TP Flexible Income Fund Inc., a non-traded traded business development company created by the merger between Pathway Capital Opportunity Fund and Triton Pacific Investment Corporation, has changed its name to Prospect Flexible Income Fund Inc. The company also amended its dealer manager agreement with Triton Pacific Securities to increase the upfront selling commissions paid to broker-dealers and financial representatives.
According to a filing with the SEC, Prospect Flexible Income Fund’s continuous public offering includes up to $300 million shares of Class A common stock.
The amended dealer manager agreement with Triton Pacific Securities, the fund’s dealer manager, will increase upfront selling commissions from a maximum of 3.0 percent to a maximum of 6.0 percent, with a dealer manager fee of up to 3.0 percent.
Thus, the upfront sales load will increase from up to 6.0 percent to up to 9.0 percent of the offering proceeds from Class A shares sold in the offering.
The amended dealer manager agreement will become effective when the company’s registration statement is declared effective by the SEC.
Prospect Flexible Income Fund invests primarily in senior and secured credit of privately owned U.S. middle market companies. As of the first quarter of 2020, the fair value of the fund’s investments totaled $36.5 million, and as of June 2020, the fund had raised $23.8 million.