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To embed, copy and paste the code into your website or blog: While not as robust as we once anticipated, we have seen a steady flow of financings for alternative investment funds that are registered as investment companies under the U.S. Investment Company Act of 1940 (the “Investment Company Act”). In structuring financing transactions with registered investment companies, there are a handful of issues that lenders should be aware of. Below is a brief (and, by design, over-simplified) description of a few of the more common issues that are addressed in loan documentation: Validity of the Contract: Section 47 of the Investment Company Act provides that any contract made in violation of the Investment Company Act, or whose performance involves such a violation, is unenforceable by either party, unless a court finds that under the circumstances enforcement would produce a more equitable result than non-enforcement. Due to these potentially severe consequences, it is impo ....