Statement Summary
The Securities and Exchange Commission (SEC) has granted an order to New Mountain Capital and its affiliated entities, allowing them to co-invest in portfolio companies through certain joint transactions. This order responds to an application filed on April 1, 2025, under the Investment Company Act of 1940, specifically sections 17(d) and 57(i), and rule 17d-1, enabling the collaboration of registered closed-end management investment companies and business development companies. No requests for hearing were made regarding the application, and the SEC determined that the proposed participation is consistent with the Act’s provisions. The order is effective immediately, subject to specified conditions.
Original Statement
UNITED STATES OF AMERICA
BEFORE THE
SECURITIES AND EXCHANGE COMMISSION
INVESTMENT COMPANY ACT OF 1940
Release No. 35584 / May 13, 2025
In the Matter of:
New Mountain Capital, L.L.C.
New Mountain Credit CLO Advisers, L.L.C.
New Mountain Finance Advisers, L.L.C.
New Mountain Finance Corporation
New Mountain Guardian IV BDC, L.L.C.
NMF SLF I, Inc.
New Mountain Private Credit Fund
New Mountain Guardian IV Income Fund, L.L.C.
certain of their wholly-owned subsidiaries as described in Schedule A to the Application, and
certain of their affiliated entities as described in Schedule B to the Application.
1633 Broadway, 48th Floor
New York, NY 10019
812-15739
ORDER UNDER SECTIONS 17(d) AND 57(i) OF THE INVESTMENT COMPANY ACT OF
1940 AND RULE 17d-1 UNDER THE ACT
New Mountain Capital, L.L.C., et al. filed an application on April 1, 2025, and amendments to
the application on April 7, 2025, and April 15, 2025, requesting 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 that
would permit certain joint transactions otherwise prohibited by sections 17(d) and 57(a)(4) of the
Act and rule 17d-1 under the Act. The order would permit certain registered closed-end
management investment companies and business development companies (collectively, the
“Regulated Funds”) to co-invest in portfolio companies with each other and with certain
affiliated investment entities.
On April 16, 2025, a notice of the filing of the application was issued (Investment Company Act
Release No. 35539). The notice gave interested persons an opportunity to request a hearing and
stated that an order disposing of the application would be issued unless a hearing was ordered.
No request for a hearing has been filed, and the Commission has not ordered a hearing.
The matter has been considered and it is found, on the basis of the information set forth in the
application, as amended, that participation by the Regulated Funds in the proposed transactions
is consistent with the provisions, policies and purposes of the Act and is on a basis no less
advantageous than that of other participants.Accordingly,
IT IS ORDERED, under sections 17(d) and 57(i) of the Act and rule 17d-1 under the Act, that
the relief requested by New Mountain Capital, L.L.C., et al. (File No. 812-15739) is granted,
effective immediately, subject to the conditions contained in the application, as amended.
For the Commission, by the Division of Investment Management, under delegated authority.
Sherry R. Haywood,
Assistant Secretary.
