRAUM under $100M

FS MULTI-ALTERNATIVE ADVISOR, LLC

CRD 298166

PHILADELPHIA, PA

This is the graph view. The full profile, with its team, deals and sources, is on RIA / Wealth Management.Open the full profile →

Search this name across graphsid dfx:ria:b5efa669-cea9-0325-96aa-952a3c791fcd

Data as of Mar 27, 2023 (this record's last observation) from federal regulator filings. Page built Sep 20, 2026, 8:47 AM UTC and rebuilt at most every 15 minutes.

Relationships: 25
Dated events: 3
On other graphs: 0
Observed: Jul 26, 2018 to Mar 27, 2023
9 observations

Across DFX

This entity has not been resolved onto another DFX graph by a shared identifier. A name match elsewhere would be a candidate, never an identity, and none is recorded.

Facts

fact = as filed or announced; derived = computed by DFX; estimate = a band, never a point

Firm class: former SEC adviserderivedabsent from the latest SEC roster
Regulatory AUM: $744,735Item 5.F on the latest filing (2023-03-27); as reported, and an affiliate's assets may be counted again on its own filing
Discretionary RAUM: $744,735
Private client RAUM: $0derivedItem 5.D individuals plus high net worth individuals
Private client share: 0%derivedprivate client RAUM over total RAUM
Advisors on IAPD: 0
Employees: 102
Advisory employees: 3
Offices: 0Schedule D 1.F, beyond the principal office
Accounts: 1
SEC number: 801-113895
CRD: 298166
Filings on the tape: 9
First filed: Jul 26, 2018
Latest filed: Mar 27, 2023
Organised: Limited Liability Company, Delaware

Owners and control persons

Schedule A and B as filed; ownership codes are the form's bands (NA under 5%, A 5 to 10%, B 10 to 25%, C 25 to 50%, D 50 to 75%, E over 75%); people are listed as filed and never merged by name

Owner	Title	Ownership code	Control person	Acquired	First seen	Last seen
ADELMAN, DAVID, JASON	Member	D	yes	02/2015	Jul 26, 2018	Mar 27, 2023
ADELMAN, DAVID, JASON	Principal	Na	yes	07/2018	Jul 26, 2018	Mar 27, 2023
ADELMAN, DAVID, JASON	MANAGING MEMBER OF THE GENERAL PARTNER	C	yes	03/2007	Jul 26, 2018	Mar 27, 2023
BROWNE, PHILIP	CHIEF FINANCIAL OFFICER	Na	yes	07/2018	Jul 26, 2018	Mar 27, 2023
BRYANT, MARC, ROBERT	CHIEF LEGAL OFFICER	Na	yes	05/2019	Mar 26, 2020	Mar 27, 2023
DARCO CAPITAL, L.P.	MEMBER, CLASS A	A	yes	07/2018	Jul 26, 2018	Mar 27, 2023
DETWILER, ELIZABETH, CAMILLA	MANAGING DIRECTOR/CCO	Na	yes	07/2018	Jul 26, 2018	Mar 27, 2023
FORMAN, MICHAEL, CRAIG	CHAIRMAN AND CEO	Na	yes	07/2018	Jul 26, 2018	Mar 27, 2023
FORMAN, MICHAEL, CRAIG	MANAGING MEMBER	D	yes	05/2007	Jul 26, 2018	Mar 27, 2023
FRANKLIN SQUARE HOLDINGS, G.P., LLC	GENERAL PARTNER	F	yes	01/2017	Jul 26, 2018	Mar 27, 2023
FRANKLIN SQUARE HOLDINGS, L.P.	MEMBER, CLASS C	E	yes	07/2018	Jul 26, 2018	Mar 27, 2023
SYPHERD, STEPHEN	GENERAL COUNSEL	Na	yes	07/2018	Jul 26, 2018	Mar 27, 2023
THE 2011 FORMAN INVESTMENT TRUST	MEMBER, CLASS A	B	yes	07/2018	Jul 26, 2018	Mar 27, 2023
HELLER, MICHAEL, JAY	TRUSTEE, THE 2011 FORMAN INVESTMENT TRUST	Na	no	01/2012	Jul 26, 2018	Mar 27, 2023
HELLER, MICHAEL, JAY	Trustee	F	no	01/2012	Jul 26, 2018	Mar 27, 2023

