[Federal Register Volume 87, Number 177 (Wednesday, September 14, 2022)]
[Notices]
[Pages 56474-56477]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-19818]


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SECURITIES AND EXCHANGE COMMISSION

[Investment Company Act Release No. 34699; File No. 812-15368]


Ares Capital Corporation, et al.

September 8, 2022.
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: ACE III Master Fund, L.P., ACIP Investment Management 
LLC, ACIP Parallel Fund A, L.P., ACIP Apex Co-Investment, L.P., ACOF 
Investment Management LLC, ACOF IV ATD Co-Invest, L.P., ACOF Operating 
Manager II, L.P., ACOF Operating Manager III, LLC, ACOF Operating 
Manager IV, LLC, ACOF Operating Manager, L.P., ADREX Advisor LLC, AEIF 
Kleen Investor, LLC, AEIF Linden Blocker II LLC, AEPEP II N Strategic 
Investments, L.P., AEPEP III N Strategic Co-Invest, L.P., AF Energy 
Feeder, L.P., AF V APR Co-Invest, L.P., AIREX Advisor LLC, Ambition 
Holdings, L.P., American Capital Equity I, LLC, American Capital Equity 
II, LP, Apollo Poland Real Estate Co-Investment, L.P., Apollo Real 
Estate Investment Fund V, L.P., Apollo Real Estate Management V L.P., 
Apollo Real Estate Parallel Fund V-A, L.P., Apollo Real Estate Parallel 
Fund V-B, L.P., Apollo Real Estate Parallel Fund V-C, L.P., 
APSecurities Manager LP, AREA EAGLE Co-Invest Management LLC, AREA 
EAGLE Co-Invest Partnership, L.P., AREA European Property Enhancement 
Management, LLC, AREA European Property Enhancement Program, L.P., AREA 
UK Co-Invest Real Estate Management L.P., AREA-C, L.P., AREA-CAELUS Co-
Invest Management, L.P., AREA-CAELUS Co-Invest, L.P., AREG AC Makena 
Holdings LLC, AREG CC II Manager L.P., AREG CIP 601 W. 29 AIV LP, AREG 
CIP 601 W. 29 Co-Invest Member LLC, AREG CIP DAQ AIV LP, AREG CIP IE 
Portfolio AIV LP, AREG CIP Needham AIV LP, AREG CIP One South Halsted 
AIV LP, AREG CIP Portland Industrial AIV LP, AREG CIP RW50 AIV LP, AREG 
CIP Wellington Bay AIV LP, AREG CV Boston Hotel Co-Investor LLC, AREG 
ELI Co-Invest Vehicle, L.P., AREG Iberian Residential Co-Invest Vehicle 
SCSp, AREG Kennedy Co-Invest S.C.A., AREG Klondike Manager, L.P., AREG 
LPKC Partners, L.P., AREG Makena Management L.P., AREG Star and Garter 
Co-Invest Partnership, L.P., AREG-T European Portfolio, L.P., AREG-T 
Manager III, L.P., AREG-Talisman Fred Supp Partners, L.P., Ares 
Alternative Credit Management LLC, Ares Apex Pooling, LLC, Ares Asia 
Management Ltd, Ares ASIP VII Management, L.P., Ares Asset-Backed Loan 
Fund LP, Ares Cactus Operating Manager, L.P., Ares Capital Corporation, 
Ares Capital Europe IV (E) Levered, Ares Capital Europe IV (E) 
Unlevered, Ares Capital Europe IV (G) Levered, Ares Capital Europe IV 
(G) Unlevered, Ares Capital Europe V (E) Levered, Ares Capital Europe V 
(E) Unlevered, Ares Capital Europe V (G) Levered, Ares Capital Europe V 
(G) Unlevered, Ares Capital Europe, L.P., Ares Capital Management LLC, 
Ares Capital Management II LLC, Ares Capital Management III LLC, Ares 
Centre Street Management, L.P., Ares Centre Street Partnership, L.P., 
Ares CIP (V) Management LLC, ARES CIP US Real Estate Opportunity 
