<SEC-DOCUMENT>0001144204-14-025454.txt : 20140617
<SEC-HEADER>0001144204-14-025454.hdr.sgml : 20140617
<ACCEPTANCE-DATETIME>20140428194142
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001144204-14-025454
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20140428

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CION Investment Corp
		CENTRAL INDEX KEY:			0001534254
		IRS NUMBER:				453058280
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		3 PARK AVENUE
		STREET 2:		36TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10016
		BUSINESS PHONE:		212 - 418 - 4700

	MAIL ADDRESS:	
		STREET 1:		3 PARK AVENUE
		STREET 2:		36TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10016

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	C&#298;ON Investment Corp
		DATE OF NAME CHANGE:	20111104
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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<P STYLE="margin: 0">&nbsp;</P>

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    <TD STYLE="width: 75%; font-size: 10pt"><img src="image_001.jpg" alt="Description: Dechert_STAlogo_BLACKsm2" style="height: 41px; width: 120px"></td>
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1095 Avenue of the Americas<br>
        New York, NY 10036</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">+1 212 698 3500 Main</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">+1 212 698 3599 Fax</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">www.dechert.com</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-top: 10pt; font-size: 10pt; text-transform: uppercase; font-weight: bold">&nbsp;</td>
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        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">Richard horowitz</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">richard.horowitz@dechert.com</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">+1 212 698 3525 Direct</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">+1 212 698 0452 Fax</P></td></tr>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April 28, 2014</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>VIA EDGAR</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United States Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Investment Management</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">100 F Street, N.E.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Washington, DC 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attn: James O&rsquo;Connor, Christina Fettig, Megan Monroe</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 5%; padding: 0; text-indent: 0">Re:</td>
    <TD STYLE="width: 90%; padding: 0; text-indent: 0">C&#298;ON Investment Corporation</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</td>
    <TD STYLE="padding: 0; text-indent: 0">Registration Statement on Form N-2</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</td>
    <TD STYLE="padding: 0; text-indent: 0">File Numbers: 333-178646, 814-00941</td></tr>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">C&#298;ON Investment Corporation, a Delaware
corporation (the &ldquo;<U>Company</U>&rdquo;), has today filed with the Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;)
Post-Effective Amendment No. 7 (&ldquo;<U>Amendment No. 7</U>&rdquo;) to its Registration Statement on Form N-2 (Registration No.
333-178646) (the &ldquo;<U>Registration Statement</U>&rdquo;). On behalf of the Company, we hereby respond to the comments raised
by the staff (the &ldquo;<U>Staff</U>&rdquo;) of the Commission in a conversation on April 9, 2014 between James O&rsquo;Connor,
Christina Fettig and Megan Monroe of the Staff, Blake Estes of ICON Investment Group, LLC (&ldquo;IIG&rdquo;), Keith Franz and
David Verlizzo of the Company, and Richard Horowitz of Dechert LLP, outside counsel to the Company. For your convenience, summaries
of the Staff&rsquo;s comments are included in this letter, and each comment is followed by the applicable response. We will also
provide courtesy copies of Amendment No. 7, as filed and marked with the changes from Amendment No. 6 of the Registration Statement.
Except as provided in this letter, terms used in this letter have the meanings given to them in Amendment No. 7.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD><B>Please consider generally whether the Company should update the qualitative and quantitative assumptions set forth in the
Fees and Expenses Table.</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Response:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">After closing its first quarter of 2014, the Company has updated
the qualitative and quantitative assumptions set forth in the Fees and Expenses Table, including, without limitation, that the
Company anticipates that it will sell an aggregate of $500 million worth of its common stock during the following twelve months,
which represents actual fund raising through April 15, 2014 and thereafter, an anticipated quarterly growth rate of approximately
25%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>2.</B></TD><TD><B>Please revise footnote 8 to the Fees and Expenses Table to clarify why there were no &ldquo;Acquired Fund Fees and Expenses&rdquo;
in respect of the Company&rsquo;s investments and whether the Company may incur such fees and expenses in the future.</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 74%; font-size: 10pt"><img src="image_001.jpg" alt="Description: Dechert_STAlogo_BLACKsm2" style="height: 41px; width: 120px"></td>
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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 19.8pt; text-indent: -19.8pt">United States Securities and
        Exchange Commission</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April 28, 2014</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 2</P></td></tr>
</table>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Response:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As requested, the Company has revised footnote 8 to the Fees
and Expenses Table.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>3.</B></TD><TD><B>Please revise the Prospectus (including footnote 3 to the Fees and Expenses Table) to clarify that the maximum amount of
organization costs and offering expenses the Company may incur is based on the actual gross proceeds raised.</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Response:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As requested, the Company has revised the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>4.</B></TD><TD><B>Please explain supplementally how the Company&rsquo;s total annual operating expense ratio dropped to 5.56% in 2014.</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Response:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company has revised the Fees and Expenses Table to reflect
a total annual operating expense ratio of 6.38% assuming average Company net assets of approximately $365.8 million during 2014,
which would result in economies of scale in respect of the Company&rsquo;s &ldquo;Other expenses.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>5.</B></TD><TD><B>Please clarify that, for purposes of the asset coverage ratio test, the Company treats as a senior security the difference
between the outstanding notional amount of the TRS and the total amount of cash collateral posted by Flatiron under the TRS.</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Response:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As requested, the Company has conformed the relevant TRS disclosure
throughout the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Finally, we note that we have revised the
disclosure in the Prospectus regarding the TRS based on conversations with Jim Curtis in the Chief Counsel&rsquo;s Office to reflect
that (i) CIM has not accrued and will not take any subordinated incentive fee on income in respect of the TRS<FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>1</SUP></FONT>
and (ii) CIM will not take any capital gains incentive fee in respect of the TRS until the TRS is terminated, at which point CIM
will determine whether there is a net realized gain (based solely on the realized gains and realized losses of all the reference
loans under the TRS) that can be included in the calculation of the annual capital gains incentive fee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"><SUP>1</SUP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
To date, the Company has not accrued or taken any amounts related to the subordinated incentive fees on income in respect of the
TRS because the Company&rsquo;s quarterly pre-incentive fee net investment income has not exceeded the quarterly hurdle rate.
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"></P>

