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Federal Register / Vol. 86, No. 24 / Monday, February 8, 2021 / Notices estimate that the filing and reporting requirements of rule 17g1 do not entail any external cost burdens.
These estimates of average burden hours are made solely for the purposes of the Paperwork Reduction Act. These estimates are not derived from a comprehensive or even a representative survey or study of Commission rules.
The collection of information required by rule 17g1 is mandatory and will not be kept confidential. An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless it displays a currently valid control number.
Written comments are requested on:
i Whether the collection of information is necessary for the proper performance of the functions of the Commission, including whether the information has practical utility; ii the accuracy of the Commissions estimate of the burden of the collection of information; iii ways to enhance the quality, utility and clarity of the information collected; and iv ways to minimize the burden of the collection of information on respondents, including through the use of automated collection techniques or other forms of information technology.
Consideration will be given to comments and suggestions submitted in writing within 60 days of this publication.
Please direct your written comments to David Bottom, Director/Chief Information Officer, Securities and Exchange Commission, C/O Cynthia Roscoe, 100 F Street NE, Washington, DC 20549; or send an email to: PRA_
Mailbox@sec.gov.
Dated: February 3, 2021.
J. Matthew DeLesDernier, Assistant Secretary.
FR Doc. 202102506 Filed 2521; 8:45 am BILLING CODE 801101P

SECURITIES AND EXCHANGE
COMMISSION
Investment Company Act Release No.
34186; File No. 81215086

Muzinich BDC, Inc., et al.
February 2, 2021.

Securities and Exchange Commission Commission.
ACTION: Notice.
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AGENCY:

Notice of application for an order under sections 17d and 57i of the Investment Company Act of 1940 the Act and rule 171 under the Act to permit certain joint transactions otherwise prohibited by sections 17d and 57a4 of the Act and rule 17d1
under the Act.

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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 funds and accounts.
APPLICANTS: Muzinich BDC, Inc.
Muzinich BDC, Muzinich BDC
Adviser, LLC Muzinich BDC
Adviser, and Muzinich & Co., Inc.
Muzinich & Co., and together with Muzinich BDC Adviser, the Existing Advisers.
FILING DATES: The application was filed on December 27, 2019, and amended on May 21, 2020, and November 6, 2020.
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 Commissions Secretary at SecretarysOffice@sec.gov and serving applicants with a copy of the request by email.
Hearing requests should be received by the Commission by 5:30 p.m. on March 1, 2021, 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 05 under the Act, hearing requests should state the nature of the writers 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 Commissions Secretary.
ADDRESSES: The Commission:
Secretarys-Office@sec.gov. Applicants:
Mr. Paul Fehre, pfehre@muzinich.com.
FOR FURTHER INFORMATION CONTACT: Jean E. Minarick, Senior Counsel, at 202
5516811 or Kaitlin C. Bottock, Branch Chief, at 202 5516825 Division of Investment Management, Chief Counsels Office.
SUPPLEMENTARY INFORMATION: The following is a summary of the application. The complete application may be obtained via the Commissions website by searching for the file number, or for an applicant using the Company name box, at http
www.sec.gov/search/search.htm or by calling 202 5518090.
SUMMARY OF APPLICATION:

Introduction 1. The applicants request an order of the Commission under sections 17d and 57i and rule 17d1 thereunder the Order to permit, subject to the terms and conditions set forth in the application the Conditions, a
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Regulated Fund 1 and one or more other Regulated Funds and/or one or more Affiliated Funds 2 to enter into CoInvestment Transactions with each other. Co-Investment Transaction means any transaction in which a Regulated Fund or its Wholly-Owned Investment Sub as defined below participated together with one or more Affiliated Funds, and/or one or more other Regulated Funds or its WhollyOwned Investment Sub in reliance on the Order. Potential Co-Investment Transaction means any investment opportunity in which a Regulated Fund or its Wholly-Owned Investment Sub could not participate together with one or more Affiliated Funds, and/or one or more other Regulated Funds or its Wholly-Owned Investment Sub without obtaining and relying on the Order.3
Applicants 2. Muzinich BDC is a non-diversified, closed-end management investment company incorporated in Delaware that have elected to be regulated as a BDC
1 Regulated Funds means a Muzinich BDC, b the Future Regulated Funds and c the BDC
Downstream Funds defined below. Future Regulated Fund means a closed-end management investment company a that is registered under the Act or has elected to be regulated as a BDC, b whose investment adviser and sub-advisers, if any are an Adviser, and c that intends to participate in the Co-investment Program defined below.
Adviser means the Existing Advisers, together with any future investment adviser that i controls, is controlled by, or is under common control with an Existing Adviser, ii a is registered as an investment adviser under the Investment Advisers Act of 1940 Advisers Act or b is a relying adviser of an investment adviser that is registered under the Advisers Act, and that controls, is controlled by, or is under common control with an Existing Adviser, and iii is not a Regulated Fund or a subsidiary of a Regulated Fund.
2 Affiliated Fund means any Muzinich Proprietary Account defined below and any entity a whose investment adviser and sub-advisers, if any are an Adviser, b that either i would be an investment company but for section 3c1 or 3c7 of the Act or ii relies on rule 3a7 under the Act, c that is not a BDC Downstream Fund together with each such entitys direct and indirect wholly-owned subsidiaries, and d that intends to participate in the Co-Investment Program.
BDC Downstream Fund means, with respect to any Regulated Fund that is a business development company BDC, an entity i that the BDC
directly or indirectly controls, ii that is not controlled by any person other than the BDC
except a person that indirectly controls the entity solely because it controls the BDC, iii that would be an investment company but for section 3c1 or 3c7 of the Act, iv whose investment adviser and sub-advisers, if any are an Adviser, v that is not a Wholly-Owned Investment Sub as defined below and vi that intends to participate in the CoInvestment Program.
3 All existing entities that currently intend to rely on the Order have been named as applicants and any existing or future entities that may rely on the Order in the future will comply with its terms and Conditions set forth in the application.

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