Statement Summary
The SEC has issued a notice regarding a request from Variant Alternative Income Fund and affiliated entities for permission to engage in joint transactions, which are typically restricted under the Investment Company Act of 1940. The applicants seek an order allowing business development companies (BDCs) and closed-end management funds to co-invest in portfolio companies, thereby facilitating collaboration with affiliated investment entities. Interested parties have until June 16, 2025, to request a hearing on this application. The request was formally filed on April 30, 2025, and further information can be obtained through the SEC’s EDGAR system or by contacting the Commission directly.
Original Statement
SECURITIES AND EXCHANGE COMMISSION
Investment Company Act Release No. 35607; File No. 812-15771
Variant Alternative Income Fund, et al.
May 22, 2025.
AGENCY: Securities and Exchange Commission (“Commission” or “SEC”).
ACTION: Notice.
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) and closed-end management investment companies to co-invest in portfolio companies with each other and with certain affiliated investment entities.
Applicants: Variant Alternative Income Fund, Variant Impact Fund, Variant Alternative Lending Fund, Variant Investments, LLC, and certain of their wholly-owned subsidiaries as described in Schedule A to the application.
Filing Dates: The application was filed on April 30, 2025.
Hearing or Notification of Hearing
An order granting the requested relief will be issued unless the Commission orders a hearing. Interested persons may request a hearing on any application by e-mailing the SEC’s Secretary at Secretarys-Office and serving the Applicants with a copy of the request by e-mail, if an e-mail address is listed for the relevant Applicant below, or personally or by mail, if a physical address is listed for the relevant Applicant below. Hearing requests should be received by the Commission by 5:30 p.m. on June 16, 2025, 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 e-mailing the Commission’s Secretary at Secretarys-Office.
Addresses
The Commission: Secretarys-Office
Applicants: Joshua B. Deringer, Esq., joshua.deringer Curtis Fintel, operations
For Further Information Contact
Adam Large, Senior Special Counsel, Deepak T. Pai, Senior Counsel, or Daniele Marchesani, Assistant Chief Counsel, at (202) 551-6825 (Division of Investment Management, Chief Counsel’s Office).
Supplementary Information
For Applicants’ representations, legal analysis, and conditions, please refer to Applicants’ application, filed April 30, 2025, which may be obtained via the Commission’s website by searching for the file number at the top of this document, or for an Applicant using the Company name search field, on the SEC’s EDGAR system. The SEC’s EDGAR system may be searched at EDGAR system link.
You may also call the SEC’s Office of Investor Education and Advocacy at (202) 551–8090.
For the Commission
by the Division of Investment Management, under delegated authority.
Sherry R. Haywood, Assistant Secretary.
