DFX Intelligence

RIA Intelligence

Registered investment advisers, the advisors registered through them, the capital they report, the private vehicles they run and the people who own them, as a graph with a filing date behind every number. RAUM is what the adviser filed, a move is two registration dates, and a class is a rule you can read.

SEC-registered adviser

Portfolio Advisors LLC

Other adviserDarien, ConnecticutCRD 105981SEC 801-46369website IAPD

Latest filing Mar 27, 2026

First filing on the tape Mar 30, 2012 · 22 filings

SEC status approved since Apr 25, 1994

RAUM

$48B

reported, Item 5.F

Discretionary

62%

of RAUM

Private clients

0.0%

$0 individuals and HNW

Advisors

registered through the firm on IAPD

RAUM per advisor

n/a

derived; firm RAUM over IAPD count

Employees

164

83 advisory (5.B.1)

Offices

beyond the principal office

Private funds

reported on Schedule D

History

22 filings and snapshots on the tape

RAUM$48B as of Mar 27, 2026

Mar 30, 2012$31B then

HNW client RAUM: no history

State-registered IARs (5.B.3)0 as of Mar 27, 2026

Mar 28, 20130 then

Employees (5.A)164 as of Mar 27, 2026

Mar 28, 201382 then

Private funds92 as of Mar 27, 2026

Mar 30, 201229 then

RAUM +7.1% over the last fiscal year+5.4% a year over threeIARs 0 to 0offices 7 to 8

Practice profile

derived from the filing of Mar 27, 2026; every figure names its basis

RAUM per advisor: unknownderivedRAUM over IAPD advisors; not a book size
Clients per advisor: unknownderivedindividual and HNW clients (5.D) over advisors
Average HNW client: unknownderivedHNW RAUM over HNW clients
Average account: $389MderivedRAUM over accounts (5.F.2.f)
Discretionary: 62%derivedof RAUM
Institutional: 45%derivedpensions, charities, corporations, government, insurance, banks, other advisers
Employees per advisor: unknownderivedItem 5.A over advisors
Advisors per office: unknownderived9 offices incl. principal (1.F.5)
RAUM growth, one year: +7.1%derivedbetween the last two annual amendments
Advisor growth, one year: unknownderivedItem 5.B.3 between annual amendments
Client growth, one year: unknownderived
Compensation: percentage of assets, hourly, fixed fees, performance-basedreportedItem 5.E
Advisory activities: portfolio management for businesses and institutions, portfolio management for pooled vehicles, portfolio management for investment companies, selection of other advisersreportedItem 5.G
Ownership: no PE, bank or public-company owner found on Schedule Aderived
Advisor book size: not public; not estimatedreported

Also answered yes on Form ADV

buys or sells securities as principal to or from clients (8.A.2)
has discretionary authority over which securities are bought or sold (8.C.1)
receives research or other products from a broker-dealer, soft dollars (8.E)
a related person has custody of client cash (9.B.1.a)
a related person has custody of client securities (9.B.1.b)
marketing includes hypothetical performance (5.L.3)

Where the RAUM sits

Form ADV Item 5.D, latest filing

Pooled investment vehicles$25B52%
State and municipal entities$18B38%
Charitable organizations$2.3B4.8%
Investment companies$1.7B3.5%
Pension and profit-sharing plans$1.1B2.3%
Insurance companies$8.6M0.0%

Individual clients: n/areported
HNW clients: n/areported
Pension plan clients: n/areported
Charitable clients: n/areported
Accounts: 123reported
Financial planning clients: reported
Wrap fee programs: noreported
Custody of client assets: noreported
Compensation: % of AUM, fixed, hourly, performancereported
Class basis: private_client_share=0.0 fund_share=0.55 institutional_share=0.45 related_bd=true related_bank=true bd_reps=0.0derived

Advisors registered through the firm

0 on IAPD today, longest tenure first

No representative is registered through this CRD on IAPD.

