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 Combined company manages over $75 billion in assets and a broad suite of alternative strategies for institutional and individual investors FS MVP Private Markets Fund to bring Portfolio Advisors’ private markets platform to individual investors PHILADELPHIA and DARIEN, CT – JUNE 30, 2023 – FS Investments, a pioneer in the democratization of alternative investments, and Portfolio Advisors, a global middle-market private asset specialist, today announced they have closed the transaction to combine their firms and create a $75 billion alternative asset manager. “I am delighted to complete our combination with Portfolio Advisors and welcome our new colleagues,” said Michael Forman, Chairman and CEO of FS Investments. “I look forward to bringing Portfolio Advisors’ investment expertise across private equity, credit, and real estate to our platform. As a combined firm, we will be able to offer institutional and individual investors access to a truly diversified suite of alternative asset classes and strategies managed by our best-in-class investment teams and partners.” “We are excited to join forces with FS Investments and look forward to leveraging our complementary investment and product development capabilities,” added Brooks Lindberg, Managing Director at Portfolio Advisors. “Our combined platform is well positioned to deliver comprehensive solutions to our institutional and wealth management clients around the globe.” The combined firm also announced its first joint initiative to grow the FS MVP Private Markets Fund, an SEC-registered private equity fund focused on the U.S. middle market. With approximately $600 million in assets as of May 31, 2023, the fund offers access to a range of high-quality sponsors that Portfolio Advisors believes to be among the “MVPs” of the middle market, through a broadly diversified portfolio built primarily on direct and secondary investments. Forman added, “Our wealth management clients have long expressed interest in greater access to private equity and other private markets solutions. We are pleased to bring the FS MVP Private Markets Fund, a diversified solution that seeks to deliver the best of what Portfolio Advisors offers, to our clients and the broader market. We think funds like FS MVP will be the next significant growth area for wealth managers, providing both return and diversification potential for client portfolios. We see many more growth opportunities across the Portfolio Advisors platform and look forward to delivering them to our clients over time.” Michael Forman will serve as Chairman and CEO of the combined firm, which will be led by a Management Committee with representatives from both FS Investments and Portfolio Advisors. Its members will include Forman, Enrico Gaglioti and Mike Kelly, Co-Presidents of FS Investments, and Brooks Lindberg and Elizabeth Campbell, Managing Directors at Portfolio Advisors. About FS Investments FS Investments is a global alternative asset manager dedicated to delivering superior performance and innovative investment and capital solutions. The firm manages over $75 billion in assets for a wide range of clients, including institutional investors, financial professionals and individual investors. FS Investments provides access to a broad suite of alternative asset classes and strategies through its best-in-class investment teams and partners. With its diversified platform and flexible capital solutions, the firm is a valued partner to general partners, asset owners and portfolio companies. FS Investments is grounded in its high-performance culture and guided by its commitment to building value for its clients, investing in its colleagues and giving back to its communities. The firm has more than 500 employees across offices in the U.S, Europe and Asia and is headquartered in Philadelphia. Contact Information Melanie Hemmert media@fsinvestments.com Ryan McDougald / Elizabeth Lake (FGS Global) fsinvestments@fgsglobal.com Portfolio Advisors Client Relations clientrelations@portad.com Forward-Looking Statements and Important Disclosures This press release may contain certain forward-looking statements, including statements with regard to the future performance or operations of FS MVP Private Markets Fund. Words such as “believes,” “expects,” “projects,” and “future” or similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. Certain factors could cause actual results to differ materially from those projected in these forward-looking statements, and some of these factors are enumerated in the filings the Fund makes with the U.S. Securities and Exchange Commission. The Fund undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. This is neither an offer to sell nor a solicitation to purchase any security. Investors should carefully consider the investment objectives, risks, charges and expenses of FS MVP Private Markets Fund. This and other important information about the Fund are contained in the prospectus, which can be obtained by visiting www.fsinvestments.com . Please read the prospectus carefully before investing. ALPS Distributors, Inc 1290 Broadway, Suite 1000 Denver, CO 80203 is the distributor of the FS MVP Private Markets Fund. The Fund and ALPS Distributors, Inc are not affiliated.

