Privacore funds seek SEC approval for co-investment transactions

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Dan Blystone

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Privacore funds seek SEC approval for co-investment transactions — Privacore seeks SEC nod

The U.S. Securities and Exchange Commission has published a notice on an application that would allow Privacore-linked funds and affiliated entities to participate in certain joint investment transactions. The relief, if granted, would let specified business development companies and closed-end management investment companies co-invest in portfolio companies with each other and with affiliated investment vehicles.

Highlights

Privacore PCAAM Alternative Growth Fund and affiliated entities filed for SEC exemption under sections 17(d) and 57(i) to permit otherwise restricted co-investment transactions.
The SEC will grant the requested relief unless a hearing is requested by June 29, 2026 at 5:30 p.m. Eastern time, following procedural requirements.
The application, amended most recently on March 25, 2026, may enable private credit and alternative managers to broaden affiliated fund co-investment structures.

Application scope and review timeline

As stated in a notice from the Securities and Exchange Commission, the application concerns an order under sections 17(d) and 57(i) of the Investment Company Act of 1940 and rule 17d-1, which would permit transactions otherwise restricted under the Act. The applicants are Privacore PCAAM Alternative Growth Fund, Privacore PCAAM Alternative Income Fund, Partners Capital Investment Group, LLP, and certain affiliated entities listed in Schedule A to the application.

The filing was submitted on May 8, 2025, and later amended on July 21, 2025, and March 25, 2026. The Commission says it will issue an order granting the requested relief unless it decides to call a hearing on the matter.

Hearing process and sector implications

Interested parties may request a hearing by emailing the SEC Secretary and serving the applicants with a copy of the request, using email or physical delivery where applicable. Requests must be received by 5:30 p.m. Eastern time on June 29, 2026, and must include the file number as well as proof of service.

Any hearing request must also set out the requester’s interest in the matter, the reasons for seeking a hearing, relevant supporting facts, and the issues being contested under rule 0-5 of the Act. For private credit and alternative investment managers, the notice is part of the regulatory process that can expand how affiliated funds structure co-investment opportunities across portfolio companies.

Our earlier report on OneMain Financial Issuance Trust 2026-1 covered the company’s move to issue a $500 million consumer loan asset-backed securities deal built around a revolving collateral structure. We outlined the four-note-class setup, key credit support features such as overcollateralization and a reserve account, and noted that the transaction represents OneMain’s first consumer-loan ABS securitization of 2026.

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