UNITED STATES OF AMERICA

BEFORE THE

SECURITIES AND EXCHANGE COMMISSION

INVESTMENT COMPANY ACT OF 1940

Release No. 35093 / January 19, 2024

In the Matter of:

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 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
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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
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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 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
4

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

1601 Utica Avenue South, Suite 1000

Minneapolis, MN 55416

812-15429

ORDER UNDER SECTION 17(d) OF THE INVESTMENT COMPANY ACT OF 1940 AND 

RULE 17d-1 UNDER THE ACT

AB CarVal Opportunistic Credit Fund, et al. filed an application on January 27, 2023, and 

amendments to the application on June 28, 2023 and September 15, 2023, requesting an order 

under section 17(d) of the Investment Company Act of 1940 (the “Act”) and rule 17d-1 under the 

Act. The order would permit certain joint transactions otherwise prohibited by section 17(d) of 
5

the Act and rule 17d-1 under the Act. In particular, the order would permit certain closed-end 

management investment companies (the “Regulated Funds”) to co-invest in portfolio companies 

with each other and with certain affiliated investment entities.

On December 27, 2023, a notice of the filing of the application was issued (Investment Company 

Act Release No. 35083). The notice gave interested persons an opportunity to request a hearing 

and stated that an order disposing of the application would be issued unless a hearing was 

ordered. No request for a hearing has been filed, and the Commission has not ordered a hearing.

The matter has been considered and it is found, on the basis of the information set forth in the 

application, as amended, that participation by the Regulated Funds in the proposed transactions 

is consistent with the provisions, policies and purposes of the Act and is on a basis no less 

advantageous than that of other participants. 

Accordingly,

IT IS ORDERED, under section 17(d) of the Act and rule 17d-1 under the Act, that the relief 

requested by AB CarVal Opportunistic Credit Fund, et al. (File No. 812-15429), is granted, 

effective immediately, subject to the conditions contained in the application, as amended.

For the Commission, by the Division of Investment Management, under delegated authority.

Sherry R. Haywood,

Assistant Secretary.