0000930413-15-004234.txt : 20151229 0000930413-15-004234.hdr.sgml : 20151229 20151109112840 ACCESSION NUMBER: 0000930413-15-004234 CONFORMED SUBMISSION TYPE: CORRESP PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20151109 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Ramius Archview Credit & Distressed Fund CENTRAL INDEX KEY: 0001641086 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: CORRESP BUSINESS ADDRESS: STREET 1: 599 LEXINGTON AVENUE, 19TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: 877.672.6487 MAIL ADDRESS: STREET 1: 599 LEXINGTON AVENUE, 19TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 FORMER COMPANY: FORMER CONFORMED NAME: Ramius Archview Event Credit Fund DATE OF NAME CHANGE: 20150501 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Ramius Archview Credit & Distressed Feeder Fund CENTRAL INDEX KEY: 0001641087 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: CORRESP BUSINESS ADDRESS: STREET 1: 599 LEXINGTON AVENUE, 19TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: 877.672.6487 MAIL ADDRESS: STREET 1: 599 LEXINGTON AVENUE, 19TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 FORMER COMPANY: FORMER CONFORMED NAME: Ramius Archview Event Credit Feeder Fund DATE OF NAME CHANGE: 20150501 CORRESP 1 filename1.htm
  1095 Avenue of the Americas
New York, NY 10036-6797
+1  212  698  3500  Main
+1  212  698  3599  Fax
www.dechert.com
   
 

 

RICHARD HOROWITZ

 

+1 212 698 3525  Direct

+1 212 698 0452  Fax

 

November 9, 2015

 

Elisabeth Bentzinger, Esq.

Staff Attorney

Division of Investment Management

Securities and Exchange Commission

100 F Street, N.E.

Washington, D.C. 20549-0504

 

  Re: Ramius Archview Credit and Distressed Fund
    File Nos. 333-204148 and 811-23056  
    Ramius Archview Credit and Distressed Feeder Fund
    File Nos. 333-204740 and 811-23065  

 

Dear Ms. Bentzinger:

 

On behalf of Ramius Archview Credit and Distressed Fund (the “Master Fund”) and Ramius Archview Credit and Distressed Feeder Fund (the “Feeder Fund” and, together with the Master Fund, the “Funds”), each a closed-end management investment company, electronically transmitted for filing is Pre-Effective Amendment No. 4 to the Master Fund’s registration statement on Form N-2 and Pre-Effective Amendment No. 3 to the Feeder Fund’s registration statement on Form N-2 under the Investment Company Act of 1940, as amended (the “1940 Act”). The purpose of this filing is to complete certain outstanding items in the registration statements and to respond to comments you provided telephonically to Richard Horowitz and Matthew Kerfoot of Dechert LLP on November 2, 2015 with respect to the Master Fund’s Pre-Effective Amendment No. 3 filed on Form N-2 and the Feeder Fund’s Pre-Effective Amendment No. 2 filed on Form N-2 on October 23, 2015. The Funds have considered your comments and have authorized us to make the responses and changes discussed below to the registration statements on their behalf.

 

On behalf of the Funds, set forth below are the SEC staff’s comments along with our responses to or any supplemental explanations of such comments, as requested. Capitalized terms have the meanings attributed to such terms in the pre-effective amendments.

 

  Elisabeth Bentzinger, Esq.
November 9, 2015
Page 2

 

PROSPECTUS

 

Comment 1.     On page 26 of the Feeder Fund’s prospectus, please revise the Total Annual Fund Expenses to accurately reflect these expenses.

 

Response 1.     The prospectus has been revised accordingly.

 

Comment 2.     On page 26 of the Feeder Fund’s prospectus, please conform the lead-in language to the example table to that contained in the Master Fund’s prospectus.

 

Response 2.     The prospectus has been revised accordingly.

 

Comment 3.     In each Fund’s prospectus, please revise the numbers in the example table showing the fees and expenses an investor would pay to the nearest dollar amount.

 

Response 3.     The prospectuses have been revised accordingly.

 

Comment 4.     In each Fund’s prospectus, please supplementally confirm that the numbers in the example table showing the fees and expenses an investor would pay are accurate.

 

Response 4.     The prospectuses have been revised accordingly.

 

Comment 5.     In each Fund’s prospectus, please supplementally explain how offering costs are reflected in the numbers in the fee table.

 

Response 5.     In the Master Fund’s prospectus, offering costs are included within the Other Expenses line item in the fee table. In the Feeder Fund’s prospectus, both (i) the offering costs of the Feeder Fund and (ii) the portion of the Master Fund’s offering costs expected to be borne by the Master Fund are included within the Other Expenses line item.

 

Comment 6.     On page 24 of the Master Fund’s prospectus with respect to the second footnote, please supplementally confirm that if the assumptions used to project the anticipated annual proceeds for the Fund’s first fiscal year materially change, then the Fund will sticker the prospectus accordingly.

 

Response 6.     We hereby confirm that if such assumptions materially change, then the Fund will supplement its prospectus.

 

  Elisabeth Bentzinger, Esq.
November 9, 2015
Page 3

 

Comment 7.     On page 25 of the Master Fund’s prospectus in the fourth footnote, please revise the disclosure of estimated interest payments the Fund expects to incur to reflect that such interest is in connection with short sales.

 

Response 7.     The prospectus has been revised accordingly.

 

Comment 8.     Per Item 9.1.e of Form N-2, please disclose the Funds’ dividend paying agent.

 

Response 8.     The prospectuses have been revised accordingly.

 

STATEMENT OF ADDITIONAL INFORMATION

 

Comment 9.     On page 3 of each Fund’s statement of additional information, please remove the list of scenarios in which mandatory redemptions may occur and instead disclose that the Funds may mandatorily redeem shares of investors in compliance with Rule 23c-2 under the 1940 Act.

 

Response 9.     The statements of additional information have been revised accordingly.

 

*        *        *

 

If you would like to discuss any of these responses in further detail or if you have any questions, please feel free to contact me at (212) 698-3525. Thank you.

 

Sincerely,

 

/s/ Richard Horowitz

Richard Horowitz

 

cc:        Matthew Kerfoot

 
GRAPHIC 2 x3_c82823a001.jpg GRAPHIC begin 644 x3_c82823a001.jpg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end