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First Trust Capital Management L.P.
Michael Peck · Asset Manager · Multi-Strategy
First Trust Capital Management L.P. (FTCM), established in 2012 and headquartered in Chicago, is a specialized investment advisor and a subsidiary of First Trust Capital Solutions. Formerly known as Vivaldi Asset Management, the firm focuses on providing a curated spectrum of alternative investment solutions, including private equity, venture capital, hedge funds, real estate, and private credit. FTCM serves financial professionals, family offices, and institutional investors by offering access to these strategies through various structures such as interval funds, tender offer funds, and direct investments. The firm is recognized for its robust research-driven approach and its role as an institutional allocator, seeking to deliver superior risk-adjusted returns while maintaining a strong commitment to capital preservation.
Simulated Performance
| Metric | Value |
|---|---|
| Total return | +16.9% |
| YTD return | -21.4% |
| Sharpe ratio | 2.57 |
| Win rate | 67% |
| AUM | $0.5B |
| Inception | Oct 1, 2025 |
| Updated | Sep 18, 2026 |
Institution Status
| Field | Value |
|---|---|
| AUM | $0.5B |
| Turnover | Low (<15%) |
| Avg holding | 18 Months |
| Inception | Oct 1, 2025 |
| Website | https://www.firsttrustcapital.com |
Current Holdings
Updated on Sep 18, 2026.
| Ticker | Name | Portfolio % | Return |
|---|---|---|---|
| EA | Electronic Arts Inc | 17.6% | +3.1% |
| NSA | National Storage Affiliates Trust | 16.9% | -0.0% |
| WBS | Webster Financial Corporation | 7.8% | +5.8% |
| ALF | Centurion Acquisition Corp. | 6.8% | +2.0% |
| GPAT | GP-Act III Acquisition Corp. Class A Ordinary Share | 5.3% | +3.3% |
| DMAA | Drugs Made In America Acquisition Corp. Ordinary Shares | 5.0% | +3.7% |
| CUB | Lionheart Holdings | 4.8% | +1.9% |
| LPAA | Launch One Acquisition Corp. Class A Ordinary shares | 4.7% | +0.7% |
| MACI | Melar Acquisition Corp. I Class A Ordinary Shares | 3.2% | +1.9% |
| ANSC | Agriculture & Natural Solutions Acquisition Corporation Class A Ordinary Shares | 3.1% | +2.7% |
| SIMA | SIM Acquisition Corp. I Class A Ordinary Shares | 3.0% | +2.7% |
| SDHI | Siddhi Acquisition Corp Class A Common stock | 2.8% | +1.5% |
| TWO | Two Harbors Investments Corp | 2.7% | -1.5% |
| PSBD | Palmer Square Capital BDC Inc. | 2.7% | -3.2% |
| CHYM | Chime Financial, Inc. Class A Common Stock | 2.4% | +44.1% |
| GRAF | Graf Global Corp | 2.3% | 0.0% |
| VNME | Vendome Acquisition Corporation I Class A Ordinary Shares | 2.3% | +0.9% |
| DMII | Drugs Made In America Acquisition II Corp. Ordinary Shares | 2.2% | +0.8% |
| SOUL | Soulpower Acquisition Corporation | 2.2% | +0.9% |
| CEPF | Cantor Equity Partners IV, Inc. Class A Ordinary Shares | 2.2% | -1.0% |
Recent activity
| Date | Action | Ticker | Weight |
|---|---|---|---|
| Sep 14, 2026 | SELL | CHYM | 2.4% → 2.4% |
| Sep 14, 2026 | SELL | GPAT | 5.3% → 5.3% |
| Sep 14, 2026 | BUY | SIMA | 3.0% → 3.0% |
| Sep 14, 2026 | SELL | DMAA | 5.0% → 5.0% |
| Sep 14, 2026 | BUY | CEPF | 2.2% → 2.2% |
Investment Style Analysis
First Trust Capital Management L.P. is widely recognized for employing a Multi-Strategy strategy. As of Sep 18, 2026, the firm oversees approximately $0.5B in assets under management (AUM). The portfolio demonstrates a clear preference for the Shell Companies and Electronic Gaming & Multimedia sectors, reflecting a high-conviction approach to capital allocation.
Recent Market Moves
During the latest rebalancing period ending Sep 14, First Trust Capital Management L.P. made a significant move by reducing the position in CHYM. This adjustment aligns with the fund's dynamic approach to risk management and capital deployment in current market conditions.
Investment Philosophy
The firm's investment philosophy is centered on providing streamlined access to the alternative investment universe through a rigorous research and due diligence framework. FTCM leverages an experienced team to source, underwrite, and monitor highly-specialized managers across private equity, venture capital, and hedge fund strategies, often acting as principal investors in its own vehicles to ensure alignment with clients. The core objective is to generate attractive absolute returns with low sensitivity to traditional equity and fixed-income indices. This is achieved through a multi-strategy approach that prioritizes risk management and capital preservation while seeking significant upside opportunities across market cycles.
Disclaimer
The content provided on this page, including the simulated portfolio performance, holdings analysis, and AI-generated insights, is for informational and educational purposes only. It does not constitute financial advice, investment recommendations, or an offer to buy or sell any securities. All data is derived from historical SEC 13F filings and other public disclosures, which have a reporting lag. The "Simulated Performance" is a hypothetical reconstruction based on past disclosures and does not represent the actual returns of the institution. Past performance is not indicative of future results. Tritonix.ai is not affiliated with First Trust Capital Management L.P..
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Frequently asked questions
How is the simulated portfolio for First Trust Capital Management L.P. constructed?
This simulation is powered by Tritonix AI using official SEC filings. We focus on the "Best Ideas" by filtering for only the Top 20 largest holdings and rebalancing them to 100%. The simulation tracks performance starting from Oct 1, 2025. Our AI monitors for updates every Monday to capture major shifts. This concentrated approach highlights the manager's true stock-picking skill and mirrors their actual investment returns.
What is First Trust Capital Management L.P.'s largest holding?
As of the latest filing, First Trust Capital Management L.P.'s top position is Electronic Arts Inc (EA), representing 17.6% of the portfolio. This reflects a high-conviction bet by the institution.
What is First Trust Capital Management L.P.'s historical performance and risk profile?
Our simulation indicates a total return of +16.9% with a win rate of 67%. Notably, the portfolio maintains a Sharpe Ratio of 2.57, suggesting an excellent level of risk-adjusted returns compared to the broader market.
What sectors does First Trust Capital Management L.P. primarily invest in?
First Trust Capital Management L.P. has a strong preference for the Shell Companies sector, which makes up 49.9% of their disclosed assets. The portfolio also has exposure to Electronic Gaming & Multimedia, indicating a specific thematic focus.
Is First Trust Capital Management L.P.'s portfolio concentrated or diversified?
First Trust Capital Management L.P. runs a moderately concentrated portfolio with 20 disclosed positions. The top 3 holdings alone account for 42.4% of the total portfolio weight, suggesting a strategy that favors broader market exposure.
How has First Trust Capital Management L.P. performed in 2026?
Our AI-simulated model portfolio for First Trust Capital Management L.P. tracks a Year-to-Date (YTD) return of -21.4%. This metric helps investors gauge the institution's effectiveness in the current market environment.
Does Michael Peck manage First Trust Capital Management L.P. directly?
Yes, Michael Peck serves as the key portfolio manager for First Trust Capital Management L.P., overseeing the investment strategy and final capital allocation decisions.