Company: CGABL
Filing Date: 2025-07-29
Form Type: 40-6B/A
Source: 0001193125-25-168066
Chunk: 22

Company: Carlyle Group Inc.
Filing Date: 2025-07-29
Form: 40-6B/A
Chunk 22
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 not prohibited by the applicable governing documents. To the extent any of the transactions described under the request for exemption from Section 17(d) (and Rule 17d-1)would come within the purview of Section 17(a), such transactions are incorporated hereunder and an exemption from such section is also requested. 10

The requested relief will not extend to any transactions between a Fund and an Unaffiliated Subadviser or an affiliated person of an Unaffiliated Subadviser or between a Fund and any person who is not an employee, officer or director of Carlyle or is an entity outside of Carlyle and is an affiliated person of the Fund as defined in Section 2(a)(3)(E) of the 1940 Act (an “ Advisory Person”) or any affiliated person of such a person. The Applicants submit that the exemption it seeks from Section 17(a) of the 1940 Act will be consistent with the purposes of the Funds and the protection of investors. Investors will be informed in a Fund’s informational memorandum or governing documents of the possible extent of the Fund’s dealings with Carlyle and of the potential conflicts of interest that may exist. As professionals engaged in financial services businesses, the Investors will be able to evaluate the risks associated with those dealings. The Applicants assert that, moreover, the community of interest among the Investors and Carlyle will serve to reduce the risk of abuse in transactions involving Carlyle. The considerations described above will protect each Fund and limit the possibilities of conflict of interest and abuse of the type that Section 17(a) was designed to prevent. Consistent with the foregoing, the Funds agree to abide by the conditions set forth below to the relief requested from Section 17(a). In addition, Carlyle, on behalf of the Funds, represents that any transactions otherwise subject to Section 17(a) of the 1940 Act, for which exemptive relief has not been requested, would require approval of the Commission.

| 2. | Section 17(d) and Rule 17d-1 |

Section 17(d) of the 1940 Act and Rule 17d-1thereunder prohibit any affiliated person or principal underwriter of a registered investment company, or any affiliated person of such person or principal underwriter, acting as principal, from participating in any joint arrangement with the investment company unless authorized by the Commission. The Applicants request relief to permit affiliated persons of the Funds (including without limitation the General Partner, the Investment Adviser, Carlyle, or