[Federal Register Volume 89, Number 35 (Wednesday, February 21, 2024)]
[Notices]
[Pages 13116-13117]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-03422]


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SECURITIES AND EXCHANGE COMMISSION

[Investment Company Act Release No. 35131; File No. 812-15488]


Barings Corporate Investors, et al.

AGENCY: Securities and Exchange Commission (``Commission'' or ``SEC'').

ACTION: Notice.

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    Notice of application for an order (``Order'') under sections 17(d) 
and 57(i) of the Investment Company Act of 1940 (the ``Act'') and rule 
17d-1 under the Act to permit certain joint transactions otherwise 
prohibited by sections 17(d) and 57(a)(4) of the Act and rule 17d-1 
under the Act.
    Summary of Application: Applicants request an order to amend a 
previous order granted by the Commission that permits certain business 
development companies (``BDCs'') and closed-end management investment 
companies to co-invest in portfolio companies with each other and with 
certain affiliated investment entities.
    Applicants: Barings Corporate Investors, Barings Global Short 
Duration High Yield Fund, CI Subsidiary Trust, Barings Participation 
Investors, PI Subsidiary Trust, Barings LLC, Massachusetts Mutual Life 
Insurance Company, C.M. Life Insurance company, Barings Finance LLC, 
Tower Square Capital Partners IV, L.P., Tower Square Capital Partners 
IV-A, L.P., Barings BDC, Inc., Energy Hardware Holdings, Inc., SIC 
Investment Holdings LLC, Barings Private Credit Corporation, Barings 
Capital Investment Corporation, BCIC Holdings, Inc., Barings Private 
Equity Opportunities and Commitments Fund, Barings Global Credit Fund 
(LUX)--Segregated Loan Account 5, Barings Segregated Loans 5 S.[Agrave] 
R.L., BAYVK R Private Debt SCS, SICAV-FIS, BAYVK R PD 1 Loan S.[Agrave] 
R.L., Barings Umbrella Fund plc--Barings European High Yield Bond Fund, 
Barings Global Investment Funds plc--Barings European Loan Fund, 
Barings European Loan Limited, BCF Europe Funding Limited, BCF Senior 
Funding I Designated Activity Company, BCF Senior Funding I LLC, 
MassMutual Global Floating Rate Fund, Barings Umbrella Fund plc--
Barings Global High Yield Bond Fund, Barings Global Investment Funds 2 
plc--Barings Global High Yield Credit Strategies Fund, Barings Global 
High Yield Credit Strategies Limited, Barings Global Investment Funds 
plc--Barings Global Loan Fund, Barings Global Loan Limited, Barings 
Global Credit Fund (LUX)--Barings Global Private Loan Fund, Barings 
Global Private Loans 1 S.[Agrave] R.L., Barings Umbrella Fund plc--
Barings Global Senior Secured Bond Fund, Barings CMS Fund, LP, Barings 
Umbrella Fund plc--Barings U.S. High Yield Bond Fund, Barings Direct 
Lending 2018 LP, Barings European Direct Lending 1 L.P., Barings 
European Direct Lending 1 S.[Agrave] R.L., Barings Global Credit Fund 
(LUX)--Barings European Private Loan Fund II, Barings European Private 
Loans 2 S.[Agrave] R.L., Barings Global Credit Fund (LUX)--Barings 
European Private Loan Fund III, Barings European Private Loans 3 
S.[Agrave] R.L., Barings Global Credit Fund (LUX)--Barings European 
Private Loan Fund III (A), Barings European Private Loans 3A S.[Agrave] 
R.L., Barings Global Investment Funds plc--Barings Global Loan and High 
Yield Bond Fund, Barings Global Loan and High Yield Bond Limited, 
Barings Global Investment Funds plc--Barings Global Loan Select 
Responsible Exclusions Fund, Barings Global Loan Select Responsible 
Exclusions Limited, Barings Global Credit Fund (LUX)--Barings Global 
Private Loan Fund 2, Barings Global Private Loans 2 S.[Agrave] R.L., 
Barings Global Credit Fund (LUX)--Barings Global Private Loan Fund 3, 
Barings Global Private Loans 3 S.[Agrave] R.L., Barings Global Private 
Loan Fund 4 SCSp, Barings Global Private Loans 4 S.[Agrave] R.L., 
Barings Global Private Loan Fund 4(S) SCSp, Barings Global Private 
Loans 4(S) S.[Agrave] R.L., Barings Global Credit Fund (LUX)--
Segregated Loan Account 3, Barings Segregated Loans 3 S.[Agrave] R.L., 
Barings Global Credit Fund (LUX)--Segregated Loan Account 1, Barings 
Segregated Loans 1 S.[Agrave] R.L., Barings Global Credit Fund (LUX)--
Segregated Loan Account 2, Barings Segregated Loans 2 S.[Agrave] R.L., 
Barings Global Investment Funds plc--Global Private Loan Strategy Fund 
1, Barings Global Private Loan Strategy 1 Limited, Barings Global 
Credit Fund (LUX)--Segregated Loan Account 4, Barings Global Credit 
Fund (LUX)--Segregated Loan Account 6, Barings Segregated

[[Page 13117]]

