[Federal Register Volume 90, Number 21 (Monday, February 3, 2025)]
[Notices]
[Pages 8819-8821]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2025-02130]
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SECURITIES AND EXCHANGE COMMISSION
[Investment Company Act Release No. 35461; File No. 812-15475-217]
Application: BlackRock Company Act Release
January 29, 2025.
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 permit certain
business development companies and closed-end management investment
companies to co-invest in portfolio companies with each other and with
affiliated investment entities.
Applicants: BlackRock Credit Strategies Fund, Credx Subsidiary, LLC,
BlackRock Direct Lending Corp., BlackRock Mt. Adams CLO IX LP,
BlackRock Mt. Hood CLO X, LLC, BlackRock Private Credit Fund, BDEBT
Subsidiary LLC, BlackRock Private Credit Fund Leverage I, LLC,
BlackRock Private Investments Fund, BPIF Subsidiary, LLC, Cayman
Private Investments Fund, Ltd., BlackRock Capital Investment Advisors,
LLC, BlackRock Advisors, LLC, MB BlackRock Holdings Cayman, Ltd.,
Middle Market Senior Fund, L.P., SSG BLK Private Debt Fund L.P., AB
Climate Transition-Oriented Private Debt Cayman USPC Holdings, L.P.,
1824 Private Equity Feeder, L.P., 1824 Private Equity Fund, L.P., 1885
Private Opportunities Fund, L.P., 1885 Private Opportunities Cayman
Fund, Ltd., ABR PEP I, Ltd., ABR PEP II, Ltd., APO Global Healthcare
Cayman, Ltd., APO Global Healthcare HOLDCO SCSP, BEL45 Private
Opportunities Fund, L.P., BlackRock 2019 Evergreen Private
Opportunities Feeder SCSP, BlackRock 2019 Evergreen Private
Opportunities Master SCSP, BlackRock APO Global Healthcare Private
Equity Fund, S.C.A. SICAV-RAIF, BlackRock ASF Private Opportunities
Fund, L.P., BlackRock Diversified Private Debt USPC Holdings LP,
BlackRock Diversified Private Opportunities Fund, L.P., BlackRock
Capital Markets, LLC, BlackRock Diversified Private Opportunities Fund
II, L.P., BlackRock ERI Private Opportunities Feeder SCSP, BlackRock
ERI Private Opportunities Master SCSP, BlackRock Gemini II Private
Opportunities Fund, LP, BlackRock Gemini Private Opportunities Fund,
L.P., BlackRock Growth Equity Fund Aggregator LP, BlackRock Growth
Equity Fund LP
BlackRock Growth Equity Fund (Lux) SCSP, BlackRock Growth Equity
Fund Aggregator Cayman Ltd., BlackRock Growth Equity Fund Holdings
(Lux) SCSP, BlackRock GSA Private Opportunities Feeder Fund, L.P.,
BlackRock GSA Private Opportunities Fund, L.P., BlackRock Hajar Feeder
Fund, L.P., BlackRock Hajar Fund, L.P., BlackRock Healthcare
Opportunities Fund (Delaware), L.P., BlackRock Healthcare Opportunities
Fund, L.P., BlackRock Heartland Private Opportunities Fund, L.P.,
BlackRock Heartland Private Opportunities Cayman Fund, Ltd., BlackRock
Inverwood Private Opportunities Fund, L.P., BlackRock Ji Private Equity
Solutions, L.P., BlackRock Maroon Bells CLO XI, LLC, BlackRock McKinney
Opportunities Fund Cayman, Ltd., BlackRock MD POF Cayman, Ltd.,
BlackRock MD Private Opportunities Feeder Fund, L.P., BlackRock MD
Private Opportunities Fund, L.P., BlackRock MSV Private Opportunities