Partners A, L.P., ARES CIP US Real Estate Opportunity Partners B, L.P, 
Ares Climate Infrastructure Partners, L.P., Ares CLO Funding I, L.P., 
Ares CLO Funding III LP, Ares CLO Management LLC, Ares CLO Management 
XXVII, L.P., Ares CLO Management II, LLC, Ares CLO Management IIIR/IVR, 
L.P., Ares CLO Management VIR, L.P., Ares CLO Management VR, L.P., Ares 
CLO Management X, L.P., Ares CLO Management XI, L.P., Ares CLO 
Management XX, L.P., Ares CLO Management XXI, L.P., Ares CLO Management 
XXIX, L.P., Ares CLO Warehouse 2021-6 Ltd., Ares CLO Warehouse 2021-8 
Ltd., Ares Commercial Finance LP, Ares Commercial Finance Management, 
LP, Ares Commercial Real Estate Corporation, Ares Commercial Real

[[Page 56475]]

Estate Management LLC, Ares Corporate Opportunities Fund Asia, L.P., 
Ares Corporate Opportunities Fund II, L.P., Ares Corporate 
Opportunities Fund III, L.P., Ares Corporate Opportunities Fund IV, 
L.P., Ares Corporate Opportunities Fund V, L.P., Ares Corporate 
Opportunities Fund VI Parallel (Foreign), L.P., Ares Corporate 
Opportunities Fund VI Parallel (TE), L.P., Ares Corporate Opportunities 
Fund VI, L.P., Ares Corporate Opportunities Fund, L.P., Ares Credit 
Hedge Fund LP, Ares Credit Investment Partnership I (V) L.P., Ares 
Credit Investment Partnership II (A), L.P., Ares Credit Strategies 
Feeder III UK, L.P., Ares Credit Strategies Fund I, L.P., Ares Credit 
Strategies Fund III, L.P., Ares Credit Strategies Insurance Dedicated 
Fund--Series of SALI Multi Series Fund LP, Ares CSF III Investment 
Management, LLC, Ares CSF IV Management LLC, Ares CSF Operating Manager 
I, LLC, Ares Customized Credit Fund L.P., Ares Direct Finance I LP, 
Ares Direct Investments (AC) LP, Ares Direct Lending Opportunities LLC, 
Ares Direct Lending Opportunities Offshore LLC, Ares Direct Lending 
Opportunities Parallel LLC, Ares Diversified Credit Strategies Fund 
(S), L.P., Ares Diversified Credit Strategies Fund II (IM), L.P., Ares 
Diversified Real Estate Exchange LLC, Ares EHP Co-Invest Holdings, 
L.P., Ares EIF Management, LLC, Ares Energy Investors Fund V, L.P., 
Ares Energy Opportunities Fund A, L.P., Ares Energy Opportunities Fund 
B, L.P., Ares Energy Opportunities Fund, L.P., Ares Enhanced Credit 
Opportunities Investment Management II, LLC, Ares Enhanced Credit 
Opportunities Master Fund II, LTD., Ares Enhanced Loan Investment 
Strategy Advisor IV, L.P., Ares Enhanced Loan Investment Strategy II, 
LTD., Ares Enhanced Loan Investment Strategy III, LTD., Ares Enhanced 
Loan Investment Strategy IR, LTD., Ares Enhanced Loan Management II, 
L.P., Ares Enhanced Loan Management III, L.P., Ares Enhanced Loan 
Management IR, L.P., Ares EPIC Co-Invest II, L.P., Ares EPIC Co-Invest, 
L.P., Ares European CLO II B.V., Ares European CLO IX Designated 
Activity Company, Ares European CLO VI Designated Activity Company, 
Ares European CLO VII Designated Activity Company, Ares European CLO 
VIII Designated Activity Company, Ares European CLO X Designated 
Activity Company, Ares European CLO XI Designated Activity Company, 
Ares European CLO XII Designated Activity Company, Ares European CLO 
