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First Trust Capital Partners
Jon Phillips leads First Trust Capital Partners, a permanent-capital investor backing 100+ early- and growth-stage companies in fintech and healthtech.
First Trust Capital Partners
First Trust Capital Partners was formed as the private-investment arm affiliated with First Trust Portfolios L.P. and First Trust Advisors L.P., a complex of investment companies known for unit investment trusts and exchange-traded funds. Jon Phillips serves as Managing Director, leading a team that includes Senior Vice Presidents Karim Botros, Rachel Kern, and Mark Kroeger. The firm was established to invest proprietary balance-sheet capital, a structural nuance that means it does not raise blind-pool funds from outside limited partners. The firm targets early and growth-stage companies, with a stated emphasis on financial services and healthcare technology. Over 15 years it has made more than 100 private investments, operating with the patient timeline that permanent capital affords. The portfolio spans both active and exited positions: past names include data analytics company Palantir, digital health platform SteadyMD, water-infrastructure business Aris Water, and crypto-focused Silvergate Capital Corporation. FTCP also invests through a fund-of-funds sleeve, evidenced by a position in CapX Fund IV, LP. The firm deploys from offices in Wheaton, Illinois and Franklin, Tennessee, sourcing across the United States. Public details on AUM and total deployment remain undisclosed. The team size, as listed on the firm's website, includes four senior investment professionals and four analysts, suggesting a lean operation consistent with a captive investment office rather than a full-spectrum asset manager. The managing director and three senior vice presidents sit atop the deal team, though biographical details beyond their titles are not published. FTCP is part of the broader First Trust constellation, which includes First Trust Portfolios and First Trust Advisors, but does not market itself as a separate profit center. FTCP's key structural differentiator is its funding source: it invests balance-sheet capital from the First Trust enterprise, not from institutional allocators or wealth-management clients. This insulates the firm from redemption pressure and fundraising cycles, letting it hold positions indefinitely — a posture that distances it from the typical venture-capital model even as it competes for the same startup deal flow.
General information
Firm type
Private Equity
Year founded
—
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Wheaton
Corporate office
120 E Liberty Dr., Wheaton, IL, 60187, United States
Additional offices
Franklin, TN, United States
Principals
Jon Phillips
Managing Director
Karim Botros
Senior Vice President
Rachel Kern
Senior Vice President
Mark Kroeger
Senior Vice President
Sector focus
Frequently asked questions
Who runs investment decisions at First Trust Capital Partners?
Jon Phillips is the Managing Director listed on the firm's website, leading a team that includes three Senior Vice Presidents — Karim Botros, Rachel Kern, and Mark Kroeger. The firm does not publish an investment committee roster or biographical detail on its decision-making process. All named principals appear on the firm's public team page without further investment history disclosure.
Is First Trust Capital Partners a single family office or an institutional asset manager?
It is neither. FTCP is a proprietary private-equity arm of the First Trust enterprise, which also includes First Trust Portfolios L.P. and First Trust Advisors L.P. It invests balance-sheet capital from its parent, not outside institutional or family-office money. This permanent-capital structure distinguishes it from both fund-based asset managers and client-facing wealth platforms.
How does First Trust Capital Partners source its deals?
The firm does not publicly detail its sourcing engine. Given its affiliation with First Trust's distribution network of ETFs, UITs, and mutual funds, it likely benefits from financial-sector relationships that generate fintech and healthtech deal flow. Its geographic footprint in Illinois and Tennessee suggests at least a Midwestern and Southeastern U.S. sourcing bias, but no formal network description is published.
Does First Trust Capital Partners invest via funds or only direct deals?
The firm primarily makes direct investments in private companies, but its portfolio listing includes a position in CapX Fund IV, LP, indicating it also participates as a limited partner in third-party venture funds. This suggests a hybrid allocation model — direct balancing with fund commitments — though the mix is not publicly broken out.
What sectors does First Trust Capital Partners explicitly avoid?
FTCP does not publish a negative screening list. Its website states a focus on financial services and healthcare technology, while its broader portfolio includes companies from water infrastructure (Aris Water), data analytics (Palantir), and crypto (Silvergate). The firm does not disclose any hard sector exclusions, but its deal density centers on regulated or technology-enabled services.
How is First Trust Capital Partners related to First Trust Advisors and First Trust Portfolios?
FTCP is an affiliate of First Trust Portfolios L.P. and First Trust Advisors L.P., collectively known as First Trust. The parent entities are known for creating and distributing unit investment trusts and exchange-traded funds. FTCP acts as the private-investment unit within this corporate structure, deploying parent-company capital rather than third-party client assets.
What was First Trust Capital Partners' role in the Silvergate Capital investment?
Silvergate Capital Corporation, the crypto-focused bank that went public and later collapsed, appears in FTCP's exited portfolio list. The firm does not disclose the date, round, or size of its investment. The appearance on the portfolio page confirms an exit was achieved, but no performance data or rationale is provided.
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