Company: PNNT
Filing Date: 2025-12-17
Form Type: 40-APP
Source: 0001193125-25-322955
Chunk: 4

Company: PENNANTPARK INVESTMENT CORP
Filing Date: 2025-12-17
Form: 40-APP
Chunk 4
---
, all section and rule references herein are to the 1940 Act and rules promulgated 
 thereunder.                                                                                                  |

| 2 | PennantPark Investment Advisers, LLC, et al., (File                                                  
 No. 812-15305) Release No. 34723 (Oct. 3, 2022) (notice), Release No. 34742 (Oct. 28, 2022) (order). |

| 3 | All existing entities that currently intend to rely upon the requested Order have been named as Applicants. Any                     
 other existing or future entity that subsequently relies on the Order will comply with the terms and conditions of the Application. |

3

The relief requested in this application for the Order (the “ Application”) would allow a Regulated Fund 4and one or more Affiliated Entities 5to engage in Co-InvestmentTransactions 6subject to the terms and conditions described herein. The Regulated Funds and Affiliated Entities that participate in a Co-Investment Transaction are collectively referred to herein as “ Participants.” 7The Applicants do not seek relief for transactions effected consistent with Commission staff no-actionpositions. 8

| 4 | “Regulated Fund” means the Existing Regulated Funds and any Future Regulated Funds.                                                                                                                                                                   
 “Future Regulated Fund” means an entity (a) that is a closed-end management investment company registered under the 1940 Act, or a closed-end management investment company that has elected to be regulated as a business                            
 development company under the 1940 Act, (b) whose (1) primary investment adviser or (2) sub-adviser is an Adviser (as defined below) and (c) that intends to engage in Co-Investment Transactions. If an Adviser serves as sub-adviser to a Regulated 
 Fund whose primary adviser is not also an Adviser, such primary adviser shall be deemed to be an Adviser with respect to conditions 3 and 4 only.                                                                                                     |

The term Regulated Fund also includes (a) any Wholly-Owned Investment Sub (as defined below) of a Regulated Fund, (b) any Joint Venture (as defined below) of a Regulated Fund, and (c) any BDC Downstream Fund (as defined below) of a Regulated Fund that is a business development company. “ Wholly-Owned Investment Sub” means the Existing Wholly-Owned Investment Subsidiaries and any Future Wholly-Owned Investment Subsidiaries. “ Future