Statement Summary
On May 6, 2025, the U.S. Securities and Exchange Commission (SEC) granted an order to Blue Owl Capital Corporation and its affiliates, allowing them to engage in joint transactions with each other and affiliated investment entities, which are typically restricted under the Investment Company Act of 1940. The application, originally filed on March 7, 2025, sought permission for certain registered closed-end management investment companies and business development companies to co-invest in portfolio companies.
After a notice was issued on April 9, 2025, and no public hearings were requested, the SEC determined that the co-investment activities align with the Act’s provisions and do not disadvantage other participants. The order is effective immediately, subject to specified conditions.
Original Statement
UNITED STATES OF AMERICA
BEFORE THE
SECURITIES AND EXCHANGE COMMISSION
INVESTMENT COMPANY ACT OF 1940
Release No. 35573 / May 6, 2025
In the Matter of:
Blue Owl Capital Corporation
Blue Owl Capital Corporation II
Blue Owl Credit Income Corp.
Blue Owl Technology Finance Corp.
Blue Owl Technology Income Corp.
Blue Owl Alternative Credit Fund
Blue Owl Credit Advisors LLC
Blue Owl Diversified Credit Advisors LLC
Blue Owl Technology Credit Advisors LLC
Blue Owl Technology Credit Advisors II LLC
Blue Owl Credit Private Fund Advisors LLC
Blue Owl Strategic Equity Advisors LLC
Blue Owl Strategic Equity Partners Advisors LLC
Blue Owl Alternative Credit Advisors LLC
Blue Owl Alternative Credit Advisors II LLC
certain of their wholly-owned subsidiaries as described in Schedule A to the Application
certain of their affiliated entities as described in Schedule B to the Application.
399 Park Avenue
New York, NY 10022
812-15715ORDER UNDER SECTIONS 17(d) AND 57(i) OF THE INVESTMENT COMPANY ACT OF
1940 AND RULE 17d-1 UNDER THE ACTBlue Owl Capital Corporation, et al. filed an application on March 7, 2025, and amendments to the application on March 28, 2025, April 3, 2025, and April 9, 2025, requesting 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 that would permit certain joint transactions otherwise prohibited by sections 17(d) and 57(a)(4) of the Act and rule 17d-1 under the Act. The order would permit certain registered closed-end management investment companies and business development companies (collectively, the “Regulated Funds”) to co-invest in portfolio companies with each other and with certain affiliated investment entities.
On April 9, 2025, a notice of the filing of the application was issued (Investment Company Act Release No. 35530). 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 sections 17(d) and 57(i) of the Act and rule 17d-1 under the Act, that the relief requested by Blue Owl Capital Corporation, et al. (File No. 812-15715) 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.
J. Matthew DeLesDernier,
Deputy Secretary.
