# FS/KKR Advisor, LLC

> FS/KKR Advisor, LLC is an SEC-registered investment advisory firm in Philadelphia, PA, registered since 2018, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated June 1, 2026.

- CRD: 292803
- Filed as: FS/KKR ADVISOR, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Philadelphia, PA
- Filing period: October 2026
- Form ADV filing dated: June 1, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/292803
- AdvisorCensus page: https://advisorcensus.com/firm/fs-kkr-advisor-llc-philadelphia-pa-292803

## Quick answers

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

**Where is FS/KKR Advisor, LLC located?**
FS/KKR Advisor, LLC's principal office is in Philadelphia, PA, according to its Form ADV; the July 2026 filing also lists 9 other offices (Schedule D, Section 1.F).

**Is FS/KKR Advisor, LLC registered with the SEC or a state?**
FS/KKR Advisor, LLC is an SEC-registered investment advisory firm, registered since 2018. Status as filed: Approved. CRD 292803.

**How much does FS/KKR Advisor, LLC manage?**
FS/KKR Advisor, LLC reports $16,095,716,000 in regulatory assets under management in its Form ADV filing dated June 1, 2026 (100% discretionary).

**How have FS/KKR Advisor, LLC's assets and staff changed since 2021?**
In the Form ADV data for FS/KKR Advisor, LLC: Regulatory assets under management: $15,760,146,898 in the October 2021 data and $16,095,716,000 in the October 2026 data, up 2%. Total employees: 379 in October 2021 and 736 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does FS/KKR Advisor, LLC serve?**
By number of clients on Form ADV Item 5.D: business development companies (3).

**Does FS/KKR 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/292803

**What changed in FS/KKR Advisor, LLC's recent Form ADV filings?**
In the April 2026 filing data: Item 11 disclosure answers changed: 0 yes answers, previously 7 (now no: 11.C(2), 11.C(4), 11.C(5), 11.D(2), 11.D(4), 11.D(5), 11.E(2)). Employees performing advisory functions went from 181 to 192. Changed its office addresses in Dublin. Changed its office addresses in New York, NY. Added an office in Boston, MA. Added an office in Brighton, MA. Added an office in Los Angeles, CA. Registered or notice-filed in MA. 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
- Other

### Regulatory assets under management (Item 5.F)
- Total: $16,095,716,000
- Discretionary: $16,095,716,000
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 0 | Not reported |
| High net worth individuals | 0 | Not reported |
| Banking or thrift institutions | 0 | Not reported |
| Investment companies | 0 | Not reported |
| Business development companies | 3 | $16,095,716,000 |
| Pooled investment vehicles (other than investment companies and business development companies) | 0 | Not reported |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 0 | Not reported |
| Charitable organizations | 0 | Not reported |
| State or municipal government entities (including government pension plans) | 0 | Not reported |
| Other investment advisers | 0 | Not reported |
| Insurance companies | 0 | Not reported |
| Sovereign wealth funds and foreign official institutions | 0 | Not reported |
| Corporations or other businesses not listed above | 0 | Not reported |

### Advisory services (Item 5.G)
- Portfolio management for investment companies (and business development companies)

### Firm details
- Registered since: 2018 (8 years)
- Employees: 736 total, 192 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CA, MA, NY, PA
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the July 2026 filing
- Boston, MA
- Brighton, MA
- Dublin
- Hong Kong
- London
- Los Angeles, CA
- Menlo Park, CA
- New York, NY
- Singapore

### Websites listed on Form ADV (Item 1.I)
- fscreit.com
- fskkrcapitalcorp.com
- fsproxy.com
- fssl.futurestandard.com
- futurestandard.com
- kjrm.co.jp/english/index.html
- kkcaustralia.com.au
- kkcaustralia.com.au/site/content
- kkr.com
- kkr.com/wealth
- kkresg.com
- kkrfunds.com
- kkrgcof.com.au
- kkrkitaud.com.au
- kseries.kkr.com/kabf
- music.amazon.com/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 @KKR
- LinkedIn @futurestandardfs
- LinkedIn @portfolio-advisors
- LinkedIn @michael-forman
- LinkedIn @troy-a-gayeski-cfa-720366197
- X @KKR_Co
- X @MichaelFormanFS
- X @TroyGayeski
- X @futurestandard_
- YouTube @futurestandardfs
- YouTube @kohlbergkravisroberts

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $15,760,146,898 | 379 | June 28, 2021 |
| October 2022 | $19,506,450,615 | 494 | March 29, 2022 |
| October 2023 | $18,557,470,952 | 584 | July 27, 2023 |
| October 2024 | $18,120,897,000 | 635 | March 29, 2024 |
| October 2025 | $15,777,714,000 | 713 | March 31, 2025 |
| October 2026 | $16,095,716,000 | 736 | June 1, 2026 |

Regulatory assets under management: $15,760,146,898 in the October 2021 data and $16,095,716,000 in the October 2026 data, up 2%.
Total employees: 379 in October 2021 and 736 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Item 11 disclosure answers changed: 0 yes answers, previously 7 (now no: 11.C(2), 11.C(4), 11.C(5), 11.D(2), 11.D(4), 11.D(5), 11.E(2)).
- Employees performing advisory functions went from 181 to 192.
- Changed its office addresses in Dublin.
- Changed its office addresses in New York, NY.
- Added an office in Boston, MA.
- Added an office in Brighton, MA.
- Added an office in Los Angeles, CA.
- Registered or notice-filed in MA.
- Updated its list of owners and control persons (Schedule A).

### February 2026
- 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/KKR Advisor, LLC (CRD 292803): Form ADV filing data as of October 2026.