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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fpevc_DivergenceOfResourcesMember_lbl" xml:lang="en-US">Divergence Of Resources [Member]</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fpevc_TransactionsWthAffiliatesMember" xlink:to="fpevc_TransactionsWthAffiliatesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fpevc_TransactionsWthAffiliatesMember_lbl" xml:lang="en-US">Transactions Wth Affiliates [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="fpevc-20260727.xsd#fpevc_RestrictionsOnRaisingCapitalAndBorrowingMember" xlink:label="fpevc_RestrictionsOnRaisingCapitalAndBorrowingMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fpevc_RestrictionsOnRaisingCapitalAndBorrowingMember" xlink:to="fpevc_RestrictionsOnRaisingCapitalAndBorrowingMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fpevc_RestrictionsOnRaisingCapitalAndBorrowingMember_lbl" xml:lang="en-US">Restrictions On Raising Capital And Borrowing [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="fpevc-20260727.xsd#fpevc_PrepaymentMember" xlink:label="fpevc_PrepaymentMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fpevc_PrepaymentMember" xlink:to="fpevc_PrepaymentMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fpevc_PrepaymentMember_lbl" xml:lang="en-US">Prepayment [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="fpevc-20260727.xsd#fpevc_FollowOnInvestmentsMember" xlink:label="fpevc_FollowOnInvestmentsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fpevc_FollowOnInvestmentsMember" xlink:to="fpevc_FollowOnInvestmentsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fpevc_FollowOnInvestmentsMember_lbl" xml:lang="en-US">Follow On Investments [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="fpevc-20260727.xsd#fpevc_CommitmentStrategyMember" xlink:label="fpevc_CommitmentStrategyMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fpevc_CommitmentStrategyMember" xlink:to="fpevc_CommitmentStrategyMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fpevc_CommitmentStrategyMember_lbl" xml:lang="en-US">Commitment Strategy [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="fpevc-20260727.xsd#fpevc_ControlPositionsMember" xlink:label="fpevc_ControlPositionsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fpevc_ControlPositionsMember" xlink:to="fpevc_ControlPositionsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fpevc_ControlPositionsMember_lbl" xml:lang="en-US">Control Positions [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="fpevc-20260727.xsd#fpevc_LeverageMember" xlink:label="fpevc_LeverageMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fpevc_LeverageMember" xlink:to="fpevc_LeverageMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fpevc_LeverageMember_lbl" xml:lang="en-US">Leverage [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="fpevc-20260727.xsd#fpevc_DerivativeInstrumentsMember" xlink:label="fpevc_DerivativeInstrumentsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fpevc_DerivativeInstrumentsMember" xlink:to="fpevc_DerivativeInstrumentsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fpevc_DerivativeInstrumentsMember_lbl" xml:lang="en-US">Derivative Instruments [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="fpevc-20260727.xsd#fpevc_EconomicPoliticalAndLegalRisksMember" xlink:label="fpevc_EconomicPoliticalAndLegalRisksMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fpevc_EconomicPoliticalAndLegalRisksMember" xlink:to="fpevc_EconomicPoliticalAndLegalRisksMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fpevc_EconomicPoliticalAndLegalRisksMember_lbl" xml:lang="en-US">Economic Political And Legal Risks [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="fpevc-20260727.xsd#fpevc_CreditRisksMember" xlink:label="fpevc_CreditRisksMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fpevc_CreditRisksMember" xlink:to="fpevc_CreditRisksMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fpevc_CreditRisksMember_lbl" xml:lang="en-US">Credit Risks [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="fpevc-20260727.xsd#fpevc_InflationDeflationRiskMember" xlink:label="fpevc_InflationDeflationRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fpevc_InflationDeflationRiskMember" xlink:to="fpevc_InflationDeflationRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fpevc_InflationDeflationRiskMember_lbl" xml:lang="en-US">Inflation Deflation Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="fpevc-20260727.xsd#fpevc_InterestRatesRiskMember" xlink:label="fpevc_InterestRatesRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fpevc_InterestRatesRiskMember" xlink:to="fpevc_InterestRatesRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fpevc_InterestRatesRiskMember_lbl" xml:lang="en-US">Interest