Ardian Funds Seek Okay for Tiered Fee Share Options
Published Date: 4/29/2025
Notice
Summary
Ardian Access LLC and Ardian US LLC asked the SEC for permission to offer different types of shares with varying fees and sales charges in their investment funds. This change affects investors in these funds by giving them more options and possibly different costs. If no one requests a hearing by May 19, 2025, the SEC will likely approve this soon.
Analyzed Economic Effects
2 provisions identified: 0 benefits, 1 costs, 1 mixed.
Closed‑End Funds: Multiple Share Classes
The applicants asked the SEC for permission to let certain registered closed‑end investment funds issue multiple classes of shares with different sales loads. An order granting this relief will be issued unless the SEC orders a hearing; hearing requests must be received by 5:30 p.m. on May 19, 2025.
Funds May Impose Asset‑Based Fees
The applicants requested permission to allow certain closed‑end funds to impose asset‑based distribution and/or service fees on share classes. If approved (absent a hearing by May 19, 2025), some investors could pay new ongoing fees based on assets invested in those share classes.
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