Affiliates (Item 7.A)

as filed on Item 7.A; a related person with a CRD on the graph links to its own page

Related person	Type	Class on the graph	Its RAUM	Control	Common control	State
FS/KKR ADVISOR, LLC	n/a	Asset manager	$16B	N	yes	n/a
FS REAL ESTATE ADVISOR, LLC	n/a	Asset manager	$9.1B	N	yes	n/a
FS GLOBAL ADVISOR, LLC	n/a	Asset manager	$3.0B	N	yes	n/a
FS STRUCTURED PRODUCTS ADVISOR, LLC	n/a	Asset manager	$2.2B	N	yes	n/a
FS/EIG ADVISOR, LLC	n/a	Asset manager	$1.9B	N	yes	n/a
FS FUND ADVISOR, LLC	n/a	Asset manager	$1.6B	N	yes	n/a
FS CREDIT INCOME ADVISOR, LLC	n/a	Asset manager	$726M	N	yes	n/a
CHIRON INVESTMENT MANAGEMENT, LLC	n/a	Former SEC adviser	$440M	N	yes	n/a
FS TACTICAL ADVISOR, LLC	n/a	Asset manager	$279M	N	yes	n/a
FRANKLIN SQUARE HOLDINGS, L.P.	n/a	n/a	n/a	N	yes	n/a
FS INVESTMENT SOLUTIONS, LLC	n/a	n/a	n/a	N	yes	n/a

Regulatory AUM by fiscal year

annual amendments (and the roster's annual snapshot) as filed; where a year was amended twice the later filing draws the line

Fiscal year	Filed	RAUM	Discretionary	Employees	Advisory staff	Offices	Private funds	Fund GAV
2022	Mar 27, 2023	$744,735	$744,735	102	3	0	n/a	n/a
2021	Mar 15, 2022	$10.9M	$10.9M	102	3	0	n/a	n/a
2020	Mar 23, 2021	$38.8M	$38.8M	93	6	0	n/a	n/a
2019	Mar 26, 2020	$52.1M	$0	99	12	0	n/a	n/a
2018	Mar 25, 2019	$38.6M	$38.6M	65	12	1	n/a	n/a

Growth

derived from consecutive annual filings; RAUM as reported

Latest fiscal year	RAUM	A year earlier	1y change	Three years earlier	3y CAGR	Employees	A year earlier	Offices	A year earlier
2022	$744,735	$10.9M	-93.2%	$52.1M	-75.7%	102	102	0	0

Relationships

Affiliated with (10)

→ FS GLOBAL ADVISOR, LLCRegistered adviserother investment adviser, bank, common control
factForm ADV
→ CHIRON INVESTMENT MANAGEMENT, LLCRegistered adviserother investment adviser, common control
factForm ADV
→ FS FUND ADVISOR, LLCRegistered adviserother investment adviser, common control
factForm ADV
→ FS CREDIT INCOME ADVISOR, LLCRegistered adviserother investment adviser, bank, common control
factForm ADV
→ FS/KKR ADVISOR, LLCRegistered adviserother investment adviser, common control
factForm ADV
→ FS SPECIALTY LENDING ADVISOR, LLCRegistered adviserother investment adviser, common control
factForm ADV
→ FS TACTICAL ADVISOR, LLCRegistered adviserother investment adviser, bank, common control
factForm ADV
→ FS STRUCTURED PRODUCTS ADVISOR, LLCRegistered adviserother investment adviser, common control
factForm ADV
→ FS REIT ADVISOR, LLCRegistered adviserother investment adviser, bank, common control
factForm ADV
← FS ENERGY ADVISOR, LLCRegistered adviserother investment adviser, bank, common control
factForm ADV

