First Trust Capital Management L.P.
SEC-registered
Mutual Fund / Asset Manager · Large ($10B–$100B)
CRD 317825
· SEC file 801-122924
· Chicago, IL
· www.linkedin.com
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ADV data as of Mar 31, 2026
- Regulatory AUM
- $12.3B
- Discretionary
- $11.3B
- Clients
- 40
- Avg AUM / client
- $307M
- Accounts
- 40
- Employees
- 62
AUM over time
$1.9B
$12.3B
Nov 2021
Dec 2025
Annual snapshots from Form ADV filings · as of Mar 31, 2026
Investments (13F portfolio — 182 positions, $1,903,262,066)
13F period Mar 31, 2026| # | Issuer | Class | Value | Shares | % of 13F | % of AUM |
|---|---|---|---|---|---|---|
| 1 | Chart Inds Inc | Equity | $130,627,338 | 631,813 | 6.86% | 1.06% |
| 2 | Hologic Inc | Equity | $100,382,689 | 1,327,989 | 5.27% | 0.82% |
| 3 | Sealed Air Corp New | Equity | $98,229,599 | 2,336,019 | 5.16% | 0.8% |
| 4 | Masimo Corp | Equity | $85,271,412 | 479,403 | 4.48% | 0.69% |
| 5 | Electronic Arts Inc | Equity | $82,769,997 | 405,994 | 4.35% | 0.67% |
| 6 | Tri Pointe Homes Inc | Equity | $74,729,308 | 1,599,172 | 3.93% | 0.61% |
| 7 | National Storage Affiliates | Equity | $68,467,908 | 1,814,200 | 3.6% | 0.56% |
| 8 | Air Lease Corp | Equity | $63,368,387 | 975,799 | 3.33% | 0.52% |
| 9 | Clearwater Analytics Hldgs I | Equity | $50,946,547 | 2,154,188 | 2.68% | 0.41% |
| 10 | Terns Pharmaceuticals Inc | Equity | $47,667,368 | 904,161 | 2.5% | 0.39% |
| 11 | Veris Residential Inc | Equity | $46,801,619 | 2,480,213 | 2.46% | 0.38% |
| 12 | Onestream Inc | Equity | $44,212,536 | 1,842,189 | 2.32% | 0.36% |
| 13 | Webster Finl Corp | Equity | $34,594,971 | 498,343 | 1.82% | 0.28% |
| 14 | Day One Biopharmaceuticals I | Equity | $32,074,390 | 1,496,007 | 1.69% | 0.26% |
| 15 | Centurion Acquisition Corp | Equity | $29,536,200 | 2,745,000 | 1.55% | 0.24% |
| 16 | Arcellx Inc | Equity | $27,354,143 | 238,235 | 1.44% | 0.22% |
| 17 | Kennedy Wilson Holdings Inc | Equity | $25,257,873 | 2,334,369 | 1.33% | 0.21% |
| 18 | Drugs Made In Amer Acqutn Co | Equity | $23,501,400 | 2,242,500 | 1.23% | 0.19% |
| 19 | Lionheart Holdings | Equity | $23,080,200 | 2,145,000 | 1.21% | 0.19% |
| 20 | Gp Act Iii Acquisition Corp | Equity | $22,667,275 | 2,091,077 | 1.19% | 0.18% |
| 21 | Launch One Acquisition Corp | Equity | $22,169,700 | 2,070,000 | 1.16% | 0.18% |
| 22 | Amicus Therapeutic | Equity | $20,232,317 | 1,399,192 | 1.06% | 0.16% |
| 23 | Heritage Comm Corp | Equity | $20,231,503 | 1,621,114 | 1.06% | 0.16% |
| 24 | Melar Acquisition Corp. I | Equity | $15,078,000 | 1,400,000 | 0.79% | 0.12% |
| 25 | Agriculture & Nat Sol Acq Co | Equity | $14,729,228 | 1,304,626 | 0.77% | 0.12% |
Top 25 of 182 positions from the manager's latest Form 13F · source filing (EDGAR) ↗. 13F covers long US-listed positions only. "% of AUM" is share of the firm's total regulatory AUM (Form ADV Item 5.F).
