# FPA

FPA is a Professional association based in Irvine, United States.

## Overview

- **Organization type:** Professional association
- **Headquarters:** Irvine, United States
- **Region:** North America
- **Address:** Los Angeles, CA, United States
- **Founded:** 1954
- **Assets under management:** $32B
- **Website:** fpa.com
- **LinkedIn:** https://www.linkedin.com/company/fpa

## About

FPA is an SEC-registered investment adviser in Irvine, California, registered since 2017. The firm manages $8.0 billion in regulatory assets. It has 110 employees and 13 registered investment advisers.

## People

- J. Richard Atwood — President
- Steven Romick — Managing Partner, Portfolio Manager
- Brian Selmo — Portfolio Manager
- Mark Landecker — Portfolio Manager

## Questions

### Who runs investment decisions at FPA?

Steven Romick has led the Crescent Fund as portfolio manager since its 1993 inception and now serves as Managing Partner. He is joined by Brian Selmo and Mark Landecker, who co-manage the firm's concentrated equity strategies. The team is small and decisions are made collectively without a separate CIO above them.

### How does FPA source proprietary deal flow?

FPA does not operate a proprietary sourcing program akin to a private-equity firm. The Crescent Fund draws on public-market screens for distressed credit, management meetings for private placements, and relationships with sell-side desks for off-the-run structured products. The edge comes from the flexibility of the mandate — the team can look at any security type across the capital structure.

### What investment stages does FPA typically target?

FPA does not target private-company stages. Its domain is public equities across market caps and distressed or special-situation credit. When private investments occur, they are opportunistic and often involve companies the team already knows from the public markets, such as PIPEs or restructurings.

### Why is the FPA Capital Fund no longer a distinct strategy?

The Capital Fund, a long-running small- and mid-cap value portfolio, was closed in 2019 following an extended period of underperformance and significant outflows. The closure concentrated FPA's public identity on the Crescent Fund and the remaining concentrated equity strategies managed by the Romick-Landecker-Selmo team.

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Last updated: 2026-07-08T23:58:53.158Z

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