Advisor movement

Left, latest

none on the tape

Joined, latest

none on the tape

Every departure Every arrival

Private funds

125 reported on Schedule D 7.B.(1)

Fund	Type	Gross assets	Owners	First reported
Pa-Ep Fund, L.P.	Private Equity Fund	$5.4B	2	Mar 30, 2012
Portfolio Advisors Secondary Fund IV, LP	Private Equity Fund	$2.7B	398	Mar 30, 2020
Pa Direct Credit Opportunities Fund III, LP	Private Equity Fund	$1.1B	204	Mar 29, 2019
Portfolio Advisors Secondary Fund III, L.P.	Private Equity Fund	$1.1B	296	Mar 30, 2016
Pa Blue Fund, L.P.	Private Equity Fund	$869M	2	Mar 30, 2016
Pa Palace Fund, LP	Private Equity Fund	$700M	2	Mar 30, 2020
Portfolio Advisors Private Equity Fund Ix (Offshore), L.P.	Private Equity Fund	$624M	39	Mar 31, 2017
Portfolio Advisors Private Equity Fund Viii (Offshore), L.P.	Private Equity Fund	$526M	89	Mar 30, 2016
Portfolio Advisors Private Equity Fund X, LP	Private Equity Fund	$496M	102	Mar 29, 2019
Mvp Private Markets Fund, L.P.no longer reported	Private Equity Fund	$452M	41	Mar 31, 2022
Pa Co-Investment Fund IV, LP	Private Equity Fund	$391M	38	Mar 30, 2020
Portfolio Advisors Private Equity Fund 2022, L.P.	Private Equity Fund	$388M	698	Mar 31, 2023
Portfolio Advisors Private Equity Fund Xi, LP	Private Equity Fund	$365M	111	Mar 31, 2022
Pa Direct Credit Opportunities Fund II, L.P.	Private Equity Fund	$358M	252	Mar 30, 2015
Pa Direct Credit Opportunities Fund II (Offshore), L.P.no longer reported	Private Equity Fund	$298M	84	Mar 30, 2015
Portfolio Advisors Real Estate Fund Vii, L.P.	Real Estate Fund	$295M	13	Mar 29, 2019
Portfolio Advisors Real Estate Fund Viii, L.P.	Real Estate Fund	$291M	35	Mar 31, 2022
Portfolio Advisors Credit Strategies Fund, L.P.	Other Private Fund	$265M	103	Mar 28, 2013
Portfolio Advisors Private Equity Fund Vii (Offshore), L.P.	Private Equity Fund	$257M	60	Mar 30, 2012
Portfolio Advisors Private Equity Fund 2017, L.P	Private Equity Fund	$249M	266	Mar 30, 2018
Pa Co-Investment Fund III, LP	Private Equity Fund	$235M	32	Mar 31, 2017
Portfolio Advisors Private Equity Fund Vii, L.P.	Private Equity Fund	$184M	99	Mar 30, 2012
Portfolio Advisors Private Equity Fund Vi (Offshore), L.P.	Private Equity Fund	$178M	47	Mar 30, 2012
Portfolio Advisors Private Equity Fund Viii, L.P.	Private Equity Fund	$174M	61	Mar 28, 2013
Pa Co-Investment Fund V, LP	Private Equity Fund	$172M	8	Mar 31, 2023
Pa Gp Solutions Fund, L.P.	Private Equity Fund	$164M	29	Mar 31, 2022
Portfolio Advisors Private Equity Fund Vi, L.P.	Private Equity Fund	$158M	64	Mar 30, 2012
Portfolio Advisors Real Estate Fund Vi, L.P.	Real Estate Fund	$153M	24	Mar 30, 2016
Portfolio Advisors Private Equity Fund 2019, LP	Private Equity Fund	$133M	144	Mar 30, 2020
Portfolio Advisors Credit Strategies Fund (Offshore), L.P.	Other Private Fund	$130M	28	Mar 28, 2013
Portfolio Advisors Secondary Fund V, LP	Private Equity Fund	$121M	50	Mar 29, 2024
Pa Saffron, L.P.no longer reported	Private Equity Fund	$119M	2	Mar 30, 2018
Pa Master Access Fund, Scsp, Sicav-Raif	Private Equity Fund	$114M	11	Mar 31, 2023
Portfolio Advisors Private Equity Fund Ix, L.P.	Private Equity Fund	$111M	47	Mar 31, 2017
Portfolio Advisors Private Equity Fund 2022 (Offshore), L.P.	Private Equity Fund	$108M	207	Mar 31, 2023
Pa Pennsylvania Co-Investment Fund, L.P.no longer reported	Private Equity Fund	$102M	2	Mar 30, 2016
Portfolio Advisors Private Equity Fund V (Offshore), L.P.	Private Equity Fund	$91.9M	81	Mar 30, 2012
Pa Mac Fund, LPno longer reported	Private Equity Fund	$89.1M	6	Mar 30, 2016
Silver Cup Partners IV, L.P.	Private Equity Fund	$83.2M	10	Mar 30, 2012
Portfolio Advisors Secondary Fund II, L.P.	Private Equity Fund	$81.6M	101	Mar 30, 2012