Total commitments materially exceed original $750 million target

Combined company will have a broad suite of alternative investment solutions tailored for both institutional and individual investors Highly complementary investment and distribution capabilities expected to capitalize on continued demand for alternatives and fuel growth Transaction structured to preserve Portfolio Advisors’ autonomy, high-quality investment teams and alignment with investors PHILADELPHIA, PA and DARIEN, CT – February 2, 2023 – FS Investments, a pioneer in the democratization of alternative investments with more than $35 billion in assets under management, and Portfolio Advisors, a global middle-market private asset specialist with more than $38 billion in assets under management, today announced they have entered into a definitive agreement to combine their firms. The combined company will be poised for growth with over $73 billion in assets under management, including a significant permanent capital base, and a robust distribution platform. Together, FS Investments and Portfolio Advisors will meet increasing investor demand for alternatives with a diversified suite of alternative investment solutions for both institutional and individual investors. Michael Forman, Chairman and CEO of FS Investments, commented, “I am thrilled to join forces with Portfolio Advisors and applaud our team, led by our Co-Presidents, Enrico Gaglioti and Mike Kelly, for identifying an ideal strategic partner. This transaction is transformative for FS Investments, accelerating our efforts to broaden our institutional client base, diversify our offerings to include growth-oriented products such as private equity, and deepen our in-house investment capabilities. This combination also enhances our financial profile, diversifies our revenue streams and positions us to invest in further growth.” Brian Murphy, Co-Founder of Portfolio Advisors, added, “This partnership provides significant new resources that will help support our global institutional clients. At the same time, FS Investments’ deep product development expertise and robust distribution platform will bring our leading private markets investment strategies to a broader audience. This combination presents a unique opportunity to expand our reach, launch new strategies and drive growth while providing continuity for our first-rate investment teams and institutional clients.” Founded in 1994 to serve institutional investors, Portfolio Advisors offers a variety of innovative investment solutions across private equity, private credit and private real estate. The firm manages a broad range of strategies including direct, secondary, and primary investments and junior and senior credit. Portfolio Advisors also provides institutional clients customized discretionary and non-discretionary portfolio management across its core strategies. Most recently, Portfolio Advisors launched its MVP Private Markets Fund, a registered private equity fund with more than $500 million in assets, which is structured for both wealth management and institutional clients. FS Investments was founded in 2007 with the mission to provide individual investors access to alternative sources of income and growth historically available only to large institutions and the ultra-wealthy. Today, the firm manages a suite of alternative strategies including private credit, real estate credit, opportunistic credit, structured credit, liquid credit and liquid alternatives across a variety of fund structures including business development companies, non-traded REITs and interval, closed-end and mutual funds. FS Investments distributes its funds through an extensive wealth management distribution platform, with hundreds of selling agreements across the wirehouse, RIA and independent broker-dealer channels. In recent years, the firm also launched in-house managed, institutionally focused credit strategies, using CLO and draw-down structures. Strategic Rationale The combined firm will have a well-diversified suite of investment capabilities across alternative asset classes and strategies, including private equity, private and liquid credit, private real estate and liquid alternatives. The combined firm will serve institutional and wealth management clients across the globe, bringing together Portfolio Advisors’ extensive institutional client network and international distribution capabilities across North America, Europe and Asia with FS Investments’ broad wealth management distribution reach across the wirehouse, RIA and independent broker-dealer channels. FS Investments will expand Portfolio Advisors’ access to wealth management channels, unlocking near-term opportunities for Portfolio Advisor’s MVP Private Markets Fund and feeder funds for other Portfolio Advisors strategies. FS Investments and Portfolio Advisors expect to grow existing lines of business while exploring new opportunities to deliver on the shared vision of providing both institutional and wealth management clients a full suite of alternative investments. The combined firm will have over $73 billion in assets under management and will be well positioned for growth with a robust financial profile, including a large permanent capital base, strong margins and diverse revenue streams. Transaction Details Portfolio Advisors will become the institutional investment arm of FS Investments and will continue to operate with its full complement of employees and its offices in Darien, Dallas, London, Zurich, Hong Kong and Singapore. FS Investments’ and Portfolio Advisors’ executives will have representation on senior leadership committees across both organizations. The transaction is expected to close in the first half of 2023, subject to applicable regulatory approvals and other customary closing conditions. UBS Investment Bank served as lead financial advisor and Cravath, Swaine & Moore LLP served as primary legal advisor to FS Investments on the transaction, with Dechert LLP serving as special regulatory counsel. Goldman Sachs & Co. LLC and Mizuho Americas also served as financial advisors to FS Investments. Moelis & Company LLC served as financial advisor and Simpson Thacher & Bartlett LLP served as legal advisor to Portfolio Advisors on the transaction, with Schulte Roth & Zabel LLP serving as special regulatory counsel. Terms of the transaction were not disclosed. About FS Investments FS Investments is a leading asset manager dedicated to helping individuals, financial professionals and institutions design better portfolios. The firm provides access to alternative sources of income and growth, and focuses on setting industry standards for investor protection, education and transparency. FS Investments has 350 employees and is headquartered in Philadelphia, PA with offices in New York, NY, Orlando, FL and Leawood, KS. About Portfolio Advisors Portfolio Advisors, LLC is a middle-market private asset management specialist that builds value for its clients and partners through a variety of investment programs in private equity, private credit and private real estate. The firm’s customized approach to private markets investing has led to high investor retention and broad recognition in the institutional investment consulting arena. Headquartered in Darien, CT, Portfolio Advisors has over 130 employees worldwide, with additional offices in Dallas, London, Zurich, Hong Kong and Singapore. Contact Information Sarah McAssey media@fsinvestments.com Ryan McDougald / Elizabeth Lake (FGS Global) fsinvestments@fgsglobal.com Portfolio Advisors Client Relations clientrelations@portad.com

