SECURITIES AND EXCHANGE COMMISSION

Investment Company Act Release No. 35083; File No. 812-15429 

AB CarVal Opportunistic Credit Fund, et al. 

December 27, 2023 

AGENCY: Securities and Exchange Commission (“Commission” or “SEC”).

ACTION: Notice. 

Notice of application for an order under section 17(d) of the Investment Company Act of 1940 (the 

“Act”) and rule 17d-1 under the Act to permit certain joint transactions otherwise prohibited by 

section 17(d) of the Act and rule 17d-1 under the Act. 

Summary of Application: Applicants request an order to permit certain closed-end management 

investment companies to co-invest in portfolio companies with each other and with certain affiliated 

investment entities. 

Applicants: AB CarVal Opportunistic Credit Fund; AB CarVal Investors, L.P.; CarVal CLO 

Management, LLC; CarVal Investors GB LLP; CarVal Investors Pte, Ltd,; CarVal Wengsheng 

Private Fund Management (Shanghai) Co., Ltd; CarVal CCF US Corporation; CarVal Contingent 

Credit Fund LP; Centre Street CarVal Partnership LP; CarVal CSC US Corporation; CVI EMCOF 

US, LLC; CVI AIF Cayman Securities Ltd; CVI AIF Master Fund I LP; CVI AIF Master Fund II 

LP; CarVal CCF Luxembourg S.A R.L.; CarVal CCF Singapore Subfund; CarVal CCOF 

Luxembourg S.A R.L.; CVI CCOF Cayman Finance Corporation; CVI CCOF Cayman Securities 

Ltd; CVI CCOF Master Fund I LP; CVI CCOF Singapore Subfund; CVI CEF Cayman Securities 

Ltd; CVI CEF Luxembourg S.A R.L.; CVI CEF Master Fund I LP; CVI CEF Master Fund II LP; 

CVI CEF Master Fund III LP; CVI CEF Master Fund IV LP; CVI CEF II Master Fund I LP; CVI 

CEF II Master Fund II LP; CVI CEF II Master Fund III LP; CVI CEF II Master Fund IV LP; CVI 
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CEF II Pooling Fund I LP; CVI CEF II Pooling Fund II LP; CVI CEF II Pooling Fund III LP; CVI 

CEF II Pooling Fund IV LP; CVI CEF II Cayman Finance Corporation; CVI CEF II Cayman 

Securities Ltd; CVI CEF II Luxembourg S.A R.L.; CarVal CLO I Ltd.; CarVal CLO II Ltd.; CarVal 

CLO III Ltd.; CarVal CLO IV Ltd.; CarVal CLO V-C Ltd.; CarVal CLO VII-C Ltd.; CarVal CSC 

Cayman Securities Ltd; CarVal CSC Cayman Finance Corporation; CarVal CSC Luxembourg S.A 

R.L.; CVI CSF US LLC; CVI CSF Cayman Finance Corporation; CVI CSF Master Fund I LP; CVI 

CSF Master Fund II LP; CVI CSF Master Fund III LP; CVI CSF Cayman Securities LP; CVI CSF 

Luxembourg S.A R.L.; CVI CVF IV Lux Master S.A R.L.; CVI CVF IV Master Fund I LP; CVI 

CVF IV Master Fund II LP; CVI CVF IV Master Fund III LP; CVI CVF IV Master Fund IV, LLC; 

CVI CVF IV Cayman Finance Corporation; CVI CVF IV Cayman Securities Ltd; CVI CVF IV 

Singapore Subfund; CVI Group Pooling RAIF S.C.A.- CVF V Sub-Fund; CVI CVF V Master Fund 

I LP; CVI CVF V Master Fund II LP; CVI CVF V Master Fund III LP; CVI CVF V Master Fund 

IV LP; CVI CVF V Pooling Fund I LP; CVI CVF V Pooling Fund II LP; CVI CVF V Pooling Fund 

III LP; CVI CVF V Cayman Finance Corporation; CVI CVF V Cayman Securities Ltd; CVI CVF V 

Renewables, LLC; CVI CVF V Singapore Subfund; CVI CVF VI Master Fund I LP; CVI CVF VI 

Master Fund II LP; CVI CVF VI Master Fund III LP; CVI CVF VI Pooling Fund I LP; CVI CVF 

VI Pooling Fund II LP; CVI CVF VI Pooling Fund III LP; CVI CVF VI Cayman Finance 

Corporation; CVI CVF VI Cayman Securities LP; CVI CVF VI Renewables, LLC; CVIC Cayman 

