[Federal Register Volume 89, Number 174 (Monday, September 9, 2024)]
[Notices]
[Pages 73134-73135]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-20241]


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SECURITIES AND EXCHANGE COMMISSION

[Investment Company Act Release No. 35313; File No. 812-15499]


Franklin BSP Capital Corporation, et al.

September 4, 2024.
AGENCY: Securities and Exchange Commission (``Commission'' or ``SEC'').

ACTION: Notice.

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    Notice of application for an order (``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 permit 
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: Franklin BSP Capital Corporation; Franklin BSP Private 
Credit Fund; 54th Street Equity Holdings, Inc.; FBLC Funding I, LLC; 
BDCA-CB Funding, LLC; FBLC 57th Street Funding LLC; BDCA SLF Funding, 
LLC; Benefit Street Partners Capital Opportunity Fund II L.P.; Benefit 
Street Partners Capital Opportunity Fund II SPV-1 LP; Benefit Street 
Partners Capital Opportunity Fund L.P.; Benefit Street Partners Capital 
Opportunity Fund SPV LLC; Benefit Street Partners Dislocation Fund 
(Cayman) L.P.; Benefit Street Partners Dislocation Fund (Cayman) Master 
L.P.; Benefit Street Partners Dislocation Fund L.P.; Benefit Street 
Partners Senior Secured Opportunities (U) Master Fund (Non-US) L.P.; 
Benefit Street Partners Senior Secured Opportunities Fund L.P.; Benefit 
Street Partners Senior Secured Opportunities Master Fund (Non-US) L.P.; 
Benefit Street Partners Debt Fund IV (Non-US) SPV L.P.; Benefit Street 
Partners Debt Fund IV 2019 Leverage (Non-US) SPV L.P.; Benefit Street 
Partners Debt Fund IV 2019 Leverage SPV L.P.; Benefit Street Partners 
Debt Fund IV L.P.; Benefit Street Partners Debt Fund IV Master (Non-US) 
L.P.; Benefit Street Partners Debt Fund IV SPV L.P.; Benefit Street 
Partners SMA LM LP; Benefit Street Partners SMA-C Co-Invest L.P.; 
Benefit Street Partners SMA-C Co-Invest L.P.--Series II; BSP Coinvest 
SMA-H LLC; BSP Debt Fund V LP; BSP Debt Fund V Master (Non-US) LP; BSP 
Debt Fund V Unlevered (Non-US) L.P.; BSP Debt Fund V Unlevered (Non-US) 
Master L.P.; BSP Debt Fund V-IA (Non-US) Master L.P.; BSP Debt Fund V-
IA (Non-US) L.P.; Benefit Street Partners SMA-C II L.P.; Benefit Street 
Partners SMA-C II SPV L.P.; Benefit Street Partners SMA-C L.P.; Benefit 
Street Partners SMA-C SPV L.P.; Benefit Street Partners SMA-K L.P.; 
Benefit Street Partners SMA-K SPV LP; Benefit Street Partners SMA-L 
L.P.; Benefit Street Partners SMA-O L.P.; Benefit Street Partners SMA-
OS L.P.; Benefit Street Partners SMA-T L.P.; Benefit Street Partners 
Special Situations Fund II (Cayman) L.P.; Benefit Street Partners 
Special Situations Fund II L.P.; BSP Coinvest SMA-N L.P.; BSP Coinvest 
Vehicle 1 LP; BSP Coinvest Vehicle 2 L.P.; BSP Coinvest Vehicle K LP; 
BSP Levered Non-US Master SOF II (Senior Secured Opportunities) Fund 
L.P.; BSP Levered US SOF II (Senior Secured Opportunities) Fund L.P.; 
BSP Senior Secured Debt Fund (Non-US) SPV-1 LP; BSP Senior Secured Debt 
Fund SPV-1 LP; BSP SMA-T 2020 SPV L.P.; BSP SOF II Cayman SPV-21 LP; 
BSP SOF II

[[Page 73135]]

SPV Cayman LP; BSP SOF II SPV LP; BSP SOF II SPV-21 LP; BSP Special 
Situations Master A L.P.; BSP Special Situations Master B L.P.; BSP 
Unlevered Lux Flagship Evergreen SCSP; BSP Unlevered Lux SOF II (Senior 
Secured Opportunities) Fund ScSP; BSP Unlevered Non-US Master SOF II 
(Senior Secured Opportunities) Fund L.P.; FBCC Lending I, LLC; Landmark 
Wall SMA L.P. ; Landmark Wall SMA SPV L.P.; Providence Debt Fund III 
(Non-US) SPV L.P.; Providence Debt Fund III L.P.; Providence Debt Fund 
III Master (Non-US) L.P.; Providence Debt Fund III SPV L.P.; BSP Credit 
Solutions Master Fund, L.P.; Benefit Street Partners L.L.C.; Franklin 
BSP Capital Adviser L.L.C.; Franklin BSP Realty Trust, Inc.; BSP Michel 
Unlevered Direct Lending Fund SCSP; BSP JPY Unlevered Senior Debt 
Evergreen Fund, L.P.; Franklin BSP Real Estate Debt BDC; Benefit Street 
Partners Real Estate Opportunistic Debt Fund L.P.; Benefit Street 
Partners Real Estate Opportunistic Debt Fund II L.P.; Franklin 
Templeton Private Real Estate Fund IIB LP; and Franklin Templeton 
Private Real Estate Fund IIIA, L.P.
    Filing Dates: The application was filed on August 21, 2023, and 
amended on December 13, 2023, April 5, 2024, April 9, 2024, June 7, 
2024, and August 6, 2024.
    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 September 
30, 2024, and should be accompanied by proof of service on 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: 
Richard J. Byrne, Benefit Street Partners L.L.C., 9 West 57th Street, 
Suite 4920, New York, NY 10019; and Rajib Chanda, Esq. and Steven 
Grigoriou, Esq., Simpson Thacher & Bartlett LLP, at 
[email protected] and [email protected], respectively.

FOR FURTHER INFORMATION CONTACT: Kieran G. Brown, Senior Counsel, or 
Terri G. 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' fifth amended and 
restated application, dated August 5, 2024, 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, 
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.
Vanessa A. Countryman,
Secretary.
[FR Doc. 2024-20241 Filed 9-6-24; 8:45 am]
BILLING CODE 8011-01-P