# EDGAR Filing Document

**Accession Number:** 0001809051
**File Stem:** 0001213900-23-014297
**Filing Date:** 2023-2
**Character Count:** 11361
**Document Hash:** b929d7d0b301cfad82a7648cda22f694
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-23-014297.hdr.sgml**: 20230224

**ACCESSION NUMBER**: 0001213900-23-014297

**CONFORMED SUBMISSION TYPE**: N-8F

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20230224

**DATE AS OF CHANGE**: 20230224

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Zell Capital
- **CENTRAL INDEX KEY:** 0001809051
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-8F
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23563
- **FILM NUMBER:** 23666510

**BUSINESS ADDRESS:**
- **STREET 1:** 175 S. THIRD
- **STREET 2:** SUITE 200
- **CITY:** COLUMBUS
- **STATE:** OH
- **ZIP:** 43215
- **BUSINESS PHONE:** (937) 935-3581

**MAIL ADDRESS:**
- **STREET 1:** 175 S. THIRD
- **STREET 2:** SUITE 200
- **CITY:** COLUMBUS
- **STATE:** OH
- **ZIP:** 43215

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Form N-8F**

**Application for Deregistration of Certain Registered Investment Companies.**

I. General
Identifying Information

1. Reason
fund is applying to deregister (check *only one;* for descriptions, *see* Instruction 1 above):

☐ **Merger**

☐ **Liquidation**

**☒ Abandonment of Registration**

(Note: Abandonments of Registration answer *only* questions 1 through 15, 24 and 25 of this form and complete verification at the end of the form.)

**☐ Election of status as a Business Development Company**

(Note: Business Development Companies answer *only* questions 1 through 10 of this form and complete verification at the end of the form.)

2. Name
of fund:  **<u>Zell Capital</u>** 

3. Securities
and Exchange Commission File No.:  **<u>811-23563</u>** 

4. Is
this an initial Form N-8F or an amendment to a previously filed Form N-8F?

☒ Initial Application ☐ Amendment

5. Address
of Principal Executive Office (include No. & Street, City, State, Zip Code):

**175 S. Third, Suite 200<br> Columbus, OH 43215**

6. Name,
address, and telephone number of individual the Commission staff should contact with any questions regarding this form:

**Steven B. Boehm**

**Eversheds Sutherland (US) LLP**

**700 Sixth Street, NW**

**Washington, DC 20001**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(202) 383-0100**

7. Name,
address and telephone number of individual or entity responsible for maintenance and
preservation of fund records in accordance with rules 31a-1 and 31a-2 under the Act [17 CFR 270.31a-l, .31a-2]:

Note*: Once deregistered, a fund is still required to maintain and preserve the records described in rules 31a-l and 31a-2 for the periods specified in those rules.*

 

**Zell Capital**

**175 S. Third, Suite 200**

**Columbus, Ohio 43215**

**Phone: (888) 484-1944**

**U.S. Bank, N.A. (Custodian)**

**1555 North River Center Drive, Suite 302**

**Milwaukee, Wisconsin, 53212**

**Phone: (513) 632-4234**

**U.S. Bancorp Fund Services, LLC (Transfer Agent, Administrator, Fund Accountant)**

**d/b/a U.S. Bank Global Fund Services** 

**615 East Michigan Street**

**Milwaukee, WI 53202**

**Phone: (888) 484-1944**

**Foreside Fund Services, LLC (Distributor)**

**Attn: Legal Department**

**Three Canal Plaza**

**Suite 100**

**Portland, ME 04101**

**Phone: (866) 251-6920**

 

8. Classification
of fund (check only one):

☒ Management company;

☐ Unit investment trust; or

☐ Face-amount certificate company.

9. Subclassification
if the fund is a management company (check only one):

☐ Open-end ☒ Closed-end

10. State
law under which the fund was organized or formed (*e.g.*, Delaware, Massachusetts):  **<u>Delaware</u>** 

11. Provide
the name and address of each investment adviser of the fund (including sub-advisers) during the last five years, even if the fund's
contracts with those advisers have been terminated:

**N/A (the Fund is internally managed)**

12. Provide
the name and address of each principal underwriter of the fund during the last five years, even if the fund's contracts with those
underwriters have been terminated:

**Foreside Fund Services, LLC**

**Three Canal Plaza**

**Suite 100**

**Portland, ME 04101**

13. If
the fund is a unit investment trust ("UIT") provide:  **<u>N/A</u>** 

(a) Depositor's
name(s) and addressees):

(b) Trustee's
name(s) and address(es):

14. Is
there a UIT registered under the Act that served as a vehicle for investment in the fund (*e.g.*, an insurance company separate
account)?

☐ Yes ☒ No

If Yes, for each UIT state:

Name(s):

File No.: 811-<u> </u>

Business Address:

15. (a) Did
the fund obtain approval from the board of directors concerning the decision to engage in a Merger, Liquidation or Abandonment of Registration?

☒ Yes ☐ No

If Yes, state the date on which the board vote took place: **<u>August 18, 2022</u>**

If No, explain:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Did the fund obtain approval from the shareholders concerning the decision to engage in a Merger, Liquidation or Abandonment of Registration?

