On April 8, 2020, the staff of the Division of Investment Management of the US Securities and Exchange Commission (Commission) issued an exemptive order (the Order) under the Investment Company Act of 1940 (1940 Act) that...more
Non-traded business development companies (BDCs) have long sought the ability to offer and sell multiple classes of shares with different pricing and expense structures. A multi-class structure facilitates the distribution of...more