<SEC-DOCUMENT>0001193125-19-125693.txt : 20190530
<SEC-HEADER>0001193125-19-125693.hdr.sgml : 20190530
<ACCEPTANCE-DATETIME>20190429171407
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-19-125693
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20190429

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
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<TYPE>CORRESP
<SEQUENCE>1
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Eversheds Sutherland (US) LLP</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">700 Sixth
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<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">D: +1 202.383.0278</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">F: +1 202.637.3593</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">payamsiadatpour@</P>
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<TD VALIGN="top">April&nbsp;29, 2019</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>VIA EDGAR </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;James&nbsp;E. O&#146;Connor </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ms.&nbsp;Kathy Churko </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Investment Management </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange
Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, DC 20549 </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Re:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Fidus Investment Corporation</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Registration
Statement on Form <FONT STYLE="white-space:nowrap">N-2</FONT> (File <FONT STYLE="white-space:nowrap">No.&nbsp;333-223350)</FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Mr.&nbsp;O&#146;Connor and Ms.&nbsp;Churko: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 April&nbsp;3, 2019 and April&nbsp;15, 2019,
regarding the Company&#146;s Registration Statement on Form <FONT STYLE="white-space:nowrap">N-2</FONT> (File <FONT STYLE="white-space:nowrap">No.&nbsp;333-223350)</FONT> filed on February&nbsp;28, 2019 (the &#147;<B><I>Registration
Statement</I></B>&#148;). The Staff&#146;s comments are set forth below and are followed by the Company&#146;s responses. Where reference is made to revisions that will be made in a subsequent post-effective amendment to the Registration Statement,
such revisions will be reflected in post-effective amendment no. 3 to the Registration Statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Legal Comments </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Comment</U>: In the section &#147;About this Prospectus,&#148; please add &#147;and the rules and
regulations of the SEC&#148; after &#147;[t]o the extent required by law.&#148; </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I><U>Response:</U></I></B> The
Company advises the Staff that it will revise its disclosure in a subsequent post-effective amendment to the Registration Statement in response to the Staff&#146;s comment. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Comment</U>: In the section, &#147;Prospectus Summary &#150; Fidus Investment Corporation,&#148; please
disclose how &#147;weighted average annualized yield&#148; is calculated and that it is higher than what investors in the Fund will realize because it does not reflect not only the Fund&#146;s expenses but the sales load paid by investors as well.
Please also disclose, in this same subsection, the Fund&#146;s &#147;total return based on net asset value&#148; and &#147;total return based on market value.&#148; Please also describe briefly how these two numbers are calculated and that, while
they do reflect fund expenses, they do not reflect any sales load that may be paid by investors. See Instruction 13 and 14 to Item 4.1 of Form <FONT STYLE="white-space:nowrap">N-2.</FONT> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I><U>Response:</U></I></B> The Company advises the Staff that it will revise its disclosure in a subsequent post-effective amendment to the
Registration Statement in response to the Staff&#146;s comment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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. </P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S.&nbsp;Securities&nbsp;and&nbsp;Exchange</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Commission</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">April 29, 2019</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Comment</U>: In the risk factor &#147;All of our portfolio investments are recorded at fair value as
determined in good faith by our board of directors, and, as a result, there is uncertainty as to the value of our portfolio investments and the valuation process for certain of our portfolio holdings creates a conflict of interest,&#148; please
disclose how frequently and in what circumstances the Fund uses a third-party independent valuation firm to value each of its CLO securities held directly or indirectly through its subsidiaries. Please disclose how frequently and in what
circumstances the Fund uses a third-party independent valuation firm to value its &#147;Level&nbsp;3&#148; assets. Also please disclose whether the board receives a written report with respect to every asset of the Fund valued by third parties. If
the Fund does not use an independent valuation service, please disclose that fact and explain in the disclosure why it does not do so. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I><U>Response:</U></I></B> The Company advises the Staff that it will revise its disclosure in a subsequent post-effective amendment to the
Registration Statement in response to the Staff&#146;s comment. In addition, the Company advises the Staff on a supplemental basis that it does not have any CLO investments. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Comment</U>: Please change the last sentence in the risk factor &#147;We may not be able to pay you
