[Federal Register Volume 90, Number 133 (Tuesday, July 15, 2025)]
[Notices]
[Page 31715]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2025-13250]


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SECURITIES AND EXCHANGE COMMISSION

[Investment Company Act Release No. 35675; File No. 812-15776]


First Trust Real Assets Fund, et al.

July 11, 2025.
AGENCY: Securities and Exchange Commission (``Commission'' or ``SEC'').

ACTION: Notice.

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    Notice of application for an order under sections 17(d) and 57(i) 
of the Investment Company Act of 1940 (the ``Act'') and rule 17d-1 
under the Act to permit certain joint transactions otherwise prohibited 
by sections 17(d) and 57(a)(4) of the Act and rule 17d-1 under the Act.

Summary of Application: Applicants request an order to permit certain 
business development companies (``BDCs'') and closed-end management 
investment companies to co-invest in portfolio companies with each 
other and with certain affiliated investment entities.

Applicants: First Trust Real Assets Fund, First Trust Private Credit 
Fund, First Trust Private Assets Fund, First Trust Alternative 
Opportunities Fund, Infinity Core Alternative Fund, Destiny Alternative 
Fund LLC, First Trust Hedged Strategies Fund, First Trust Enhanced 
Private Credit Fund, First Trust Capital Management L.P., Vivaldi 
Capital Management LP, certain wholly-owned subsidiaries as described 
in Schedule A to the application, and certain of their affiliated 
entities as described in Schedule B to the application.

Filing Dates: The application was filed on May 2, 2025, and amended on 
June 17, 2025.

Hearing or Notification of Hearing: An order granting the requested 
relief will be issued unless the Commission orders a hearing. 
Interested persons may request a hearing on any application by emailing 
the SEC's Secretary at [email protected] and serving the 
Applicants with a copy of the request by email, if an email address is 
listed for the relevant Applicant below, or personally or by mail, if a 
physical address is listed for the relevant Applicant below. Hearing 
requests should be received by the Commission by 5:30 p.m. on August 5, 
2025, and should be accompanied by proof of service on the Applicants, 
in the form of an affidavit or, for lawyers, a certificate of service. 
Pursuant to rule 0-5 under the Act, hearing requests should state the 
nature of the writer's interest, any facts bearing upon the 
desirability of a hearing on the matter, the reason for the request, 
and the issues contested. Persons who wish to be notified of a hearing 
may request notification by emailing the Commission's Secretary at 
[email protected].

ADDRESSES: The Commission: [email protected]. Applicants: Marc 
D. Bassewitz, First Trust Capital Management L.P., 225 W. Wacker Drive, 
21st Floor, Chicago, IL 60606, [email protected]; Joshua 
B. Deringer, Esq., Faegre Drinker Biddle & Reath LLP, One Logan Square, 
Ste. 2000, Philadelphia, PA 19103, [email protected]; 
Veena K. Jain, Faegre Drinker Biddle & Reath LLP, 320 S Canal Street, 
Ste. 3300, Chicago, IL 60606, [email protected].

FOR FURTHER INFORMATION CONTACT: Adam Large, Senior Special Counsel, 
Tom Ahmadifar, Branch Chief, or Daniele Marchesani, Assistant Chief 
Counsel, at (202) 551-6825 (Division of Investment Management, Chief 
Counsel's Office).

SUPPLEMENTARY INFORMATION: For Applicants' representations, legal 
analysis, and conditions, please refer to Applicants' first amended 
application, dated June 17, 2025, which may be obtained via the 
Commission's website by searching for the file number at the top of 
this document, or for an Applicant using the Company name search field, 
on the SEC's EDGAR system.
    The SEC's EDGAR system may be searched at https://www.sec.gov/edgar/searchedgar/companysearch.html. You may also call the SEC's 
Office of Investor Education and Advocacy at (202) 551-8090.

    For the Commission, by the Division of Investment Management, 
under delegated authority.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-13250 Filed 7-14-25; 8:45 am]
BILLING CODE 8011-01-P