☒ Yes ☐ No

If Yes, state the date on which the shareholder vote took place: **<u>January 3, 2023</u>**

If No, explain:

II. Distributions
to Shareholders

16. Has
the fund distributed any assets to its shareholders in connection with the Merger or Liquidation?

☐ Yes ☐ No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If
 Yes, list the date(s) on which the fund made those distributions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Were
 the distributions made on the basis of net assets? ☐ Yes ☐ No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Were
 the distributions made *pro rata* based on share ownership? ☐ Yes ☐
 No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If
 No to (b) or (c) above, describe the method of distributions to shareholders. For Mergers,
 provide the exchange ratio(s) used and explain how it was calculated:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Liquidations only:* 

Were any distributions to shareholders made in kind? ☐ Yes ☐ No

If Yes, indicate the percentage of fund shares owned by affiliates, or any other affiliation of shareholders:

17. *Closed-end funds only*:

Has the fund issued senior securities? ☐ Yes ☐ No

If Yes, describe the method of calculating payments to senior securityholders and distributions to other shareholders:

18. Has
the fund distributed  ***all*** of its assets to the fund's shareholders? ☐ Yes ☐ No

If No,

&nbsp;&nbsp;&nbsp;&nbsp;(a) How
many shareholders does the fund have as of the date this form is filed?

&nbsp;&nbsp;&nbsp;&nbsp;(b) Describe
the relationship of each remaining shareholder to the fund:

19. Are
there any shareholders who have not yet received distributions in complete liquidation of their interests?

☐ Yes ☐ No

If Yes, describe briefly the plans (if any) for distributing to, or preserving the interests of, those shareholders:

III. Assets
and Liabilities

20. Does
the fund have any assets as of the date this form is filed?

*(See question 18 above)* ☐ Yes ☐ No

If Yes,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Describe
 the type and amount of each asset retained by the fund as of the date this form is filed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Why
 has the fund retained the remaining assets?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Will
 the remaining assets be invested in securities? ☐ Yes ☐ No

21. Does
the fund have any outstanding debts (other than face-amount certificates if the fund is a face-amount certificate company) or any other liabilities? ☐ Yes ☐ No

If Yes,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Describe
 the type and amount of each debt or other liability:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) How
 does the fund intend to pay these outstanding debts or other liabilities?

IV. Information
About Event(s) Leading to Request For Deregistration

22. (a) List the expenses incurred in connection with the Merger or
Liquidation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Legal
 expenses:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Accounting
 expenses:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Other
 expenses (list and identify separately):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Total
 expenses (sum of lines (i)-(iii) above):

&nbsp;&nbsp;&nbsp;&nbsp;(b) How
were those expenses allocated?

&nbsp;&nbsp;&nbsp;&nbsp;(c) Who
paid those expenses?

&nbsp;&nbsp;&nbsp;&nbsp;(d) How
did the fund pay for unamortized expenses (if any)?

23. Has
the fund previously filed an application for an order of the Commission regarding the Merger or Liquidation?

☐ Yes ☐ No

If Yes, cite the release numbers of the Commission's notice and order or, if no notice or order has been issued, the file number and date the application was filed:

V. Conclusion
of Fund Business

24. Is
the fund a party to any litigation or administrative proceeding? ☐ Yes ☒ No

If Yes, describe the nature of any litigation or proceeding and the position taken by the fund in that litigation:

25. Is
the fund now engaged, or intending to engage, in any business activities other than those necessary for winding up its affairs?

☒ Yes ☐ No

If Yes, describe the nature and extent of those activities: **The Fund intends to convert to a Delaware limited liability company after its deregistration and continue operations as a private fund in reliance on Section 3(c)(1) of the Investment Company Act of 1940, as amended (the "1940 Act"). The Fund's outstanding securities are owned by not more than 100 beneficial owners, and the Fund is not, and does not presently propose to make a public offering of its securities. The Fund has notified its beneficial owners that certain legal protections afforded to shareholders under the 1940 Act will no longer apply after the Fund's deregistration. As a private fund, the Fund will continue to pursue its investment objective to maximize the Fund's long-term total return principally by seeking capital gains on its equity investments and secondarily through ordinary income from debt and debt-like investments in venture stage companies.**

VI. Mergers
Only

26. (a) State the name of the fund surviving the Merger:

&nbsp;&nbsp;&nbsp;&nbsp;(b) State
 the Investment Company Act file number of the fund surviving the Merger: 811-

&nbsp;&nbsp;&nbsp;&nbsp;(c) If
 the merger or reorganization agreement has been filed with the Commission, state the file
 number(s), form type used and date the agreement was filed:

&nbsp;&nbsp;&nbsp;&nbsp;(d) If
 the merger or reorganization agreement has  ***not*** been filed with the Commission,
 provide a copy of the agreement as an exhibit to this form.

**VERIFICATION**

The undersigned states that (i) he has executed this Form N-8F application for an order under section 8(f) of the Investment Company Act of 1940 on behalf of Zell Capital, (ii) he is the Chief Executive Officer of Zell Capital, and (iii) all actions by shareholders, directors, and any other body necessary to authorize the undersigned to execute and file this Form N-8F application have been taken. The undersigned also states that the facts set forth in this Form N-8F application are true to the best of his knowledge, information, and belief.

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| |
|:---|
| /s/ William Zell |
| William Zell, Chief Executive Officer |
| Date: February 24, 2023 |

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