David J. Adelman

David J. Adelman
Born	(1972-03-11) March 11, 1972 Penn Valley, Pennsylvania, U.S.
Occupation(s)	Entrepreneur, business executive
Years active	1997–present
Known for	CEO of Campus Apartments; co-founder and Vice Chairman of FS Investments; founder of Darco Capital; limited partner in Harris Blitzer Sports & Entertainment

David J. Adelman (born March 11, 1972) is a prominent American entrepreneur and business leader. He serves as the Chief Executive Officer of Campus Apartments, holds the position of co-founder and Vice Chairman at FS Investments, and established Darco Capital. Additionally, Adelman is a limited partner in Harris Blitzer Sports & Entertainment, the ownership group behind the Philadelphia 76ers and New Jersey Devils. As of April 2024, Forbes valued his net worth at $2 billion, placing him at #1,623 on its worldwide billionaires ranking.

Early life and education

Born into a Jewish family, Adelman is the grandson of Holocaust survivor Sam Wasserman. Growing up in Penn Valley, Pennsylvania, he was guided from the age of 11 by Alan Horwitz, the founder of Campus Apartments. At just 13 years old, he invested $2,000 from his Bar Mitzvah funds alongside Horwitz in off-campus student housing near the University of Pennsylvania. By age 17, Adelman had acquired his first individual investment property. He earned a degree in Political Science from Ohio State University in 1994. During his college years, he gained experience working in Campus Apartments’ accounting department and as a leasing agent. Although admitted to the Temple University Beasley School of Law, he opted to pursue a career as a Property Manager with Campus Apartments instead.

Campus Apartments

At 25 years old in 1997, Adelman stepped into the role of CEO at Campus Apartments after Horwitz transitioned to chairman. He established a collaborative relationship with the University of Pennsylvania focused on renovating off-campus student housing. Under his direction, Campus Apartments broadened its scope beyond Penn’s student residences to include an extended-stay hotel, faculty condominiums, and apartment developments at Franklin & Marshall College and Emory University.

Through his leadership approach, Campus Apartments expanded its assets to exceed $2 billion in value. In recognition of his achievements, he was honored as MultiFamily Real Estate Executive of the Year in 2009.

In October 2022, Campus Apartments revealed plans for a new headquarters spanning 162,000 square feet at the intersection of 41st and Walnut streets. This facility will incorporate 136 residential units alongside office space and is scheduled for completion by 2026. In July 2024, the company commenced construction on a $148.75 million graduate student housing complex at the University of Maryland, College Park. This LEED Silver-certified project covers 323,000 square feet and includes 741 beds, targeting occupancy for the 2026–2027 academic year.

Entrepreneurial ventures

Adelman co-founded FS Investments in 2007, an alternative investment firm headquartered in Philadelphia managing $24 billion in assets at inception. In February 2023, FS Investments merged with Portfolio Advisors—a private asset management entity—forming a combined firm overseeing over $73 billion in assets.

In 2013, Adelman spearheaded a $30 million capital injection into Wheels Up, a private aviation company founded by Kenny Dichter. He currently serves as Lead Director. By December 2019, Delta Air Lines became Wheels Up’s largest investor through its acquisition of Delta Private Jets via merger. In January 2021, Wheels Up expanded its fleet by acquiring Mountain Aviation, bringing its total aircraft count to 350. The company went public through a SPAC IPO valued at $2.1 billion in February 2021 by partnering with Aspirational Consumer Lifestyle Corp., which is supported by investment funds connected to luxury group LVMH. In August 2023, Wheels Up secured a strategic financing deal worth $400 million involving Delta and other partners, reinforcing Delta’s status as the primary investor.

Adelman also co-founded cred.ai, a FinTech enterprise launched in August 2020 that utilizes artificial intelligence to enhance consumers’ credit profiles.

In October 2020, he co-led an investment round for VIDE Beverages—a ready-to-drink vodka soda brand created with model and businesswoman Olivia Culpo.

On February 18, 2021, Adelman acquired full ownership of American Harvest Vodka and Beach Whiskey through Darco Spirits Company under his Darco Capital umbrella. Beach Whiskey introduced new canned cocktail offerings in March 2023.

In October 2024, Adelman presented a 'No Stress Leadership' lecture at the University of Colorado's Leeds School of Business where he shared strategies for maintaining professional success while managing personal well-being and leading effectively under pressure.

76 Place and Harris Blitzer Sports & Entertainment

In July 2022, Adelman was appointed chair of 76 Devcorp, taking charge of the development for 76 Place at Market East, a proposed $1.3 billion NBA arena intended for the Philadelphia 76ers located in Center City, Philadelphia. By October 2022, he had acquired a 10% ownership interest in Harris Blitzer Sports & Entertainment (HBSE), the entity that owns the 76ers, the NHL's New Jersey Devils, and the Prudential Center. On December 19, 2024, Philadelphia City Council approved Adelman’s $1.3 billion arena proposal with a vote of 12–5. The planned venue, seating 18,500 spectators and situated adjacent to Chinatown, was scheduled to commence construction in 2028 with an anticipated opening for the 2031-32 NBA season. Adelman pledged $60 million in community benefits aimed at supporting local schools, Chinatown’s community, and minority-owned enterprises.

Nevertheless, by January 12, 2025, the Market East arena initiative was discontinued. HBSE then announced a partnership with Comcast Spectacor, forming a 50-50 joint venture to develop a new arena within the South Philadelphia Sports Complex to serve both the 76ers and the Philadelphia Flyers. This collaboration came after NBA Commissioner Adam Silver facilitated mediation that resolved a long-standing conflict regarding arena plans. Additionally, Adelman has played a pivotal role in efforts to establish a WNBA expansion franchise in Philadelphia, working alongside Comcast and other partners as part of a larger strategy connected to the new Sixers arena project in South Philadelphia.

Personal life

Adelman is a co-founder of Jewish Federation Real Estate and holds the position of co-chair at the Jewish Federation of Greater Philadelphia. He leads as chair of the Philadelphia Holocaust Remembrance Foundation and is a board member of the USC Shoah Foundation. He also participates actively in Har Zion Temple located in Penn Valley. In January 2024, Adelman offered a $25,000 reward through the Philadelphia Crime Commission to help identify an individual responsible for spray-painting a swastika at the Horwitz-Wasserman Holocaust Memorial Plaza—a site honoring his grandfather Sam Wasserman’s survival legacy.

As a principal donor to the $36 million Alan Horwitz 'Sixth Man' Center opened in Philadelphia in July 2024, Adelman contributed funding alongside Alan Horwitz, founder of Campus Apartments. Horwitz’s $5 million donation and passion for the 76ers inspired the center’s name. The facility features the Adelman Family Stadium Court as a tribute to Horwitz.

Adelman is married to Hallee Adelman, an author of children’s books and film producer. Forbes estimated his net worth at over $2 billion as of April 2024.