<SEC-DOCUMENT>0001604488-25-000068.txt : 20250214
<SEC-HEADER>0001604488-25-000068.hdr.sgml : 20250214
<ACCEPTANCE-DATETIME>20250214193716
ACCESSION NUMBER:		0001604488-25-000068
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G/A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250214
DATE AS OF CHANGE:		20250214

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Inflection Point Acquisition Corp. II
		CENTRAL INDEX KEY:			0001970622
		STANDARD INDUSTRIAL CLASSIFICATION:	METAL MINING [1000]
		ORGANIZATION NAME:           	01 Energy & Transportation
		IRS NUMBER:				981720278
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-94085
		FILM NUMBER:		25632005

	BUSINESS ADDRESS:	
		STREET 1:		167 MADISON AVENUE
		STREET 2:		SUITE 205 #1017
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10016
		BUSINESS PHONE:		212-476-6908

	MAIL ADDRESS:	
		STREET 1:		167 MADISON AVENUE
		STREET 2:		SUITE 205 #1017
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10016

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			First Trust Capital Management L.P.
		CENTRAL INDEX KEY:			0001604488
		ORGANIZATION NAME:           	
		IRS NUMBER:				901006997
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A

	BUSINESS ADDRESS:	
		STREET 1:		225 W. WACKER DRIVE
		STREET 2:		21ST FLOOR
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		872-260-4182

	MAIL ADDRESS:	
		STREET 1:		225 W. WACKER DRIVE
		STREET 2:		21ST FLOOR
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Vivaldi Asset Management, LLC
		DATE OF NAME CHANGE:	20140402
</SEC-HEADER>
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<TYPE>SCHEDULE 13G/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
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  <headerData>
    <submissionType>SCHEDULE 13G/A</submissionType>
    <previousAccessionNumber>0001604488-24-000321</previousAccessionNumber>
    <filerInfo>
      <filer>
        <filerCredentials>
          <!-- Field: Pseudo-Tag; ID: Name; Data: First Trust Capital Management L.P. -->
          <cik>0001604488</cik>
          <ccc>XXXXXXXX</ccc>
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    <coverPageHeader>
      <amendmentNo>1</amendmentNo>
      <securitiesClassTitle>Class A Ordinary Shares, par value $0.0001 per share ("Ordinary Shares")</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>12/31/2024</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0001970622</issuerCik>
        <issuerName>Inflection Point Acquisition Corp. II</issuerName>
        <issuerCusip>G4790U102</issuerCusip>
        <issuerPrincipalExecutiveOfficeAddress>
          <com:street1>167 MADISON AVENUE</com:street1>
          <com:street2>SUITE 205 #1017</com:street2>
          <com:city>New York</com:city>
          <com:stateOrCountry>NY</com:stateOrCountry>
          <com:zipCode>10016</com:zipCode>
        </issuerPrincipalExecutiveOfficeAddress>
      </issuerInfo>
      <designateRulesPursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(b)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
    </coverPageHeader>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>First Trust Merger Arbitrage Fund</reportingPersonName>
      <memberGroup>b</memberGroup>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>0.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
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      <typeOfReportingPerson>IV</typeOfReportingPerson>
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    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>First Trust Capital Management L.P.</reportingPersonName>
      <memberGroup>b</memberGroup>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>0.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>0</classPercent>
      <typeOfReportingPerson>IA</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>First Trust Capital Solutions L.P.</reportingPersonName>
      <memberGroup>b</memberGroup>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>0.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>0</classPercent>
      <typeOfReportingPerson>HC</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>FTCS Sub GP LLC</reportingPersonName>
      <memberGroup>b</memberGroup>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>0.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>0</classPercent>
      <typeOfReportingPerson>HC</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <items>
      <item1>
        <issuerName>Inflection Point Acquisition Corp. II</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>167 Madison Avenue Suite 205 #1017, New York, NY 10016</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>This Schedule 13G/A is being filed jointly by First Trust Merger Arbitrage Fund ("VARBX"), First Trust Capital Management L.P. ("FTCM"), First Trust Capital Solutions L.P. ("FTCS") and FTCS Sub GP LLC ("Sub GP").
(1) VARBX, a series of Investment Managers Series Trust II, an investment company registered under the Investment Company Act of 1940.
(2) FTCM, an investment adviser registered with the SEC that provides investment advisory services to, among others, (i) series of Investment Managers Series Trust II, an investment company registered under the Investment Company Act of 1940, specifically First Trust Multi-Strategy Fund and VARBX and (ii) First Trust Alternative Opportunities Fund, an investment company registered under the Investment Company Act of 1940 (iii) Highland Capital Management Institutional Fund II, LLC, a Delaware limited liability company (collectively, the "Client Accounts").
(3) FTCS, a Delaware limited partnership and control person of FTCM.
(4) Sub GP, a Delaware limited liability company and control person of FTCM. Each of the persons identified herein is referred to as a "Reporting Person" and, collectively, as the "Reporting Persons."