All funds of Portfolio Advisors LLC

Owners and control persons

Schedule A and B, latest filing

Merritt Elizabeth Campbell · Member Of Management Committeecontrol
since 01/2018 · owns less than 5%
Gerard Adam Clemens · Member Of Management Committeecontrol
since 02/2010 · owns less than 5%
Francis Daniel Dwyer · Chief Compliance Officercontrol
since 01/2014 · owns less than 5%
Sevin Jesse Eisenberg · General Counselcontrol
since 01/2014 · owns less than 5%
David Scott Higbee · Member Of Management Committeecontrol
since 09/2020 · owns less than 5%
Anthony Brooks Lindberg · Member Of Management Committeecontrol
since 05/2020 · owns less than 5%
Coulam Stephen Sloan · Member Of Management Committeecontrol
since 10/2020 · owns less than 5%
Jason David Adelman · Membercontrol
since 05/2007 · owns 50% to 75% of Franklin Square Holdings Gp, LLC
Craig Michael Forman · Managing Membercontrol
since 05/2007 · owns 50% to 75% of Franklin Square Holdings Gp, LLC
Craig Michael Forman · Sole Membercontrol
since 02/2007 · owns 75% or more of Fb Capital Management, LLC
Craig Michael Forman · Limited Partnercontrol
since 08/2005 · owns 75% or more of Fb Capital Partners, L.P.
Jay Michael Heller · Trustee
since 01/2012 · owns F of The 2011 Forman Investment Trust

Entity owners

Franklin Square Holdings, L.P. · Member
direct · owns 75% or more
Fb Capital Management, LLC · General Partner
indirect · owns F of Fb Capital Partners, L.P.
Fb Capital Partners, L.P. · Member
indirect · owns 25% to 50% of Fsh Nci Aggregator, LLC
Franklin Square Holdings Gp, LLC · General Partner
indirect · owns F of Franklin Square Holdings, L.P.
Fsh Nci Aggregator, LLC · Limited Partner
indirect · owns 25% to 50% of Franklin Square Holdings, L.P.
The 2011 Forman Investment Trust · Member
indirect · owns 25% to 50% of Fsh Nci Aggregator, LLC