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<tr style="vertical-align: top">
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    <td style="width: 26%; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 19.8pt; text-indent: -19.8pt">United States Securities and
        Exchange Commission</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April 28, 2014</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 3</P></td></tr>
</table>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>6.</B></TD><TD><B>The Staff has the following comments to the Company&rsquo;s consolidated financial statements and accompanying notes for
the year ended December 31, 2013. Please confirm that the Company will revise its disclosure in future filings with the Commission
based upon these comments.</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><B>a.</B></TD><TD><B>Please consider including tabular disclosure that reconciles IIG&rsquo;s and the Company&rsquo;s organization and offering
amounts.</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Response:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As requested, the Company will include tabular disclosure in
its notes to consolidated financial statements that reconciles IIG&rsquo;s and the Company&rsquo;s organization and offering amounts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><B>b.</B></TD><TD><B>On the Consolidated Statement of Investments (&ldquo;SOI&rdquo;), please disclose the specific LIBOR rates referred to therein
as of the relevant period.</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Response:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On the SOI, the Company will disclose the specific LIBOR rates
referred to therein as of the relevant period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><B>c.</B></TD><TD><B>Please consider the disclosure requirements set forth in ASC 815-10-50, chapter 7, paragraphs 55 and 56.</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Response:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company will consider, and if necessary, provide additional
disclosure in accordance with ASC 815-10-50.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><B>d.</B></TD><TD><B>In Note 1, Organization and Principal Business, please provide a reconciliation of the gross and net proceeds received in
connection with the Company&rsquo;s continuous public offering.</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Response:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As requested, the Company will provide a reconciliation of the
gross and net proceeds received in connection with its continuous public offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><B>e.</B></TD><TD><B>In Note 3, Transactions with Related Parties, please make reference to the methodology used to accrue capital gains incentive
fees in connection with the TRS that is included in Note 6, Total Return Swap.</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 74%; font-size: 10pt"><img src="image_001.jpg" alt="Description: Dechert_STAlogo_BLACKsm2" style="height: 41px; width: 120px"></td>
    <td style="width: 26%; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 19.8pt; text-indent: -19.8pt">United States Securities and
        Exchange Commission</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April 28, 2014</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 4</P></td></tr>
</table>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Response:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In Note 3, the Company will cross reference to the methodology
used to accrue capital gains incentive fees in connection with the TRS that is included in Note 6.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><B>f.</B></TD><TD><B>In Note 3, Transactions with Related Parties, please disclose the three specific conditions required in order for IIG to
seek reimbursement of previously provided expense support.</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Response:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In Note 3, the Company will disclose the three specific conditions
required in order for IIG to seek reimbursement of previously provided expense support.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><B>g.</B></TD><TD><B>In Note 6, Total Return Swap, please specify that for purposes of computing the capital gains incentive fee, realized and
unrealized gains cannot be taken until realized, which is upon the disposition of the TRS.</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Response:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In Note 6, the Company will specify that for purposes of computing
the capital gains incentive fee, realized and unrealized gains cannot be taken until realized, which is upon the disposition of
the TRS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><B>h.</B></TD><TD><B>In Note 6, Total Return Swap,</B> <B>please specify that for purposes of computing the subordinated incentive fee on income,
such incentive fee cannot be taken.</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Response:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In Note 6, the Company will specify that for purposes of computing
the subordinated incentive fee on income, such incentive fee cannot be taken.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">* * * * * * * * * *</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company hereby acknowledges that (i) it is responsible for
the adequacy and accuracy of the disclosure in its filings with the Commission, (ii) Staff comments or changes to disclosure in
response to Staff comments do not foreclose the Commission from taking any action with respect to any filing and (iii) the Company
may not assert Staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities
laws of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">* * * * * * * * * *</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If you have any questions, please feel free to contact the undersigned
by telephone at 212.698.3525 (or by email at richard.horowitz@dechert.com) or William J. Tuttle at 202.261.3352 (or by email at
william.tuttle@dechert.com). Thank you for your cooperation and attention to this matter<B>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 74%; font-size: 10pt"><img src="image_001.jpg" alt="Description: Dechert_STAlogo_BLACKsm2" style="height: 41px; width: 120px"></td>
    <td style="width: 26%; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 19.8pt; text-indent: -19.8pt">United States Securities and
        Exchange Commission</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April 28, 2014</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 5</P></td></tr>
</table>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sincerely,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><I>/s/ Richard Horowitz</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">Richard Horowitz</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding: 0; text-indent: 0">cc:</TD>
    <TD STYLE="width: 95%; padding: 0; text-indent: 0">Blake Estes, ICON Investment Group, LLC&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0; padding: 0">&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding: 0">Keith Franz, C&#298;ON Investment Corporation</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0; padding: 0">&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding: 0">William J. Tuttle, Dechert LLP</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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