First Trust Alternative Opportunities Fund
VFLAX
NASDAQ- -
USD
- -
- -
Capital Structure
FRC
•
in mil. unless spec.Working Capital
FRC
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in mil. unless spec.Growth Rates
FRC
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in mil. unless spec.Quarterly Revenue
FRC
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in mil. unless spec.Quarterly Earnings Per Share
FRC
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in mil. unless spec.Quarterly Dividends Per Share
FRC
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management
- Address
- Milwaukee United States of America
- IPO Date
- Apr 17, 2023
- Website
- firsttrustcapital.com
- Similar Companies
- Business
- First Trust Alternative Opportunities Fund (VFLAX) is a closed-end interval fund that provides investors with access to a diversified portfolio of less-liquid alternative investments, including private equity, real estate, alternative credit, hedged strategies, and co-investments; it offers daily net asset value pricing, 1099 tax reporting, quarterly repurchase offers limited to 5-25% of outstanding shares, and a 7% annualized distribution policy paid monthly from investment income. The Fund, managed by First Trust Capital Management L.P., employs a multi-manager approach with sub-advisers such as RiverNorth Capital Management, Angel Oak Capital Advisors, and Palmer Square Capital Management; its target allocations include up to 30% each in private equity, real estate, alternative credit, and hedged strategies, and up to 40% in co-investments, spanning strategies like direct lending, CLOs, event-driven credit, value-add real estate, and multi-strategy hedge funds. Class A shares (VFLAX), launched on August 2, 2021, carry a front-end sales charge scaled from 4.50% for investments under $25,000 to 2.00% for $100,000-$249,999, with no initial charge but a potential 1.25% contingent deferred charge for larger accounts where finder's fees apply; Class I shares (VFLEX) were incepted on June 12, 2017. Headquartered in Chicago, Illinois, the Fund primarily serves non-accredited investors seeking low sensitivity to equity and fixed income markets, with geographic focus on North America and potential expansion to Europe in real estate holdings. In January 2019, the Fund underwent a material mandate update to expand its portfolio construction toward less-liquid alternative investments capturing illiquidity premiums, shifting from prior strategies. It maintains a modest bridge/subscription line for efficient portfolio management around redemption periods without relying on leverage as a core component. As of September 30, 2025, portfolio composition reflected 12% private equity (e.g., Pomona Investment Fund, Stepstone SPRIM), 14% real estate (e.g., Bailard Real Estate Fund, Oak Street), 13% alternative credit (e.g., Palmer Square CLOs, Cliffwater Enhanced Lending), 16% hedged strategies (e.g., RiverNorth closed-end fund arbitrage, Walleye Opportunities Fund), and 45% co-investments across asset-backed loans, CLOs, term loans, and regulatory capital relief. The Fund continues quarterly redemptions and monthly distributions, with recent 2025 payouts fully supported by income and year-to-date NAV returns of approximately 8.82% for VFLEX as of November 30, 2025. No major acquisitions, funding rounds, or name changes have been reported in the last 1-2 years.