Related persons

Schedule D 7.A

Asia Select Management Limited
pooled vehicle sponsorn
Chiron Investment Management, LLC
investment adviserbanknRAUM $440M
Fs Credit Income Advisor, LLC
investment adviserbanknRAUM $726M
Fs Fund Advisor, LLC
investment adviserbanknRAUM $1.6B
Fs Global Advisor, LLC
investment adviserbanknRAUM $3.0B
Fs Investment Solutions, LLC
broker-dealern
Fs Reit Advisor, LLC
investment advisernRAUM $9.1B
Fs Structured Products Advisor, LLC
investment adviserbanknRAUM $2.2B
Fs Tactical Advisor, LLC
investment adviserbanknRAUM $279M
Fs Specialty Lending Advisor, LLC
investment adviserbanknRAUM $1.9B
Fs/Kkr Advisor, LLC
investment adviserbanknRAUM $16B
Liberty Re Gp, LLC
pooled vehicle sponsory
Pa Blue Gp, LLC
pooled vehicle sponsory
Pa Gps Gp, LLC
pooled vehicle sponsorn
Pa Mac Gp, LLC
pooled vehicle sponsory
Pa Mac Lux Gp, S.A R.L.
pooled vehicle sponsory
Pa Palace, Gp, LLC
pooled vehicle sponsory
Pa Pasf Gp, LLC
pooled vehicle sponsory
Pa Saffron Gp, LLC
pooled vehicle sponsory
Pa Veritas Gp, LLC
pooled vehicle sponsory
Pa-Ep Gp, LLC
pooled vehicle sponsory
Pa-Ham Gp, LLC
pooled vehicle sponsory
Paaf IV Gp, LLC
pooled vehicle sponsory
Paaf V Gp, LLC
pooled vehicle sponsory
Paaf Vi Gp, LLC
pooled vehicle sponsory
Paaf Vii Gp, LLC
pooled vehicle sponsory
Pacsf (Gp), LLC
pooled vehicle sponsory
Padcof II (Gp), LLC
pooled vehicle sponsory
Padcof III (Gp), LLC
pooled vehicle sponsory
Paf 6/05, LLC
pooled vehicle sponsory

Advisers that list Portfolio Advisors LLC as a related person

Offices

Schedule D 1.F, the 25 largest

Zurich, Switzerland6 employees
Dallas, TX6 employees
Singapore, Singapore3 employees
London, United Kingdom2 employees
Hong Kong, Hong Kong1 employees
Farmington, UT1 employees
Atlanta, GA1 employees

ADV anomalies

1 against comparable advisers; where to look, not conclusions

custody status changedChange between filings · filing Mar 27, 2026
custody of client assets (Item 9.A): yes on the filing of 2025-12-03, no on the filing of 2026-03-27
peers: other advisers, $20B and over (120)

