First Trust Private Credit Fund (FTPCX) · NASDAQ:FTPCX
First Trust Private Credit Fund (FTPCX) — First Trust Enhanced Private Credit Fund — Investor Presentation (October 2026)
32 slides from First Trust Private Credit Fund (FTPCX)'s investor presentation, October 2026
Slide 1: FTECX First Trust Enhanced Private Credit Fund
FTECX First Trust Enhanced Private Credit Fund CLASS I SHARES 3RD QUARTER 2026 FOR INSTITUTIONAL USE ONLY. NOT FOR PUBLIC DISTRIBUTION.
Slide 2: First Trust Capital Management Firm Overview
FIRST TRUST CAPITAL MANAGEMENT (“FTCM”) FIRM OVERVIEW First Trust Portfolios L.P. and First Trust Advisors L.P. (collectively "First Trust") were established in 1991 with a Location: Chicago, Illinois mission to offer trusted investment products and advisory services. First Trust offers a variety of
Slide 3: First Trust Alternative Product Lineup
FIRST TRUST ALTERNATIVE PRODUCT LINEUP Any Client Accreditation Spectrum Qualifications Liquid Alternatives Registered Alternatives Private Asset Platform First Trust Merger Arbitrage Fund: First Trust Enhanced Private Credit Fund: Private Equity VARBX Liquidity Spectrum FTECX First Trust Multi-Stra
Slide 4: FTCM Private Credit Platform $2.9B
FTCM PRIVATE CREDIT PLATFORM First Trust Capital Management is a multi-disciplinary investment management firm located in Chicago with a broad investor base focused on creating scalable, innovative alternative investment solutions across the liquidity and accreditation spectrum. FTCM Credit Co-Inves
Slide 5: Flow of Co-Investment Allocations
FLOW OF CO-INVESTMENT ALLOCATIONS Within the flagship and private funds, FTCM has the ability to co-invest alongside underlying fund managers for multiple reasons including: Bridging a Funding Gap: A gap may occur when the underlying manager’s main fund has insufficient capital to make the full inve
Slide 6: FTCM Private Credit Platform – Complementary Product Lineup
FTCM PRIVATE CREDIT PLATFORM – COMPLEMENTARY PRODUCT LINEUP VFLEX* FTPCX* FTECX* 7% Targeted Distribution Policy1 8.50% Targeted Distribution Policy1 10.50% Targeted Distribution Policy1 First Trust Alternative Opportunities Fund First Trust Private Credit Fund First Trust Private Enhanced Credit Fu
Slide 7: Potential Benefits of Vehicle and Fund Structure
POTENTIAL BENEFITS OF VEHICLE AND FUND STRUCTURE First Trust Enhanced Private Credit Fund - Client Experience Evergreen 100% Invested Daily Click-to-Buy Vehicle* Day One Exclusive Credit Monthly 1099 Semi-Annual Co-Investments Distributions Tax Reporting Redemptions** *Evergreen Vehicle refers to a
Slide 8: FTECX | First Trust Enhanced Private Credit Fund
FTECX | FIRST TRUST ENHANCED PRIVATE CREDIT FUND • Immediate exposure and access to private credit deals • Access to FTCM Credit platform offering beyond middle-market direct lending exposure Performance Summary Since Inception (07/01/2024 – 9/30/2026) Sector Breakdown (% of FTECX NAV) Cumulative Re
Slide 9: FTCM Private Credit Platform – Target Distribution Profile by Strategy
FTCM PRIVATE CREDIT PLATFORM – TARGET DISTRIBUTION PROFILE BY STRATEGY STRATEGY WEIGHT FTPCX FTECX BSL CLO DEBT 14% – BSL CLO EQUITY 13% – MM CLO DEBT 8% 13% MM CLO EQUITY 7% 11% DIRECT LENDING 35% 32% ASSET-BASED LENDING 6% 23% SRTS & REG CAP 16% 22% 100% 100% STRATEGY DISTRIBUTION + SOFR (3.90%)^
Slide 10: Portfolio Construction – Enhanced Private Credit Fund
PORTFOLIO CONSTRUCTION – ENHANCED PRIVATE CREDIT FUND STRATEGY OBJECTIVES CREDIT SPONSOR SAMPLES Structured Credit (CLO Equity) Underwrite and purchase attractive bank loans. Underlying borrower companies are mostly Fortune 1000 companies – Investment Grade rating. Palmer Square Capital Pool 2
Slide 11: Sector 1: Direct Lending
SECTOR 1: DIRECT LENDING What is Direct Lending? Direct lending involves extending financing to companies across industries and borrower profiles that are unable to access traditional sources of lending (from banks). Our approach within the space focuses on privately-negotiated direct loans as oppos
