Company: GAINI
Filing Date: 2025-05-20
Form Type: 40-APP
Source: 0001193125-25-123227
Chunk: 13

Company: GLADSTONE INVESTMENT CORPORATION\DE
Filing Date: 2025-05-20
Form: 40-APP
Chunk 13
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 Adviser) will adopt and implement Co-Investment Policiesthat are reasonably designed to ensure that (i) opportunities to participate in Co-Investment Transactionsare 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 Policieswill require an Adviser to make an independent determination of the appropriateness of a Co-Investment Transactionand 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”). 20Similar to the Existing Orders, the Conditions described herein are designed to mitigate the possibility

| 19 | If a Regulated Fund enters into a transaction that would be                                                                                                                                          
 a Co-Investment Transaction pursuant to this Order in reliance on another exemptive order instead of this Order, the information presented to the Board and records maintained by the Regulated Fund 
 will expressly indicate the order relied upon by the Regulated Fund to enter into such transaction.                                                                                                  |

| 20 | 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 Fund, et al. (File No. 812-15461), Release                                                                       
 No. IC-34963 (July 24, 2023) (notice), Release No. IC-34987 (August 21, 2023) (order); K