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First Capital’s BDC Appoints Chairman as Acting CFO

The board of First Capital Investment Corporation, a publicly registered non-traded business development company, has appointed Suneet Singal, the chairman of the board, to serve as acting chief financial officer, treasurer and secretary of the company. The term will end when the company files its quarterly report for the first quarter of 2017.

In March 2017, First Capital Real Estate Investments, a real estate investment company and sponsor of non-traded direct investment programs, acquired Freedom Capital Investment Management in exchange for a secured promissory note that is payable over time.

Freedom Capital changed its name to First Capital Investment Corporation, and in February, the company broke escrow and commenced operations. Democracy Funding LLC, the offering’s dealer manager, was also sold to First Capital.

The company notified the Securities and Exchange Commission last month indicating it could not complete its quarterly filing on time due to these first quarter transactions.

As recently reported by The DI Wire, the company’s third-party chief financial officer and chief compliance officer terminated their respective agreements and resigned from the company. Robert Amweg, the chief financial officer, secretary and treasurer, resigned effective May 19th; and Perpetua Seidenberg, the chief compliance officer, will resign 60 days from May 19th on July 18th.

First Capital Investment Corporation is a $500 million offering that seeks to invests in private U.S. small- and middle-market companies. The company currently has one unsecured $1.5 million loan and has raised approximately $6.1 million in investor equity.

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