SEC Notice of Application for Co-Investment Relief for ACAP Strategic Fund and Affiliated Entities
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The Securities and Exchange Commission published a notice on March 23, 2026 regarding an application filed by ACAP Strategic Fund, Innovation Access Fund, SilverBay Capital Management LLC, Alkeon Capital Management, LLC and their affiliates. The applicants are seeking an order under sections 17(d) and 57(i) of the Investment Company Act of 1940 and rule 17d-1 to allow certain business development companies (BDCs) and closed-end management investment companies to engage in joint transactions and co-invest in portfolio companies with each other and with affiliated investment entities. These transactions would otherwise be prohibited by sections 17(d) and 57(a)(4) of the Act. The application was originally filed on August 4, 2025 and amended on March 9, 2026. Interested parties may request a hearing by April 17, 2026.
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Key Changes
- Grants relief from prohibitions under sections 17(d) and 57(a)(4) of the Investment Company Act of 1940
- Allows BDCs and closed-end funds to co-invest with affiliated entities in portfolio companies
- Application filed August 4, 2025 and amended March 9, 2026
+ 3 more changes with Pro
Obligations
What this law requires
Hearing requests must include the file number (812-15872) referenced in the notice
Interested persons must request a hearing by submitting an email to Secretarys-Office@sec.gov and serving the Applicants with a copy of the request by 5:30 p.m. Eastern time on April 17, 2026
Hearing requests must be accompanied by proof of service on the Applicants in the form of an affidavit or, for lawyers, a certificate of service
Hearing requests must state the nature of the writer's interest, any facts bearing upon the desirability of a hearing, the reason for the request, and the issues contested
The Applicants must comply with the conditions specified in their first amended application filed March 9, 2026 in order to engage in joint transactions and co-investments otherwise prohibited by sections 17(d) and 57(a)(4) of the Investment Company Act of 1940