# FS Digital Infrastructure Advisor, LLC

> FS Digital Infrastructure Advisor, LLC is an SEC-registered investment advisory firm in Philadelphia, PA, registered since 2026, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated March 30, 2026.

- CRD: 338274
- Filed as: FS DIGITAL INFRASTRUCTURE ADVISOR, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Philadelphia, PA
- Filing period: October 2026
- Form ADV filing dated: March 30, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/338274
- AdvisorCensus page: https://advisorcensus.com/firm/fs-digital-infrastructure-advisor-llc-philadelphia-pa-338274

## Quick answers

**How is FS Digital Infrastructure Advisor, LLC compensated?**
On its Form ADV (Item 5.E, October 2026), FS Digital Infrastructure Advisor, LLC reports these compensation arrangements: a percentage of assets under its management; performance-based fees.

**Where is FS Digital Infrastructure Advisor, LLC located?**
FS Digital Infrastructure Advisor, LLC's principal office is in Philadelphia, PA, according to its Form ADV; the April 2026 filing also lists 1 other office (Schedule D, Section 1.F).

**Is FS Digital Infrastructure Advisor, LLC registered with the SEC or a state?**
FS Digital Infrastructure Advisor, LLC is an SEC-registered investment advisory firm, registered since 2026. Status as filed: Approved. CRD 338274.

**How much does FS Digital Infrastructure Advisor, LLC manage?**
FS Digital Infrastructure Advisor, LLC reports $3,213,168,255 in regulatory assets under management in its Form ADV filing dated March 30, 2026 (69% discretionary).

**What types of clients does FS Digital Infrastructure Advisor, LLC serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (39); insurance companies (6); investment companies (1).

**Does FS Digital Infrastructure Advisor, LLC report any disciplinary disclosures?**
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/338274

**What changed in FS Digital Infrastructure Advisor, LLC's recent Form ADV filings?**
In the April 2026 filing data: Regulatory assets under management went from $1,700,000,000 to $3,213,168,255 (+89%). Employees performing advisory functions went from 2 to 10. Added an office in Stamford, CT. Registered or notice-filed in CT. Updated its list of owners and control persons (Schedule A).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Performance-based fees

### Regulatory assets under management (Item 5.F)
- Total: $3,213,168,255
- Discretionary: $2,208,254,494
- Non-discretionary: $1,004,913,761

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| High net worth individuals | Fewer than 5 | $48,778,439 |
| Investment companies | 1 | $15,988,393 |
| Pooled investment vehicles (other than investment companies and business development companies) | 39 | $2,845,095,325 |
| State or municipal government entities (including government pension plans) | Fewer than 5 | $10,043,478 |
| Insurance companies | 6 | $293,262,620 |

### Advisory services (Item 5.G)
- Portfolio management for individuals and/or small businesses
- Portfolio management for pooled investment vehicles (other than investment companies)
- Portfolio management for businesses (other than small businesses) or institutional clients

### Firm details
- Registered since: 2026 (0 years)
- Employees: 52 total, 10 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CT, PA
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the April 2026 filing
- Stamford, CT

### Websites listed on Form ADV (Item 1.I)
- fscreit.com
- fskkrcapitalcorp.com
- fsproxy.com
- fssl.futurestandard.com
- futurestandard.com
- music.amazon.com/es-us/podcasts/8e15a78f-46f8-4204-bfb5-40a49123a106/fireside-a-podcast-series-from-future-standard
- open.spotify.com/show/1bNRLpYa1IuvcEyTA8AtMc
- player.fm/series/fireside-a-podcast-series-from-future-standard
- podcastaddict.com/podcast/fireside-a-podcast-series-from-future-standard/3323566
- podcastindex.org/podcast/2757367
- podcasts.apple.com/us/podcast/fireside-a-podcast-series-from-future-standard/id1561214982
- Facebook @fsfuturestandard
- Instagram @futurestandardfs
- LinkedIn @futurestandardfs
- LinkedIn @portfolio-advisors
- LinkedIn @michael-forman
- LinkedIn @troy-a-gayeski-cfa-720366197
- X @MichaelFormanFS
- X @TroyGayeski
- X @futurestandard_
- YouTube @futurestandard_fs

## Changes in the filing (last 12 months)

### April 2026
- Regulatory assets under management went from $1,700,000,000 to $3,213,168,255 (+89%).
- Employees performing advisory functions went from 2 to 10.
- Added an office in Stamford, CT.
- Registered or notice-filed in CT.
- Updated its list of owners and control persons (Schedule A).

### February 2026
- Newly registered with the SEC.
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. FS Digital Infrastructure Advisor, LLC (CRD 338274): Form ADV filing data as of October 2026.