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[Federal Register Volume 90, Number 21 (Monday, February 3, 2025)]
[Notices]
[Pages 8819-8821]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2025-02130]

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SECURITIES AND EXCHANGE COMMISSION

[Investment Company Act Release No. 35461; File No. 812-15475-217]

Application: BlackRock Company Act Release

January 29, 2025.
AGENCY: Securities and Exchange Commission (``Commission'' or ``SEC'').

ACTION: Notice.

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    Notice of application for an 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 permit certain 
business development companies and closed-end management investment 
companies to co-invest in portfolio companies with each other and with 
affiliated investment entities.

Applicants: BlackRock Credit Strategies Fund, Credx Subsidiary, LLC, 
BlackRock Direct Lending Corp., BlackRock Mt. Adams CLO IX LP, 
BlackRock Mt. Hood CLO X, LLC, BlackRock Private Credit Fund, BDEBT 
Subsidiary LLC, BlackRock Private Credit Fund Leverage I, LLC, 
BlackRock Private Investments Fund, BPIF Subsidiary, LLC, Cayman 
Private Investments Fund, Ltd., BlackRock Capital Investment Advisors, 
LLC, BlackRock Advisors, LLC, MB BlackRock Holdings Cayman, Ltd., 
Middle Market Senior Fund, L.P., SSG BLK Private Debt Fund L.P., AB 
Climate Transition-Oriented Private Debt Cayman USPC Holdings, L.P., 
1824 Private Equity Feeder, L.P., 1824 Private Equity Fund, L.P., 1885 
Private Opportunities Fund, L.P., 1885 Private Opportunities Cayman 
Fund, Ltd., ABR PEP I, Ltd., ABR PEP II, Ltd., APO Global Healthcare 
Cayman, Ltd., APO Global Healthcare HOLDCO SCSP, BEL45 Private 
Opportunities Fund, L.P., BlackRock 2019 Evergreen Private 
Opportunities Feeder SCSP, BlackRock 2019 Evergreen Private 
Opportunities Master SCSP, BlackRock APO Global Healthcare Private 
Equity Fund, S.C.A. SICAV-RAIF, BlackRock ASF Private Opportunities 
Fund, L.P., BlackRock Diversified Private Debt USPC Holdings LP, 
BlackRock Diversified Private Opportunities Fund, L.P., BlackRock 
Capital Markets, LLC, BlackRock Diversified Private Opportunities Fund 
II, L.P., BlackRock ERI Private Opportunities Feeder SCSP, BlackRock 
ERI Private Opportunities Master SCSP, BlackRock Gemini II Private 
Opportunities Fund, LP, BlackRock Gemini Private Opportunities Fund, 
L.P., BlackRock Growth Equity Fund Aggregator LP, BlackRock Growth 
Equity Fund LP
    BlackRock Growth Equity Fund (Lux) SCSP, BlackRock Growth Equity 
Fund Aggregator Cayman Ltd., BlackRock Growth Equity Fund Holdings 
(Lux) SCSP, BlackRock GSA Private Opportunities Feeder Fund, L.P., 
BlackRock GSA Private Opportunities Fund, L.P., BlackRock Hajar Feeder 
Fund, L.P., BlackRock Hajar Fund, L.P., BlackRock Healthcare 
Opportunities Fund (Delaware), L.P., BlackRock Healthcare Opportunities 
Fund, L.P., BlackRock Heartland Private Opportunities Fund, L.P., 
BlackRock Heartland Private Opportunities Cayman Fund, Ltd., BlackRock 
Inverwood Private Opportunities Fund, L.P., BlackRock Ji Private Equity 
Solutions, L.P., BlackRock Maroon Bells CLO XI, LLC, BlackRock McKinney 
Opportunities Fund Cayman, Ltd., BlackRock MD POF Cayman, Ltd., 
BlackRock MD Private Opportunities Feeder Fund, L.P., BlackRock MD 
Private Opportunities Fund, L.P., BlackRock MSV Private Opportunities 
Fund, L.P., BlackRock Private Equity Co-Investments 2021 Aggregator 
Cayman Ltd., BlackRock Private Equity Co-Investments 2021 Aggregator 
LP, BlackRock Private Equity Co-Investments 2021 LP, BlackRock Private 
Equity Co-Investments 2021 (Lux) SCSP, BlackRock Private Equity Co-
Investments 2021 Holdings (Lux) SCSP, BlackRock Private Equity Impact 
Capital 60-40 LP, BlackRock Private Equity Impact Capital 60-40 (Lux) 
SCSP, BlackRock Private Equity Impact Capital 100 LP, BlackRock Private 
Equity Impact Capital 100 (Lux) SCSP, BlackRock Private Equity Impact 
Capital Aggregatory LP, BlackRock Private Equity Impact Capital 
Aggregator Cayman Ltd., BlackRock Private Equity Impact Capital 
Holdings (Lux) SCSP, BlackRock Private Equity Primaries 2021 Aggregator 
LP, BlackRock Private Equity Primaries 2021 Holdings (Cayman) LP, 
BlackRock Private Equity Primaries 2021 LP, BlackRock Private Equity 
Primaries 2021 (Lux) SCSP, BlackRock Private Opportunities Fund IV 
(Cayman), L.P., BlackRock Private Opportunities Fund IV (Employees), 
L.P., BlackRock Private Opportunities Fund IV Feeder SCSP, BlackRock 
Private Opportunities Fund IV Master SCSP, BlackRock Private 
Opportunities Fund IV, L.P., BlackRock Secondaries & Liquidity 
Solutions--B Intermediary

