Shareholders of Triton Pacific Investment Corp. Inc. on March 15 approved the company's proposed merger with investment company Pathway Capital Opportunity Fund.

As previously reported, Triton Pacific and Pathway Capital seek to merge to create TP Flexible Income Fund Inc. The fund will be managed by Prospect Flexible Income Management LLC, which is jointly owned by Triton Pacific and Prospect Capital Management LP.

A new investment advisory agreement between Triton Pacific and Prospect Flexible was also approved by Triton Pacific shareholders, to take effect once the merger closes.

Shareholders also approved the election of five director nominees — M. Grier Eliasek, Andrew Cooper, William Gremp, Eugene Stark and Craig Faggen — to serve on the board after deal closing. Eliasek is the chairman, president and CEO of Pathway Capital. Cooper, Gremp and Stark are directors of Pathway Capital. Faggen is the chairman and CEO of Triton Pacific.

A proposal to accelerate the application of a minimum asset coverage ratio of 150% to Triton Pacific also received shareholder approval. The move would allow the company to double the maximum amount of leverage it is permitted to incur.