XIII Designated Activity Company, Ares European CLO XIV Designated 
Activity Company, Ares European CLO XV Designated Activity Company, 
Ares European CLO XVI Designated Activity Company, Ares European Credit 
Investments I (C), L.P., Ares European Credit Investments II (G), L.P., 
Ares European Credit Investments III (K), L.P., Ares European Credit 
Investments IV (A), L.P., Ares European Credit Investments V (X), L.P., 
Ares European Credit Investments VI (N), L.P., Ares European Credit 
Investments VII (CP), L.P., Ares European Credit Investments IX (AF), 
L.P., Ares European Credit Strategies Fund II (B), L.P., Ares European 
Credit Strategies Fund III (A), L.P., Ares European Credit Strategies 
Fund IV (M), L.P., Ares European Credit Strategies Fund IX (C), L.P., 
Ares European Credit Strategies Fund V (G) L.P., Ares European Credit 
Strategies Fund VI (B), LP, Ares European Credit Strategies Fund VII 
(Palo Verde), L.P., Ares European Credit Strategies Fund X (T), L.P., 
Ares European Credit Strategies Fund XI (S), L.P., Ares European Credit 
Strategies Fund XII (Z), SCSp RAIF--Sub-Fund 1, Ares European Credit 
Strategies Fund XII (Z), SCSp RAIF--Sub-Fund 2, Ares European Loan 
Funding II, Ares European Loan Funding S.L.P., Ares European Loan 
Management LLP, Ares European Property Enhancement Parallel Partners 
III SCSp, Ares European Property Enhancement Partners II, L.P., Ares 
European Property Enhancement Partners III SCSp, Ares European Real 
Estate Fund I (EU), L.P., Ares European Real Estate Fund I (IF), L.P., 
Ares European Real Estate Fund II (EURO), L.P., Ares European Real 
Estate Fund II, L.P., Ares European Real Estate Fund III (EURO), L.P., 
Ares European Real Estate Fund III, L.P., Ares European Real Estate 
Fund IV (EURO), L.P., Ares European Real Estate Fund IV, L.P., Ares 
European Real Estate Fund V (Dollar) SCSp, Ares European Real Estate 
Fund V SCSp, Ares European Real Estate Fund VI SCSp, Ares European Real 
Estate Management I, L.P., Ares European Real Estate Management II, 
L.P., Ares European Real Estate Management III, L.P., Ares Global 
Credit Fund S.C.A., SICAV-RAIF--Ares European Loan Fund (G), Ares 
Global Credit Fund S.C.A., SICAV-RAIF--Ares U.S. Loan Fund (G), Ares 
Global High Grade CLO Debt Fund, L.P., Ares Global Multi-Asset Credit 
Master Fund, L.P., Ares Ground Lease Partners, L.P., Ares HICOF 
Operating Manager, L.P., Ares High Income Credit Opportunities Fund II 
(Master) LP, Ares High Income Credit Opportunities Fund, L.P., Ares 
High Yield Strategies Fund IV Management, L.P., Ares ICOF II 
Management, LLC, Ares ICOF II Master Fund, L.P., Ares ICOF III Fund 
(CAYMAN) LP, Ares ICOF III Fund (Delaware) LP, Ares ICOF III Management 
LP, Ares IDF Management LLC, Ares IIIR/IVR CLO LTD., Ares Income 
Opportunity Fund, L.P., Ares Industrial Real Estate Exchange LLC, Ares 
Industrial Real Estate Fund GP LLC, Ares Industrial Real Estate Fund 
LP, Ares Industrial Real Estate Fund Manager LLC, Ares Industrial Real 
Estate Income Trust Inc., Ares Industrial Real Estate Income Trust 
Inc.--Build-To-Core Industrial Partnership I LP, Ares Industrial Real 
