Fund Portfolio Construction and Sizing

What are the real playbooks behind managing an $86B alternative asset platform—and where do the next decade’s returns actually come from? In this episode, I sit down with Payton Brooks, Managing Director on Future Standard’s Primary Investments team, to unpack the operating system behind a multi-strategy LP: how a combined platform serves both institutions and the wealth channel, why mid-market private equity still offers the best shot at alpha, and how evergreen structures can reduce cash drag while preserving optionality. We cover sourcing (spinouts, emerging managers), what great GPs do in downturns, the co-invest / secondaries / credit toolkit, and the partnership behaviors that earn re-ups across multiple fund cycles.

Highlights:

• Future Standard under the FS + Portfolio Advisors merger with ~$86B AUM
• How wealth clients access institutional alternatives via structured vehicles
• Mid-market outperformance vs. large-cap PE
• Operating depth and specialization as scale drivers
• Evergreen strategies reducing cash drag
• Anchor LPs as credibility signals
• Partnership transparency as LP/GP discipline
• Co-invest, secondaries & credit augmenting optionality
• Patience, credibility & compounding relationships

Guest Bio:

Payton Brooks is a Managing Director on Future Standard’s Primary Investments team, focusing on manager selection and portfolio construction across the private-equity landscape. He joined the firm in 2014, and holds a B.A. from Southern Virginia University and an MBA from the Yale School of Management. Future Standard is a global alternatives platform investing across private equity, credit, and real estate, serving both institutional and private-wealth clients; the firm rebranded from FS Investments in July 2025 following its combination with Portfolio Advisors in June 2023.

Our Podcast now receives more than 300,000 downloads a month. Are you interested in sponsoring an episode? Please email David Weisburd at david@weisburdcapital.com.

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LinkedIn: David Weisburd: https://www.linkedin.com/in/dweisburd/ Payton Brooks: https://www.linkedin.com/in/paytontbrooks/

Links Future Standards: https://www.futurestandard.com/

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(0:00) Introduction (0:44) Client base and portfolio construction (1:40) Differences between high net worth individuals and pension funds (3:02) Access for high net worth investors to asset classes (4:05) Characteristics of successful private equity funds and large cap buyouts (9:21) Evaluating middle market managers and building relationships (16:40) Utilizing secondaries, co-investments, and internal team structure (19:01) Traits of elite superstar GPs and repeatable value creation (23:22) Decision-making process and portfolio construction within the buyout fund (28:39) Pension fund investment in Evergreen Fund mechanics and benefits (34:14) Evergreen Fund strategy, market impact, and comparison to drawdown funds (41:32) Challenges and strategies for emerging managers (44:02) Securing anchor investors and LP decision-making (47:58) Importance of time optionality in fund investments (51:08) Balancing early and late fund investments (53:20) Career reflections and advice to younger self (55:23) Enhancing investment knowledge and leveraging partners for insights (57:06) Closing remarks