distributions, our distributions may not grow over time, a portion of distributions paid to you may be a return of capital, and investors in our debt securities may not receive all of the interest income to which they are entitled,&#148; to read,
&#147;To the extent there is a return of capital, an investor gets his own invested capital returned to him or her, but reduced by the amount of the fund&#146;s fees expenses and any sales load he or she may have paid. In addition, investors will be
required to reduce their basis in our stock for U.S. federal income tax purposes.&#148; </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I><U>Response:</U></I></B>
The Company advises the Staff that it will revise its disclosure in a subsequent post-effective amendment to the Registration Statement in response to the Staff&#146;s comment. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Comment</U>: The Staff suggests that you put the risks of the Fund&#146;s investments first in the risk
disclosure section. Many of these risks are more immediate than the current first section (&#147;Risks Relating to Our Business and Structure&#148;), many of which are more general in their impact. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I><U>Response:</U></I></B> The Company respectfully advises the Staff on a supplemental basis that it believes that the current order of
its risk factor disclosure is appropriate. In that regard, the Company believes that first presenting the more general risks relating to the Company&#146;s business as a whole and then addressing more specific risks provides a presentation that is
more readable and understandable for investors. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">6.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Comment</U>: In the &#147;Price Range of Common Stock and Distributions&#148; table, show the dividends
declared in the right-hand column rather than distributions. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I><U>Response:</U></I></B> The Company advises the
Staff that it will revise its disclosure in a subsequent post-effective amendment to the Registration Statement in response to the Staff&#146;s comment. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">7.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Comment</U>: Please add the following disclosure after the first sentence of the second paragraph under the
&#147;Price Range of Common Stock and Distributions&#148; table: &#147;Our distributions may include returns of <FONT STYLE="white-space:nowrap">paid-in</FONT> capital, as well as declared dividends from earnings and profits.&#148;
</P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I><U>Response:</U></I></B> The Company advises the Staff that it will revise its disclosure in a subsequent
post-effective amendment to the Registration Statement in response to the Staff&#146;s comment. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">8.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Comment</U>: In the first paragraph on page 44, strike the word &#147;qualification&#148; and replace it
with &#147;tax treatment.&#148; </P></TD></TR></TABLE>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S.&nbsp;Securities&nbsp;and&nbsp;Exchange</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Commission</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">April 29, 2019</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I><U>Response:</U></I></B> The Company advises the Staff that it will revise its
disclosure in a subsequent post-effective amendment to the Registration Statement in response to the Staff&#146;s comment. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">9.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Comment</U>: In the &#147;Selected Consolidated Financial Data&#148; table, please also show, as line items
following &#147;weighted average annual yield,&#148; the Fund&#146;s &#147;total return based on net asset value&#148; and &#147;total return based on market value.&#148; Please also disclose by footnote how these two numbers are calculated and
that, while they reflect fund expenses, they do not reflect any sales load that may be paid by investors. See Instruction 13 and 14 to Item 4.1 of Form <FONT STYLE="white-space:nowrap">N-2.</FONT> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I><U>Response:</U></I></B> The Company advises the Staff that it will revise its disclosure in a subsequent post-effective amendment to the
Registration Statement in response to the Staff&#146;s comment. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Accounting Comments </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">10.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Comment</U>: In the table under &#147;Fees and Expenses,&#148; the figures given for the base management
fee, incentive fees and the interest payments on borrowed funds appear to be lower than expected relative to the disclosures in the Company&#146;s financial highlights and based on the statement of operations as of December&nbsp;31, 2018. Please
confirm by correspondence to us that these figures are correct or undertake to revise them. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I><U>Response:</U></I></B> The Company advises the Staff on a supplemental basis that the figures referred to in the Staff&#146;s comment
are correct. As discussed with the Staff on April&nbsp;24, 2019, the calculations relating to &#147;interest payments on borrowed funds&#148; are based on the Company&#146;s actual debt principal balances outstanding as of December&nbsp;31, 2018,
and applying the weighted average interest rate as of that date. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">11.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Comment</U>: Footnote 2 to the table under &#147;Fees and Expenses&#148; states, &#147;in the event that we
conduct an offering of any of our securities, a corresponding prospectus supplement will disclose the estimated offering expenses because they will be ultimately borne by us.&#148; Please revise this disclosure to clarify who &#147;we&#148; and
