[Federal Register Volume 89, Number 90 (Wednesday, May 8, 2024)]
[Notices]
[Pages 38937-38938]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-09995]


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SECURITIES AND EXCHANGE COMMISSION

[Investment Company Act Release No. 35185; File No. 812-15450]


Crescent Capital BDC, Inc., et al.

May 2, 2024.
AGENCY: Securities and Exchange Commission (``Commission'' or ``SEC'').

ACTION: Notice.

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    Notice of application for an order under sections 17(d) and 57(i) 
of the Investment Company Act of 1940 (the ``Act'') and rule 17d-1 
under the Act to permit certain joint transactions otherwise prohibited 
by sections 17(d) and 57(a)(4) of the Act and rule 17d-1 under the Act.

Summary of Application:  Applicants request an order to amend a 
previous order granted by the Commission that permits certain business 
development companies and closed-end management investment companies to 
co-invest in portfolio companies with each other and with certain 
affiliated investment entities.

Applicants:  Crescent Capital BDC, Inc.; Crescent Private Credit Income 
Corp.; Crescent Capital Group LP; Crescent Cap Advisors, LLC; Crescent 
Direct Lending Management, LLC; Crescent SBIC Management, LLC; Crescent 
Credit Europe LLP; Crescent Direct Lending SMA Management LLC; Crescent 
Private Credit Partners Management LLC; Crescent Cap NT Advisors, LLC; 
Crescent Mezzanine Partners VI, LP; Crescent Mezzanine Partners VIB, 
LP; Crescent Mezzanine Partners VIC, LP; Crescent Capital High Income 
Fund, LP; Crescent Capital High Income Fund B, L.P.; Crescent Credit 
Europe CAA SCS; Crescent Credit Europe MM SCS; Crescent Credit 
Solutions VIII, L.P.; Crescent Credit Solutions VIIIB, SCSp; Crescent 
Credit Solutions VIIIC (Solvency II), SCSp; Crescent Credit Solutions 
VIII A-2, LP; Crescent Credit Opportunities Fund, L.P.; Crescent Credit 
Opportunities Fund (Cayman), L.P.; Crescent Credit Opportunities Fund 
AIF, SCSP; Crescent Senior Secured Floating Rate Loan Fund, LLC; 
Crescent Senior Secured Floating Rate Loan Fund (Cayman), LP; Crescent/
Kamehameha Schools Partnership, LP; NPS/Crescent Strategic Partnership, 
LP; NPS/Crescent Strategic Partnership II, LP; Crescent (TX) Direct 
Lending Fund, L.P.; Crescent Direct Lending Fund, L.P.; Crescent Direct 
Lending Levered Fund (Cayman), LP; Crescent Direct Lending Levered Fund 
(Delaware), LP; CDL Unit Trust (Ireland); CDL Investment Subsidiary II, 
LP; CDL Levered Fund II, LP; Crescent Direct Lending Fund II (Ireland), 
LP; Crescent Direct Lending Fund II (Canada), LP; Crescent Direct 
Lending Levered Fund II (Cayman), LP; Crescent Direct Lending Levered 
Fund II (Delaware), LP; Crescent Direct Lending Fund II (Delaware), LP; 
CDL Unlevered III Investment Subsidiary LP; CDL Levered III Investment 
Subsidiary LP; Crescent Direct Lending Fund III LP; Crescent Direct 
Lending Fund III (Delaware), LP; Crescent Direct Lending Fund III 
(Cayman) LP; Crescent Direct Lending Fund III (Ireland) LP; Crescent 
Direct Lending Fund III Note Feeder LP; Crescent Direct Lending Fund 
III (Canada) LP; Crescent Direct Lending Levered Fund, L.P.; Crescent 
Direct Lending Levered Fund III (Cayman), LP; Crescent Direct Lending 
Levered Fund III (Delaware), LP; Crescent Direct Lending Levered Fund 
III Note Feeder LP; Crescent Direct Lending Levered Fund III (Ireland) 
LP; Crescent Direct Lending Fund III (UK) LP; Crescent Direct Lending 
SBIC Fund, L.P.; Crescent Special Situations Fund (Investor Group), 
L.P.; Crescent European Specialty Lending Fund, L.P.; Crescent European 
Specialty Loan Fund SCS, SICAV-FIS; Crescent European Specialty Lending 
Fund (Levered) LP; Crescent European Specialty Lending Fund (Cayman-
Levered) LP; Crescent European Specialty Lending Fund (Cayman) LP; 
Crescent European Specialty Lending Fund for ERISA Plans LP; Crescent 
European Specialty Lending Fund II (Delaware) LP; Crescent European 
Specialty Lending Fund II (Levered) LP; Crescent European Specialty 
Lending Fund II (Cayman-Levered) LP; Crescent European Specialty 
Lending Fund II (Cayman-Levered EUR) LP; Crescent European Specialty 
Lending Fund II (Cayman) LP; Crescent European Specialty Loan Fund II 
SCSp; Crescent European Specialty Loan Fund II (GBP) SCSp; Crescent 
Mezzanine Partners VII (LTL), L.P.; Crescent Mezzanine Partners VII, 
L.P.; Crescent Mezzanine Partners VIIB, L.P.; Crescent Mezzanine 
Partners VIIC (LTL), L.P.; Crescent Mezzanine Partners VIIC, L.P.; 
Crescent Mezzanine Partners VII (Chengdong Co-Investment), L.P.; 
Crescent Mezzanine Partners VII (PA Co-Investment), LP; Crescent 
Mezzanine Partners VII (PA Co-Investment II), LP; Crescent Mezzanine 
Partners VII (PA Co-Investment III), LP; CPCP Levered Unitranche 
Investments LP; CPCP Unitranche Investments LP; Crescent Private Credit 
Partners LP; Crescent Private Credit Partners Levered Unitranche Fund 
(DE) LP; Crescent

