Company: FCRX
Filing Date: 2025-08-19
Form Type: 40-APP
Source: 0001341004-25-000071
Chunk: 15

Company: Crescent Capital BDC, Inc.
Filing Date: 2025-08-19
Form: 40-APP
Chunk 15
---
 companies by leveraging the following strategies: 9

| • | Direct Lending. Direct Lending provides senior secured debt to private, U.S. lower-middle-market companies. Direct Lending’s primary investment focus is       
 sponsor-backed, lower-middle-market companies. This strategy’s primary target investments take multiple forms of senior debt, including unitranche facilities. |

| • | Credit Solutions (formerly known as Mezzanine). Credit Solutions invests primarily in private debt securities issued by sponsored-back core middle market                            
 companies. This strategy’s primary investment focus is to invest in senior secured and junior debt securities, though it has the flexibility to invest across the capital structure. |

| • | Narrowly Syndicated Credit.The narrowly syndicated credit strategy is a concentrated portfolio of privately negotiated, upper middle-market debt investments.                                                                                      
 This strategy primarily invests in senior secured upper middle-market “144A for life” (no registration rights) and private below investment grade corporate bank loans and bonds. This strategy targets syndicated transactions ranging in tranche 
 size from $100 million to $500 million, which we believe constitutes about 10% of the total syndicated loan and high yield bond market.                                                                                                            |

| • | European Specialty Lending.The dedicated European specialty lending strategy invests primarily in a diversified portfolio of private secured debt securities                                                                               
 issued by European companies. The strategy’s primary investment focus is sponsor-backed, middle-market European companies. This strategy’s primary target investments take multiple forms of senior debt, including unitranche facilities. |

| III. | ORDER REQUESTED |

The Applicants request an Order of the Commission under Sections 17(d) and 57(i) of the 1940 Act and Rule 17d-1 thereunder to permit, subject to the terms and conditions set forth below in this Application (the “ Conditions”), each Regulated Fund to be able to participate with one or more Affiliated Entities in Co-Investment Transactions otherwise prohibited by Sections 17(d) and 57(a)(4) of the 1940 Act and Rule 17d-1 thereunder.

| A. | Applicable Law |

Section 17(d), in relevant part, prohibits an affiliated person, or an affiliated person of such affiliated person, of a registered investment company, acting as principal, from effecting any transaction in which the registered investment company is “a joint or a joint and several participant with such person” in contravention of such rules as the SEC may prescribe “for the purpose of limiting or preventing participation by such [