Company: GAINI
Filing Date: 2025-08-12
Form Type: 40-APP/A
Source: 0001193125-25-178985
Chunk: 7

Company: GLADSTONE INVESTMENT CORPORATION\DE
Filing Date: 2025-08-12
Form: 40-APP/A
Chunk 7
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 (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 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.

| 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., FS Credit Opportunities Corp., et al. (File No. 812-15706), Release No. IC-35520                                                                                                                                                     
 (April 3, 2025) (notice), Release No. IC-35561 (April 29, 2025) (order); Sixth Street Specialty Lending, Inc. et al. (File No. 812-15729), Release No. IC-35531 (April 10, 2025) (notice), Release No. IC-35570 (May 6, 2025) (order); Blue Owl 
 Capital Corporation, et al. (File No. 812-15715), Release No. IC-35530 (April 9, 2025) (notice), Release No. IC-35573 (May 6, 2025) (order); BlackRock Growth Equity Fund LP, et al. (File No. 812-15712), Release No. IC-35525 (April 8,       
 2025) (notice), Release No. IC-35572 (May 6,