Controls (10)

← DETWILER, ELIZABETH, CAMILLAOwnerMANAGING DIRECTOR/CCO, ownership code NA, individual
Jul 26, 2018 to presentfactForm ADV
← BRYANT, MARC, ROBERTOwnerCHIEF LEGAL OFFICER, ownership code NA, individual
Mar 26, 2020 to presentfactForm ADV
← FORMAN, MICHAEL, CRAIGOwnerMANAGING MEMBER, ownership code D, individual
Jul 26, 2018 to presentfactForm ADV
← ADELMAN, DAVID, JASONOwnerMANAGING MEMBER OF THE GENERAL PARTNER, ownership code C, individual
Jul 26, 2018 to presentfactForm ADV
← BROWNE, PHILIPOwnerCHIEF FINANCIAL OFFICER, ownership code NA, individual
Jul 26, 2018 to presentfactForm ADV
← SYPHERD, STEPHENOwnerGENERAL COUNSEL, ownership code NA, individual
Jul 26, 2018 to presentfactForm ADV
← DARCO CAPITAL, L.P.OwnerMEMBER, CLASS A, ownership code A, domestic entity
Jul 26, 2018 to presentfactForm ADV
← FRANKLIN SQUARE HOLDINGS, G.P., LLCOwnerGENERAL PARTNER, ownership code F, domestic entity
Jul 26, 2018 to presentfactForm ADV
← FRANKLIN SQUARE HOLDINGS, L.P.OwnerMEMBER, CLASS C, ownership code E, domestic entity
Jul 26, 2018 to presentfactForm ADV
← THE 2011 FORMAN INVESTMENT TRUSTOwnerMEMBER, CLASS A, ownership code B, domestic entity
Jul 26, 2018 to presentfactForm ADV

Owns (1)

← HELLER, MICHAEL, JAYOwnerTRUSTEE, ownership code F, individual
Jul 26, 2018 to presentfactForm ADV

Dated events

Occurred
May 21, 2020
Control person left
Andrew Craig Eidell (Dcco) no longer on Schedule A of Fs Multi-Alternative Advisor, Llc (listed 2020-03-26, absent 2020-05-21)
Form ADVobserved 5 days ago
Occurred
Mar 26, 2020
Control person joined
Robert Marc Bryant (Chief Legal Officer) appeared on Schedule A of Fs Multi-Alternative Advisor, Llc
Form ADVobserved 5 days ago
Occurred
Jul 26, 2018
First Form ADV filing
Fs Multi-Alternative Advisor, Llc filed its initial SEC registration (Form ADV)
Form ADVobserved 5 days ago

Provenance

Graph: RIA / Wealth Management
Canonical id: dfx:ria:b5efa669-cea9-0325-96aa-952a3c791fcd
First observed: Jul 26, 2018
Last observed: Mar 27, 2023 42 months ago
Source families: Federal regulator filings
3 registered feeds stand behind this record; each fact above carries its own dates and, where the publisher serves one, its document.
Resolution: Identity across graphs by shared identifier (CRD, CIK, EIN, ADV fund id, individual CRD) or citation; a name match is shown as a candidate and never merged.

FS MULTI-ALTERNATIVE ADVISOR, LLC

CRD 298166

PHILADELPHIA, PA

This is the graph view. The full profile, with its team, deals and sources, is on RIA / Wealth Management.Open the full profile →

Search this name across graphsid dfx:ria:b5efa669-cea9-0325-96aa-952a3c791fcd

Data as of Mar 27, 2023 (this record's last observation) from federal regulator filings. Page built Sep 20, 2026, 8:47 AM UTC and rebuilt at most every 15 minutes.

