First Trust Discloses Significant Stake in Investcorp India SPAC

TL;DR

**First Trust just revealed a big stake in Investcorp India Acquisition Corp, watch for potential arbitrage plays.**

AI Summary

First Trust Capital Management L.P. has filed an initial SC 13G, indicating they hold a significant stake in Investcorp India Acquisition Corp's Class A Ordinary Shares as of December 31, 2023. This filing, made under Rule 13d-1(b), shows that First Trust Merger Arbitrage Fund is the reporting person. This matters to investors because it reveals a major institutional investor's position in the SPAC, potentially signaling confidence or a strategic arbitrage play, which could influence market perception and future trading activity.

Why It Matters

This filing reveals a major institutional investor's position in Investcorp India Acquisition Corp, which can influence market sentiment and potentially signal future strategic moves for the SPAC.

Risk Assessment

Risk Level: low — This filing is a routine disclosure of a significant ownership stake by an institutional investor, not indicating any immediate negative risk.

Analyst Insight

A smart investor would monitor Investcorp India Acquisition Corp for further institutional filings or news regarding its acquisition targets, as First Trust's position might indicate a belief in a successful SPAC merger.

Key Players & Entities

• First Trust Capital Management L.P. (company) — filer of the SC 13G
• Investcorp India Acquisition Corp (company) — subject company of the filing
• First Trust Merger Arbitrage Fund (company) — reporting person holding the shares
• December 31, 2023 (date) — date of event requiring the filing
• $0.0001 (dollar_amount) — par value per Class A Ordinary Share

Forward-Looking Statements

• First Trust Merger Arbitrage Fund will maintain its significant stake in Investcorp India Acquisition Corp. (First Trust Merger Arbitrage Fund) — medium confidence, target: Q2 2024
• The market will view this institutional ownership as a positive signal for Investcorp India Acquisition Corp. (Investcorp India Acquisition Corp) — low confidence, target: Q1 2024

FAQ

Key Financial Figures

• $0.0001 — r) Class A Ordinary Shares, par value $0.0001 per share (Title of Class of Securiti

Filing Documents

• schedule13givca01102024.htm (SC 13G) — 77KB
• 0001604488-24-000010.txt ( ) — 79KB

Ownership

Item 4. Ownership (a) Amount Beneficially Owned: As investment adviser to the Client Accounts, FTCM has the authority to invest the funds of the Client Accounts in securities (including Ordinary Shares of the Issuer) as well as the authority to purchase, vote and dispose of securities, and may thus be deemed the beneficial owner of any shares of the Issuer's Ordinary Shares held in the Client Accounts. As of December 31, 2023, VARBX owned 1,382,398 shares of the outstanding Ordinary Shares of the Issuer, while FTCM, FTCS and Sub GP collectively owned 1,455,837 shares of the outstanding Ordinary Shares of the Issuer. FTCS and Sub GP may be deemed to control FTCM and therefore may be deemed to be beneficial owners of the Ordinary Shares reported in this Schedule 13G. No one individual controls FTCS or Sub GP. FTCS and Sub GP do not own any Ordinary Shares of the Issuer for their own accounts. (b) Percent of Class: (1) VARBX: 14.12% (2) FTCM, FTCS and Sub GP: 14.87% (c) Number of shares as to which such person has: (i) Sole power to vote or to direct the vote: (1) VARBX: 1,382,398 (2) FTCM, FTCS and Sub GP: 1,455,837 (ii) Shared power to vote or to direct the vote: (1) VARBX: 0 (2) FTCM, FTCS and Sub GP: 0 (iii) Sole power to dispose or to direct the disposition of: (1) VARBX: 1,382,398 (2) FTCM, FTCS and Sub GP: 1,455,837 (iv) Shared power to dispose or to direct the disposition of: (1) VARBX: 0 (2) FTCM, FTCS and Sub GP: 0

Ownership of Five Percent or Less of a Class

Item 5. Ownership of Five Percent or Less of a Class. If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following [ ].

Ownership of more than Five Percent on Behalf of Another Person

Item 6. Ownership of more than Five Percent on Behalf of Another Person. See Item 4.

Identification and classification of the subsidiary which acquired the security being reported on by

Item 7. Identification and classification of the subsidiary which acquired the security being reported on by the parent holding company or control person. See Item 2.

Identification and classification of members of the group

Item 8. Identification and classification of members of the group. Not applicable.

Notice of Dissolution of Group

Item 9. Notice of Dissolution of Group. Not applicable.

Certifications

Item 10. Certifications. By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11. SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Dated: January 10, 2024 First Trust Merger Arbitrage Fund By: /s/ Joy Ausili Joy Ausili, Trustee, Vice President and Assistant Secretary First Trust Capital Management L.P. By: /s/ Chad Eisenberg Chad Eisenberg, Chief Operating Officer First Trust Capital Solutions L.P. By: /s/ Chad Eisenberg Chad Eisenberg, Chief Operating Officer FTCS Sub GP LLC By: /s/ Chad Eisenberg Chad Eisenberg, Chief Operating Officer The original statement shall be signed by each person on whose behalf the statement is filed or his authorized representative. If the statement is signed on behalf of a person by his authorized representative (other than an executive officer or general partner of this filing person), evidence of the representative's authority to sign on behalf of such person shall be filed with the statement, provided, however, that a power of attorney for this purpose which is already on file with the Commission may be incorporated by reference. The name and any title of each person who signs the statement shall be typed or printed beneath his signature. Attention: Intentional misstatements or omissions of fact constitute Federal criminal violations (See 18 U.S.C. 1001). Exhibit I JOINT FILING STATEMENT PURSUANT TO RULE 13d-1(k) The

View Full Filing

View this SC 13G filing on SEC EDGAR