Firm Overview
First Trust Capital Management L.P. (“FTCM”) is the successor to Vivaldi Asset Management, LLC (“VAM”),
which has been registered with the SEC as an investment adviser since February 2012. On November 1,
2021, VFT Holdings LP, the controlling member of VAM, partnered with First Trust Capital Partners, LLC in
a joint venture to create a new entity called First Trust Capital Solutions L.P. (“FTCS”). As part of the joint
venture arrangement, (i) VAM was contributed to FTCS and changed its name to FTCM and (ii) FTCM
acquired certain investment management services to several private funds. FTCM operates as a subsidiary
of FTCS.
As of December 31, 2023, FTCM’s assets under management were $6,362,876,820, of which $6,240,884,469
were managed on a discretionary basis and $121,992,351 were managed on a non-discretionary basis.
Firm Products & Services
FTCM is an asset management firm that specializes in providing investment management services as the
adviser, sub-adviser or manager to pooled investment vehicles, including funds registered under the
Investment Company Act of 1940, as amended (the “Investment Company Act”) (the “Registered Funds”),
private investment funds (including funds offering alternative investments) (the registered and private
funds are jointly referred to as “FTCM Funds”) and separately managed accounts for other Registered
Investment Advisors (“RIAs”) (collectively with the FTCM Funds, “Clients”).
FTCM Registered Funds
FTCM provides discretionary investment management services to open-end and closed-end funds as well as
sub-advisory services to certain affiliated funds. These services are described in the prospectus of each
registered fund.
FTCM Private Funds
FTCM serves as the investment manager of five privately offered alternative investment allocation vehicles
(together, the “FTCM Private Funds”):
• FT Alternative Platform I LLC;
• FT Private Investment Platform I LLC;
• FT Real Estate Platform I LLC;
• VCM Core Opportunities Fund LLC; and
• FT Offshore I LP.
The FTCM Private Funds provide investors with the ability to customize their investment allocations to
various underlying funds through the selection of different single-manager or multi-manager classes within
each investment strategy group (i.e.: arbitrage; credit; equity long/short; event driven; mortgages; private
equity; and real estate). The investment programs of each class of the FTCM Private Funds are based upon
the specific objectives of each over-arching strategy and the underlying fund(s) in which the class invests.
Investors should refer to the FTCM Private Funds’ private placement memoranda and class supplement
documents, as well as the underlying funds’ private placement memoranda, for a more complete discussion
of these investments.
The FTCM Private Funds are limited liability companies or limited partnerships and are exempt from
registration under federal securities regulations, including the Investment Company Act and the Securities
Act of 1933, as amended (the “Securities Act”). As a result, investment in the FTCM Private Funds is limited
to persons who are “accredited investors” as defined under the Securities Act rules and “qualified
purchasers” as defined in the Investment Company Act.
FTCM is the Managing Member of FT Vest Hedged Equity Enhanced Income Fund LLC (“FT Vest Fund”), a
multi-class private investment vehicle pursuing a hedged equity investment strategy. Vest Financial LLC
("Vest"), an affiliate of FTCM, serves as Sub-adviser. The FT Vest Fund is exempt from registration under
federal securities regulations, including
the Investment Company Act and the Securities Act rules.
Investment in the FT Vest Fund is limited to persons who are “accredited investors” as defined under the
Securities Act and “qualified purchasers” as defined in the Investment Company Act.
FTCM also is the Managing Member of Highland Capital Management Institutional Fund II, LLC (the “Highland
Fund”). The Highland Fund is exempt from registration under federal securities regulations, including the
Investment Company Act and the Securities Act. Investment in the Highland Fund is limited to persons who
are “accredited investors” as defined under the Securities Act rules.
Custom Private Funds
FTCM serves as the investment manager of four privately offered alternative investment vehicles (together,
the “Custom Private Funds”):
• Destiny Alternative Fund II LLC
• Destiny Target Outcome Fund 2024-1 LLC
• Park Shore Multi Asset Strategy Fund LLC
• CP Special Assets Fund LLC
The Custom Private Funds are structured in the same manner as the FTCM Private Funds, providing third
party RIAs the ability to have a separate private fund dedicated to their clients, The third party RIAs may
serve as sub-adviser to the fund, where they assist in customizing the various single-manager or multi-
manager classes within each fund to meet the specific investment needs and objectives of their clients.
Investors should refer to the Custom Private Funds’ private placement memoranda and class supplement
documents, as well as the underlying funds’ private placement memoranda, for a more complete discussion
of these investments. The Custom Private Funds are limited liability companies and are exempt from
registration under federal securities regulations, including the Investment Company Act and the Securities
Act. As a result, investment in the Custom Private Funds is limited to persons who are “accredited investors”
as defined under the Securities Act rules, and in the case of Destiny Alternative Fund II LLC, Park Shore Multi
Asset Strategy Fund LLC and CP Special Assets Fund LLC, to persons who are “qualified purchasers” as
defined in the Investment Company Act.
First Trust Innovative Technologies L.P.
FTCS also owns First Trust Innovative Technologies L.P. (“FTIT”), a relying adviser of FTCM which offers
specialized services to a select group of RIAs, Family Offices, and Institutional clients. FTCM’s investment
research team, First Trust Alternative Investment Research (“FTAIR”) is housed within FTIT and performs
due diligence on managers across all asset classes and strategies, and maintains a proprietary database of
firms, portfolio managers, and all related correspondence. FTAIR performs ongoing due diligence on FTIT-
approved managers that includes both investment and operational oversight.
In addition to manager due diligence, FTIT is also responsible for the oversight of strategy models (referred
to as building blocks) which span a range of asset classes and objectives. See “Investment Strategies –
Managed Portfolios” below. RIAs utilize these building blocks to construct diversified client portfolios to
meet client goals and objectives.
FTCS holds the intellectual property relating to its proprietary databases, strategy models and other
technology systems that FTIT has developed or may develop in the future to provide tools and efficiencies to
wealth and asset management businesses. FTCS licenses that intellectual property to FTCM and may license
it to select third parties in return for licensing fees.
Technology services include:
• Access to Institutional-Quality Managers
• Research & Due Diligence
• Customized Portfolios Solutions