Who they serve
| Client type | Clients | AUM | % of AUM |
|---|---|---|---|
| Investment companies | 25 | $7.7B | 62.9% |
| Pooled investment vehicles (non-investment companies) | 15 | $4.6B | 37.1% |
Private funds (12)
Reported in Form ADV Section 7.B.(1), filing of Nov 2024 · $1.8B combined gross assets
| Fund | Type | Domicile | Gross assets | Owners |
|---|---|---|---|---|
| Ft Private Investment Platform I Llc master | Private Equity Fund | Delaware | $921M | 1,495 |
| Ft Alternative Platform I Llc master | Hedge Fund | Delaware | $332M | 445 |
| Ft Real Estate Platform I Llc | Real Estate Fund | Delaware | $237M | 484 |
| Ft Offshore I Lp master | Hedge Fund | Cayman Islands | $140M | 216 |
| Vcm Core Opportunities Fund Llc master | Private Equity Fund | Delaware | $123M | 394 |
| Destiny Alternative Fund Ii Llc master | Other Private Fund | Delaware | $71.7M | 58 |
| Highland Capital Management Institutional Fund Ii Llc | Hedge Fund | Delaware | $11.3M | 11 |
| Park Shore Multi Asset Strategy Fund Llc master | Other Private Fund | Delaware | $8.3M | 14 |
| Aaron Wealth Private Access Fund Llc | Private Equity Fund | Delaware | $0 | 0 |
| Ft Vest Hedged Equity Enhanced Income Fund Llc | Hedge Fund | Delaware | $0 | 0 |
| Destiny Target Outcome Fund 2024 1 Llc | Hedge Fund | Delaware | $0 | 0 |
| Cp Special Assets Fund Llc master | Other Private Fund | Delaware | $0 | 0 |
People (7)
| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| James Allen Bowen | Shareholder | Oct 2010 (16y) | 75% or more of Ajm Ventures Llc (indirect) | |
| David Alan Sternberg | Owner | Dec 2011 (15y) | ≈ 2.64% – 25% via Aaj Ventures Inc | |
| Bassewitz, Marc, D | Chief Compliance Officer/General Counsel | Nov 2021 (5y) | Less than 5% | |
| Eisenberg, Chad, Samual | Chief Operating Officer | Nov 2021 (5y) | 25% – 50% of Ftcs Gp Llc (indirect) | |
| Peck, Michael, Dillon | Ceo/Co Cio | Nov 2021 (5y) | 25% – 50% of Vft Holdings Gp Llc (indirect) | |
| Guzman, Yadira | Cfo | Jan 2022 (5y) | Less than 5% | |
| Reckley, Thomas | President | Oct 2024 (2y) | Less than 5% |
Entity owners (Schedule A/B)
| Entity | Title / status | Since | Sch. | Ownership |
|---|---|---|---|---|
| First Trust Capital Solutions L.P. | Limited Partner | Nov 2021 | A | 75% or more |
| Ftcs Sub Gp Llc | General Partner | Nov 2021 | A | Less than 5% |
| Grace Partners Of Dupage L.P. | Shareholder | Aug 2006 | B | ≈ 14.06% – 50% via First Trust Capital Partners Llc |
| Ajm Ventures Llc | Shareholder | Oct 2010 | B | 75% or more of The Charger Corporation (indirect) |
| Vft Holdings Lp | Limited Partner | Nov 2021 | B | ≈ 14.06% – 50% via Vft Holdings Ii Lp |
| First Trust Capital Solutions L.P. | Member | Nov 2021 | B | ≈ 0% – 5% via Ftcs Sub Gp Llc |
| First Trust Capital Partners Llc | Limited Partner | Nov 2021 | B | ≈ 18.75% – 50% via First Trust Capital Solutions L.P. |
| Vft Holdings Ii Lp | Limited Partner | Nov 2021 | B | ≈ 18.75% – 50% via First Trust Capital Solutions L.P. |
| Aaj Ventures Inc | Limited Partner | Dec 2014 | B | ≈ 3.52% – 25% via Vft Holdings Lp |
| Ftcs Gp Llc | General Partner | Nov 2021 | B | GP / trustee / elected manager of First Trust Capital Solutions L.P. (indirect) |
| The Charger Corporation | General Partner | Aug 1991 | B | GP / trustee / elected manager of Grace Partners Of Dupage L.P. (indirect) |
| Vft & Vcm Gp I Llc | General Partner | Nov 2021 | B | GP / trustee / elected manager of Vft Holdings Ii Lp (indirect) |
| Vft Holdings Gp Llc | General Partner | Nov 2021 | B | GP / trustee / elected manager of Vft Holdings Lp (indirect) |
Undisclosed: 0% – 25% of the firm is not attributable from the filed Schedule A bands.