How anomalies are measured

What changed

consecutive filings, newest first

Accounts · 121 to 123
Dec 3, 2025 to Mar 27, 2026
Advisory employees · 84 to 83
Dec 3, 2025 to Mar 27, 2026
Pooled vehicle clients · 110 to 113
Dec 3, 2025 to Mar 27, 2026
Assets in custody · 22281391722.0 to unset
Dec 3, 2025 to Mar 27, 2026
Custody of client assets · true to false
Dec 3, 2025 to Mar 27, 2026
Employees · 157 to 164
Dec 3, 2025 to Mar 27, 2026
Other offices · 7 to 8
Dec 3, 2025 to Mar 27, 2026
Discretionary RAUM · $28B to $30B
Dec 3, 2025 to Mar 27, 2026
Non-discretionary RAUM · $16B to $18B
Dec 3, 2025 to Mar 27, 2026
Pension RAUM · $1.3B to $1.1B
Dec 3, 2025 to Mar 27, 2026
Pooled vehicle RAUM · $24B to $25B
Dec 3, 2025 to Mar 27, 2026
RAUM · $45B to $48B
Dec 3, 2025 to Mar 27, 2026
Accounts · 116 to 121
Mar 29, 2024 to Mar 31, 2025
Advisory employees · 82 to 84
Mar 29, 2024 to Mar 31, 2025
Pension plan clients · 5.0 to unset
Mar 29, 2024 to Mar 31, 2025
Pooled vehicle clients · 103 to 110
Mar 29, 2024 to Mar 31, 2025
Assets in custody · $21B to $22B
Mar 29, 2024 to Mar 31, 2025
Employees · 158 to 157
Mar 29, 2024 to Mar 31, 2025
Financial planning clients · unset to
Mar 29, 2024 to Mar 31, 2025
Private funds · 89 to 92
Mar 29, 2024 to Mar 31, 2025
Discretionary RAUM · $27B to $28B
Mar 29, 2024 to Mar 31, 2025
Non-discretionary RAUM · $16B to $16B
Mar 29, 2024 to Mar 31, 2025
Pension RAUM · $1.1B to $1.3B
Mar 29, 2024 to Mar 31, 2025
Pooled vehicle RAUM · $23B to $24B
Mar 29, 2024 to Mar 31, 2025
RAUM · $42B to $45B
Mar 29, 2024 to Mar 31, 2025
Accounts · 113 to 116
Jul 31, 2023 to Mar 29, 2024
Advisory employees · 78 to 82
Jul 31, 2023 to Mar 29, 2024
Pension plan clients · unset to 5.0
Jul 31, 2023 to Mar 29, 2024
Pooled vehicle clients · 101 to 103
Jul 31, 2023 to Mar 29, 2024
Employees · 140 to 158
Jul 31, 2023 to Mar 29, 2024
Private funds · 86 to 89
Jul 31, 2023 to Mar 29, 2024
Discretionary RAUM · $27B to $27B
Jul 31, 2023 to Mar 29, 2024
Non-discretionary RAUM · $14B to $16B
Jul 31, 2023 to Mar 29, 2024
Pension RAUM · $981M to $1.1B
Jul 31, 2023 to Mar 29, 2024
Pooled vehicle RAUM · $23B to $23B
Jul 31, 2023 to Mar 29, 2024
RAUM · $41B to $42B
Jul 31, 2023 to Mar 29, 2024
Related bank · false to true
Jul 31, 2023 to Mar 29, 2024
Related broker-dealer · false to true
Jul 31, 2023 to Mar 29, 2024
Accounts · 118 to 113
Mar 31, 2022 to Mar 31, 2023
Advisory employees · 77 to 78
Mar 31, 2022 to Mar 31, 2023

