{ "crd_number": 317825, "slug": "first-trust-capital-management-l-p-chicago-il-317825", "primary_business_name": "FIRST TRUST CAPITAL MANAGEMENT L.P.", "legal_name": "FIRST TRUST CAPITAL MANAGEMENT L.P.", "dbas": [ "FIRST TRUST ALTERNATIVE INVESTMENT RESEARCH", "FIRST TRUST INNOVATIVE TECHNOLOGIES L.P. (RELYING ADVISER)" ], "city": "Chicago", "state": "IL", "country": "United States", "cbsa_code": "16980", "metro": { "cbsa_code": "16980", "common_name": "Chicago", "msa_name": "Chicago-Naperville-Elgin, IL-IN", "path": "/advisors/il/chicago" }, "registration_type": "sec", "registration_status": "Approved", "registration_date": "2022-01-03", "years_registered": 4, "period": "2026-10-01", "filing_date": "2026-08-19", "carried_forward": false, "raum_total": 12657989489.0, "raum_discretionary": 11689580880.0, "raum_non_discretionary": 968408609.0, "raum_band": "over_5b", "raum_band_label": "Over $5 billion", "total_employees": 62, "advisory_employees": 24, "client_count_bucket": null, "clients_by_type": { "investment_companies": { "raum": 7724812789.0, "count": 25 }, "pooled_investment_vehicles": { "raum": 4933176700.0, "count": 15 } }, "compensation_types": [ "fixed", "percentage_of_aum", "performance_based" ], "advisory_activities": [ "portfolio_management_businesses_institutional", "portfolio_management_investment_companies", "portfolio_management_pooled_vehicles", "selection_of_other_advisers" ], "wrap_fee_participant": false, "disclosure_yes_count": 0, "states_registered": [ "CO", "IL", "IN" ], "websites": [ "https://firsttrustcapital.com", "https://linkedin.com/company/first-trust-capital-management" ], "iapd_url": "https://adviserinfo.sec.gov/firm/summary/317825", "city_as_filed": "CHICAGO", "url": "https://advisorcensus.com/firm/first-trust-capital-management-l-p-chicago-il-317825", "display_name": "First Trust Capital Management L.P.", "summary": "First Trust Capital Management L.P. is an SEC-registered investment advisory firm in Chicago, IL, registered since 2022, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated August 19, 2026.", "citation": "AdvisorCensus. First Trust Capital Management L.P. (CRD 317825): Form ADV filing data as of October 2026.", "registration_type_label": "SEC-registered investment adviser", "compensation_labels": [ "A percentage of assets under your management", "Fixed fees (other than subscription fees)", "Performance-based fees" ], "advisory_activity_labels": [ "Portfolio management for investment companies (and business development companies)", "Portfolio management for pooled investment vehicles (other than investment companies)", "Portfolio management for businesses (other than small businesses) or institutional clients", "Selection of other advisers (including private fund managers)" ], "quick_answers": [ { "q": "How is First Trust Capital Management L.P. compensated?", "a": "On its Form ADV (Item 5.E, October 2026), First Trust Capital Management L.P. reports these compensation arrangements: a percentage of assets under its management; fixed fees (other than subscription fees); performance-based fees." }, { "q": "Where is First Trust Capital Management L.P. located?", "a": "First Trust Capital Management L.P.'s principal office is in Chicago, IL, according to its Form ADV; the September 2026 filing also lists 1 other office (Schedule D, Section 1.F)." }, { "q": "Is First Trust Capital Management L.P. registered with the SEC or a state?", "a": "First Trust Capital Management L.P. is an SEC-registered investment advisory firm, registered since 2022. Status as filed: Approved. CRD 317825." }, { "q": "How much does First Trust Capital Management L.P. manage?", "a": "First Trust Capital Management L.P. reports $12,657,989,489 in regulatory assets under management in its Form ADV filing dated August 19, 2026 (92% discretionary)." }, { "q": "How have First Trust Capital Management L.P.'s assets and staff changed since 2022?", "a": "In the Form ADV data for First Trust Capital Management L.P.: Regulatory assets under management: $2,743,981,692 in the October 2022 data and $12,657,989,489 in the October 2026 data, up 361%. Total employees: 27 in October 2022 and 62 in October 2026. Assets under management move with markets as well as with clients coming and going." }, { "q": "What types of clients does First Trust Capital Management L.P. serve?", "a": "By number of clients on Form ADV Item 5.D: investment companies (25); pooled investment vehicles (other than investment companies and business development companies) (15)." }, { "q": "Does First Trust Capital Management L.P. report any disciplinary disclosures?", "a": "Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/317825" }, { "q": "What changed in First Trust Capital Management L.P.'s recent Form ADV filings?", "a": "In the April 2026 filing data: Employees performing advisory functions went from 20 to 24. Regulatory assets under management went from $8,204,849,779 to $12,281,321,797 (+50%). Updated its list of owners and control persons (Schedule A)." } ], "filing_history": [ { "period": "2022-10-01", "regulatory_assets_under_management": 2743981692.0, "total_employees": 27, "filing_date": "2022-09-15" }, { "period": "2023-10-01", "regulatory_assets_under_management": 5221381701.0, "total_employees": 31, "filing_date": "2023-03-31" }, { "period": "2024-10-01", "regulatory_assets_under_management": 6362876820.0, "total_employees": 34, "filing_date": "2024-07-11" }, { "period": "2025-10-01", "regulatory_assets_under_management": 8204849779.0, "total_employees": 53, "filing_date": "2025-03-28" }, { "period": "2026-10-01", "regulatory_assets_under_management": 12657989489.0, "total_employees": 62, "filing_date": "2026-08-19" } ], "recent_changes": [ { "period": "2026-04-01", "period_label": "April 2026", "notes": [ "Employees performing advisory functions went from 20 to 24.", "Regulatory assets under management went from $8,204,849,779 to $12,281,321,797 (+50%).", "Updated its list of owners and control persons (Schedule A)." ] } ], "fees_from_brochure": null, "custodians": [], "custodians_note": null, "markdown_url": "https://advisorcensus.com/firm/first-trust-capital-management-l-p-chicago-il-317825.md", "clients": [ { "type": "investment_companies", "label": "Investment companies", "count": 25, "fewer_than_5": false, "raum": 7724812789.0 }, { "type": "pooled_investment_vehicles", "label": "Pooled investment vehicles (other than investment companies and business development companies)", "count": 15, "fewer_than_5": false, "raum": 4933176700.0 } ], "disclosure_line": "Reports no disclosure items on Form ADV Item 11.", "disclosure_items": [], "indexable": true, "suppressed": false, "claimed": false, "enhanced": false, "provided_by_the_firm": null, "source": { "name": "Form ADV", "as_of": "2026-10-01", "iapd_url": "https://adviserinfo.sec.gov/firm/summary/317825", "operator": "BH Monitor Services, LLC", "license": "https://creativecommons.org/licenses/by/4.0/", "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data" } }