&#147;us&#148; refer to. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I><U>Response:</U></I></B> The Company advises the Staff that it will revise its disclosure
in a subsequent post-effective amendment to the Registration Statement in response to the Staff&#146;s comment. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">12.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Comment</U>: Footnote 7 to the table under &#147;Fees and Expenses&#148; states, &#147;as of
December&nbsp;31, 2018, there was no capital gains incentive fee payable (in cash), and accordingly no capital gains incentive fee amount has been included in the estimated expenses figure reflected in the table above;&#148; however, it appears that
the Company&#146;s portfolio was in a net capital gain position as of December&nbsp;31, 2018. Please revise this disclosure to include actual results. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I><U>Response</U></I></B><I>:</I> The Company advises the Staff that it will revise its disclosure in a subsequent post-effective amendment
to the Registration Statement in response to the Staff&#146;s comment. Specifically, the Company will disclose the actual capital gains incentive fee accrued by the Company for the fiscal year ended December&nbsp;31, 2018 to Footnote 7. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">13.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Comment</U>: Please provide us with support for the calculations used in the examples set forth in the
&#147;Fees and Expenses&#148; table. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I><U>Response</U></I></B><I>:</I> The Company has provided the Staff with the
requested support reflecting its calculations for the examples set forth in the Fees and Expenses table. </P>
</DIV></Center>


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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>
<TD WIDTH="39%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="36%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="21%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">


<IMG SRC="g734379g0430013927805.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">April 29, 2019</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"> Page
 4
</P></TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">14.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Comment</U>: Please confirm that the Company has conducted an analysis under Rule <FONT
STYLE="white-space:nowrap">3-09</FONT> and Rule <FONT STYLE="white-space:nowrap">4-08</FONT> under Regulation <FONT STYLE="white-space:nowrap">S-X</FONT> with respect to its control investments. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I><U>Response</U></I></B>: The Company hereby confirms to the Staff that it has undertaken an analysis of its control investments, as of
December&nbsp;31, 2018 and as of December&nbsp;31, 2017, in order to ensure that separate financial statements or summarized financial information with respect to those investments are not required. Such analysis included the three tests outlined in
<FONT STYLE="white-space:nowrap">Article&nbsp;1-02(w)&nbsp;of</FONT> Regulation <FONT STYLE="white-space:nowrap">S-X</FONT> and was performed in accordance with publicly available guidance issued by the Staff related to <FONT
STYLE="white-space:nowrap">Rules&nbsp;3-09</FONT> or <FONT STYLE="white-space:nowrap">4-08(g)&nbsp;of</FONT> Regulation <FONT STYLE="white-space:nowrap">S-X.</FONT> The Company confirms that the results of this analysis confirmed that none of its
control investments triggered the requirements of either <FONT STYLE="white-space:nowrap">Rule&nbsp;3-09</FONT> or <FONT STYLE="white-space:nowrap">4-08(g)&nbsp;of</FONT> Regulation <FONT STYLE="white-space:nowrap">S-X.</FONT> </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">15.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Comment</U>: In the notes to the financial statements, provide the applicable C corporation tax disclosures
for the taxable subsidiary. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I><U>Response</U></I></B><I>:</I> The Company advises the Staff on a supplemental basis
that, as discussed with the Staff on April&nbsp;24, 2019, the Company will review its income tax disclosures and will add any necessary additional information on a going forward basis after further consultation with the Staff. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">16.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Comment</U>: Please confirm that the Company will receive the necessary consent of its independent
registered public accounting firm before filing an amendment to the Registration Statement. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I><U>Response</U></I></B><I>:</I> The Company advises the Staff that it will obtain a consent from its independent registered public
accounting firm before filing an amendment to the Registration Statement and will file the consent as an exhibit to the Registration Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&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;* </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If you have any questions or additional comments concerning the foregoing, please contact me at (202)
<FONT STYLE="white-space:nowrap">383-0278.</FONT> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Sincerely,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Payam Siadatpour</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Payam Siadatpour</TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Edward H. Ross, Chief Executive Officer, Fidus Investment Corporation </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Shelby E. Sherard, Chief Financial Officer, Fidus Investment Corporation </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Steve B. Boehm, Eversheds Sutherland (US) LLP </P>
</DIV></Center>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