Portfolio Advisors Closes Fourth Co-Investment Fund at $721 Million Darien, Connecticut – January 2022 – Private markets specialist Portfolio Advisors, LLC (“PA”) is pleased to announce the successful closing of PA Co-Investment Fund IV (“PCIF IV”). The fund held a final closing on December 31, 2021, with total commitments of $721 million, exceeding its $600 million […] The post January 2022 – PCIF IV Final Close Announcement appeared first on Portfolio Advisors.

Portfolio Advisors Closes Largest Fund in Firm’s 28-Year History Darien, Connecticut – January 2022 – Private markets specialist Portfolio Advisors, LLC (“PA”) is pleased to announce the successful closing of its fourth private equity secondaries fund, Portfolio Advisors Secondary Fund IV (“PASF IV”). PASF IV is the largest fund in the firm’s 28-year history, closing on […] The post January 2022 – PASF IV Final Close Announcement appeared first on Portfolio Advisors.

Portfolio Advisors Raises $1.1 Billion for its Direct Junior Credit Fund Darien, Connecticut – May 6, 2021 – Private markets specialist Portfolio Advisors, LLC (“PA”) is pleased to announce the successful closing of PA Direct Credit Opportunities Fund III (“PADCOF III”). The fund held a final closing on March 31, 2021, with total commitments of […] The post May 2021 – PADCOF III Final Close Announcement appeared first on Portfolio Advisors.

Portfolio Advisors Raises $811 Million for its Tenth Global Private Equity Multi-Strategy Fund Darien, Connecticut – February 15, 2021 – Private markets specialist Portfolio Advisors, LLC (“PA”) has held a final close on its tenth global private equity multi-strategy fund, Portfolio Advisors Private Equity Fund X (“PAPEF X” or the “Fund”), raising $811.5 million in […] The post February 2021 – PAPEF X Final Close Announcement appeared first on Portfolio Advisors.

Former Cogent Partners Founder and Ex-Partners Group Partners Join Portfolio Advisors to help accelerate global growth Portfolio Advisors, a global private asset management firm focused on the mid market, announced today that Stephen Sloan, Scott Higbee and Brooks Lindberg have all joined the senior management team. They will work alongside Brian Murphy, Adam Clemens and […] The post October 2020 – PA Announces Three New Managing Directors appeared first on Portfolio Advisors.

Portfolio Advisors Closes Third Co-Investment Vehicle at $500 Million Hard Cap Darien, Connecticut – January 23, 2019 – Portfolio Advisors, LLC (“PA”), a private markets-focused investment firm, is pleased to announce the successful closing of PA Co-Investment Fund III (“PCIF III”). PCIF III held a final closing on December 31, 2018, at its hard cap […] The post January 2019 – PCIF III Announces Final Close appeared first on Portfolio Advisors.