[[Page 8820]]

(Cayman) LP, BlackRock Secondaries & Liquidity Solutions--B LP, 
BlackRock Secondaries & Liquidity Solutions--C LP, BlackRock 
Secondaries & Liquidity Solutions (Lux) SCSP, BlackRock Secondaries & 
Liquidity Solutions Holdings (Lux) SCSP, BlackRock Secondaries & 
Liquidity Solutions LP, BlackRock Secondaries & Liquidity Solutions 
Subsidiary SCSP, BLK2018 Core Private Equity Feeder Fund, L.P., BLK2018 
Core Private Equity Fund, L.P., BLK2019 Private Opportunities Feeder 
Fund, L.P., BLK2019 Private Opportunities Fund, L.P., BLK2020 Private 
Opportunities Feeder Fund, L.P., BLK2020 Private Opportunities Fund, 
L.P., BLK2021 Core Private Equity Feeder Fund, L.P.
    BLK2021 Core Private Equity Fund, L.P., BLK2021 Private 
Opportunities Feeder Fund, L.P., BLK2021 Private Opportunities Fund, 
L.P., BR POF IV Cayman Master Fund, L.P., BR/ERB Co-Investment Fund II, 
L.P., BV PE Opportunities Cayman Master Fund, Ltd., BV PE Opportunities 
Feeder Fund SCSP, BV PE Opportunities Master Fund SCSP Coin Private 
Opportunities, L.P., ERB Tactical Opportunities, L.P., FAI BlackRock 
Sustainable Private Markets PEP Holdco Ltd., FM Global Cayman, Ltd. FM 
Global Investment Partners, L.P., Global Alternatives Program I PE, LP, 
Global Alternatives Program II PE, LP, Gildi Lifeyrissjodur (Gildi 
Pension Fund), Gildi Lifeyrissjodur II (Gildi Pension Fund), Heathrow 
Forest Opportunities Fund, L.P., High Cedar Direct Fund, L.P., High 
Cedar Feeder, L.P., High Cedar Master Cayman, Ltd., High Cedar Master, 
L.P., High Rock Direct Fund, L.P., High Rock Feeder, L.P., High Rock 
Master, L.P., High Street Feeder, L.P., High Street Fund, L.P., Lincoln 
Pension Private Equity BR, L.P., Markwood Co-Investment Fund 1, L.P., 
MB BlackRock Holdings SCSP, Mediobanca BlackRock Master Fund SCSP, 
Mountain Research Fund--Private Equity, L.P., Mutual of Omaha of 
Cayman, Ltd. Mutual of Omaha Opportunities Fund, L.P., NDSIB Private 
Opportunities Fund, L.P., NMERB Sierra Blanca Fund, L.P., OV Private 
Opportunities, L.P., PEP ASGA Feeder L.P., PEP ASGA Master Cayman, 
Ltd., PEP ASGA Master L.P., PEP Tellco Investments 1 Cayman, Ltd., PEP 
Tellco Investments 1, L.P., PMH SPV Amber LP, PMH SPV Amber B LP, PMH 
SPV Basalt LP, PMH SPV Emerald LP, PMH SPV Garnet LP, PMH SPV Pearl LP, 
PMH SPV Pearl--B LP, PMH SPV Radar Holdings LP, PMH SPV Sapphire LP, 
BlackRock Private Equity Opportunities ELTIF, Private Equity 
