Company: BXSL
Filing Date: 2025-04-24
Form Type: 40-APP/A
Source: 0001193125-25-093651
Chunk: 29

Company: Blackstone Secured Lending Fund
Filing Date: 2025-04-24
Form: 40-APP/A
Chunk 29
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ulated Fund in any Co-InvestmentTransaction would not be on a basis different from or less advantageous than that of other Participants. Under Condition 5, each Adviser (and each Affiliated Entity that is not advised by an Adviser) will adopt and implement Co-InvestmentPolicies that are reasonably designed to ensure that (i) opportunities to participate in Co-InvestmentTransactions are allocated in a manner that is fair and equitable to every Regulated Fund; and (ii) the Adviser negotiating the Co-InvestmentTransaction considers the interest in the Transaction of any participating Regulated Fund. The Co-InvestmentPolicies will require an Adviser to make an independent determination of the appropriateness of a Co-InvestmentTransaction and the proposed allocation size based on each Participant’s specific investment profile and other relevant characteristics.

| V. | PRECEDENTS |

The Commission has previously issued orders permitting certain investment companies subject to regulation under the 1940 Act and their affiliated persons to be able to participate in Co-InvestmentTransactions (the “ Existing Orders”). 22Similar to the Existing Orders, the Conditions described herein are designed to mitigate the possibility for overreaching and to promote fair and equitable treatment of the Regulated Funds. Accordingly, the Applicants submit that the scope of investor protections contemplated by the Conditions are consistent with those found in the Existing Orders.

| 21 | If a Regulated Fund enters into a transaction that would be a                                                                                                                                                     
 Co-Investment Transaction pursuant to this Order in reliance on another exemptive order instead of this Order, the information presented to the Board and records maintained by the Regulated Fund will expressly 
 indicate the order relied upon by the Regulated Fund to enter into such transaction.                                                                                                                              |

| 22 | See, e.g., Polen Credit Opportunities Fund, et al. (File                                                                                                                                                                                                                           
 No. 812-15457) Release No. IC-35183 (May 2, 2024) (notice), Release No. IC-35206 (May 28, 2024) (Order); Sound Point                                                                                                                                                               
 Meridian Capital, Inc., et al. (File No. 812-15476-01) Release No. IC-35173 (April 19, 2024) (notice), Release No. IC-35192 (May 15, 2024) (order); Brookfield Infrastructure Income Fund Inc., et al. (File No. 812-15415), Release No.                                           
 IC-35001 (September 20, 202