Estate Income Trust Inc.-Build-To-Core Industrial Partnership II LP, 
Ares Industrial Real Estate Income Trust Inc.- Build-To-Core Industrial 
Partnership III LLC, Ares Institutional Credit Fund L.P., Ares 
Institutional High Yield Master Fund LP, Ares Institutional Loan Fund, 
L.P., Ares Institutional Structured Credit Management, L.P., Ares 
Jasper Fund, L.P., Ares L CLO Ltd., Ares LI CLO Ltd., Ares LII CLO 
Ltd., Ares LIII CLO Ltd., Ares LIV CLO Ltd., Ares LIX CLO Ltd., Ares 
Loan Funding I, Ltd., Ares Loan Trust 2011, Ares Loan Trust 2016, Ares 
LV CLO Ltd. (fka Ares CLO Warehouse 2018-6), Ares LVI CLO Ltd., Ares 
LVII CLO Ltd., Ares LVIII CLO Ltd., Ares LX CLO Ltd., Ares LXI CLO 
Ltd., Ares LXII CLO Ltd., Ares Management Limited, Ares Management LLC, 
Ares Management Luxembourg S.a.r.l., Ares Management UK Limited, Ares 
Master Employee Co-Invest Program 2015, L.P., Ares Master Employee Co-
Invest Program 2019 Offshore, L.P., Ares Master Employee Co-Invest 
Program 2019 Onshore, L.P., Ares Mezzanine Management LLC, Ares 
Mezzanine Partners, L.P., Ares Midway Partners, L.P., Ares Minerva Co-
Invest, L.P., Ares MSCF V (H) Management LLC, Ares Multi-Asset Credit 
Strategies Fund LP, Ares Multi-Credit Fund LLC, Ares Multi-Strategy 
Credit Fund V (H), L.P., Ares ND Credit Strategies Fund LLC, Ares PA 
Opportunities Fund, L.P., Ares Pan-European Logistics Partnership, 
L.P., Ares Pathfinder Core Fund (Offshore), L.P., Ares Pathfinder Core 
Fund, L.P., Ares Pathfinder Fund (Offshore), L.P., Ares Pathfinder 
Fund, L.P., Ares PBN Finance Co. LLC, Ares PE Extended Value Fund LP, 
Ares PG Co-Invest L.P., Ares Private Account Management I, L.P., Ares 
Private Credit Solutions (Cayman), L.P., Ares Private Credit Solutions 
(Offshore) II, L.P., Ares Private Credit Solutions II, L.P., Ares 
Private Credit Solutions, L.P., Ares Private Debt Strategies Fund II, 
L.P., Ares Private Markets Fund, Ares Private Opportunities (CP), L.P., 
Ares Private Opportunities (NYC), L.P., Ares Private

[[Page 56476]]

Opportunities 2020 (C), LP, Ares Real Estate Enhanced Income Fund, 
L.P., Ares Real Estate Management Holdings, LLC, Ares Real Estate 
Income Trust Inc., Ares Real Estate Secured Income Fund, L.P., Ares RF 
Co-Invest (H), L.P., Ares RF Co-Invest, L.P., Ares RLG Co-Invest 
Holdings, L.P., Ares SCM Co-Invest III, L.P., Ares Secured Income 
Master Fund LP, Ares Senior Direct Lending Master Fund Designated 
Activity Company, Ares Senior Direct Lending Master Fund II Designated 
Activity Company, Ares Senior Direct Lending Parallel Fund (L) II, 
L.P., Ares Senior Direct Lending Parallel Fund (L), L.P., Ares Senior 
Direct Lending Parallel Fund (U) B, L.P., Ares Senior Direct Lending 
Parallel Fund (U) II, L.P., Ares Senior Direct Lending Parallel Fund 
(U), L.P., Ares Senior Loan Trust, Ares Senior Loan Trust Management 
L.P., Ares SDL II Capital Management LLC, Ares SFERS Credit Strategies 
Fund LLC, Ares Special Opportunities Fund (Offshore), L.P., Ares 
Special Opportunities Fund, L.P., Ares Special Opportunities Fund II 
(Jersey A) L.P., Ares Special Opportunities Fund II (Jersey) L.P., Ares 