Opportunities Holdings SCSP, Private Equity Partners VII (Delaware), 
L.P., Private Equity Partners VII (Scotland), L.P., Private Equity 
Partners VII Master Cayman, Ltd. Private Equity Partners VII Master, 
L.P., Private Equity Partners VII US Cayman, Ltd., Private Equity 
Partners VII US, L.P., Private Market Holdings LP, Red River Direct 
Investment Fund III, L.P., Salam Private Opportunities Fund, L.P., 
Salam Private Opportunities Feeder, L.P., SC-BR Asia PE Feeder Fund, 
L.P., SC-BR Asia PE Fund, L.P., SONJ Private Opportunities Fund II, 
L.P., Sullivan Way POF Cayman, Ltd., Sullivan Way Private Opportunities 
Fund, L.P., Tango Capital Opportunities Fund, L.P., TFO Asia Private 
Opportunities Fund, L.P., The Lincoln National Life Insurance Company, 
Topanga Opportunities Fund Cayman, Ltd., Topanga Private Opportunities, 
L.P., Total Alternatives Fund--Private Equity LP, Total Alternatives 
Fund--Private Equity (B) LP, TSCL Private Markets Feeder Fund, L.P, 
TSCL Private Markets Fund, L.P., VFL Co Invest Partners, L.P., 
BlackRock Future Generations Private Equity Opportunities ELTIF, 
BlackRock Growth Equity Fund Master Cayman Aggregator LP, BlackRock 
Growth Equity Fund Master Cayman Aggregator Ltd., BlackRock Growth 
Equity--VC Sidecar (Lux) SCSP, BlackRock Growth Equity--VC Sidecar 
(Cayman) LP, BlackRock Growth Equity--VC Sidecar Holdings (Cayman) LP, 
BlackRock Growth Equity--VC Sidecar Master Cayman Aggregator LP, 
BlackRock Growth Equity-VC Sidecar Master Cayman Aggregator Ltd, 
BlackRock Private Equity Impact Capital Master Cayman Aggregator LP, 
BlackRock Private Equity Impact Capital Master Cayman Aggregator Ltd., 
BlackRock Private Equity Primaries 2024 (Lux) SCSP, BlackRock Private 
Equity Primaries 2024 Aggregator (Lux) SCSP, BlackRock Private 
Opportunities Fund V Master Cayman Aggregator LP, BLK2022 Core Private 
Equity Fund, L.P., BLK2022 Core Private Equity Feeder Fund, L.P., 
Future Generations Private Equity Opportunities Holdings SCSP, 
BlackRock Mt. Lassen Senior Loan Funding XII, LLC, BlackRock2019 
Evergreen Private Opportunities Cayman Master Ltd., BlackRock 
Alternative Funds S.C.A., SICAV-RAIF--BlackRock Private Equity Impact 
Opportunities ELTIF, BlackRock Alternative Funds II ELTIF, SICAV--
BlackRock Private Equity ELTIF, BlackRock Florida Cayman, L.P., 
BlackRock McKinney Opportunities Fund, L.P., BlackRock Private Equity 
Primaries 2021 (Cayman) LP, BlackRock Private Opportunities Fund V 