Holdings GP Corporation; CVIC Cayman Finance Corporation; CVIC Cayman Securities Ltd; 

CVIC Lux Finance S.A R.L.; CVIC Master Fund II, LLC; CVIC Master Fund III, LLC; CVIC 

Master Fund IV LP; CVIC Master Fund LP; CVIC Singapore Subfund; CVIC US Holdings II LP; 

CVIC Lux Securities Trading S.A R.L.; CVI EMCOF Lux S.A R.L.; CVI EMCOF Cayman 

Finance Corporation; CVI EMCOF Cayman Securities Ltd; CVI EMCOF Master Fund LP; CVI 
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EMCOF Singapore Subfund; CVI GOF Cayman Securities Ltd; Britannica Recoveries S.A R.L.; 

Bohai Investment Holdings S.A R.L.; Insubria S.A R.L.; Mincio S.A R.L.; Lienza GP S.A R.L.; 

CVF III Mortgage Loan Trust II; CVF III Residential Investments II LLC; CVF III Mortgage Loan 

II Holdings LP; CVI CGS Mortgage Loan Trust I; CVI GCS Residential Investments I LLC; CVI 

CGS Mortgage Loan I Holdings LP; CVI LCF Mortgage Loan Trust I; CVI LCF Residential 

Investments I LLC; CVI SGP Acquisition Trust; CVI SGP-CO Acquisition Trust; CVI SGP LLC; 

Mill City Mortgage Loan Trust; CVI MC Residential Investments A LLC; CVI MC Residential 

Investments I LLC; Mill City Acquisition Holdings LP; Mill City Investment Holdings LP; Lyndale 

Holdings Limited; CVI Investment Holdings Limited; CVI AGL AssetCo Holdings, LLC; CVI 

VGY DevCo Holdings, LLC; CVI VGY Holdings, LLC; CVI Funding (TRS) I, LLC; CVI Loan 

Sub Holdings IV, LLC; CVI Loan Sub Holdings V, LLC; CVI SL Investment Trust; CVI SL 

Investment Trust II; CVI SKP FF Acquisition Trust; CVI SA1Senior Loan Holdings, LLC; CVI 

SKP Equity Holdings, LLC; Lyndale Investment Holdings LP; Mill City Holdings LLC; CVI REIT 

I, LLC; CarVal CCF Cayman Finance Corporation; CarVal CCF Cayman Securities Ltd; CarVal 

CLO VI-C Ltd.; CarVal CLO VIII-C Ltd.; CarVal CLO IX-C Ltd.; CVI CVF IV Lux Finance S.A 

R.L.; CVI CVF IV Lux Sub Holdings S.A R.L.; CVI CVF IV Lux Holdings S.A R.L.; CVI CVF IV 

Lux Securities S.A R.L.; CVI CVF IV Luxembourg S.A R.L.; CVIC Lux Master S.A R.L.; AB 

CarVal Euro CLO I-C Designated Activity Company; Shanghai CarVal Wensheng Equity 

Investment Partnership Enterprise (Limited Partnership); Lienza SCSp; Aergo Holdings Limited; 

Aergo Leasing II Limited; CVI Mezz Loan Sub Holdings VII, LLC; CVI SS CRE Holdings, LLC; 

CVI SA3 Senior Loan Holdings, LLC; Tesnik Tres Holdings Limited; CVI SL Investment Trust III; 

CVI SL FF Holdings, LLC; Wellington Lease Holding Limited; Wellington Lease Turbo Limited. 

Filing Dates: The application was filed on January 27, 2023, and amended on June 28, 2023 and 
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September 15, 2023. 

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 Secretarys-Office@sec.gov and serving the Applicants with a copy 

of the request by e-mail, if an e-mail 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 January 18, 2024 and should be accompanied by 

proof of service on the 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 

e-mailing the Commission’s Secretary at Secretarys-Office@sec.gov. 

ADDRESSES: The Commission: Secretarys-Office@sec.gov. Applicants: Matthew Bogart

matthew.bogart@abcarval.com, Kenneth Young ken.young@dechert.com, William J. Bielefeld

william.bielefeld@dechert.com, and Matthew Barsamian matthew.barsamian@dechert.com. 

FOR FURTHER INFORMATION CONTACT: Priscilla Dao, Senior Counsel, or Robert Shapiro, 

Assistant Director, 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 September 

15, 2023, 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. 
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The SEC’s EDGAR system may be searched 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. 

Christina Z. Milnor,

Assistant Secretary.