Statement Summary
The SEC has issued a notice regarding an application from Blackstone Private Credit Fund and related entities for permission to engage in joint transactions that are typically restricted under the Investment Company Act of 1940. The application seeks to allow certain business development companies and closed-end funds to co-invest in portfolio companies with each other and affiliated investment entities. This request is intended to facilitate collaboration among investment firms while adhering to regulatory standards. Interested parties may request a hearing on this matter by June 17, 2025. Further details and legal analyses can be found in the amended application available through the SEC’s EDGAR system.
Original Statement
SECURITIES AND EXCHANGE COMMISSION
Investment Company Act Release No. 35567A; File No. 812-15726
Blackstone Private Credit Fund, et al.
May 27, 2025.
AGENCY: Securities and Exchange Commission (“Commission” or “SEC”).
ACTION: Notice.
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 (“BDCs”) and closed-end management investment companies to co-invest in portfolio companies with each other and with certain affiliated investment entities.
Applicants
Applicants include:
- Blackstone Private Credit Fund
- Blackstone Secured Lending Fund
- Blackstone Private Multi-Asset Credit and Income Fund
- Blackstone Long-Short Credit Income Fund
- Blackstone Senior Floating Rate 2027 Term Fund
- Blackstone Strategic Credit 2027 Term Fund
- Blackstone Private Real Estate Credit and Income Fund
- Blackstone Alternative Investment Advisors LLC
- Blackstone CLO Management LLC (Management Series)
- Blackstone Credit BDC Advisors LLC
- Blackstone Infrastructure Advisors L.L.C.
- Blackstone Ireland Fund Management Limited
- Blackstone Ireland Limited
- Blackstone Liquid Credit Advisors I LLC
- Blackstone Liquid Credit Strategies LLC
- Blackstone Private Credit Strategies LLC
- Blackstone Private Investments Advisors L.L.C.
- Blackstone Real Estate Special Situations Advisors L.L.C.
- BX REIT Advisors L.L.C.
- BXMT Advisors L.L.C.
- Clarus Ventures, LLC
1 The Commission issued a notice of application on May 5, 2025, Release No. IC-35567 (“Notice”). Due to a clerical error, the Notice was published with the incorrect file number. Therefore, the Commission is publishing this corrected notice in the Federal Register.
Filing Dates
The application was filed on March 14, 2025, and amended on April 11, 2025, and April 24, 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 on any application by e-mailing the SEC’s Secretary at Secretarys-Office and serving the Applicants with a copy of the request by e-mail, if an e-mail 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 June 17, 2025, and should be accompanied by proof of service on the Applicants, in the form of an affidavit or, for lawyers, a certificate of service. 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 e-mailing the Commission’s Secretary at Secretarys-Office.
Addresses
The Commission: Secretarys-Office
Applicants: Leon Volchyok, Esq., Blackstone Inc., Leon.Volchyok
Oran Ebel, Esq., Blackstone Inc., Oran.Ebel
Rajib Chanda, Rajib.Chanda
Kenneth Burdon, Kenneth.Burdon
Jonathan Gaines, Jonathan.Gaines
For Further Information Contact
Adam Large, Senior Special Counsel, Laura Solomon, Senior Counsel, or Daniele Marchesani, Assistant Chief Counsel, 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 application, dated April 24, 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 the SEC website.
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.
Stephanie Fouse,
Assistant Secretary.