Rates Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="fpevc-20260727.xsd#fpevc_DefaultedDebtSecuritiesAndOtherSecuritiesOfDistressedCompaniesMember" xlink:label="fpevc_DefaultedDebtSecuritiesAndOtherSecuritiesOfDistressedCompaniesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fpevc_DefaultedDebtSecuritiesAndOtherSecuritiesOfDistressedCompaniesMember" xlink:to="fpevc_DefaultedDebtSecuritiesAndOtherSecuritiesOfDistressedCompaniesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fpevc_DefaultedDebtSecuritiesAndOtherSecuritiesOfDistressedCompaniesMember_lbl" xml:lang="en-US">Defaulted Debt Securities And Other Securities Of Distressed Companies [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="fpevc-20260727.xsd#fpevc_MezzanineInvestmentsMember" xlink:label="fpevc_MezzanineInvestmentsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fpevc_MezzanineInvestmentsMember" xlink:to="fpevc_MezzanineInvestmentsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fpevc_MezzanineInvestmentsMember_lbl" xml:lang="en-US">Mezzanine Investments [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="fpevc-20260727.xsd#fpevc_CurrencyRiskMember" xlink:label="fpevc_CurrencyRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fpevc_CurrencyRiskMember" xlink:to="fpevc_CurrencyRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fpevc_CurrencyRiskMember_lbl" xml:lang="en-US">Currency Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="fpevc-20260727.xsd#fpevc_HedgingMember" xlink:label="fpevc_HedgingMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fpevc_HedgingMember" xlink:to="fpevc_HedgingMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fpevc_HedgingMember_lbl" xml:lang="en-US">Hedging [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="fpevc-20260727.xsd#fpevc_RisksRelatingToAccountingAuditingAndFinancialReportingEtcMember" xlink:label="fpevc_RisksRelatingToAccountingAuditingAndFinancialReportingEtcMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fpevc_RisksRelatingToAccountingAuditingAndFinancialReportingEtcMember" xlink:to="fpevc_RisksRelatingToAccountingAuditingAndFinancialReportingEtcMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fpevc_RisksRelatingToAccountingAuditingAndFinancialReportingEtcMember_lbl" xml:lang="en-US">Risks Relating To Accounting Auditing And Financial Reporting Etc [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="fpevc-20260727.xsd#fpevc_AmountOrFrequencyOfDistributionsNotGuaranteedMember" xlink:label="fpevc_AmountOrFrequencyOfDistributionsNotGuaranteedMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fpevc_AmountOrFrequencyOfDistributionsNotGuaranteedMember" xlink:to="fpevc_AmountOrFrequencyOfDistributionsNotGuaranteedMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fpevc_AmountOrFrequencyOfDistributionsNotGuaranteedMember_lbl" xml:lang="en-US">Amount Or Frequency Of Distributions Not Guaranteed [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="fpevc-20260727.xsd#fpevc_PortfolioFundOperationsNotTransparentMember" xlink:label="fpevc_PortfolioFundOperationsNotTransparentMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fpevc_PortfolioFundOperationsNotTransparentMember" xlink:to="fpevc_PortfolioFundOperationsNotTransparentMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fpevc_PortfolioFundOperationsNotTransparentMember_lbl" xml:lang="en-US">Portfolio Fund Operations Not Transparent [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="fpevc-20260727.xsd#fpevc_PrivateCreditInvestmentsMember" xlink:label="fpevc_PrivateCreditInvestmentsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fpevc_PrivateCreditInvestmentsMember" xlink:to="fpevc_PrivateCreditInvestmentsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fpevc_PrivateCreditInvestmentsMember_lbl" xml:lang="en-US">Private Credit Investments [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="fpevc-20260727.xsd#fpevc_MultipleLevelsOfFeesAndExpensesMember" xlink:label="fpevc_MultipleLevelsOfFeesAndExpensesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fpevc_MultipleLevelsOfFeesAndExpensesMember" xlink:to="fpevc_MultipleLevelsOfFeesAndExpensesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fpevc_MultipleLevelsOfFeesAndExpensesMember_lbl" xml:lang="en-US">Multiple Levels Of Fees And Expenses [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="fpevc-20260727.xsd#fpevc_InabilityToVoteMember" xlink:label="fpevc_InabilityToVoteMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fpevc_InabilityToVoteMember" xlink:to="fpevc_InabilityToVoteMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fpevc_InabilityToVoteMember_lbl" xml:lang="en-US">Inability To Vote [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="fpevc-20260727.xsd#fpevc_ConsortiumOrOffsettingInvestmentsMember" xlink:label="fpevc_ConsortiumOrOffsettingInvestmentsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fpevc_ConsortiumOrOffsettingInvestmentsMember" xlink:to="fpevc_ConsortiumOrOffsettingInvestmentsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fpevc_ConsortiumOrOffsettingInvestmentsMember_lbl" xml:lang="en-US">Consortium