Special Opportunities Fund II (Offshore), L.P., Ares Special 
Opportunities Fund II, L.P., Ares Special Situations Fund III, L.P., 
Ares Special Situations Fund IV, L.P., Ares Sports, Media and 
Entertainment Finance (Offshore), L.P., Ares Sports, Media and 
Entertainment Finance, L.P., Ares SSG Capital Management (Australia) 
PTY LTD, Ares SSG Capital Management (Hong Kong) Limited, Ares SSG 
Capital Management Limited, Ares SSG Capital Management (Mauritius) 
LTD., Ares SSG Capital Management (Singapore) PTE. LTD., Ares SSG 
Capital Management (Thailand) Limited, Ares SSG Capital Partners VI, 
L.P., Ares SSG Excelsior Co-Investment, L.P., Ares SSG Direct Lending, 
L.P., Ares SSG Secured Lending Opportunities III, L.P., Ares Strategic 
Income Fund, Ares Strategic Investment Partners IV, Ares Strategic Real 
Estate Program-HHC, LLC, Ares UK Credit Strategies, L.P., Ares U.S. CLO 
Management III LLC--Series A, Ares US Real Estate Development and 
Redevelopment Fund II, LP, Ares US Real Estate Fund IX, L.P., Ares US 
Real Estate Fund VII 892, L.P., Ares US Real Estate Fund VII, L.P., 
Ares US Real Estate Fund VIII, L.P., Ares US Real Estate Fund X, L.P., 
Ares US Real Estate Fund X-A, L.P., Ares US Real Estate Fund X-B, L.P., 
Ares US Real Estate Opportunity Fund III, L.P., Ares US Real Estate 
Opportunity Fund, L.P., Ares US Real Estate Opportunity Management, 
L.P., Ares US Real Estate Opportunity Parallel Fund III-A, L.P., Ares 
US Real Estate Opportunity Parallel Fund III-B, L.P., Ares US Real 
Estate Parallel Fund IX, L.P., Ares US Real Estate Parallel II Fund IX, 
L.P., Ares US Real Estate VII Management, LLC, Ares US Real Estate VIII 
Management, LLC, Ares VAL Co-Invest Holdings I, L.P., Ares VAL Co-
Invest Holdings II, L.P., Ares VIR CLO LTD., Ares VR CLO, LTD., Ares X 
CLO LTD., Ares XI CLO LTD., Ares XL CLO Ltd, Ares XLI CLO Ltd, Ares 
XLII CLO Ltd., Ares XLIII CLO Ltd., Ares XLIV CLO Ltd., Ares XLIX CLO 
Ltd, Ares XLV CLO Ltd., Ares XLVI CLO LTD, Ares XLVII CLO LTD, Ares 
XLVIII CLO Ltd., Ares XX CLO LTD, Ares XXI CLO LTD., Ares XXIX CLO LTD, 
Ares XXVII CLO LTD, Ares XXVIIIR CLO Ltd., Ares XXXIIR CLO Ltd., Ares 
XXXIR CLO Ltd., ARES XXXIV CLO LTD., Ares XXXIX CLO Ltd., Ares XXXVII 
CLO, LTD, Ares XXXVIII CLO, LTD, ASIP Operating Manager IV, LLC, ASOF 
Delaware Feeder, L.P., ASOF Direct Investments (A), L.P., ASOF 
Investment Management LLC, Ares Insurance Partners, L.P., Ares 
Insurance Solutions LLC, Aspida Holdings Ltd., Aspida Life Re Ltd., 
Aspida Holdings LLC, Aspida Re (Bermuda) Ltd., Aspida Re Services Ltd., 
Aspida Risk Advisors, LLC, Aspida Financial Services, LLC, Aspida Life 
Insurance Company, ASSF Operating Manager III, LLC, ASSF Operating 
Manager IV, L.P., BCG BTC III Managing Member LLC, Cal Ares Real Estate 
Debt Partners, LLC, Chengdu Ares Yuanjing Equity Investment Fund L.P., 
Chengdu Ares Yuankang Investment Management Co Ltd, Chimney Tops Loan 
Fund, LLC, CION Ares Diversified Credit Fund, CION Ares Management, 
LLC, COLTS 2005-1 LTD., COLTS 2005-2 LTD., Columbus Opportunity Fund, 
L.P., Crestline Denali Capital LLC, Crestline Denali CLO XIV, Ltd., 