[[Page 38938]]

Private Credit Partners Levered Unitranche Fund (Ireland) LP; Crescent 
Private Credit Partners Levered Unitranche Note Feeder LP; Crescent 
Private Credit Partners Unitranche Fund (DE) LP; Crescent Private 
Credit Partners Unitranche Fund TE (Cayman) LP; Crescent Private Credit 
Partners Unitranche Note Feeder LP; Crescent Private Credit Partners 
Unitranche Fund (Ireland) LP; Income Credit Strategies (Series C) LP; 
Crescent LACERS SMA Partnership, LP; Crescent Ginkgo LP, Crescent K 
Investments, L.P.; CESL-A Coinvest Fund SCSp.; Crescent CRPTF Multi-
Strat L.P.; Crescent CRPTF Private Credit L.P.; Crescent/AEGIS 
Partnership, L.P.; Crescent European Specialty Lending Fund III (GBP) 
SCSp; Crescent European Specialty Lending Fund III SCSp; Crescent 
European Specialty Lending Fund III (Cayman-Levered) LP; CRESCENT 
European Specialty Lending Fund III (Delaware) LP; and Crescent CLO 
Equity Funding II, LP.

Filing Dates:  The application was filed on April 4, 2023, and amended 
on October 25, 2023.

Hearing or Notification of Hearing:  An order granting the requested 
relief will be issued unless the Commission orders a hearing. 
Interested persons may request a hearing on any application by emailing 
the SEC's Secretary at [email protected] and serving the 
Applicants with a copy of the request by email, if an email address is 
listed for the relevant Applicant below, or personally or by mail, if a 
physical address is listed for the relevant Applicant below. Hearing 
requests should be received by the Commission by 5:30 p.m. on May 28, 
2024, and should be accompanied by proof of service on the Applicants, 
in the form of an affidavit or, for lawyers, a certificate of service. 
Pursuant to rule 0-5 under the Act, hearing requests should state the 
nature of the writer's interest, any facts bearing upon the 
desirability of a hearing on the matter, the reason for the request, 
and the issues contested. Persons who wish to be notified of a hearing 
may request notification by emailing the Commission's Secretary at 
[email protected].

ADDRESSES: The Commission: [email protected]. Applicants: 
George Hawley, Crescent Capital Group LP, at 
[email protected], with a copy to Michael Hoffman, Skadden, 
Arps, Slate, Meagher & Flom LLP, at [email protected].

FOR FURTHER INFORMATION CONTACT: Adam S. Lovell, Senior Counsel, or 
Terri Jordan, Branch Chief, at (202) 551-6825 (Division of Investment 
Management, Chief Counsel's Office).

SUPPLEMENTARY INFORMATION: For Applicants' representations, legal 
analysis, and conditions, please refer to Applicants' first amended and 
restated application, dated October 25, 2023, which may be obtained via 
the Commission's website by searching for the file number at the top of 
this document, or for an Applicant using the Company name search field, 
on the SEC's EDGAR system.
    The SEC's EDGAR system may be searched at http://www.sec.gov/edgar/searchedgar/legacy/companysearch.html. You may also call the SEC's 
Public Reference Room at (202) 551-8090.

    For the Commission, by the Division of Investment Management, 
under delegated authority.
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2024-09995 Filed 5-7-24; 8:45 am]
BILLING CODE 8011-01-P