Investment Company Act Exemptions for Private Funds and Syndications: 3(c)(1), 3(c)(5)(c), and 3(c)(7)

After determining whether to structure a capital raise under Rule 506(b) or 506(c) of Regulation D, issuers of private funds or syndications must next consider which exemption to use under the Investment Company Act. The Investment Company Act requires “investment companies” to register with the Securities and Exchange Commission. Registration results in additional regulatory requirements...