# First Trust Capital Management L.P.

> 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.

- CRD: 317825
- Filed as: FIRST TRUST CAPITAL MANAGEMENT L.P.
- Also doing business as: FIRST TRUST ALTERNATIVE INVESTMENT RESEARCH, FIRST TRUST INNOVATIVE TECHNOLOGIES L.P. (RELYING ADVISER)
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Chicago, IL
- Filing period: October 2026
- Form ADV filing dated: August 19, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/317825
- AdvisorCensus page: https://advisorcensus.com/firm/first-trust-capital-management-l-p-chicago-il-317825

## Quick answers

**How is First Trust Capital Management L.P. compensated?**
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.

**Where is First Trust Capital Management L.P. located?**
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).

**Is First Trust Capital Management L.P. registered with the SEC or a state?**
First Trust Capital Management L.P. is an SEC-registered investment advisory firm, registered since 2022. Status as filed: Approved. CRD 317825.

**How much does First Trust Capital Management L.P. manage?**
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).

**How have First Trust Capital Management L.P.'s assets and staff changed since 2022?**
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.

**What types of clients does First Trust Capital Management L.P. serve?**
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).

**Does First Trust Capital Management L.P. report any disciplinary disclosures?**
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

**What changed in First Trust Capital Management L.P.'s recent Form ADV filings?**
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).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Fixed fees (other than subscription fees)
- Performance-based fees

### Regulatory assets under management (Item 5.F)
- Total: $12,657,989,489
- Discretionary: $11,689,580,880
- Non-discretionary: $968,408,609

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Investment companies | 25 | $7,724,812,789 |
| Pooled investment vehicles (other than investment companies and business development companies) | 15 | $4,933,176,700 |

### Advisory services (Item 5.G)
- 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)

### Firm details
- Registered since: 2022 (4 years)
- Employees: 62 total, 24 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CO, IL, IN
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the September 2026 filing
- Fort Wayne, IN

### Websites listed on Form ADV (Item 1.I)
- firsttrustcapital.com
- LinkedIn @first-trust-capital-management

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2022 | $2,743,981,692 | 27 | September 15, 2022 |
| October 2023 | $5,221,381,701 | 31 | March 31, 2023 |
| October 2024 | $6,362,876,820 | 34 | July 11, 2024 |
| October 2025 | $8,204,849,779 | 53 | March 28, 2025 |
| October 2026 | $12,657,989,489 | 62 | August 19, 2026 |

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.

## Changes in the filing (last 12 months)

### April 2026
- 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).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. First Trust Capital Management L.P. (CRD 317825): Form ADV filing data as of October 2026.