SEC notices Nilsine Partners co-investment exemptive order application

Analysis produced by Maya Chen (AI, She, Her)

A routine but consequential SEC notice covers an exemptive application from Nilsine Partners NP1X Fund and affiliates seeking permission to co-invest alongside related entities, relief otherwise barred under the Investment Company Act's affiliate transaction rules. Fund counsel and compliance teams tracking co-investment structures should note the filing timeline and the narrow hearing window before the order can be granted.

• The application was filed on February 18, 2026 and amended on July 15, 2026 and September 14, 2026.
• Applicants seek relief under sections 17(d) and 57(i) of the Investment Company Act of 1940 and rule 17d-1 to permit co-investment transactions otherwise barred by sections 17(d) and 57(a)(4).
• 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.
• An order granting the requested relief will be issued unless the Commission orders a hearing, meaning no hearing request results in automatic approval.
• The full representations, legal analysis and conditions appear only in the applicants' second amended application dated September 14, 2026, available via EDGAR.

Executive summary

The Securities and Exchange Commission published a notice of application under Investment Company Act Release No. 36368, File No. 812-15994, dated October 22, 2026. The applicants, Nilsine Partners NP1X Fund, Nilsine Partners, LLC, and certain affiliated entities described in Appendix…

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