Signals

24 dated events

Potter Brian Murphy (Managing Director) no longer on Schedule A of Portfolio Advisors Llc (listed 2023-03-31, absent 2023-07-31)
Jul 31, 2023 · Control person left · inference
Joseph William Indelicato (Managing Director) no longer on Schedule A of Portfolio Advisors Llc (listed 2023-03-31, absent 2023-07-31)
Jul 31, 2023 · Control person left · inference
Alger Todd Hughes (Managing Director) no longer on Schedule A of Portfolio Advisors Llc (listed 2023-03-31, absent 2023-07-31)
Jul 31, 2023 · Control person left · inference
Mark Kenneth Wisdom (Managing Director) no longer on Schedule A of Portfolio Advisors Llc (listed 2023-03-31, absent 2023-07-31)
Jul 31, 2023 · Control person left · inference
Friedrich Nicolas Von Der Schulenburg (Managing Director) no longer on Schedule A of Portfolio Advisors Llc (listed 2023-03-31, absent 2023-07-31)
Jul 31, 2023 · Control person left · inference
Jeffrey Hugh Perloff (Managing Director) no longer on Schedule A of Portfolio Advisors Llc (listed 2023-03-31, absent 2023-07-31)
Jul 31, 2023 · Control person left · inference
Virginia Christine Crotty (Trustee) no longer on Schedule A of Portfolio Advisors Llc (listed 2023-03-31, absent 2023-07-31)
Jul 31, 2023 · Control person left · inference
Elaine Susan Delong (Trustee) no longer on Schedule A of Portfolio Advisors Llc (listed 2023-03-31, absent 2023-07-31)
Jul 31, 2023 · Control person left · inference
Hogge Louise Murphy (Trustee) no longer on Schedule A of Portfolio Advisors Llc (listed 2023-03-31, absent 2023-07-31)
Jul 31, 2023 · Control person left · inference
Potter Blake Murphy (Trustee) no longer on Schedule A of Portfolio Advisors Llc (listed 2023-03-31, absent 2023-07-31)
Jul 31, 2023 · Control person left · inference
Joan Patricia Indelicato (Trustee) no longer on Schedule A of Portfolio Advisors Llc (listed 2023-03-31, absent 2023-07-31)
Jul 31, 2023 · Control person left · inference
Christopher Daniel Iamiceli (Chief Financial Officer-Funds) no longer on Schedule A of Portfolio Advisors Llc (listed 2023-03-31, absent 2023-07-31)
Jul 31, 2023 · Control person left · inference
Marie Lauren Johnson (Chief Financial Officer - Corporate) no longer on Schedule A of Portfolio Advisors Llc (listed 2023-03-31, absent 2023-07-31)
Jul 31, 2023 · Control person left · inference
Nmn Melinda Higbee (Trustee) no longer on Schedule A of Portfolio Advisors Llc (listed 2023-03-31, absent 2023-07-31)
Jul 31, 2023 · Control person left · inference
Giles David Higbee (Trustee) no longer on Schedule A of Portfolio Advisors Llc (listed 2023-03-31, absent 2023-07-31)
Jul 31, 2023 · Control person left · inference
Thomas Benjamin Higbee (Trustee) no longer on Schedule A of Portfolio Advisors Llc (listed 2023-03-31, absent 2023-07-31)
Jul 31, 2023 · Control person left · inference
Kaye Evelyn Higbee (Trustee) no longer on Schedule A of Portfolio Advisors Llc (listed 2023-03-31, absent 2023-07-31)
Jul 31, 2023 · Control person left · inference
Scott Jacob Higbee (Trustee) no longer on Schedule A of Portfolio Advisors Llc (listed 2023-03-31, absent 2023-07-31)
Jul 31, 2023 · Control person left · inference
Steven Samuel Higbee (Trustee) no longer on Schedule A of Portfolio Advisors Llc (listed 2023-03-31, absent 2023-07-31)
Jul 31, 2023 · Control person left · inference
Gwen Jana Lindberg (Trustee) no longer on Schedule A of Portfolio Advisors Llc (listed 2023-03-31, absent 2023-07-31)
Jul 31, 2023 · Control person left · inference
Craig Michael Forman (Managing Member) appeared on Schedule A of Portfolio Advisors Llc
Jul 31, 2023 · Control person joined · fact
Jason David Adelman (Member) appeared on Schedule A of Portfolio Advisors Llc
Jul 31, 2023 · Control person joined · fact
Lauren Johnson (Chief Financial Officer - Corporate) appeared on Schedule A of Portfolio Advisors Llc
Mar 29, 2019 · Control person joined · fact
Portfolio Advisors Llc reported RAUM $23.5B, down 37% from $37.1B (2017-03-31 to 2018-03-30)
Mar 30, 2018 · RAUM change · derived

Across DFX

shared identifiers only, never a name match

Portfolio Advisors LLC · Independent Sponsors
shared crd · capital_provider
Portfolio Advisors LLC · Private Equity
shared crd · organization

How to reach

public business contact points only, each with its source

Firm profile: linkedin.com/company/futurestandardfsreportedpublic record, Form ADV, Sep 17, 2026
Firm profile: linkedin.com/company/portfolio-advisorsreportedpublic record, Form ADV, Sep 17, 2026
Website: portad.comreportedpublic record, Form ADV, Sep 17, 2026
Principal office phone: 203-662-3456reportedpublic record, Form ADV, Mar 27, 2026

Provenance

Form ADV: SEC filing data 2011 to 2024 and the monthly roster 2025 onreportedadviserinfo.sec.gov
Advisors: IAPD individual compilation feed, dailyreportedadviserinfo.sec.gov
Class: Other adviserderiveda rule over Items 5.D and 7.A
RAUM per advisor: n/aderivedfirm RAUM over the IAPD count; not a book size
Loaded: Sep 14, 2026

Across the graphs

Portfolio Advisors LLC is the same institution as 1 record in Real Estate Funds.

Real Estate Funds1

Which record it is in each graph, what it is called there, and what the two were joined on. The Data Factory holds all nine graphs and the identity layer between them.

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