First, open Unreal Editor by clicking on the Launch button from Unreal Engine Launcher.
Start a new project from the Project browser by selecting the New Project tab. Then, select Third Person and make sure that With Starter Content is selected. Give the project a name (
phat_test). Once you are finished, click on Create Project.
After everything comes up on your screen, in Content Browser, locate the ThirdPersonBP folder and click on the Character folder. Find ThirdPersonSkelMesh and then right-click on the list and select Create | Physics Asset, as shown in the following screenshot. Then, click on Ok in the New Asset window.
ThirdPersonSkelMesh can be found by the name SK_Mannequin in the newer version of Unreal Engine 4.