CONNECTING INVESTORS TO THE ENTRE­PRENEURIAL GROWTH ENGINE OF THE ECONOMY

Our deep knowledge and expertise in the middle market give us a meaningful advantage in navigating complexity and unlocking value.
our focus

U.S. MIDDLE MARKET: AMERICA’S GROWTH ENGINE

The U.S. middle market comprises over 200,000 companies generating between $10 million and $1 billion in annual revenue. It employs over 48 million Americans and serves as the growth engine of the U.S. economy. Yet despite the scale and momentum of this market, it remains underrepresented in most investors’ portfolios.
Five men meeting in a conference room
opportunity

OPPORTUNITY HIDDEN IN PLAIN SIGHT

The middle market spans industries vital to economic growth and innovation, including manufacturing, information technology, healthcare, materials and communication services. There is huge potential for income, growth and diversification, but nearly 80% of middle market companies are privately held, placing them out of reach and out of sight for most investors.

middle market vs. public market

Source: National Center for the Middle Market, Bloomberg Finance LP, as of December 31, 2024.

Key facts
#
3

largest economy in the world1

200
K+

U.S. middle market companies2

1/3

of U.S. private sector GDP3

Challenge

the access challenge

The middle market is vast and highly fragmented, making access difficult. This market has also grown exponentially over the last three decades, accelerating the need for specialization to navigate this complex landscape. Success depends on having the right manager with the experience, relationships and focus to pursue the best opportunities.
OUR advantage

WE ARE MIDDLE MARKET SPECIALISTS

We are the gateway for investors to access the middle market’s high-growth companies and top-quartile middle market sponsors. For 30 years, we’ve maintained a singular focus, fueling the growth of middle market companies while uncovering value for our clients.
How we define the core U.S. middle market:

  • Total enterprise value: Less than $1B4
  • Earnings (EBITDA): Up to $100M5
We know that it takes more than capital to consistently identify and access the most compelling opportunities. It demands relationships, skill and expertise. Future Standard stands at the intersection of all three to deliver truly differentiated performance for our investors.
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footnotes + disclosures
  1. Source: National Center for the Middle Market, FS Investments, as of December 31, 2024.
  2. Source: National Center for the Middle Market as of June 30, 2024.
  3. Total AUM estimated as of June 30, 2024.
  4. Total enterprise value measures a company’s total value, including all its assets and liabilities.
  5. EBITDA stands for Earnings Before Interest Taxes and Amortization and is a measure of a company’s profitability.
opportunity

OPPORTUNITY HIDDEN IN PLAIN SIGHT

The middle market spans industries vital to economic growth and innovation, including manufacturing, information technology, healthcare, materials and communication services. There is huge potential for income, growth and diversification, but nearly 80% of middle market companies are privately held, placing them out of reach and out of sight for most investors.

middle market vs. public market

Source: National Center for the Middle Market, Bloomberg Finance LP, as of December 31, 2024.