Future Standard

a law firm that advises private wealth clients on alternative investments, where he analyzed, structured, and advised on more than $50 billion of real estate energy and private credit offerings from non-traded REITs and BDCs to DSTs and oil and gas drilling partnerships.

In 2014, he joined FS Investments as a senior vice president of due diligence during a period when the firm grew from roughly $10 billion to more than $20 billion in assets.

He later became managing director of real estate, where he launched FS Credit Real Estate Income Trust, a private REIT that originates commercial real estate debt and grew it from inception to more than $700 million alongside sub-advisor Rialto Capital.

Along the way, he structured the firm's first commercial real estate CLO and trained a national sales team of more than 100 people.

I can't wait to dig into that in a few minutes.

Before we get there, let's talk a little bit about your background.

You were at FS Investments.

The business scaled from $10 to $20 billion over that time period.

And so that really drove me to get into the private markets.

I started with a firm called FS Investments.

They're now Future Standard.

We launched the industry's first business development company, or BDC.

Today, we're joined by Patrick Gerbracht.

He is co-head of LP Secondaries for Future Standard and Giancarlo Marc, a partner at Upwelling Capital and an editorial partner to Liquid Courage.

Patrick, how are you doing? Thanks for joining Liquid Courage today.

I'm doing quite well.

I'm very happy to join.

super well why don't we start with headline news related to future standard your firm in the relatively recent past closed a three billion dollar secondaries fund often when you are out on the fundraising trail trying to secure capital from investors you learn a lot about what's on the minds of investors so what did you learn while you were raising your three billion dollar fund

Yeah, thanks so much.

And again, it's great to be here.

Let's do it.

And we have Jason, who is electric as always, leads our public policy affairs here at Future Standard.

Jason is as well-informed, in-depth knowledge across the board in terms of federal issues, regulatory matters, what things are looking like in the political realm.

Jason, really excited again to have you here on the show today.

What the heck is that?" A year later, I actually joined a non-traded BDC firm.

That was FS Investments at the time.

Today, it's called Future Standard.

'Cause what I didn't know when I got the first call, what the BDC even is or does.