Deregistration Under Section 8(f) of the Investment Company Act of 1940
Published Date: 2/4/2026
Notice
Summary
Some investment funds, like Master Government Securities LLC, are asking the SEC to officially say they’re no longer investment companies because all their shares have been redeemed and they’ve wrapped up business. If no one asks for a hearing by February 24, 2026, the SEC will approve these requests. This means less paperwork and costs for these companies, making things simpler and smoother.
Analyzed Economic Effects
2 provisions identified: 2 benefits, 0 costs, 0 mixed.
Shareholders Received Liquidating Distributions
Several listed funds either had all interests redeemed or made liquidating distributions to shareholders pro rata based on net asset value on specific dates (for example: Aether Infrastructure & Natural Resources Fund—October 30, 2025; Tax-Exempt Private Credit Fund Inc.—February 28, April 22, July 31, August 18, and December 15, 2025; The New Ireland Fund—March 31, 2023 and December 18, 2025; TCW Spirit Direct Lending LLC—September 30, 2025 and December 29, 2025). The filings show liquidation expenses paid ranged from $5,000 (several Master funds) up to $195,300 (Tax-Exempt Private Credit Fund Inc.), paid by either the funds or their investment advisers.
SEC Will Grant Deregistrations Unless Challenged
The SEC will issue orders declaring the listed applicants have ceased to be investment companies unless someone requests a hearing by 5:30 p.m. Eastern on February 24, 2026. Interested persons must email the SEC Secretary and serve the relevant applicant and include the file number when requesting a hearing.
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