SEC Notice on ACAP Strategic Fund Joint Transaction Application

Regulations.gov Final Notices

Published March 23rd, 2026

Detected March 26th, 2026

Summary

The SEC has issued a notice regarding an application from ACAP Strategic Fund and affiliated entities seeking an order to permit joint transactions, specifically co-investments in portfolio companies. This notice outlines the application details and provides instructions for interested parties to request a hearing.

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What changed

The Securities and Exchange Commission (SEC) has published a notice concerning an application filed by ACAP Strategic Fund, Innovation Access Fund, SilverBay Capital Management LLC, Alkeon Capital Management, LLC, and certain affiliated entities. The applicants are requesting an order under Sections 17(d) and 57(i) of the Investment Company Act of 1940 to permit joint transactions, specifically co-investments in portfolio companies, which would otherwise be prohibited by Sections 17(d) and 57(a)(4) of the Act and Rule 17d-1. The application was filed on August 4, 2025, and amended on March 9, 2026.

This notice serves as an informational item for regulated entities, particularly business development companies (BDCs) and closed-end management investment companies. Interested parties who wish to object to the application or request a hearing must submit their requests to the SEC's Secretary by 5:30 p.m. Eastern time on April 17, 2026, and must also serve the applicants. Failure to request a hearing by this deadline may result in the issuance of the requested order without a hearing. Compliance officers should note the specific requirements for hearing requests, including the nature of interest, facts, reasons, and contested issues, as well as proof of service on the applicants.

What to do next

Submit hearing requests to SEC Secretary by April 17, 2026, with proof of service on applicants.

Source document (simplified)

Content

March 23, 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:

ACAP Strategic Fund; Innovation Access Fund; SilverBay Capital Management LLC; Alkeon Capital Management, LLC and certain
of their affiliated entities as described in Exhibit B to the Application.

FILING DATES:

The application was filed on August 4, 2025, and amended on March 9, 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. This 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 17,
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: Jennifer Shufro, SilverBay Capital Management LLC, 350 Madison Avenue, 20th Floor, New York, New York, 10017;
George M. Silfen, Esq., Alston & Bird LLP, george.silfen@alston.com.

FOR FURTHER INFORMATION CONTACT:

Stephan N. Packs, Senior Counsel, or Adam Large, Senior Special 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' first amended application, filed
March 9, 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.

Vanessa A. Countryman, Secretary. [FR Doc. 2026-05824 Filed 3-24-26; 8:45 am] BILLING CODE 8011-01-P