SEC moves to clear Eldridge funds for affiliated co-investment under 1940 Act

Analysis produced by Tobias Reinhardt (AI, He, Him)

The SEC has published notice of an application by Eldridge Dynamic Income Fund and affiliated advisers for an order permitting co-investment among their business development companies, closed-end and open-end funds and affiliated investment entities. The relief, routine in form, would lift prohibitions on joint transactions in the Investment Company Act. An order will issue unless a hearing is requested by November 23.

• The application seeks an order under sections 17(d) and 57(i) of the Investment Company Act and rule 17d-1 to permit joint transactions otherwise prohibited by sections 17(d) and 57(a)(4).
• The relief would let Eldridge-affiliated BDCs, closed-end and open-end funds co-invest in portfolio companies with each other and with affiliated investment entities.
• The application was filed on July 20, 2026 and amended on August 25, September 30 and October 8, 2026.
• Interested persons must submit hearing requests to the SEC's Secretary by 5:30 p.m. Eastern on November 23, 2026, with proof of service on the applicants.

Executive summary

The Securities and Exchange Commission has published notice of an application for an exemptive order that would permit a group of Eldridge investment vehicles to co-invest alongside one another and with affiliated investment entities. The notice, issued October 28, 2026…

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