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Adviser Profile

As of Date 07/11/2024
Adviser Type - Large advisory firm
- An investment adviser (or subadviser) to an investment company
Number of Employees 34 9.68%
of those in investment advisory functions 16 6.67%
Registration SEC, Approved, 1/3/2022
AUM* 6,362,876,820 21.86%
of that, discretionary 6,240,884,469 22.12%
Private Fund GAV* 1,842,997,853 16.20%
Avg Account Size 124,762,291 21.86%
SMA’s No
Private Funds 11 3
Contact Info 773 xxxxxxx
Websites

Client Types

- Investment companies
- Pooled investment vehicles
- Other investment advisers

Advisory Activities

- Portfolio management for investment companies
- Portfolio management for pooled investment vehicles
- Portfolio management for businesses
- Selection of other advisers

Compensation Arrangments

- A percentage of assets under your management
- Fixed fees (other than subscription fees)
- Performance-based fees

Reported AUM

Discretionary
Non-discretionary
5B 4B 4B 3B 2B 1B 730M
2021 2022 2023

Private Funds



Employees

Private Funds Structure

Fund Type Count GAV
Fund TypeHedge Fund Count5 GAV$482,653,082
Fund TypePrivate Equity Fund Count2 GAV$1,043,615,248
Fund TypeReal Estate Fund Count1 GAV$236,814,761
Fund TypeOther Private Fund Count3 GAV$79,914,762

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Brochure Summary

Overview

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