Loans 6 S.[Agrave] R.L., Barings SLA 6 LLC, Barings SS4 (LUX) LLC, 
Barings Umbrella Fund (LUX)--Barings Global Special Situations Credit 
Fund 4 (LUX) Fund, Barings Global Special Situations Credit 4 (LUX) 
S.[Agrave] R.L., Barings Global Credit Fund (LUX)--Barings Global 
Special Situations Credit Fund 3, Barings Global Special Situations 
Credit 3 S.[Agrave] R.L., Barings Global Umbrella Fund--Barings 
Developed and Emerging Markets High Yield Bond Fund, Barings--MM 
Revolver Fund LP, Barings North American Private Loan Fund (Cayman)-A, 
L.P., Barings North American Private Loan Fund, L.P., Barings North 
American Private Loan Fund (Cayman), LP, Barings Small Business Fund, 
L.P., Barings Middle Market CLO Ltd. 2017-I, Barings CLO Ltd. 2018-I, 
Barings CLO Ltd. 2018-II, Barings CLO Ltd. 2018-III, Barings CLO Ltd. 
2018-IV, Barings Middle Market CLO Ltd. 2018-I, Barings CLO Ltd. 2019-
I, Barings CLO Ltd. 2019-II, Barings CLO Ltd. 2019-III, Barings Middle 
Market CLO Ltd. 2019-I, Barings CLO Ltd. 2020-1, Barings CLO Ltd. 2020-
IV, Barings CLO Ltd. 2021-I, Barings CLO Ltd. 2021-II, Barings CLO Ltd. 
2021-III, Barings Middle Market CLO Ltd. 2021-I, Barings CLO Ltd. 2016-
II, Babson CLO Ltd. 2014-I, Barings CLO Ltd. 2015-I, Barings CLO Ltd. 
2016-I, Barings CLO Ltd. 2017-I, Barings U.S. High Yield Collective 
Investment Fund, MassMutual High Yield Fund, MassMutual Ascend Life 
Insurance Company, MassMutual Trad Private Equity LLC, Barings Global 
Investment Funds plc--Global Multi-Credit Strategy Fund 1, Barings 
Global Multi-Credit Strategy 1 Limited, Barings Global Investment Funds 
2 plc--Global Multi-Credit Strategy Fund 3, Barings Global Multi-Credit 
Strategy 3 Limited, Barings Global Investment Funds plc--Global Multi-
Credit Strategy Fund 4, Barings Global Multi-Credit Strategy 4 Limited, 
BME SCSp, BME Investment S.[Agrave] R.L., Barings North American 
Private Loan Fund II (Cayman)-A, LP, NAPLF (Cayman)-A Senior Funding I 
LLC, Barings North American Private Loan Fund II (Cayman), L.P., NAPLF 
(Cayman) Senior Funding I LLC, Barings North American Private Loan Fund 
II (Unlevered), L.P., NAPLF Senior Funding I LLC, NAPLF (Cayman)-A 
Senior Funding II LLC, NAPLF (Cayman) Senior Funding II LLC, OTPP--
BNAPLF II LP, OTPP--BNAPLF II Funding LP, Barings Global Special 
Situations Credit Fund 4 (Delaware) L.P., Tryon Street Funding III 
Ltd., Barings Global Investment Funds plc--European Loan Strategy Fund 
1, Barings European Loan Strategy 1 Limited, BPC Funding LLC, and BPCC 
Holdings, Inc.
    Filing Dates: The application was filed on July 20, 2023, and 
amended on October 25, 2023 and December 4, 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 <a href="/cdn-cgi/l/email-protection#c596a0a6b7a0b1a4b7bcb6e88aa3a3aca6a085b6a0a6eba2aab3"><span class="__cf_email__" data-cfemail="2477414756415045565d57096b42424d4741645741470a434b52">[email protected]</span></a> and serving the 
Applicants with a copy of the request by email, if an email 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 March 11, 
2024, and should be accompanied by proof of service on 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 emailing the Commission's Secretary at 
<a href="/cdn-cgi/l/email-protection#6a390f09180f1e0b18131947250c0c03090f2a190f09440d051c"><span class="__cf_email__" data-cfemail="92c1f7f1e0f7e6f3e0ebe1bfddf4f4fbf1f7d2e1f7f1bcf5fde4">[email protected]</span></a>.

ADDRESSES: The Commission: <a href="/cdn-cgi/l/email-protection#99cafcfaebfcedf8ebe0eab4d6fffff0fafcd9eafcfab7fef6ef"><span class="__cf_email__" data-cfemail="d380b6b0a1b6a7b2a1aaa0fe9cb5b5bab0b693a0b6b0fdb4bca5">[email protected]</span></a>. Applicants: Jill 
Dinerman, Chief Legal Officer, Barings LLC at 
<a href="/cdn-cgi/l/email-protection#442e2d28286a202d2a213629252a042625362d2a23376a272b29"><span class="__cf_email__" data-cfemail="f2989b9e9edc969b9c97809f939cb29093809b9c9581dc919d9f">[email protected]</span></a>.

FOR FURTHER INFORMATION CONTACT: Matthew Cook, Senior Counsel, or Terri 
Jordan, Branch Chief, 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 December 4, 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. 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.

    Dated: February 14, 2024.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024-03422 Filed 2-20-24; 8:45 am]
BILLING CODE 8011-01-P


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