Slide 12: Case Study: Direct Lending (DL)
CASE STUDY: DIRECT LENDING (DL) Business Overview - BYOMA, founded in 2022, is a masstige skincare brand know for its clinically supported formulas and simplified five-step routine designed to strengthen the skin barrier. - BYOMA offers affordable skincare products with quality and design in mind an
Slide 13: Sector 2: Structured Credit (CLOs)
SECTOR 2: STRUCTURED CREDIT (CLOs) What is Structured Credit? FTECX allocates to equity Collateralized Loan Obligation (CLO) tranches in the structured credit exposure. CLOs enable us, as investors, to incorporate mid/large company lending through securitized credit, with attractive risk-adjusted di
Slide 14: Case Study: Structured Credit (CLOs)
CASE STUDY: STRUCTURED CREDIT (CLOs) Sponsor Overview* • FTCM partnered with a high-quality credit fund & CLO manager, which has managed CLOs for over 20 years. The team manages over $15 billion in total capital across its various CLOs. • The sponsor has extensive in-house restructuring expertise th
Slide 15: Sector 3: Asset-Based Lending
SECTOR 3: ASSET-BASED LENDING What is Asset-Based Lending? Asset-based lending involves originating loans to corporations that require highly flexible financing during periods of company stress, with an acute focus on collateral underwriting and principal protection. Weighting Our Approach to Asset-
Slide 16: Case Study: Asset-Based Lending (ABL)
CASE STUDY: ASSET-BASED LENDING (ABL) Business Overview • Star Entertainment Group (Star) is an Australian hospitality & leisure operator with locations in Sydney, the Gold Coast, and Brisbane. • Historically, Star has generated meaningful cash flow due to its large market position but ran into oper
Slide 17: Sector 4: Regulatory Capital Relief Trades
SECTOR 4: REGULATORY CAPITAL RELIEF TRADES What is Bank Regulatory Capital Relief? A fast-growing market that enables banks to improve their regulatory capital ratios by transferring credit risk on their balance sheet to investors. Banks transfer credit loss risk on specifically referenced loan asse
Slide 18: Case Study: Regulatory Capital Relief Trades
CASE STUDY: REGULATORY CAPITAL RELIEF TRADES SRT/Reg Cap Trade Overview • Large multi-national banks have lending relationships with companies across a range of sectors and industries. • Since a bank carries risk for the loans on its balance sheet, it must hold a capital reserve which may restrain t
Slide 19: FTECX Performance (%) as of 9/30/2026
FTECX PERFORMANCE (%) AS OF 9/30/2026 Since Fund Total Expense Net Expense Net Asset Value (NAV)* 3 Month YTD 1 Year 2 Year 3 Year 5 Year Inception Ratio Ratio1 FTECX - Class I Shares 2.24 5.69 8.61 - - - 10.02 4.21 3.68 Index Performance** iBoxx® USD Liquid High Yield Index -1.88 -0.07 1.40 - - - 6
Slide 20: VFLEX Performance (%) as of 9/30/2026
VFLEX PERFORMANCE (%) AS OF 9/30/2026 Since Fund Total Expense Net Expense Ratio Fund Performance* 3 Month YTD 1 Year 2 Year 3 Year 5 Year Inception Ratio (After Waivers)*** VFLEX – Class I Shares 2.43 6.70 9.90 9.59 9.78 7.82 6.95 3.07 2.92 Index Performance** ICE BofA 3-Month US Treasury Index 0.9
Slide 21: FTPCX Performance (%) as of 9/30/2026
FTPCX PERFORMANCE (%) AS OF 9/30/2026 Since Fund Total Expense Net Expense Net Asset Value (NAV)* 3 Month YTD 1 Year 2 Year 3 Year 5 Year Inception Ratio Ratio1 FTPCX – Class I Shares 2.78 4.68 6.22 7.44 8.64 - 8.28 2.99 2.64 Index Performance** iBoxx USD Liquid High Yield Index -1.88 -0.07 1.40 4.3
Slide 22: FTECX Offering Terms
FTECX OFFERING TERMS Accreditation Requirements None Investment Objective and Strategy Structure1 Closed-End Interval Fund The Fund’s investment objective is to seek achieve total return through income and capital appreciation. The Fund seeks to achieve its investment objective by investing Diversif
Slide 23: Private Credit: Market Opportunity & Strategy Characteristics
Private Credit Market Opportunity & Strategy Characteristics FOR INSTITUTIONAL USE ONLY. NOT FOR PUBLIC DISTRIBUTION.