Crestline Denali CLO XV, Ltd., Crestline Denali CLO XVI, Ltd., 
Crestline Denali CLO XVII, Ltd., Denali Capital CLO X, Ltd., Denali 
Capital CLO XI, Ltd., Denali Capital CLO XII, Ltd., EIF Calypso II 
Blocker, LLC, EIF Channelview Blocker, LLC, EIF Oregon, LLC, EIF United 
States Power Fund IV, L.P., Emporia Preferred Funding III, LTD., 
Goldman Sachs Multi-Manager Non-Core Fixed Income Fund, Hush Lux 
S.a.r.l., Industrial Property Advisors Sub II LLC, Industrial Property 
Advisors Sub III LLC, Ivy Hill Asset Management, L.P., Ivy Hill 
Investment Holdings, LLC, Ivy Hill Middle Market Credit Fund IV, LTD., 
Ivy Hill Middle Market Credit Fund IX, LTD, Ivy Hill Middle Market 
Credit Fund V, LTD., Ivy Hill Middle Market Credit Fund VII, LTD., Ivy 
Hill Middle Market Credit Fund VIII, LTD., Ivy Hill Middle Market 
Credit Fund X, LTD, Ivy Hill Middle Market Credit Fund XII, LTD, Ivy 
Hill Middle Market Credit Fund XIV, Ltd, Ivy Hill Middle Market Credit 
Fund XV, Ltd., Ivy Hill Middle Market Credit Fund XVI, Ltd., Ivy Hill 
Middle Market Credit Fund XVII, Ltd., Ivy Hill Middle Market Credit 
Fund XIX, Ltd., Ivy Hill Middle Market Credit Fund XVIII, Ltd., Ivy 
Hill Revolver Funding LP, Klondike LLC, Landmark--NYC Fund I, L.P., 
Landmark Co-Investment Partners IX, L.P., Landmark Equity Advisors LLC, 
Landmark Equity Partners XIII, L.P., Landmark Equity Partners XIII-A, 
L.P., Landmark Equity Partners XIV, L.P., Landmark Equity Partners XV, 
L.P., Landmark Equity Partners XVI Co-Investment Fund, L.P., Landmark 
Equity Partners XVI, L.P., Landmark Equity Partners XVII Co-Investment 
Fund, L.P., Landmark Equity Partners XVII, L.P, Landmark Equity 
Partners XVII-B, L.P., Landmark Growth Capital Partners, L.P., Landmark 
Hudson Partners I, L.P., Landmark IAM Growth Capital, L.P., Landmark 
IAM Real Estate Partnership V, L.P., Landmark Infrastructure Partners 
II, L.P., Landmark Pacific Partners II, L.P., Landmark Pacific 
Partners, L.P.--Series A, Landmark Pacific Partners, L.P.--Series B, 
Landmark Pacific Partners, L.P.--Series C, Landmark Partners LLC, 
Landmark Partners 1907 Fund I, L.P., Landmark Partners 1907 Fund II, 
L.P., Landmark Partners 1907 Fund III, L.P., Landmark Partners 
Insurance Fund Series Interests of the SALI Multi-Series Fund, L.P., 
Landmark Private Opportunities (FG) 2021, L.P., Landmark Realty 
Advisors LLC, Landmark Real Estate Partners IX Co-Investment Fund, 
L.P., Landmark Real Estate Partners IX, L.P., Landmark Real Estate 
Partners V, L.P., Landmark Real Estate Partners VI Offshore, L.P., 
Landmark Real Estate Partners VI, L.P., Landmark Real Estate Partners 
VII Offshore, L.P., Landmark Real Estate Partners VII OPERS Co-
Investment, L.P., Landmark Real Estate Partners VII, L.P., Landmark 
Real Estate Partners VIII Co-Investment Fund, L.P., Landmark Real 
Estate Partners VIII, L.P., Landmark Real Estate Partners VIII-A, L.P., 
Landmark Real Estate Partners VIII-Campbell Co-Investment, L.P., 
Landmark Real Estate Partners IX-Campbell Co-Investment, L.P., Landmark 
Real Estate Partners VII-IP Co-Investment, L.P., Landmark Real Estate 
