The deal would reportedly shift the vehicle's assets into a closed-end structure and trigger a delisting.
The oversubscribed vehicle's strategy is complemented by co-investments in privately held companies and secondary transactions.
The vehicle, which has yet to announce a formal close, had previously disclosed a $30 million offering target.
The SEC application follows similar relief granted to ARK Venture Fund last month and could give investors additional liquidity outside scheduled repurchase offers.
The potential deal is reportedly comprised mostly of LP stakes in Asian private equity funds, including vehicles managed by EQT, TPG Asia, and KKR.
The CV would reportedly acquire ByteDance and Ant Group stakes at a roughly 30% discount to their combined $1.5 billion NAV.