(Lux) SCSP, BlackRock Private Opportunities Fund V Aggregator LP, 
BlackRock Private Opportunities Fund V Master Cayman Aggregator Ltd., 
BlackRock Private Opportunities Fund V Holdings (Lux) SCSP, BlackRock 
Private Opportunities Fund V LP, BlackRock Secondaries & Liquidity 
Solutions--B SPV LP, BlackRock Secondaries & Liquidity Solutions 
Holdings II (Lux) SCSP, BlackRock Secondaries & Liquidity Solutions 
II--B LP, BlackRock Secondaries & Liquidity Solutions II--C LP, 
BlackRock Secondaries & Liquidity Solutions II (Lux) SCSP, BlackRock 
Secondaries & Liquidity Solutions II LP, BlackRock Secondaries & 
Liquidity Solutions Subsidiary II (Lux) SCSP, BR Magnum Aggregator, 
Ltd., NHRS Private Opportunities Fund, L.P., TCP DLF VIII-L Funding, 
LP, PMH Holdco II LP, PMH Holdco LP, PMH Newco II LLC, Private Equity 
Impact Opportunities Holdings SCSP, Private Equity Impact Opportunities 
Holdings SCSP, Private Market Holdings--C, LLC, Private Market Holdings 
II LLC, SLS II--C Holdco LP, SLS II--C Holdings LLC, SLS II--C Newco 
LLC, TSCL Private Markets Cayman Fund Ltd., Ashland Private 
Opportunities Fund, L.P., BlackRock Growth Equity Fund Delaware 
Holdings LP, BlackRock Growth Equity--VC Sidecar LP, BlackRock Growth 
Equity--VC Sidecar Delaware Holdings LP, BlackRock Private Equity 
Impact Capital Delaware Holdings LP, BlackRock Private Equity Primaries 
2024 LP, BlackRock Private Opportunities Fund V Delaware Holdings LP, 
SONJ Private Opportunities Fund III, L.P., BlackRock TCP Capital Corp., 
BCIC Merger SUB, LLC, Special Value Continuation Partners LLC, TCPC 
Funding I, LLC, TCPC Funding II, LLC, TCPC SBIC, LP, TCPC SBIC GP, LLC, 
Tennenbaum Capital Partners, LLC, SVOF/MM, LLC, Tennenbaum 
Opportunities Partners V, LP, Tennenbaum Opportunities Fund V, LLC, 
Tennenbaum Heartland Co-Invest, LP, SEB DIP Investor, LP, TCP Direct 
Lending Fund VIII-S, LLC, TCP Direct Lending Fund VIII-T, LLC, TCP DLF 
VIII Feeder ICAV, TCP DLF VIII ICAV, TCP DLF VIII 2018 CLO LLC, TCP 
Enhanced Yield Funding I, LLC, TCP Rainier, LLC, TCP Direct Lending 
Fund VIII, LLC, TCP Direct Lending Fund VIII-L, LLC, TCP Direct Lending 
Fund VIII-N, LLC, TCP Direct Lending Fund VIII-A, LLC, Tennenbaum 
Energy Opportunities Co., LLC, Tennenbaum Energy Opportunities Fund, 
LP, Tennenbaum Enhanced Yield Fund I, LLC, Tennenbaum Opportunities 
Fund VI, LLC, TCP Waterman Fund, LP., Tennenbaum Senior Loan Fund III, 
LP, Tennenbaum Senior Loan Funding III,