Estimated effective ownership (look-through of filed bands):
- David Alan Sternberg: 75% – 100% of Aaj Ventures Inc × 25% – 50% of Vft Holdings Lp × 75% – 100% of Vft Holdings Ii Lp × 25% – 50% of First Trust Capital Solutions L.P. × 75% – 100% direct ≈ 2.64% – 25% of the firm
- Grace Partners Of Dupage L.P.: 75% – 100% of First Trust Capital Partners Llc × 25% – 50% of First Trust Capital Solutions L.P. × 75% – 100% direct ≈ 14.06% – 50% of the firm
- Vft Holdings Lp: 75% – 100% of Vft Holdings Ii Lp × 25% – 50% of First Trust Capital Solutions L.P. × 75% – 100% direct ≈ 14.06% – 50% of the firm
- First Trust Capital Solutions L.P.: 75% – 100% of Ftcs Sub Gp Llc × 0% – 5% direct ≈ 0% – 5% of the firm
- First Trust Capital Partners Llc: 25% – 50% of First Trust Capital Solutions L.P. × 75% – 100% direct ≈ 18.75% – 50% of the firm
- Vft Holdings Ii Lp: 25% – 50% of First Trust Capital Solutions L.P. × 75% – 100% direct ≈ 18.75% – 50% of the firm
- Aaj Ventures Inc: 25% – 50% of Vft Holdings Lp × 75% – 100% of Vft Holdings Ii Lp × 25% – 50% of First Trust Capital Solutions L.P. × 75% – 100% direct ≈ 3.52% – 25% of the firm
Roster from the IAPD representatives feed; ownership and acquisition dates from Form ADV Schedule A/B. "Since" is the earliest filed registration or acquisition date.
Private funds (12, $1.8B gross assets)
| Fund | Type | Gross assets | Min. investment | Owners |
|---|---|---|---|---|
| Ft Private Investment Platform I Llc | Private Equity Fund | $921M | $100K | 1,495 |
| Ft Alternative Platform I Llc | Hedge Fund | $332M | $100K | 445 |
| Ft Real Estate Platform I Llc | Real Estate Fund | $237M | $100K | 484 |
| Ft Offshore I Lp | Hedge Fund | $140M | $100K | 216 |
| Vcm Core Opportunities Fund Llc | Private Equity Fund | $123M | $100K | 394 |
| Destiny Alternative Fund Ii Llc | Other Private Fund | $71.7M | $100K | 58 |
| Highland Capital Management Institutional Fund Ii Llc | Hedge Fund | $11.3M | $250K | 11 |
| Park Shore Multi Asset Strategy Fund Llc | Other Private Fund | $8.3M | $0 | 14 |
| Aaron Wealth Private Access Fund Llc | Private Equity Fund | $0 | $0 | 0 |
| Ft Vest Hedged Equity Enhanced Income Fund Llc | Hedge Fund | $0 | $0 | 0 |
| Destiny Target Outcome Fund 2024 1 Llc | Hedge Fund | $0 | $100K | 0 |
| Cp Special Assets Fund Llc | Other Private Fund | $0 | $0 | 0 |
From Form ADV Section 7.B private fund reporting.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 03/31/2026 | 5.11 MB | View · PDF · Source ↗ |
Archived copies of the firm's regulatory filings, versioned by content hash.
Disciplinary disclosures
No disciplinary events reported on the firm's latest Form ADV filing.
How they charge
- • Percentage of assets under management
- • Fixed fees
- • Performance-based fees
Services
- • Portfolio management for investment companies
- • Portfolio management for pooled investment vehicles
- • Portfolio management for businesses/institutional clients
- • Selection of other advisers
Custody
Reported custodians
- National Financial Services (Fidelity) $4.4M (0% of AUM) Sep 2025
- Charles Schwab & Co. $545K (0% of AUM) Jan 2025
Amounts as reported in ADV Item 5.K.(3) (custodians holding 10%+ of SMA assets).
Firm reports having custody of client funds or securities (Item 9.A).
Source
All data on this page comes from this firm's Form ADV filings, reproduced without modification. Latest filing: Mar 31, 2026.
View current Form ADV (SEC/IAPD) ↗