Fund, L.P., BlackRock Private Equity Co-Investments 2021 Aggregator
Cayman Ltd., BlackRock Private Equity Co-Investments 2021 Aggregator
LP, BlackRock Private Equity Co-Investments 2021 LP, BlackRock Private
Equity Co-Investments 2021 (Lux) SCSP, BlackRock Private Equity Co-
Investments 2021 Holdings (Lux) SCSP, BlackRock Private Equity Impact
Capital 60-40 LP, BlackRock Private Equity Impact Capital 60-40 (Lux)
SCSP, BlackRock Private Equity Impact Capital 100 LP, BlackRock Private
Equity Impact Capital 100 (Lux) SCSP, BlackRock Private Equity Impact
Capital Aggregatory LP, BlackRock Private Equity Impact Capital
Aggregator Cayman Ltd., BlackRock Private Equity Impact Capital
Holdings (Lux) SCSP, BlackRock Private Equity Primaries 2021 Aggregator
LP, BlackRock Private Equity Primaries 2021 Holdings (Cayman) LP,
BlackRock Private Equity Primaries 2021 LP, BlackRock Private Equity
Primaries 2021 (Lux) SCSP, BlackRock Private Opportunities Fund IV
(Cayman), L.P., BlackRock Private Opportunities Fund IV (Employees),
L.P., BlackRock Private Opportunities Fund IV Feeder SCSP, BlackRock
Private Opportunities Fund IV Master SCSP, BlackRock Private
Opportunities Fund IV, L.P., BlackRock Secondaries & Liquidity
Solutions--B Intermediary
[[Page 8820]]
(Cayman) LP, BlackRock Secondaries & Liquidity Solutions--B LP,
BlackRock Secondaries & Liquidity Solutions--C LP, BlackRock
Secondaries & Liquidity Solutions (Lux) SCSP, BlackRock Secondaries &
Liquidity Solutions Holdings (Lux) SCSP, BlackRock Secondaries &
Liquidity Solutions LP, BlackRock Secondaries & Liquidity Solutions
Subsidiary SCSP, BLK2018 Core Private Equity Feeder Fund, L.P., BLK2018
Core Private Equity Fund, L.P., BLK2019 Private Opportunities Feeder
Fund, L.P., BLK2019 Private Opportunities Fund, L.P., BLK2020 Private
Opportunities Feeder Fund, L.P., BLK2020 Private Opportunities Fund,
L.P., BLK2021 Core Private Equity Feeder Fund, L.P.
BLK2021 Core Private Equity Fund, L.P., BLK2021 Private
Opportunities Feeder Fund, L.P., BLK2021 Private Opportunities Fund,
L.P., BR POF IV Cayman Master Fund, L.P., BR/ERB Co-Investment Fund II,
L.P., BV PE Opportunities Cayman Master Fund, Ltd., BV PE Opportunities
Feeder Fund SCSP, BV PE Opportunities Master Fund SCSP Coin Private
Opportunities, L.P., ERB Tactical Opportunities, L.P., FAI BlackRock
Sustainable Private Markets PEP Holdco Ltd., FM Global Cayman, Ltd. FM
Global Investment Partners, L.P., Global Alternatives Program I PE, LP,
Global Alternatives Program II PE, LP, Gildi Lifeyrissjodur (Gildi
Pension Fund), Gildi Lifeyrissjodur II (Gildi Pension Fund), Heathrow
Forest Opportunities Fund, L.P., High Cedar Direct Fund, L.P., High
Cedar Feeder, L.P., High Cedar Master Cayman, Ltd., High Cedar Master,
L.P., High Rock Direct Fund, L.P., High Rock Feeder, L.P., High Rock
Master, L.P., High Street Feeder, L.P., High Street Fund, L.P., Lincoln
Pension Private Equity BR, L.P., Markwood Co-Investment Fund 1, L.P.,
MB BlackRock Holdings SCSP, Mediobanca BlackRock Master Fund SCSP,
Mountain Research Fund--Private Equity, L.P., Mutual of Omaha of
Cayman, Ltd. Mutual of Omaha Opportunities Fund, L.P., NDSIB Private