[[Page 8821]]

LLC, Tennenbaum Senior Loan Fund IV-A, LP, Tennenbaum Senior Loan Fund 
IV-B, LP, Tennenbaum Special Situations Fund IX, LLC, Tennenbaum 
Special Situations Fund IX-A, LLC, Tennenbaum Special Situations Fund 
IX-S, LP, Tennenbaum Senior Loan Fund II, LP, Tennenbaum Senior Loan 
Fund V, LLC, Tennenbaum Enhanced Yield Operating I, LLC, TCP Waterman 
CLO, LLC, TCP Whitney CLO, LLC, TCP Whitney CLO, Ltd, Tennenbaum Senior 
Loan Operating III, LLC, Tennenbaum Senior Loan SPV IV-A, LLC, 
BlackRock Elbert CLO V, Ltd., BlackRock DLF IX 2019 CLO, LLC, BlackRock 
DLF IX 2019-G CLO, LLC, BlackRock DLF IX 2020-1 CLO, LLC, BlackRock 
LISI Credit Fund, LP, TCP Direct Lending Fund VIII-A-MM, LLC, 
Tennenbaum DIP Opportunity Feeder, LP, Tennenbaum Senior Loan GP III, 
LLC, ABR USPC Holdings I, LTD., ABR USPC Holdings II, Ltd., BlackRock 
Baker CLO 2021-1, LTD, BlackRock Baker CLO VIII, LLC, BlackRock Direct 
Lending Feeder IX-L, LP, BlackRock Direct Lending Feeder IX-U, LP, 
BlackRock Direct Lending Fund IX-U (Luxembourg) SCSP, BlackRock Direct 
Lending Fund X-U (Luxembourg) SCSP, BlackRock DLF IX CLO 2021-1, LLC, 
BlackRock DLF IX CLO 2021-2, LLC, BlackRock DLF IX Feeder ICAV--
BlackRock Direct Lending Feeder Fund IX-L (Ireland), BlackRock DLF IX 
Feeder ICAV--BlackRock Direct Lending Feeder Fund IX-U (Ireland), 
BlackRock DLF IX ICAV--BlackRock Direct Lending Fund IX-L (Ireland), 
BlackRock DLF IX ICAV--BlackRock Direct Lending Fund IX-U (IRELAND), 
BlackRock DLF X CLO 2022-1, LLC, BlackRock DLF IX-L CLO, LP, BlackRock 
Elbert CLO V, LLC, BlackRock Rainier CLO VI, LTD, BlackRock Shari'a 
Private Opportunities Fund, LP, BlackRock Shari'a Private Opportunities 
Fund Holdings, LP, BlackRock Shasta CLO XIV, LLC, BlackRock Shasta CLO 
XIII, LLC, BlackRock Shasta Senior Loan Fund VII, LLC, BlackRock 
Technology Credit Opportunities I, LP, BlackRock Technology Credit 
Opportunities I, LTD., BlackRock Technology Credit Opportunities Non-
US, LTD (Class), BlackRock Technology Credit Opportunities Non-US II 
LTD, DLF IX-L Funding, LP, Olympia Holdings I, Ltd, TCP DLF VIII-S 
Funding, LLC, CP DLF VIII-T Funding, LLC, Middle Market Senior Master 
Fund S.[Agrave].R.L., Tennenbaum Special Situations IX-C, L.P., 
Tennenbaum Special Situations IX-O, L.P., TCP Direct Lending Fund 
VIII--L (Ireland), TCP Direct Lending Fund VIII--U (Ireland), BlackRock 
Direct Lending Fund IX-U (Ireland), BlackRock Direct Lending Fund IX-L 
(Ireland), BlackRock Mt. Lassen Senior Loan Funding XII, LLC Series 1, 
BlackRock Mt. Lassen Senior Loan Funding XII, LLC Series 2, 1824 
Private Credit Fund, L.P., 1824 Private Credit Fund (Pension), L.P., 
Climate Transition-Oriented Private Debt USPC LP, BlackRock Private 
Equity Co-Investments 2025, L.P., BlackRock Private Equity Co-
Investments 2025 (LUX) SCSP, BlackRock Private Equity Co-Investments 
2025 Holdings (Lux) SCSP, BlackRock Private Equity Co-Investments 2025 
Aggregator (Lux) SCSP, PMH II SPV Mint LP, BlackRock Sapphire POF, L.P. 
(collectively, the ``Applicants'').

Filing Dates: The application was filed on June 12, 2023, and amended 
on December 11, 2023, and January 15, 2025.

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 by emailing the Commission's 
Secretary at [email protected] and serving 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 February 24, 2025, 
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 writing to the Commission's Secretary at 
[email protected].

ADDRESSES: The Commission: [email protected]. Applicants: 
[email protected].

FOR FURTHER INFORMATION CONTACT: Jean E. Minarick, 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 January 15, 2025, 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 https://www.sec.gov/edgar/searchedgar/companysearch. You 
may also call the SEC's Office of Investor Education and Advocacy at 
(202) 551-8090.

    For the Commission, by the Division of Investment Management, 
under delegated authority.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-02130 Filed 1-31-25; 8:45 am]
BILLING CODE 8011-01-P
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