Company: FCRX
Filing Date: 2025-08-19
Form Type: 40-APP
Source: 0001341004-25-000071
Chunk: 8

Company: Crescent Capital BDC, Inc.
Filing Date: 2025-08-19
Form: 40-APP
Chunk 8
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 capacity, and intends to participate in the Co-Investment Program (the “Existing Proprietary Accounts”); and                                                                                            |

| ▪ | Investment funds and other vehicles set forth on Schedule A hereto, each of which is a separate and distinct legal entity and that would be an investment company but for Section 3(c) of the Act or 
 Rule 3a-7 (collectively, the “Existing Affiliated Funds”, and together with the Existing Regulated Funds, the Existing Advisers, each on behalf of itself and its successors, and the                
 Existing Proprietary Accounts, the “Applicants”).4                                                                                                                                                   |

_____________________________

| 3 | The term successor, as applied to each Adviser, means an entity which results from a reorganization into another jurisdiction or change in the type of business organization. |

| 4 | All existing entities that currently intend to rely upon the requested Order have been named as Applicants. Any other existing or future entity that subsequently relies on the Order will comply with 
 the terms and conditions of the Application.                                                                                                                                                           |

6 The relief requested in this application for the Order (the “ Application”) would allow a Regulated Fund 5and one or more Affiliated Entities 6to engage in Co-Investment Transactions 7subject to the terms and conditions described herein. The Regulated Funds and Affiliated Entities that participate in a Co-Investment Transaction are collectively referred to herein as “ Participants.” 8The Applicants do not seek relief for transactions effected consistent with Commission staff no-action positions. 9

| II. | GENERAL DESCRIPTION OF THE APPLICANTS |

| A. | The Existing Regulated Funds |

Crescent Capital BDCwas organized under the General Corporation Law of the State of Delaware on February 5, 2015 for the purpose of operating as a BDC. In addition, Crescent Capital BDC has made an election to be treated for tax purposes as a regulated investment company (“RIC”) under the Code, and intends to continue to make such election in the future. Crescent Capital BDC’s investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation. Crescent Capital BDC’s primary focus is originating and investing primarily in secured debt (including senior secured, unitranche and second lien debt) and unsecured debt (including senior unsecured and subordinated debt), as well as related equity securities of private U.S. middle-market companies. Crescent Capital BDC may on occasion invest in larger or smaller companies.