# 2026-12180: SBIC Seeks Waiver for Investment Conflict of Interest

2026-12180, LNC Partners III-SBIC, L.P.; Notice Seeking Exemption Under Section 312 of the Small Business Investment Act, Conflicts of Interest, is a Federal Register notice from Small Business Administration published 2026-06-17, effective 2026-06-17; PRIA reads it as touching household money (as of 2026-06-24).

- Canonical: https://policyrisk.com/federal-register/2026-12180
- As of: 2026-06-24
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2026-12180
- Title: LNC Partners III-SBIC, L.P.; Notice Seeking Exemption Under Section 312 of the Small Business Investment Act, Conflicts of Interest
- Type: Notice
- Agencies: Small Business Administration
- Citation: 91 FR 36645
- Published: 2026-06-17
- Effective: 2026-06-17
- Comments close: not stated
- Significant: no
- Touches household money: yes
- Regulation identifier numbers: none
- Last updated: 2026-06-24

## In one line

SBIC Seeks Waiver for Investment Conflict of Interest

## Summary

LNC Partners III-SBIC, L.P. wants to give money to West Physics Consulting, but some related funds already own a big part of that company, which creates a conflict of interest. They’re asking for a special okay to make this deal happen and are inviting people to share their thoughts within 15 days. This move could help West Physics grow while keeping everything fair and transparent.

## Effects PRIA read

- SBIC proposes financing for West Physics: benefit, low. LNC Partners III-SBIC, L.P. proposes to provide financing to West Physics Consulting, LLC to support the company's growth. The proposal is announced in this notice (Federal Register, June 17, 2026).
- Transaction flagged as conflict of interest: mixed, low. The financing falls under 13 CFR 107.730(a) because LNC Partners I Continuation Fund L.P. and LNC Partners I Continuation Fund-A L.P. are Associates and own more than ten percent of West Physics Consulting, LLC. LNC Partners III-SBIC has sought an exemption under Section 312 of the Small Business I…
- 15-day public comment window: benefit, low. Any interested person may submit written comments on the transaction to the Associate Administrator, Office of Investment and Innovation, U.S. Small Business Administration at 409 Third Street SW, Washington, DC 20416 within fifteen days of the date of this publication (June 17, 2026).

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## Sources
- [2026-12180 on federalregister.gov](https://www.federalregister.gov/documents/2026/06/17/2026-12180/lnc-partners-iii-sbic-lp-notice-seeking-exemption-under-section-312-of-the-small-business-investment)
- [2026-12180 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2026-06-17/pdf/2026-12180.pdf)

## Related
- [Previous: 2026-12179, Notice of Receipt of Complaint; Solicitation of Comments Relating to the Public…](https://policyrisk.com/federal-register/2026-12179)
- [Next: 2026-12184, Combined Notice of Filings #1](https://policyrisk.com/federal-register/2026-12184)
- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2026-12180 (as of 2026-06-24).