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

Company: Carlyle Group Inc.
Filing Date: 2025-07-29
Form: 40-6B/A
Chunk 25
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17d-1thereunder, for which exemptive relief has not been requested, would require approval by the Commission.

| 3. | Section 17(e) and Rule 17e-1 |

Section 17(e) of the 1940 Act and Rule 17e-1under the 1940 Act limit the compensation an affiliated person may receive when acting as agent or broker for a registered investment company. The Applicants request an exemption from Section 17(e) to permit Carlyle (including the General Partner) that acts as an agent or broker to receive placement fees, advisory fees, brokerage fees or other compensation from a Fund in connection with the purchase or sale by the Fund of securities, provided that the fees or other compensation are deemed “usual and customary.” The Applicants state that for the purposes of the Application, fees or other compensation that are charged or received by Carlyle will be deemed “usual and customary” only if (i) the Fund is purchasing or selling securities with other unaffiliated third parties, including Third Party Funds, (ii) the fees or other compensation being charged to the Fund (directly or indirectly) are also being charged to the unaffiliated third parties, including Third Party Funds, and (iii) the amount of securities being purchased or sold by the Fund (directly or indirectly) does not exceed 50% of the total amount of securities being purchased or sold by the Fund (directly or indirectly) and the unaffiliated third parties, including Third Party Funds. The Applicants assert that, because Carlyle does not wish to appear to be favoring the Funds, compliance with Section 17(e) would prevent a Fund from participating in transactions where the Fund is being charged lower fees than unaffiliated third parties also participating in the transaction. The concerns of overreaching and abuse that Section 17(e) and Rule 17e-1were designed to prevent are alleviated by the conditions that ensure that the fees or other compensation paid by a Fund to Carlyle are those negotiated at arm’s length with unaffiliated third parties. Rule 17e-1(b)under the 1940 Act requires that a majority of directors who are not “interested persons” (as defined in Section 2(a)(19) of the 1940 Act) take actions and make approvals regarding commissions, fees, or other remuneration. Rule 17e-1(c)under the 1940 Act requires the board of directors of an investment company relying on the rule to