Search Results for keywords:"business development companies"

The Securities and Exchange Commission (SEC) is considering an application from the ISQ Infrastructure Income Fund and I Squared Capital Registered Advisor LLC for an exemption under the Investment Company Act of 1940. The applicants seek permission for certain closed-end management investment companies and business development companies to pay investment advisory fees using shares of their common stock. If no hearing is requested, the SEC will grant the requested relief. Interested individuals can request a hearing by contacting the SEC by March 31, 2025.

The Securities and Exchange Commission (SEC) has issued a notice regarding an application for an order under the Investment Company Act. The application seeks permission for certain business development companies and closed-end management investment companies to engage in joint investments with affiliated investment entities, which would otherwise be restricted by the Act. The applicants involve a large number of entities connected to BlackRock, requesting the SEC to allow them to co-invest in various portfolio companies. The notice also provides procedural details for requesting a hearing on the matter, if interested parties, by emailing the SEC and providing proof of service to the applicants.

The Securities and Exchange Commission is considering a proposed rule change submitted by the Financial Industry Regulatory Authority, Inc. (FINRA). This change aims to exempt certain business development companies (BDCs) from existing restrictions on buying and selling initial public offerings (IPOs). Specifically, non-traded BDCs will be allowed to purchase new IPOs more easily, just like publicly traded BDCs and other investment companies. This move is designed to give these non-traded BDCs and their investors better access to diverse investment opportunities, potentially improving their portfolio balance and investments in new stock issues.

The Securities and Exchange Commission (SEC) has issued a notice regarding a request for an order to allow certain joint investments. These investments involve business development companies and closed-end management investment companies working together with affiliated investment entities to invest in portfolio companies. The application was initially filed in April 2024, with amendments in October and December 2024. The SEC will grant the order unless a hearing is arranged, and individuals interested in requesting a hearing must do so by February 5, 2025. Further details can be found on the SEC's website or by contacting Taylor Evenson or Terri Jordan at the Division of Investment Management.

The Securities and Exchange Commission (SEC) has announced a notice regarding an application for exemption from certain sections of the Investment Company Act of 1940. AMG Comvest Senior Lending Fund and Comvest Credit Managers, LLC are seeking permission to allow business development companies to issue multiple classes of shares with different sales charges and fees. The application was initially filed in July 2024 and has been amended twice since then. Interested parties have until March 13, 2025, to request a hearing on the application.

The Securities and Exchange Commission (SEC) has issued a notice regarding an application from Thirdline Real Estate Income Fund and related entities. These applicants are seeking permission to engage in joint investment activities that are typically restricted by certain parts of the Investment Company Act of 1940. This application mentions the possibility of business development companies and investment companies co-investing in portfolio companies alongside certain affiliated investment entities. If there is no opposition, the SEC plans to grant the requested order, but interested parties may request a hearing by January 13, 2025, by following the specified communication procedures.

The Securities and Exchange Commission (SEC) has received a request for an order to allow specific business development companies and investment funds to co-invest in certain companies alongside affiliated investment entities, which is otherwise typically prohibited. The application, involving multiple entities connected to Morgan Stanley, was initially filed on January 29, 2024, and later amended on August 20, 2024. If no further hearing requests are received by January 13, 2025, the SEC will likely grant the relief sought. Interested parties can request a hearing via email and must serve the applicants with a copy of this request.

The Securities and Exchange Commission (SEC) has issued a notice for a proposed order under the Investment Company Act of 1940. This order would allow certain business development companies and closed-end management investment companies to co-invest in portfolio companies with each other and with affiliated investment entities, which would otherwise be prohibited under existing rules. The application for this order, involving multiple applicants like MidCap Financial Investment Corporation and Apollo Investment Management, has been filed and amended several times in 2024. Interested individuals can request a hearing by January 13, 2025, with specified instructions for doing so.

The Securities and Exchange Commission (SEC) has requested an extension from the Office of Management and Budget (OMB) to continue the use of Form N-54C under the Paperwork Reduction Act of 1995. This form allows business development companies to officially notify their withdrawal from being subject to specific regulations. The SEC estimates that around eight companies file this form annually, taking about one hour per submission. The total estimated cost for these filings, including outside professional fees, is about $3,504 annually. The public can view and comment on this information collection online.

The Securities and Exchange Commission (SEC) has issued a notice about a request from the First Eagle Private Credit Fund and First Eagle Investment Management, LLC. They are asking for permission to allow certain investment companies that are organized as business development companies to issue different classes of shares with varying sales charges and fees. This request is being made under specific sections of the Investment Company Act of 1940. The public can request a hearing on this matter by contacting the SEC before January 7, 2025.