Securities and Exchange Commission
- [Investment Company Act Release No. 36202; File No. 812-15961]
AGENCY:
Securities and Exchange Commission (“Commission” or “SEC”).
ACTION:
Notice of application for an order under sections 17(d) and 57(i) of the Investment Company Act of 1940 (the “Act”) and rule 17d-1 under the Act to permit certain joint transactions otherwise prohibited by sections 17(d) and 57(a)(4) of the Act and rule 17d-1 under the Act.
Summary of Application:
Applicants request an order to permit certain business development companies (“BDCs”), closed-end management investment companies, and open-end management investment companies to co-invest in portfolio companies with each other and with certain affiliated investment entities.
Applicants:
CIFC Direct Lending Evergreen Fund, CIFC Private Credit Management LLC, CIFC Asset Management LLC, LBC Credit Management, L.P. d/b/a LBC Credit Partners, and certain of their affiliated entities as described in Schedules A and B to the Application.
Filing Dates:
The application was filed on December 22, 2025, and amended on June 1, 2026.
Hearing or Notification of Hearing:
An order granting the requested relief will ( printed page 34681) be issued unless the Commission orders a hearing. Interested persons may request a hearing on any application by emailing the SEC's Secretary at Secretarys-Office@sec.gov and serving the Applicants with a copy of the request by email, if an email address is listed for the relevant Applicant below, or personally or by mail, if a physical address is listed for the relevant Applicant below. The email should include file number referenced above. Hearing requests should be received by the Commission by 5:30 p.m., Eastern time, on June 29, 2026, and should be accompanied by proof of service on the Applicants, in the form of an affidavit or, for lawyers, a certificate of service. Pursuant to rule 0-5 under the Act, hearing requests should state the nature of the writer's interest, any facts bearing upon the desirability of a hearing on the matter, the reason for the request, and the issues contested. Persons who wish to be notified of a hearing may request notification by emailing the Commission's Secretary at Secretarys-Office@sec.gov.
ADDRESSES:
The Commission: Secretarys-Office@sec.gov. Applicants: Asha Richards, CIFC Private Credit Management LLC, 1 SE 3rd Avenue, Suite 1660, Miami, FL 33131; Richard Horowitz, Esq., Dechert LLP, 1095 Avenue of the Americas, New York, NY 10036; Alexander Karampatsos, Esq., Dechert LLP, 1900 K Street NW, Washington, DC 20006.
FOR FURTHER INFORMATION CONTACT:
Adam Large, Senior Special Counsel, or Deepak T. Pai, Senior Counsel at (202) 551-6825 (Division of Investment Management, Chief Counsel's Office).