Exemptive Order Application for BDC and Closed-End Fund Co-Investment

Regs.gov: Securities and Exchange Commission

Published March 25th, 2026

Detected March 31st, 2026

Summary

SEC published notice of an application by Lord Abbett Private Credit Fund and 18 affiliated entities requesting an exemptive order under sections 17(d) and 57(i) of the Investment Company Act of 1940. The application seeks permission for certain business development companies (BDCs) and closed-end management investment companies to co-invest in portfolio companies with each other and affiliated entities. Interested persons have until April 21, 2026 to request a hearing on the application.

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What changed

The SEC published notice of an application filed by Lord Abbett Private Credit Fund and related entities requesting an order to permit BDCs and closed-end management investment companies to co-invest in portfolio companies with affiliated entities, which would otherwise be prohibited under sections 17(d) and 57(a)(4) of the Investment Company Act. The application was filed May 28, 2025, and amended four times through February 5, 2026, with SEC file number SEC-2026-1919-0001.\n\nInterested persons who wish to oppose the application or request a hearing must submit requests to the SEC Secretary by 5:30 p.m. Eastern time on April 21, 2026, including proof of service on the Applicants. If no hearing is ordered, the SEC will issue the exemptive relief as requested. Third-party investors and competitors in the private credit space should review the co-investment arrangement for potential market impacts.

What to do next

Submit hearing requests to SEC Secretary at Secretarys-Office@sec.gov by April 21, 2026 if opposing the application
Serve Applicants with copy of hearing request including file number SEC-2026-1919-0001
Include proof of service in form of affidavit or certificate of service with hearing requests

Source document (simplified)

Content

March 25, 2026.

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:

Lord Abbett Private Credit Fund; Lord Abbett Private Credit Fund S; Lord, Abbett & Co. LLC; Lord Abbett Private Credit Advisor
LLC; SBLA Private Credit LLC; SBLA Private Credit II LLC; Lord Abbett Flexible Income Fund; Lord Abbett FIF Advisor LLC; Lord
Abbett Credit Opportunities Fund; Lord Abbett Municipal Opportunities Fund; Lord Abbett Corporate Opportunities Fund; Lord
Abbett Institutional Bank Loan Trust; Lord Abbett Short Duration Credit Trust; Lord Abbett Institutional Core Plus Total Return
Trust; Lord Abbett Institutional Core Fixed Income Trust; Lord Abbett Committed Capital Management—Custom Liquidity Credit
Trust; and Lord Abbett Institutional High Yield Trust.

FILING DATES:

The application was filed on May 28, 2025, and amended on September 29, 2025, December 17, 2025, and February 5, 2026.

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@sec.gov and serving the Applicants with a copy of the request by email, if an email address is listed for the relevant Applicant below,
or personally or by mail, if a physical address is listed for the relevant Applicant below. The email should include the file
number referenced above. Hearing requests should be received by the Commission by 5:30 p.m., Eastern time, on April 21, 2026,
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@sec.gov.

ADDRESSES:

The Commission: Secretarys-Office@sec.gov. Applicants: Randolph A. Stuzin, 30 Hudson Street, Jersey City, New Jersey 07302-4804, with copies to Richard Horowitz, Esq.,
William J. Bielefeld, Cynthia R. Beyea, and Matthew Barsamian, Dechert LLP, at richard.horowitz@dechert.com, william.bielefeld@dechert.com, cynthia.beyea@dechert.com, and matthew.barsamian@dechert.com, respectively.

FOR FURTHER INFORMATION CONTACT:

Kieran G. Brown, Senior Counsel, or Thomas Ahmadifar, Branch Chief, 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 and restated application,
filed February 5, 2026, 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 https://www.sec.gov/search-filings. 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. [FR Doc. 2026-06022 Filed 3-27-26; 8:45 am] BILLING CODE 8011-01-P