SEC Issues Notice on Willow Tree Capital Group
Published Date: 11/24/2025
Notice
Summary
Willow Tree Capital and its partners want permission to team up and invest together in certain companies, which they couldn’t do before. This change affects their business development companies and investment funds, letting them share opportunities and risks. If no one asks for a hearing by December 15, 2025, the SEC will likely approve this move, potentially boosting their investment power.
Analyzed Economic Effects
2 provisions identified: 2 benefits, 0 costs, 0 mixed.
Permission for BDCs to Co‑Invest
Willow Tree Capital and certain affiliated business development companies (BDCs) and closed-end management investment companies asked the SEC for an order to permit them to co-invest in portfolio companies with each other and with certain affiliated investment entities. The application requests relief from sections 17(d) and 57(a)(4) of the Investment Company Act of 1940 and rule 17d-1 to allow these joint transactions that would otherwise be prohibited.
Likely SEC Approval Unless Hearing Requested
The SEC stated that an order granting the requested relief will be issued unless the Commission orders a hearing. Interested persons must request a hearing and serve the applicants by 5:30 p.m. on December 15, 2025; if no hearing is requested by that deadline, the requested relief will likely be granted.
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