SEC notice on request for exemptive relief for GCM Grosvenor private equity funds
AI-generated summary for informational purposes only. Not legal advice. See the original source for the authoritative text.
This SEC notice says GCM Grosvenor is asking to let certain closed-end funds and business development companies pay advisory fees in shares of their common stock instead of only in cash. The request matters to the named funds, their advisers, and investors because it would change how management fees are paid. No rule changes take effect yet. The SEC will grant the request unless someone asks for a hearing by May 26, 2026, so affected parties should review the filing and decide whether to support or challenge it.
AI-generated summary. May contain errors. Refer to official sources for legal decisions.
Key Changes
- Allows certain closed-end funds and business development companies to seek approval to pay advisory fees in common stock.
- Creates a public comment/hearing window before the SEC acts on the request.
- Signals a possible shift in fee payment structure from cash to shares for the named applicants.
Obligations
What this law requires
Interested persons who request a hearing on the SEC application must email the SEC Secretary and serve the Applicants with a copy of the request; the request must include the file number and be accompanied by proof of service.
Interested persons who want to challenge the SEC application must request a hearing by emailing the SEC Secretary and serving the Applicants with a copy of the request, including proof of service and the file number, and the request must state the writer's interest, facts supporting a hearing, reasons for the request, and contested issues.
Hearing requests must state the nature of the writer's interest, facts bearing on the desirability of a hearing, the reason for the request, and the issues contested.
If an interested person requests notification of a hearing, they may email the SEC Secretary to be placed on the notification list for this application.
Lawyers filing a hearing request must include a certificate of service in place of an affidavit as proof of service on the Applicants.