Slide 24: Private Credit – Overview & Strategy Breakdown
PRIVATE CREDIT – OVERVIEW & STRATEGY BREAKDOWN Private credit refers to lending and other financing activities that take place outside of the traditional banking system. In general, private credit investments are originated and negotiated privately, and by nature, may represent an attractive option
Slide 25: Private Credit – Investor Sentiment
PRIVATE CREDIT – INVESTOR SENTIMENT Investors allocate to Private Credit for a variety of reasons and remain optimistic on the asset class as a whole. Reasons why LPs Invest Into Private Credit 70% 60% According to Surveyed Investors: 50% 89% 40% of investors will either maintain or increase their a
Slide 26: Rise of Private Credit
RISE OF PRIVATE CREDIT Private Credit as an asset class has grown significantly following the Great Financial Crisis (GFC), particularly with the Dodd-Frank Act that introduced new regulations restricting commercial bank lending. The rise in interest rates and subsequent elevated rate environment si
Slide 27: Private Credit – Differences Between Bonds & Leveraged Loans
PRIVATE CREDIT – DIFFERENCES BETWEEN BONDS & LEVERAGED LOANS Private Credit has many unique characteristics when compared to its public counterparts, Bonds and Leveraged Loans. Private Credit stands out through its differences in liquidity & borrower profiles, as well as the components that make up
Slide 28: Private Credit – Performance Versus Bonds
PRIVATE CREDIT – PERFORMANCE VERSUS BONDS Private Credit has shown to offer favorable risk/return metrics compared to traditional fixed income potentially offering investors enhanced returns with lower volatility. Annualized Returns and Volatility of Private Credit and Bloomberg Agg as of Q2 2026 12
Slide 29: Private Credit – Performance Versus Leveraged Loans
PRIVATE CREDIT – PERFORMANCE VERSUS LEVERAGED LOANS Private Credit also compares favorably to the Leveraged Loan Market, having higher returns and lower volatility over 1, 3, 5, and 10-year periods. Annualized Returns and Volatility of Private Credit and Leveraged Loans as of Q2 2026 12% 10% 8% 6% 4
Slide 30: Private Credit – Opportunities Still To Be Had
PRIVATE CREDIT – OPPORTUNITIES STILL TO BE HAD Has Private Credit grown too big? • The growth of the Private Credit asset class has been strong and currently around $1.8 trillion in the U.S., trailing the bank loan markets. • According to Preqin’s latest Global Reports, the Private Credit market is
Slide 31: Private Equity Sponsors Meet Private Lenders
PRIVATE EQUITY SPONSORS MEET PRIVATE LENDERS Well-capitalized private equity sponsors are looking for lenders to work with to deploy their capital. Aggregate Capital Raised ($Bn) 350 300 Private Equity (PE) Fundraising 250 Billions ($) PE fundraising has grown since 2010, leading to increased demand
Slide 32: Risk Considerations
RISK CONSIDERATIONS You should consider a fund’s investment objectives, risks, and charges and expenses carefully before investing. Contact First Trust Capital Management at 1-800-988-5196 or visit www.firsttrustcapital.com to obtain a prospectus which contains this and other information about a fun
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