FS Investments registered the FS Energy Total Return Fund  on October 25.  The fund will seek to raise up to $2 billion.  The minimum initial investment for Class A and C shares will be $2,500, and the minimum investment for the institutional class I shares is not yet set.  Class A Shares have a  upfront commission, while Class C Shares have a no upfront fee, but instead have an ongoing servicing fee.

Magnetar Capital, which became famous for making massive profits during the financial crisis, will serve as the sub-adviser.  Institutional Investor’s Hedge Fund Report Card  ranked Magnetar as one of the top hedge funds in the world in 2015.

  According to the Prospectus:  The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its total assets in Natural Resource Companies, which the Fund defines as companies that, as their principal business, are engaged in the development of energy infrastructure and the acquisition, exploration, production, mining, processing (including fractionating), refining, transportation (including trans-loading), storage, servicing or marketing of natural resources, including, but not limited to, crude oil, refined products, petrochemicals, natural gas, natural gas liquids, coal, metals and renewable energy sources, as well as those companies that provide equipment or services to companies engaged in any of the foregoing. The Fund may also invest up to 20% of its total assets in securities of U.S. and non-U.S. issuers that may not be considered Natural Resource Companies. 

Name	Entity Type	Investment Focus	Gross Assets
FS Energy and Power Fund	BDC	Primarily invests in the debt and income-oriented equity securities of private U.S. companies in the energy and power industry.	$3,960,728
FS Global Credit Opportunities Fund	Closed-end management investment company	Primarily invests in secured and unsecured floating and fixed rate loans, bonds and other types of credit instruments.	$1,728,218
FS Investment Corporation	BDC	Primarily invests in senior secured loans, second lien secured loans and, to a lesser extent, subordinated loans of private U.S. companies.	$4,041,192
FS Investment Corporation II	BDC	Primarily invests in senior secured loans, second lien secured loans and, to a lesser extent, subordinated loans of private U.S. companies.	$4,945,279
FS Investment Corporation III	BDC	Primarily invests in senior secured loans, second lien secured loans and, to a lesser extent, subordinated loans of private U.S. companies.	$3,473,456
FS Investment Corporation IV (4)	BDC	Primarily invests in senior secured loans, second lien secured loans and, to a lesser extent, subordinated loans of private U.S. companies.	$83,445