Opportunities Fund, L.P., NMERB Sierra Blanca Fund, L.P., OV Private
Opportunities, L.P., PEP ASGA Feeder L.P., PEP ASGA Master Cayman,
Ltd., PEP ASGA Master L.P., PEP Tellco Investments 1 Cayman, Ltd., PEP
Tellco Investments 1, L.P., PMH SPV Amber LP, PMH SPV Amber B LP, PMH
SPV Basalt LP, PMH SPV Emerald LP, PMH SPV Garnet LP, PMH SPV Pearl LP,
PMH SPV Pearl--B LP, PMH SPV Radar Holdings LP, PMH SPV Sapphire LP,
BlackRock Private Equity Opportunities ELTIF, Private Equity
Opportunities Holdings SCSP, Private Equity Partners VII (Delaware),
L.P., Private Equity Partners VII (Scotland), L.P., Private Equity
Partners VII Master Cayman, Ltd. Private Equity Partners VII Master,
L.P., Private Equity Partners VII US Cayman, Ltd., Private Equity
Partners VII US, L.P., Private Market Holdings LP, Red River Direct
Investment Fund III, L.P., Salam Private Opportunities Fund, L.P.,
Salam Private Opportunities Feeder, L.P., SC-BR Asia PE Feeder Fund,
L.P., SC-BR Asia PE Fund, L.P., SONJ Private Opportunities Fund II,
L.P., Sullivan Way POF Cayman, Ltd., Sullivan Way Private Opportunities
Fund, L.P., Tango Capital Opportunities Fund, L.P., TFO Asia Private
Opportunities Fund, L.P., The Lincoln National Life Insurance Company,
Topanga Opportunities Fund Cayman, Ltd., Topanga Private Opportunities,
L.P., Total Alternatives Fund--Private Equity LP, Total Alternatives
Fund--Private Equity (B) LP, TSCL Private Markets Feeder Fund, L.P,
TSCL Private Markets Fund, L.P., VFL Co Invest Partners, L.P.,
BlackRock Future Generations Private Equity Opportunities ELTIF,
BlackRock Growth Equity Fund Master Cayman Aggregator LP, BlackRock
Growth Equity Fund Master Cayman Aggregator Ltd., BlackRock Growth
Equity--VC Sidecar (Lux) SCSP, BlackRock Growth Equity--VC Sidecar
(Cayman) LP, BlackRock Growth Equity--VC Sidecar Holdings (Cayman) LP,
BlackRock Growth Equity--VC Sidecar Master Cayman Aggregator LP,
BlackRock Growth Equity-VC Sidecar Master Cayman Aggregator Ltd,
BlackRock Private Equity Impact Capital Master Cayman Aggregator LP,
BlackRock Private Equity Impact Capital Master Cayman Aggregator Ltd.,
BlackRock Private Equity Primaries 2024 (Lux) SCSP, BlackRock Private
Equity Primaries 2024 Aggregator (Lux) SCSP, BlackRock Private
Opportunities Fund V Master Cayman Aggregator LP, BLK2022 Core Private
Equity Fund, L.P., BLK2022 Core Private Equity Feeder Fund, L.P.,
Future Generations Private Equity Opportunities Holdings SCSP,
BlackRock Mt. Lassen Senior Loan Funding XII, LLC, BlackRock2019
Evergreen Private Opportunities Cayman Master Ltd., BlackRock
Alternative Funds S.C.A., SICAV-RAIF--BlackRock Private Equity Impact
Opportunities ELTIF, BlackRock Alternative Funds II ELTIF, SICAV--
BlackRock Private Equity ELTIF, BlackRock Florida Cayman, L.P.,
BlackRock McKinney Opportunities Fund, L.P., BlackRock Private Equity
Primaries 2021 (Cayman) LP, BlackRock Private Opportunities Fund V
(Lux) SCSP, BlackRock Private Opportunities Fund V Aggregator LP,
BlackRock Private Opportunities Fund V Master Cayman Aggregator Ltd.,
BlackRock Private Opportunities Fund V Holdings (Lux) SCSP, BlackRock
