Company: NMFCZ
Filing Date: 2025-04-01
Form Type: 40-APP
Source: 0001104659-25-030582
Chunk: 16

Company: New Mountain Finance Corp
Filing Date: 2025-04-01
Form: 40-APP
Chunk 16
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 be subject
to the terms and conditions of this Application. The Conditions are designed to address the concerns underlying Sections 17(d) and
57(a)(4) and Rule 17d-l by ensuring that participation by a Regulated Fund in any Co-Investment Transaction would not be on
a basis different from or less advantageous than that of other Participants. Under Condition 5, each Adviser (and each Affiliated Entity
that is not advised by an Adviser) will adopt and implement Co-Investment Policies that are reasonably designed to ensure that (i) opportunities
to participate in Co-Investment Transactions are allocated in a manner that is fair and equitable to every Regulated Fund; and (ii) the
Adviser negotiating the Co Investment Transaction considers the interest in the Transaction of any participating Regulated Fund. The
Co-Investment Policies will require an Adviser to make an independent determination of the appropriateness of a Co-Investment Transaction
and the proposed allocation size based on each Participant’s specific investment profile and other relevant characteristics.

V. PRECEDENTS

The Commission has previously issued orders permitting
certain investment companies subject to regulation under the 1940 Act and their affiliated persons to be able to participate in Co-Investment
Transactions (the “Existing Orders”). Similar to the Existing Orders, the Conditions described
herein are designed to mitigate the possibility for overreaching and to promote fair and equitable treatment of the Regulated Funds.
Accordingly, the Applicants submit that the scope of investor protections contemplated by the Conditions are consistent with those found
in the Existing Orders.

See, e.g., Polen Credit Opportunities Fund, et al. (File No. 812-15457) Release No. IC-35183 (May 2, 2024) (notice), Release No. IC-35206 (May 28, 2024) (Order); Sound Point Meridian
Capital, Inc., et al. (File No. 812-15476-01) Release No. IC-35173 (April 19, 2024) (notice), Release No. IC-35192 (May 15, 2024)
(order); Brookfield Infrastructure Income Fund Inc., et al. (File No. 812-15415), Release No. IC-35001 (September 20, 2022) (notice),
Release No. IC-35032 (October 17, 2023) (order); T. Rowe Price OHA Select Private Credit