Owner

Title

Ownership code

Control person

Acquired

First seen

Last seen

ADELMAN, DAVID, JASON

Member

yes

02/2015

Jul 26, 2018

Mar 27, 2023

ADELMAN, DAVID, JASON

Principal

yes

07/2018

Jul 26, 2018

Mar 27, 2023

ADELMAN, DAVID, JASON

MANAGING MEMBER OF THE GENERAL PARTNER

yes

03/2007

Jul 26, 2018

Mar 27, 2023

BROWNE, PHILIP

CHIEF FINANCIAL OFFICER

yes

07/2018

Jul 26, 2018

Mar 27, 2023

BRYANT, MARC, ROBERT

CHIEF LEGAL OFFICER

yes

05/2019

Mar 26, 2020

Mar 27, 2023

DARCO CAPITAL, L.P.

MEMBER, CLASS A

yes

07/2018

Jul 26, 2018

Mar 27, 2023

DETWILER, ELIZABETH, CAMILLA

MANAGING DIRECTOR/CCO

yes

07/2018

Jul 26, 2018

Mar 27, 2023

FORMAN, MICHAEL, CRAIG

CHAIRMAN AND CEO

yes

07/2018

Jul 26, 2018

Mar 27, 2023

FORMAN, MICHAEL, CRAIG

MANAGING MEMBER

yes

05/2007

Jul 26, 2018

Mar 27, 2023

FRANKLIN SQUARE HOLDINGS, G.P., LLC

GENERAL PARTNER

yes

01/2017

Jul 26, 2018

Mar 27, 2023

FRANKLIN SQUARE HOLDINGS, L.P.

MEMBER, CLASS C

yes

07/2018

Jul 26, 2018

Mar 27, 2023

SYPHERD, STEPHEN

GENERAL COUNSEL

yes

07/2018

Jul 26, 2018

Mar 27, 2023

THE 2011 FORMAN INVESTMENT TRUST

MEMBER, CLASS A

yes

07/2018

Jul 26, 2018

Mar 27, 2023

HELLER, MICHAEL, JAY

TRUSTEE, THE 2011 FORMAN INVESTMENT TRUST

01/2012

Jul 26, 2018

Mar 27, 2023

HELLER, MICHAEL, JAY

Trustee

01/2012

Jul 26, 2018

Mar 27, 2023

Related person

Type

Class on the graph

Its RAUM

Control

Common control

State

FS/KKR ADVISOR, LLC

n/a

Asset manager

$16B

yes

n/a

FS REAL ESTATE ADVISOR, LLC

n/a

Asset manager

$9.1B

yes

n/a

FS GLOBAL ADVISOR, LLC

n/a

Asset manager

$3.0B

yes

n/a

FS STRUCTURED PRODUCTS ADVISOR, LLC

n/a

Asset manager

$2.2B

yes

n/a

FS/EIG ADVISOR, LLC

n/a

Asset manager

$1.9B

yes

n/a

FS FUND ADVISOR, LLC

n/a

Asset manager

$1.6B

yes

n/a

FS CREDIT INCOME ADVISOR, LLC

n/a

Asset manager

$726M

yes

n/a

CHIRON INVESTMENT MANAGEMENT, LLC

n/a

Former SEC adviser

$440M

yes

n/a

FS TACTICAL ADVISOR, LLC

n/a

Asset manager

$279M

yes

n/a

FRANKLIN SQUARE HOLDINGS, L.P.

n/a

yes

n/a

FS INVESTMENT SOLUTIONS, LLC

n/a

yes

n/a

Fiscal year

Filed

RAUM

Discretionary

Employees

Advisory staff

Offices

Private funds

Fund GAV

2022

Mar 27, 2023

$744,735

102

n/a

2021

Mar 15, 2022

$10.9M

102

n/a

2020

Mar 23, 2021

$38.8M

n/a

2019

Mar 26, 2020

$52.1M

n/a

2018

Mar 25, 2019

$38.6M

n/a

Latest fiscal year

RAUM

A year earlier

1y change

Three years earlier

3y CAGR

Employees

A year earlier

Offices

A year earlier

2022

$744,735

$10.9M

-93.2%

$52.1M

-75.7%

102