DPP Investors 2025 LP and DLA Piper LLP (US)

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<title>Federal Register, Volume 91 Issue 195 (Friday, October 9, 2026)</title>
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[Federal Register Volume 91, Number 195 (Friday, October 9, 2026)]
[Notices]
[Page 64713]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-20772]


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SECURITIES AND EXCHANGE COMMISSION

[Investment Company Act Release No. 36356; File No. 813-00421]


DPP Investors 2025 LP and DLA Piper LLP (US)

October 7, 2026.
AGENCY: Securities and Exchange Commission (``Commission'' or ``SEC'').

ACTION: Notice.

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    Notice of application for an order (``Order'') under sections 6(b) 
and 6(e) of the Investment Company Act of 1940 (the ``Act'') granting 
an exemption from all provisions of the Act, except sections 9, 17, 30, 
and 36 through 53, and the rules and regulations under the Act (the 
``Rules and Regulations''). With respect to sections 17(a), (d), (f), 
(g), and (j) of the Act, sections 30(a), (b), (e), and (h) of the Act 
and the Rules and Regulations and rule 38a-1 under the Act, Applicants 
request a limited exemption as set forth in the application.

SUMMARY OF APPLICATION:  Applicants request an order to exempt certain 
limited liability companies, partnerships, trusts, corporations or 
other entities (``Investment Funds'') formed for the benefit of 
eligible employees of DLA Piper LLP (US) and its affiliates from 
certain provisions of the Act. Each Investment Fund will be an 
``employees' securities company'' within the meaning of section 
2(a)(13) of the Act.

APPLICANTS:  DPP Investors 2025 LP and DLA Piper LLP (US).

FILING DATES:  The application was filed on February 28, 2025, and 
amended on February 26, 2026 and September 30, 2026.

HEARING OR NOTIFICATION OF HEARING:  An order granting the requested 
relief will be issued unless the Commission orders a hearing. 
Interested persons may request a hearing on any application by emailing 
the SEC's Secretary at <a href="/cdn-cgi/l/email-protection#0350666071667762717a702e4c65656a6066437066602d646c75"><span class="__cf_email__" data-cfemail="d784b2b4a5b2a3b6a5aea4fa98b1b1beb4b297a4b2b4f9b0b8a1">[email&#160;protected]</span></a> and serving Applicants 
with a copy of the request by email, if an email address is listed for 
the relevant Applicant below, or personally or by mail, if a physical 
address is listed for the relevant Applicant below. The email should 
include the file number referenced above. Hearing requests should be 
received by the Commission by 5:30 p.m., Eastern time, on November 2, 
2026, and should be accompanied by proof of service on Applicant, in 
the form of an affidavit or, for lawyers, a certificate of service. 
Pursuant to rule 0-5 under the Act, hearing requests should state the 
nature of the writer's interest, any facts bearing upon the 
desirability of a hearing on the matter, the reason for the request, 
and the issues contested. Persons who wish to be notified of a hearing 
may request notification by emailing the Commission's Secretary.

ADDRESSES: The Commission: <a href="/cdn-cgi/l/email-protection#194a7c7a6b7c6d786b606a34567f7f707a7c596a7c7a377e766f"><span class="__cf_email__" data-cfemail="f5a6909687908194878c86d8ba93939c9690b5869096db929a83">[email&#160;protected]</span></a>. Applicant: Rita 
Patel, <a href="/cdn-cgi/l/email-protection#e6b48f9287c8b68792838aa6828a87968f968394c885898b"><span class="__cf_email__" data-cfemail="b9ebd0cdd897e9d8cddcd5f9ddd5d8c9d0c9dccb97dad6d4">[email&#160;protected]</span></a>, and Bradley E. Phipps, 
<a href="/cdn-cgi/l/email-protection#f6b48497929a938fd8a69e9f868685b6929a97869f869384d895999b"><span class="__cf_email__" data-cfemail="56142437323a332f78063e3f26262516323a37263f2633247835393b">[email&#160;protected]</span></a>, DLA Piper LLP (US).

FOR FURTHER INFORMATION CONTACT: Stephan N. Packs, Senior Counsel, or 
Matthew Cook, Branch Chief, at (202) 551-6720 or <a href="/cdn-cgi/l/email-protection#622b2f2d2121221107014c050d14"><span class="__cf_email__" data-cfemail="9ad3d7d5d9d9dae9fff9b4fdf5ec">[email&#160;protected]</span></a> 
(Division of Investment Management, Chief Counsel's Office).

SUPPLEMENTARY INFORMATION: For Applicants' representations, legal 
analysis, and conditions, please refer to Applicants' second amended 
application, dated September 30, 2026, which may be obtained via the 
Commission's website by searching for the file number at the top of 
this document, or for Applicants using the Company name search field, 
on the SEC's EDGAR system. The SEC's EDGAR system may be searched at 
<a href="https://www.sec.gov/search-filings">https://www.sec.gov/search-filings</a>. You may also call the SEC's Office 
of Investor Education and Assistance at (202) 551-8090.

    For the Commission, by the Division of Investment Management, 
under delegated authority.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-20772 Filed 10-8-26; 8:45 am]
BILLING CODE 8011-01-P


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