Private Opportunities Fund V LP, BlackRock Secondaries & Liquidity
Solutions--B SPV LP, BlackRock Secondaries & Liquidity Solutions
Holdings II (Lux) SCSP, BlackRock Secondaries & Liquidity Solutions
II--B LP, BlackRock Secondaries & Liquidity Solutions II--C LP,
BlackRock Secondaries & Liquidity Solutions II (Lux) SCSP, BlackRock
Secondaries & Liquidity Solutions II LP, BlackRock Secondaries &
Liquidity Solutions Subsidiary II (Lux) SCSP, BR Magnum Aggregator,
Ltd., NHRS Private Opportunities Fund, L.P., TCP DLF VIII-L Funding,
LP, PMH Holdco II LP, PMH Holdco LP, PMH Newco II LLC, Private Equity
Impact Opportunities Holdings SCSP, Private Equity Impact Opportunities
Holdings SCSP, Private Market Holdings--C, LLC, Private Market Holdings
II LLC, SLS II--C Holdco LP, SLS II--C Holdings LLC, SLS II--C Newco
LLC, TSCL Private Markets Cayman Fund Ltd., Ashland Private
Opportunities Fund, L.P., BlackRock Growth Equity Fund Delaware
Holdings LP, BlackRock Growth Equity--VC Sidecar LP, BlackRock Growth
Equity--VC Sidecar Delaware Holdings LP, BlackRock Private Equity
Impact Capital Delaware Holdings LP, BlackRock Private Equity Primaries
2024 LP, BlackRock Private Opportunities Fund V Delaware Holdings LP,
SONJ Private Opportunities Fund III, L.P., BlackRock TCP Capital Corp.,
BCIC Merger SUB, LLC, Special Value Continuation Partners LLC, TCPC
Funding I, LLC, TCPC Funding II, LLC, TCPC SBIC, LP, TCPC SBIC GP, LLC,
Tennenbaum Capital Partners, LLC, SVOF/MM, LLC, Tennenbaum
Opportunities Partners V, LP, Tennenbaum Opportunities Fund V, LLC,
Tennenbaum Heartland Co-Invest, LP, SEB DIP Investor, LP, TCP Direct
Lending Fund VIII-S, LLC, TCP Direct Lending Fund VIII-T, LLC, TCP DLF
VIII Feeder ICAV, TCP DLF VIII ICAV, TCP DLF VIII 2018 CLO LLC, TCP
Enhanced Yield Funding I, LLC, TCP Rainier, LLC, TCP Direct Lending
Fund VIII, LLC, TCP Direct Lending Fund VIII-L, LLC, TCP Direct Lending
Fund VIII-N, LLC, TCP Direct Lending Fund VIII-A, LLC, Tennenbaum
Energy Opportunities Co., LLC, Tennenbaum Energy Opportunities Fund,
LP, Tennenbaum Enhanced Yield Fund I, LLC, Tennenbaum Opportunities
Fund VI, LLC, TCP Waterman Fund, LP., Tennenbaum Senior Loan Fund III,
LP, Tennenbaum Senior Loan Funding III,
[[Page 8821]]
LLC, Tennenbaum Senior Loan Fund IV-A, LP, Tennenbaum Senior Loan Fund
IV-B, LP, Tennenbaum Special Situations Fund IX, LLC, Tennenbaum
Special Situations Fund IX-A, LLC, Tennenbaum Special Situations Fund
IX-S, LP, Tennenbaum Senior Loan Fund II, LP, Tennenbaum Senior Loan
Fund V, LLC, Tennenbaum Enhanced Yield Operating I, LLC, TCP Waterman
CLO, LLC, TCP Whitney CLO, LLC, TCP Whitney CLO, Ltd, Tennenbaum Senior
Loan Operating III, LLC, Tennenbaum Senior Loan SPV IV-A, LLC,
BlackRock Elbert CLO V, Ltd., BlackRock DLF IX 2019 CLO, LLC, BlackRock
DLF IX 2019-G CLO, LLC, BlackRock DLF IX 2020-1 CLO, LLC, BlackRock
LISI Credit Fund, LP, TCP Direct Lending Fund VIII-A-MM, LLC,
Tennenbaum DIP Opportunity Feeder, LP, Tennenbaum Senior Loan GP III,
LLC, ABR USPC Holdings I, LTD., ABR USPC Holdings II, Ltd., BlackRock
Baker CLO 2021-1, LTD, BlackRock Baker CLO VIII, LLC, BlackRock Direct
