**EXHIBIT        _**
**C**
**_**

**BLACKHAWK        CAPITAL GROUP BDC, INC.**
** **

**(THE        “CORPORATION”) **

**CODE        OF CONDUCT **

**Covered        Persons/Purpose of the Code **

|   | • |   | honest                  and ethical conduct, including the ethical handling of actual or                  apparent                  conflicts of interest between personal and professional relationships; |
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|   | • |   | full,                  fair, accurate, timely and understandable disclosure in reports                  and                  documents that a registrant files with, or submits to, the Securities                  and                  Exchange Commission (“SEC”) or the NASDAQ National Market, and in other                  public communications made by the Corporation; |
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|   | • |   | compliance                  with applicable laws and governmental rules and regulations; |
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|   | • |   | the                  prompt internal reporting of violations of the Code to an appropriate                  person or persons identified in the Code; and |
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|   | • |   | accountability                  for adherence to the Code. |
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**Covered        Persons Should Handle Ethically Actual and Apparent Conflicts of Interest        **

**Overview.        **

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|   | • |   | not                  use his personal influence or personal relationships improperly                  to                  influence investment decisions or financial reporting by the Corporation                  whereby the Covered Person would benefit personally to the detriment                  of                  the Corporation; |
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|   | • |   | not                  cause the Corporation to take action, or fail to take action, for                  the                  individual personal benefit of the Covered Person rather than for                  the                  benefit of the Corporation; and |
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|   | • |   | not                  use material non-public knowledge of portfolio transactions made                  or                  contemplated for the Corporation to trade personally or cause others                  to                  trade personally in contemplation of the market effect of such                  transactions. |
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|   | • |   | service                  as a director on the board of any public or private company; |
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|   | • |   | the                  receipt of any non-nominal gifts from any person or company with                  which the                  Corporation has current or prospective business dealings. For purposes                  of                  this Code, “non-nominal” are those gifts in excess of the current National                  Association of Securities Dealers limit of $100; |
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|   | • |   | the                  receipt of any entertainment from any company with which the Corporation                  has current or prospective business dealings, unless such entertainment                  is                  business-related, reasonable in cost, appropriate as to time and                  place,                  and not so frequent as to raise any question of impropriety; |
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|   | • |   | any                  ownership interest in, or any consulting or employment relationship                  with,                  any of the Corporation’s service providers, other than its investment                  adviser, subadviser, principal underwriter, administrator or any                  affiliated person thereof and the Service Provider of which such                  Covered                  Person is an employee; and |
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|   | • |   | a                  direct or indirect financial interest in commissions, transaction                  charges                  or spreads paid by the Corporation for effecting portfolio transactions                  or                  for selling or repurchasing shares other than an interest arising                  from the                  Covered Person’s employment, such as compensation or equity ownership. |
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| 1 | Any                  activity or relationship that would present a conflict for a Covered                  Person would likely also present a conflict for the Covered Person                  if a                  member of the Covered Person’s family engages in such an activity or has                  such a relationship. |
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**Disclosure        & Compliance **

|   | • |   | Each                  Covered Person should be familiar with the disclosure requirements                  generally applicable to the Corporation; |
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|   | • |   | each                  Covered Person should not knowingly misrepresent, or cause others                  to                  misrepresent, facts about the Corporation to others, whether within                  or                  outside the Corporation, including to the Corporation’s directors and                  auditors, and to governmental regulators and self-regulatory                  organizations; |
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|   | • |   | each                  Covered Person should, to the extent appropriate within his area                  of                  responsibility, consult with other officers and employees of the                  Corporation and the Corporation’s adviser or subadviser with the goal of                  promoting full, fair, accurate, timely and understandable disclosure                  in                  the reports and documents the Corporation files with, or submits                  to, the                  SEC and in other public communications made by the Corporation;                  and |
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|   | • |   | it                  is the responsibility of each Covered Person to promote compliance                  with                  the standards and restrictions imposed by applicable laws, rules                  and                  regulations. |
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**Reporting        and Accountability **

|   | • |   | upon                  adoption of the Code (or thereafter as applicable, upon becoming                  a Covered                  Person), affirm in writing to the Board that he has received, read,                  and                  understands the Code; |
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|   | • |   | annually                  thereafter affirm to the Board that he has complied with the requirements                  of the Code; |
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|   | • |   | not                  retaliate against any employee or Covered Person or their affiliated                  persons for reports of potential violations that are made in good                  faith; |
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|   | • |   | notify                  the Chief Compliance Officer of the Corporation promptly if he                  knows of                  any violation of this Code. Failure to do so is itself a violation                  of this                  Code; and |
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|   | • |   | report                  at least annually any change in his affiliations from the prior                  year. |
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|   | • |   | the                  Chief Compliance Officer will take any action he considers appropriate                  to                  investigate any actual or potential violations reported to him; |
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|   | • |   | if,                  after such investigation, the Chief Compliance Officer believes                  that no                  violation has occurred, the Chief Compliance Officer shall meet                  with the                  person reporting the violation for the purposes of informing such                  person                  of the reason for not taking action; |
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|   | • |   | any                  matter that the Chief Compliance Officer believes is a violation                  will be                  reported to the Committee; |
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|   | • |   | if                  the Committee concurs that a violation has occurred, it will inform                  and                  make a recommendation to the Board, which will consider appropriate                  action, which may include review of, and appropriate modifications                  to,                  applicable policies and procedures; notification to appropriate                  personnel                  of the Service Provider of which such Covered Person is an employee                  or its                  board; a recommendation to such Service Provider to dismiss the                  Covered                  Person; or dismissal of the Covered Person as an officer of the                  Corporation; |
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|   | • |   | the                  Committee will be responsible for granting waivers, as appropriate;                  and |
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| 2 | Instruction                  2 to Item 10 of Form 8-K defines “waiver” as “the approval by the                  registrant of a material departure from a provision of the code                  of                  conduct” and “implicit waiver,” which must also be disclosed, as “the                  registrant’s failure to take action within a reasonable period of time                  regarding a material departure from a provision of the code of                  conduct                  that has been made known to an executive officer” of the registrant. |
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|   | • |   | any                  changes to or waivers of this Code will, to the extent required,                  be                  disclosed as provided by SEC rules. |
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**Waivers        **

**Other        Policies and Procedures **

**Amendments        **

**Confidentiality        **

**Internal        Use **

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