E223: The Art of Capital Allocation at $86 Billion Scale
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.
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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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Transcript
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