Company: NMFCZ
Filing Date: 2025-04-01
Form Type: 40-APP
Source: 0001104659-25-030582
Chunk: 8

Company: New Mountain Finance Corp
Filing Date: 2025-04-01
Form: 40-APP
Chunk 8
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iliated Funds are investment
funds each of whose investment adviser is an Adviser and each of which would be an investment company but for Section 3(c)(1) or
3(c)(7) of the 1940 Act. A list of the Existing Affiliated Funds and their respective investment advisers is included
on hereto.

E. The Existing Advisers

Each of the Existing Advisers was organized as
a limited liability company under the laws of the state of Delaware and is privately held. Each of the Existing Advisers is an indirect
subsidiary of New Mountain Capital Group L.P. and has registered with the Commission pursuant to Section 203 of the Advisers Act.

NMFA.NMFA serves as the investment adviser to NMFC, SLF, GIV, GIV Income, NEWCRED and certain Existing Affiliated Funds pursuant
to the terms of their respective investment advisory agreements. NMFA will review investments with respect to NMFC, SLF, GIV, GIV Income,
NEWCRED and the Existing Affiliated Funds for which it serves as investment adviser to determine whether or not each entity should invest
in a new portfolio company and, if so, to what extent.

NMC.NMC serves as the investment adviser to certain Existing Affiliated Funds pursuant to the terms of their respective investment
advisory agreements. NMC will review investments with respect to the Existing Affiliated Funds for which it serves as investment adviser
to determine whether or not each entity should invest in a new portfolio company and, if so, to what extent.

CLO Adviser. CLO Adviser serves as the investment adviser to certain of the Existing Affiliated Funds pursuant to the terms of
their respective investment advisory agreements. CLO Adviser will review investments with respect to the Existing Affiliated Funds for
which it serves as investment adviser to determine whether or not each entity should invest in a new portfolio company and, if so, to
what extent.

III. ORDER REQUESTED

The Applicants request an Order of the Commission
under Sections 17(d) and 57(i) of the 1940 Act and Rule 17d-1 thereunder to permit, subject to the terms and conditions
set forth below in this Application (the “Conditions”), each Regulated Fund to be able to participate with
one or more Affiliated Entities in Co-Investment Transactions otherwise prohibited by Sections 17(d) and 57(a)(4) of the 1940
Act and Rule 17d-