Or Offsetting Investments [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="fpevc-20260727.xsd#fpevc_LimitationsOnAbilityToInvestInPortfolioFundsMember" xlink:label="fpevc_LimitationsOnAbilityToInvestInPortfolioFundsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fpevc_LimitationsOnAbilityToInvestInPortfolioFundsMember" xlink:to="fpevc_LimitationsOnAbilityToInvestInPortfolioFundsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fpevc_LimitationsOnAbilityToInvestInPortfolioFundsMember_lbl" xml:lang="en-US">Limitations On Ability To Invest In Portfolio Funds [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="fpevc-20260727.xsd#fpevc_IndemnificationOfPortfolioFundsAndPortfolioFundManagersMember" xlink:label="fpevc_IndemnificationOfPortfolioFundsAndPortfolioFundManagersMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fpevc_IndemnificationOfPortfolioFundsAndPortfolioFundManagersMember" xlink:to="fpevc_IndemnificationOfPortfolioFundsAndPortfolioFundManagersMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fpevc_IndemnificationOfPortfolioFundsAndPortfolioFundManagersMember_lbl" xml:lang="en-US">Indemnification Of Portfolio Funds And Portfolio Fund Managers [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="fpevc-20260727.xsd#fpevc_TerminationOfTheFundsInterestInAPortfolioFundMember" xlink:label="fpevc_TerminationOfTheFundsInterestInAPortfolioFundMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fpevc_TerminationOfTheFundsInterestInAPortfolioFundMember" xlink:to="fpevc_TerminationOfTheFundsInterestInAPortfolioFundMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fpevc_TerminationOfTheFundsInterestInAPortfolioFundMember_lbl" xml:lang="en-US">Termination Of The Funds Interest In A Portfolio Fund [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="fpevc-20260727.xsd#fpevc_LimitedOperatingHistoryOfPortfolioCompaniesMember" xlink:label="fpevc_LimitedOperatingHistoryOfPortfolioCompaniesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fpevc_LimitedOperatingHistoryOfPortfolioCompaniesMember" xlink:to="fpevc_LimitedOperatingHistoryOfPortfolioCompaniesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fpevc_LimitedOperatingHistoryOfPortfolioCompaniesMember_lbl" xml:lang="en-US">Limited Operating History Of Portfolio Companies [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="fpevc-20260727.xsd#fpevc_RisksAssociatedWithManagementOfGrowthMember" xlink:label="fpevc_RisksAssociatedWithManagementOfGrowthMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fpevc_RisksAssociatedWithManagementOfGrowthMember" xlink:to="fpevc_RisksAssociatedWithManagementOfGrowthMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fpevc_RisksAssociatedWithManagementOfGrowthMember_lbl" xml:lang="en-US">Risks Associated With Management Of Growth [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="fpevc-20260727.xsd#fpevc_RelianceOnPortfolioCompanyManagementMember" xlink:label="fpevc_RelianceOnPortfolioCompanyManagementMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fpevc_RelianceOnPortfolioCompanyManagementMember" xlink:to="fpevc_RelianceOnPortfolioCompanyManagementMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fpevc_RelianceOnPortfolioCompanyManagementMember_lbl" xml:lang="en-US">Reliance On Portfolio Company Management [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="fpevc-20260727.xsd#fpevc_NoAssuranceOfAdditionalCapitalForInvestmentsMember" xlink:label="fpevc_NoAssuranceOfAdditionalCapitalForInvestmentsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fpevc_NoAssuranceOfAdditionalCapitalForInvestmentsMember" xlink:to="fpevc_NoAssuranceOfAdditionalCapitalForInvestmentsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fpevc_NoAssuranceOfAdditionalCapitalForInvestmentsMember_lbl" xml:lang="en-US">No Assurance Of Additional Capital For Investments [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="fpevc-20260727.xsd#fpevc_LimitsofRiskDisclosureMember" xlink:label="fpevc_LimitsofRiskDisclosureMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fpevc_LimitsofRiskDisclosureMember" xlink:to="fpevc_LimitsofRiskDisclosureMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fpevc_LimitsofRiskDisclosureMember_lbl" xml:lang="en-US">Limitsof Risk Disclosure [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="fpevc-20260727.xsd#fpevc_CommonSharesMember" xlink:label="fpevc_CommonSharesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fpevc_CommonSharesMember" xlink:to="fpevc_CommonSharesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="fpevc_CommonSharesMember_lbl" xml:lang="en-US">Common Shares [Member]</link:label>
    </link:labelLink>
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