Lending Feeder IX-L, LP, BlackRock Direct Lending Feeder IX-U, LP,
BlackRock Direct Lending Fund IX-U (Luxembourg) SCSP, BlackRock Direct
Lending Fund X-U (Luxembourg) SCSP, BlackRock DLF IX CLO 2021-1, LLC,
BlackRock DLF IX CLO 2021-2, LLC, BlackRock DLF IX Feeder ICAV--
BlackRock Direct Lending Feeder Fund IX-L (Ireland), BlackRock DLF IX
Feeder ICAV--BlackRock Direct Lending Feeder Fund IX-U (Ireland),
BlackRock DLF IX ICAV--BlackRock Direct Lending Fund IX-L (Ireland),
BlackRock DLF IX ICAV--BlackRock Direct Lending Fund IX-U (IRELAND),
BlackRock DLF X CLO 2022-1, LLC, BlackRock DLF IX-L CLO, LP, BlackRock
Elbert CLO V, LLC, BlackRock Rainier CLO VI, LTD, BlackRock Shari'a
Private Opportunities Fund, LP, BlackRock Shari'a Private Opportunities
Fund Holdings, LP, BlackRock Shasta CLO XIV, LLC, BlackRock Shasta CLO
XIII, LLC, BlackRock Shasta Senior Loan Fund VII, LLC, BlackRock
Technology Credit Opportunities I, LP, BlackRock Technology Credit
Opportunities I, LTD., BlackRock Technology Credit Opportunities Non-
US, LTD (Class), BlackRock Technology Credit Opportunities Non-US II
LTD, DLF IX-L Funding, LP, Olympia Holdings I, Ltd, TCP DLF VIII-S
Funding, LLC, CP DLF VIII-T Funding, LLC, Middle Market Senior Master
Fund S.[Agrave].R.L., Tennenbaum Special Situations IX-C, L.P.,
Tennenbaum Special Situations IX-O, L.P., TCP Direct Lending Fund
VIII--L (Ireland), TCP Direct Lending Fund VIII--U (Ireland), BlackRock
Direct Lending Fund IX-U (Ireland), BlackRock Direct Lending Fund IX-L
(Ireland), BlackRock Mt. Lassen Senior Loan Funding XII, LLC Series 1,
BlackRock Mt. Lassen Senior Loan Funding XII, LLC Series 2, 1824
Private Credit Fund, L.P., 1824 Private Credit Fund (Pension), L.P.,
Climate Transition-Oriented Private Debt USPC LP, BlackRock Private
Equity Co-Investments 2025, L.P., BlackRock Private Equity Co-
Investments 2025 (LUX) SCSP, BlackRock Private Equity Co-Investments
2025 Holdings (Lux) SCSP, BlackRock Private Equity Co-Investments 2025
Aggregator (Lux) SCSP, PMH II SPV Mint LP, BlackRock Sapphire POF, L.P.
(collectively, the ``Applicants'').
Filing Dates: The application was filed on June 12, 2023, and amended
on December 11, 2023, and January 15, 2025.
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 by emailing the Commission's
Secretary at [email protected] and serving 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 February 24, 2025,
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 writing to the Commission's Secretary at
[email protected].
ADDRESSES: The Commission: [email protected]. Applicants:
[email protected].
FOR FURTHER INFORMATION CONTACT: Jean E. Minarick, 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' second amended
and restated application, dated January 15, 2025, 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 https://www.sec.gov/edgar/searchedgar/companysearch. You
may also call the SEC's Office of Investor Education and Advocacy at
(202) 551-8090.
For the Commission, by the Division of Investment Management,
under delegated authority.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-02130 Filed 1-31-25; 8:45 am]
BILLING CODE 8011-01-P