Statement Summary
The SEC has issued a notice regarding an application from Adams Street Private Equity Navigator Fund LLC and affiliated entities, seeking an order under the Investment Company Act to permit joint transactions among certain business development companies (BDCs) and closed-end management investment companies. This would allow them to co-invest in portfolio companies, circumventing restrictions imposed by the Act. The application proposes streamlined conditions compared to prior orders. The initial application was filed on September 23, 2024, with subsequent amendments, and interested parties can request a hearing by May 23, 2025. Further details, including the legal analysis and conditions, can be accessed through the SEC’s website.
Original Statement
SECURITIES AND EXCHANGE COMMISSION
Investment Company Act Release No. 35560; File No. 812-15634
Adams Street Private Equity Navigator Fund LLC, et al.
April 28, 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. The requested order includes streamlined terms and conditions as compared to past comparable orders.
Applicants: Adams Street Private Equity Navigator Fund LLC, Adams Street Advisors, LLC, Adams Street Partners, LLC, Adams Street Credit Advisors LP, ASP PC Holdings LLC, and certain of their affiliated entities as described in Schedule A to the application.
Filing Dates: The application was filed on September 23, 2024, and amended on January 16, 2025, April 16, 2025, and April 24, 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 and serving the Applicants with a copy of the request. Hearing requests should be received by the Commission by 5:30 p.m. on May 23, 2025, and should be accompanied by proof of service on the Applicants, including the nature of the writer’s interest and the reasons for the request.
Persons who wish to be notified of a hearing may request notification by e-mailing the Commission’s Secretary.
Addresses
The Commission: Secretarys-Office
Applicants: Eric R. Mansell, Adams Street Partners, LLC, emansell; Nicole M. Runyan, nicole.runyan; Brad A. Green, brad.green; Scott A. Moehrke, scott.moehrke; Nicholas A. Hemmingsen, nicholas.hemmingsen
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’ third amended application, dated April 24, 2025, which may be obtained via the Commission’s website.