Partners VI-OPERS Co-Investment, L.P., Landmark Sing Co-Investment Fund 
I, L.P., Landmark Tig Co-Investment Fund I, L.P., Landmark TX ERS Co-
Investment Fund I, L.P., Landmark TX ERS Co-Investment Fund II, L.P., 
Legacy SCM Aggregator, LLC,

[[Page 56477]]

LWFB Co-Investment Fund I, L.P., MC European Real Estate Debt Parent 
LP, MC Investments Parent L.P, NCL III--Outside Opportunities B, NCL 
Investments II--Outside Opportunities Series A, NCL Investments II--
Outside Opportunities Series B, NCL Investments II--PE Series, NCL 
Investments II--RA Series, NCL Investments II--RE Series, NCL 
Investments III PE Series, NCL Investments III RA Series, NCL 
Investments III RE Series, NCL Investments III, L.P. Outside 
Opportunities Series A, NCL Investments, L.P.--PE Series, NCL 
Investments, L.P.--RA Series, NCL Investments, L.P.--RE Series, Passero 
18, L.P., Private Debt Strategies Fund III, L.P., Private Debt 
Strategies Fund IV, L.P., Private Debt Strategies Fund V, L.P., 
Renaissance Floating Rate Income Fund, SEI Global Master Fund PLC, SEI 
Institutional Investments Trust--High Yield Bond Fund, SEI 
Institutional Investments Trust--Opportunistic Income Fund, SEI 
Institutional Managed Trust--High Yield Bond Fund, SEI Investments 
Canada Company--U.S. High Yield Bond Fund, Shanghai SSG Investment 
Management Company Limited, Spring Bridge Partners (Longshore), LP, 
Spring Bridge Partners (PES) Fund, LP, Spring Bridge Partners, L.P., 
SSG Capital Partners I Side Pocket, L.P., SSG Capital Partners II, 
L.P., SSG Capital Partners III, LP, SSG Capital Partners IV SIDECAR, 
L.P., SSG Capital Partners IV, L.P., SSG Capital Partners V SIDECAR, 
L.P., SSG Capital Partners V, L.P., SSG Secured Lending Opportunities 
I-A, L.P., SSG Secured Lending Opportunities II, L.P., Touchstone 
Credit Opportunities Fund, Towers Watson Focused High Yield Master 
Fund, United States Power Fund II, L.P., United States Power Fund III, 
L.P., USPF II Institutional Fund, L.P., Wafra Venture Master Fund I, 
and VEF Group Management, LLC.
    Filing Dates: The application was filed on July 15, 2022, and 
amended on September 1, 2022.
    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 [email protected] 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, 
September 29, 2022, 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 
[email protected].

ADDRESSES: The Commission: [email protected]. Applicants: R. 
Kipp deVeer, Chief Executive Officer, and Joshua M. Bloomstein, General 
Counsel, Ares Capital Corporation, 245 Park Avenue, 44th Floor, New 
York, NY 10167; Naseem Sagati Aghili, General Counsel, Ares Management 
Corporation, 2000 Avenue of the Stars, 12th Floor, Los Angeles, CA 
90067; and Nicole M. Runyan, Kirkland & Ellis LLP, at 
[email protected].

FOR FURTHER INFORMATION CONTACT: Kieran G. Brown, 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' first amended and 
restated application, dated September 1, 2022, 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.
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022-19818 Filed 9-13-22; 8:45 am]
BILLING CODE 8011-01-P