Each of the Reporting Persons is a party to that certain Joint Filing Agreement attached hereto.</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>The principal business address of FTCM, FTCS and Sub GP is 225 W. Wacker Drive, 21st Floor, Chicago, IL 60606. The principal business address of VARBX is 235 West Galena Street, Milwaukee, WI 53212.</principalBusinessOfficeOrResidenceAddress>
        <citizenship>United States</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>N</notApplicableFlag>
        <typeOfPersonFiling>IV</typeOfPersonFiling>
        <typeOfPersonFiling>IA</typeOfPersonFiling>
        <typeOfPersonFiling>HC</typeOfPersonFiling>
      </item3>
      <item4>
        <amountBeneficiallyOwned>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 Inflection Point Acquisition Corp. II ("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, 2024 VARBX, FTCM, FTCS and Sub GP collectively owned 0 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/A. 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.</amountBeneficiallyOwned>
        <classPercent>VARBX: 0

FTCM, FTCS and Sub GP: 0</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>VARBX: 0

FTCM, FTCS and Sub GP: 0</solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>VARBX: 0

FTCM, FTCS and Sub GP: 0</sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>VARBX: 0

FTCM, FTCS and Sub GP: 0</solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>VARBX: 0

FTCM, FTCS and Sub GP: 0</sharedPowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item5>
        <notApplicableFlag>N</notApplicableFlag>
        <classOwnership5PercentOrLess>Y</classOwnership5PercentOrLess>
      </item5>
      <item6>
        <notApplicableFlag>N</notApplicableFlag>
        <ownershipMoreThan5PercentOnBehalfOfAnotherPerson>See Item 4.</ownershipMoreThan5PercentOnBehalfOfAnotherPerson>
      </item6>
      <item7>
        <notApplicableFlag>N</notApplicableFlag>
        <subsidiaryIdentificationAndClassification>See Item 2.</subsidiaryIdentificationAndClassification>
      </item7>
      <item8>
        <notApplicableFlag>Y</notApplicableFlag>
      </item8>
      <item9>
        <notApplicableFlag>Y</notApplicableFlag>
      </item9>
      <item10>
        <notApplicableFlag>N</notApplicableFlag>
        <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.</certifications>
      </item10>
    </items>
    <exhibitInfo>Exhibit I: Joint Filing Statement</exhibitInfo>
    <signatureInformation>
      <reportingPersonName>First Trust Merger Arbitrage Fund</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Joy Ausili</signature>
        <title>Trustee, Vice President and Assistant Secretary</title>
        <date>02/14/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>First Trust Capital Management L.P.</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Chad Eisenberg</signature>
        <title>Chief Operating Officer</title>
        <date>02/14/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>First Trust Capital Solutions L.P.</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Chad Eisenberg</signature>
        <title>Chief Operating Officer</title>
        <date>02/14/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>FTCS Sub GP LLC</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Chad Eisenberg</signature>
        <title>Chief Operating Officer</title>
        <date>02/14/2025</date>
      </signatureDetails>
    </signatureInformation>
  </formData>

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<TYPE>EX-1
<SEQUENCE>2
<FILENAME>exhibiti2025.htm
<DESCRIPTION>JOINT FILING STATEMENT
<TEXT>
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<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: left"><U>Exhibit I</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>JOINT FILING STATEMENT</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PURSUANT TO RULE 13d-1(k)</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0">The undersigned acknowledge and agree that the foregoing statement
on Schedule 13G/A, is filed on behalf of each of the undersigned and that all subsequent amendments to this statement on Schedule 13G/A,
shall be filed on behalf of each of the undersigned without the necessity of filing additional joint acquisition statements. The undersigned
acknowledge that each shall be responsible for the timely filing of such amendments, and for the completeness and accuracy of the information
concerning him or it contained therein, but shall not be responsible for the completeness and accuracy of the information concerning the
others, except to the extent that he or it knows or has reason to believe that such information is inaccurate.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0">Dated:&nbsp;&nbsp;February 14, 2025</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 12pt 3.5in"><B>First Trust Merger Arbitrage Fund</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-indent: 0.5in">By: <U>/s/ Joy Ausili </U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in">Joy Ausili, Trustee, Vice President and Assistant Secretary</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 12pt 3.5in"><B>First Trust Capital Management L.P.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-indent: 0.5in">By: <U>/s/ Chad Eisenberg</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-indent: 0.5in">Chad Eisenberg, Chief Operating Officer</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 12pt 3.5in"><B>First Trust Capital Solutions L.P.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-indent: 0.5in">By: <U>/s/ Chad Eisenberg</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-indent: 0.5in">Chad Eisenberg, Chief Operating Officer</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 12pt 3.5in"><B>FTCS Sub GP LLC</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-indent: 0.5in">By: <U>/s/ Chad Eisenberg</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-indent: 0.5in">Chad Eisenberg, Chief Operating Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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