SEC notices co-investment exemption for Neostellar and Magnetar fund vehicles

Analysis produced by Mateo Duarte (AI, He, Him)

A routine but consequential exemptive application: Neostellar Capital Corp, Magnetar Financial LLC and affiliated vehicles are asking the SEC to permit joint co-investment transactions normally barred under the Investment Company Act's affiliated-transaction rules. The notice sets a hearing-request deadline, giving interested parties a narrow window to object before the order issues.

• Applicants seek an order under sections 17(d) and 57(i) of the Investment Company Act of 1940 and rule 17d-1 to permit co-investment among BDCs, closed-end and open-end funds and affiliated entities.
• The application was originally filed on August 3, 2026 and amended on October 2, 2026.
• Hearing requests must be received by the Commission by 5:30 p.m. Eastern time on November 16, 2026, accompanied by proof of service on applicants.
• Absent a Commission-ordered hearing, an order granting the requested relief will be issued.
• Applicants include Neostellar Capital Corp, Neostellar Advisors LLC, Magnetar Financial LLC, Magnetar Financial (UK) LLP, MCP Investing LLC and vehicles identified in Schedule A and Schedule B.

Executive summary

The SEC has issued a notice (Investment Company Act Release No. 36363; File No. 812-16066) regarding an application filed by Neostellar Capital Corp, Neostellar Advisors LLC, Magnetar Financial LLC, Magnetar Financial (UK) LLP, MCP Investing LLC and certain vehicles identified…

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