Statement Summary
The SEC has issued a notice regarding an application from the Nomura Alternative Income Fund and affiliated entities seeking permission to co-invest in portfolio companies. This application, filed on April 21, 2025, requests relief from certain prohibitions under the Investment Company Act of 1940, allowing joint transactions among business development companies (BDCs) and closed-end management investment companies.
Interested parties have until June 2, 2025 to request a hearing on the matter. Details of the application can be accessed through the SEC’s EDGAR system.
Original Statement
SECURITIES AND EXCHANGE COMMISSION
Investment Company Act Release No. 35575; File No. 812-15759
Nomura Alternative Income Fund, et al.
May 7, 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: Nomura Alternative Income Fund, NAIF Splitter LLC, Nomura Capital Management LLC and Nomura Credit Opportunities Fund, LP.
Filing Dates: The application was filed on April 21, 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 emailing 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 2, 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 emailing the Commission’s Secretary at Secretarys-Office.
Addresses
The Commission: Secretarys-Office
Applicants: Robert Stark and Neil Daniele, Nomura Capital Management LLC, Worldwide Plaza, 309 W. 49th Street, New York, NY 10019; and Joshua B. Deringer, Esq., Faegre Drinker Biddle & Reath LLP, joshua.deringer.
For Further Information Contact
Adam Large, Senior Special Counsel, Laura Solomon, 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, dated April 21, 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 [insert 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.
