<SEC-DOCUMENT>0001193125-19-085306.txt : 20190913
<SEC-HEADER>0001193125-19-085306.hdr.sgml : 20190913
<ACCEPTANCE-DATETIME>20190325162232
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-19-085306
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20190325

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FIDUS INVESTMENT Corp
		CENTRAL INDEX KEY:			0001513363
		IRS NUMBER:				275017321
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1603 ORRINGTON AVENUE
		STREET 2:		SUITE 820
		CITY:			EVANSTON
		STATE:			IL
		ZIP:			60201
		BUSINESS PHONE:		847-859-3940

	MAIL ADDRESS:	
		STREET 1:		1603 ORRINGTON AVENUE
		STREET 2:		SUITE 820
		CITY:			EVANSTON
		STATE:			IL
		ZIP:			60201
</SEC-HEADER>
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<TYPE>CORRESP
<SEQUENCE>1
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<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Eversheds&nbsp;Sutherland&nbsp;(US)&nbsp;LLP</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">700 Sixth Street, NW, Suite 700</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Washington, DC 20001-3980</FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">D: +1 202.383.0278</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">F: +1 202 .637.3593</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">payamsiadatpour@</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">eversheds-sutherland.com</FONT></P></TD></TR>
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">March&nbsp;25,
2019</FONT></P></TD></TR>
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em; text-indent:1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>VIA EDGAR</U></B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em; text-indent:1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">James E.
O&#146;Connor</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em; text-indent:1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Senior Counsel - Disclosure Review Office</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em; text-indent:1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">U.S. Securities and Exchange Commission</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em; text-indent:1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Division of Investment Management</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em; text-indent:1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">U.S. Securities and Exchange Commission</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em; text-indent:1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">100 F Street, N.E.</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em; text-indent:1.00em"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Washington, DC 20549</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:7.50em; text-indent:-2.50em"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Re:&#8195;&#8202;Fidus Investment Corporation</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:7.50em; text-indent:-2.50em"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&#8195;&#8201;&#8201;Preliminary Proxy Statement on Form PRE 14A</FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em; text-indent:1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Dear
Mr.&nbsp;O&#146;Connor:</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2.00em; text-indent:2.00em"><FONT
STYLE="font-family:Times New Roman" SIZE="2">On behalf of Fidus Investment Corporation (the &#147;<B><I>Company</I></B>&#148;), set forth below are the Company&#146;s responses to the comments of the staff of the Division of Investment Management
(the &#147;<B><I>Staff</I></B>&#148;) of the Securities and Exchange Commission (the &#147;<B><I>SEC</I></B>&#148;) that we received on March&nbsp;17, 2019 regarding the Company&#146;s preliminary proxy statement on Form PRE 14A filed on
March&nbsp;8, 2019. The Staff&#146;s comments are set forth below and are followed by the Company&#146;s responses. Where the Company notes that it will revise its disclosure in response to the Staff&#146;s comments, such revisions will be made in
the Company&#146;s definitive proxy statement on Form DEF 14A.</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4.00em; text-indent:-2.00em"><FONT
STYLE="font-family:Times New Roman" SIZE="2">1.&#8195;&#8201;&nbsp;&nbsp;<U>Comment</U>: In the section &#147;Information About Voting - How are votes counted?&#148;, we suggest that you clarify - to prevent the inadvertent creation of broker <FONT
STYLE="white-space:nowrap">non-votes</FONT> - that, because both proposals are <FONT STYLE="white-space:nowrap">&#147;non-routine,&#148;</FONT> the only way a &#147;broker <FONT STYLE="white-space:nowrap">non-vote&#148;</FONT> could be created would
be if a shareholder provides his or her broker, bank, trust or other nominee with instructions on how to vote his or her shares with respect to one proposal but not the other. As a result, a broker <FONT STYLE="white-space:nowrap">non-vote</FONT>
would be created with respect to the uninstructed issue.</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4.00em"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B><I><U>Response:</U></I></B> The Company advises the Staff that it will revise its disclosure in accordance with the Staff&#146;s comment.</FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4.00em; text-indent:-2.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.&#8195;&#8201;&nbsp;&nbsp;<U>Comment</U>:
Please confirm by correspondence to us that all of the applicable information required by Items 22(b)(2), 22(b)(4)(i), and 22(b)(6) through (12)&nbsp;of Schedule 14A has been provided.</FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I><U>Response:</U></I></B> The Company
hereby confirms to the Staff that all of the information required by Items 22(b)(2), 22(b)(4)(i), and 22(b)(6) through (12)&nbsp;of Schedule 14A has been provided, to the extent that it is applicable.</FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4.00em; text-indent:-2.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.&#8195;&#8201;&nbsp;&nbsp;<U>Comment</U>:
Under &#147;Proposal No.&nbsp;2,&#148; please disclose, prominently, the maximum discount below NAV at which the Company may offer its shares or that there is no limit on the discount at which the Company may sell shares.</FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px; margin-left:4.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I><U>Response</U></I></B><I>:</I> The
Company advises the Staff that such disclosure is included in boldface type on page 24, in the third paragraph under the heading &#147;Proposal No.&nbsp;2.&#148;</FONT></P></TD></TR>
</TABLE> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Eversheds Sutherland (US) LLP
is part of a global legal practice, operating through various separate and distinct legal entities, under Eversheds Sutherland. For a full description of the structure and a list of offices, please visit www.eversheds-sutherland.com. </FONT></P>
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<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">U.S.&nbsp;Securities&nbsp;and&nbsp;Exchange Commission</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">March 25, 2019</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2"> Page
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<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4.00em; text-indent:-2.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.&#8195;&#8201;&nbsp;&nbsp;<U>Comment</U>: In the section &#147;Proposal No. 2 - Reasons to Offer or otherwise
Issue Common Stock Below NAV,&#148; please also state that the issuance of additional stock would enable the Company to increase its leverage.</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I><U>Response</U></I></B><I>:</I> The Company advises the Staff that it will revise its disclosure in accordance with the
Staff&#146;s comment.</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4.00em; text-indent:-2.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.&#8195;&#8201;&nbsp;&nbsp;<U>Comment</U>: In the table under &#147;Proposal No. 2 - Reasons to Offer or
otherwise Issue Common Stock Below NAV,&#148; please <FONT STYLE="white-space:nowrap">re-title</FONT> the last column &#147;Dividends Declared per Share.&#148;</FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I><U>Response</U></I></B><I>:</I> The
Company advises the Staff that it will revise its disclosure in accordance with the Staff&#146;s comment.</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4.00em; text-indent:-2.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.&#8195;&#8201;&nbsp;&nbsp;<U>Comment</U>: In the table under &#147;Proposal No. 2 - Reasons to Offer or
otherwise Issue Common Stock Below NAV,&#148; please add the words &#147;and subtracting 1&#148; to the end of footnote 2.</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I><U>Response</U></I></B><I>:</I> The Company advises the Staff that it will revise its disclosure in accordance with the
Staff&#146;s comment.</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4.00em; text-indent:-2.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.&#8195;&#8201;&nbsp;&nbsp;<U>Comment</U>: In the table under &#147;Proposal No. 2 - Reasons to Offer or
otherwise Issue Common Stock Below NAV,&#148; please disclose which of the following two formulas is being used for the calculation:</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8.00em; text-indent:-2.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;&#8195;&#8194;&#8202;((high or low closing sales price &#150; NAV) &divide; NAV)) x 100 or;
alternatively,</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8.00em; text-indent:-2.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;&#8195;&#8194;&#8202;(high or low closing sales price &divide; NAV) &#150; 1.</FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I><U>Response</U></I></B><I>:</I> The
Company advises the Staff that it will clarify its disclosure in footnote 2 to the table in accordance with the Staff&#146;s comment.</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4.00em; text-indent:-2.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.&#8195;&#8201;&nbsp;&nbsp;<U>Comment</U>: In addition to satisfaction of Sections&nbsp;23(b) and 63(2), and
Sections&nbsp;18(d), 61(a)(3), and 63(3) with respect to warrants, options, and rights, where a BDC may offer its shares below net asset value, it is the staff&#146;s position that BDCs may make multiple take-downs off a single shelf registration
statement provided that the Company&#146;s registration statement includes an undertaking to file a post-effective amendment that must be declared effective by the staff where (1)&nbsp;the cumulative dilution to net asset value per share from
