Company: NMFCZ
Filing Date: 2025-04-01
Form Type: 40-APP
Source: 0001104659-25-030582
Chunk: 10

Company: New Mountain Finance Corp
Filing Date: 2025-04-01
Form: 40-APP
Chunk 10
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 57(i) provides that, until the SEC prescribes
rules under Section 57(a), the SEC’s rules under Section 17(d) applicable to registered closed-end investment
companies will be deemed to apply to persons subject to the prohibitions of Section 57(a). Because the SEC has not adopted any rules under
Section 57(a), Rule 17d-1 applies to persons subject to the prohibitions of Section 57(a).

Rule 17d-1(b) provides, in relevant
part, that in passing upon applications under the rule, the Commission will consider whether the participation of a registered investment
company in a joint enterprise, joint arrangement or profit-sharing plan on the basis proposed is consistent with the provisions, policies
and purposes of the 1940 Act and the extent to which such participation is on a basis different from or less advantageous than that of
other participants.

B. Need for Relief

Each Regulated Fund may be deemed to be an affiliated
person of each other Regulated Fund within the meaning of Section 2(a)(3) if it is deemed to be under common control because
an Adviser is or will be either the investment adviser or sub-adviser to each Regulated Fund. Section 17(d) and Section 57(b) apply
to any investment adviser to an open- or closed-end fund or a business development company, respectively, including a sub-adviser. Thus,
an Adviser and any Affiliated Entities that it advises could be deemed to be persons related to Regulated Funds in a manner described
by Sections 17(d) and 57(b). The Existing Advisers are each indirect subsidiaries of New Mountain Capital Group, L.P., are under
common control, and are thus affiliated persons of each other. Accordingly, with respect to the Existing Advisers and any other Advisers
that are deemed to be affiliated persons of each other, Affiliated Entities advised by any of them could be deemed to be persons related
to Regulated Funds (or a company controlled by a Regulated Fund) in a manner described by Sections 17(d) and 57(b). In addition,
any entities or accounts controlled by or under common control with the Existing Advisers, and/or any other Advisers that are deemed
to be affiliated persons of each other that may, from time to time, hold various financial assets in a principal capacity, could be deemed
to be persons related to Regulated Funds (or a company controlled by a Regulated Fund) in