The SEC recently issued simplified co‑investment relief, which updates and streamlines the exemptive orders applicable to business development companies and closed-end funds registered under the Investment Company Act of 1940. The simplified relief set forth in a notice of proposed exemptive relief (New Relief) was issued in response to an application made by an investment firm. To assist managers with understanding and implementing the New Relief, Dechert hosted a webinar featuring partners William J. Bielefeld, Paul S. Stevens Jr. and Nadeea R. Zakaria. The expert panel provided an overview of the New Relief, reviewed key changes from prior orders and highlighted practical issues to keep in mind when navigating the new regime. This article summarizes the key takeaways from the program. For additional insights from Dechert, see “Dechert and Mergermarket 2025 PE Outlook: Ongoing Fundraising and Liquidity Challenges” (Feb. 6, 2025); and “Challenging Fundraising Outlook for PE and VC Offers Unique Opportunities for Private Credit and Emerging Managers” (May 2, 2024).