# First Trust Capital Seeks SEC Relief to Swap Interval Fund Sub-Advisers Without a Vote

Canonical page: https://sequoia-research.com/news/first-trust-capital-seeks-sec-relief-to-swap-interval-fund-sub-advisers-without-a-vot-44f12ad7

Author: Sequoia Research
Published: 2026-10-23T17:22:59.587Z
Updated: 2026-10-24T03:42:57.229Z
Original source: [AltsWire](https://altswire.com/first-trust-capital-seeks-sec-relief-to-swap-interval-fund-sub-advisers-without-a-vote/)
Source published: 2026-10-23T16:59:16.000Z
Type: News
Topics: Alternative Investments

First Trust Capital Management and 22 funds have applied for SEC permission to change sub-advisers without seeking a separate shareholder vote for each appointment, according to AltsWire. The October 22 application covers interval and tender-offer funds and proposes approval by the board, including a majority of independent trustees. It is a request for relief, rather than an approved arrangement.

The proposed safeguards include advance notice and an opportunity to tender shares at net asset value, subject to previously disclosed early withdrawal charges. An oversubscribed tender would prevent the proposed appointment from proceeding. Shareholders would still need to approve adoption of the structure, and an increase in the aggregate advisory fee rate would require a vote.

[Read the original](https://altswire.com/first-trust-capital-seeks-sec-relief-to-swap-interval-fund-sub-advisers-without-a-vote/)

## Research considerations

Alternative-investment announcements can describe very different underlying assets and fund structures. A useful review connects the announcement to the vehicle’s strategy, sponsor, fees, debt, valuation practices, liquidity terms, and potential conflicts.

- What assets and investment structure sit behind the announcement?
- Which statements are historical results, sponsor projections, or marketing claims, and what independent evidence supports them?

This Sequoia Research summary was prepared with AI assistance from the credited source. It is not independent verification of the source’s claims. The original publisher retains authorship of its reporting; follow the source link for the complete article.

## About Sequoia Research

Sequoia Research, LLC is an independent real estate investment research firm providing analysis of Delaware Statutory Trusts (DSTs), Tenant in Common (TIC) investments, Opportunity Zone Funds, and mineral rights and royalties.

Explore our reports for property and sponsor analysis, financial assumptions, risks, and comparison scorecards. News inclusion does not imply that a report on the particular investment is available.

[Investment research library](https://sequoia-research.com/sequoia-all-1031.html)
[Brokerage research](https://sequoia-research.com/sequoia-1031-dst-broker-rankings.html)
[Coverage policy](https://sequoia-research.com/news/about)
[Research disclosures and terms](https://sequoia-research.com/terms.html)