offerings under the registration statement, as amended by post-effective amendment, exceeds 15% or (2)&nbsp;the BDC receives an auditor&#146;s going-concern opinion or a material adverse change occurs making the financial statements materially
misleading. In the section &#147;Proposal No. 2 - Conditions to Sales Below NAV,&#148; please provide disclosure that the Company will comply with the staff&#146;s position regarding such an undertaking.</FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I><U>Response</U></I></B><I>:</I> The
Company advises the Staff that it will revise its disclosure in accordance with the Staff&#146;s comment.</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4.00em; text-indent:-2.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">9.&#8195;&#8201;&nbsp;&nbsp;<U>Comment</U>: Please disclose in the section &#147;Proposal No.&nbsp;2 - Key
Stockholder Considerations,&#148; as well as prominently in the front of the prospectus, the maximum discount below NAV at which the Company may offer its shares or that there is no limit on the discount at which the Company may sell
shares.</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px; margin-left:4.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I><U>Response</U></I></B><I>:</I> The Company advised the Staff that such disclosure is included on page 27, in the third
paragraph in the section &#147;Proposal No.&nbsp;2 - Key Stockholder Considerations.&#148; The Company advises the Staff that it will revise its disclosure or make its existing disclosure more prominent, as applicable, in accordance with the
Staff&#146;s comment.</FONT></P></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">March&nbsp;25,&nbsp;2019</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2"> Page

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<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4.00em; text-indent:-2.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.&#8194;&#8201;&nbsp;&nbsp;<U>Comment</U>: In the section &#147;Proposal No. 2 - Examples of Dilutive Effect of
the Issuance of Shares Below NAV,&#148; we suggest that you provide two additional tables formatted like the one for existing shareholders who do not purchase any shares in the offering as follows:</FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8.00em; text-indent:-2.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;&#8195;&#8194;&#8202;Existing
stockholders who purchase a relatively small amount of shares in the offering and a relatively large amount of shares in the offering and</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8.00em; text-indent:-2.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;&#8195;&#8194;&#8202;New investors who become stockholders by purchasing shares in the offering.</FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I><U>Response</U></I></B><I>:</I> The
Company respectfully advises the Staff on a supplemental basis that in light of the fact that the current table reflects the maximum dilutive impact on shareholders and the fact that including additional tables is not a form requirement, the Company
believes that including any additional tables would not be helpful to shareholders.</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4.00em; text-indent:-2.00em"><FONT
STYLE="font-family:Times New Roman" SIZE="2">11.&#8194;&#8201;&nbsp;&nbsp;<U>Comment</U>: Following the (or each) example under the heading &#147;Dilutive Effect of the Issuance of Shares by Company XYZ Below Net Asset Value,&#148; please provide a
statement substantially similar to the following: &#147;The prospectus supplement pursuant to which any discounted offering is made will include a chart for these examples based on the actual number of shares in such offering and the actual discount
from the most recently determined net asset value per share. It is not possible to predict the level of market price decline that may occur.&#148;</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I><U>Response</U></I></B><I>:</I> The Company advises the Staff that it will revise its disclosure in accordance with the
Staff&#146;s comment.</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*</FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px" align="left"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px; margin-left:2.00em; text-indent:2.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">If you
have any questions or additional comments concerning the foregoing, please contact me at (202) <FONT STYLE="white-space:nowrap">383-0278.</FONT></FONT></P></TD></TR>
</TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Sincerely,</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Payam Siadatpour</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Payam Siadatpour</FONT></TD></TR>
</TABLE></DIV> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">cc:</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Edward H. Ross, Chief Executive Officer, Fidus Investment Corporation </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Shelby E. Sherard, Chief Financial Officer, Fidus Investment Corporation </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Steve B. Boehm, Eversheds Sutherland (US) LLP </FONT></P></TD></TR></TABLE>
</DIV></Center>

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