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:

TCW Steel City Perpetual Levered Fund LP, TCW Steel City Unlevered Private Fund LP, and PNC Steel City Advisors, LLC.

FILING DATES:

The application was filed on November 21, 2024, and amended on March 26, 2025, May 14, 2025 and September 9, 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 emailing the SEC's Secretary at Secretarys-Office@sec.gov 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 October 6, 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. 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 Secretarys-Office@sec.gov.

ADDRESSES:

The Commission: Secretarys-Office@sec.gov. Applicants: Laura Long, The PNC Financial Services Group, Inc., The Tower at PNC, 300 Fifth Avenue, Pittsburgh, PA 15222; Kevin Finch, The TCW Group, Inc., 515 South Flower Street, Los Angeles, California 90071; Richard Horowitz, Esq. and Cynthia Beyea, Esq., Dechert LLP, Richard.Horowitz@dechert.com and Cynthia.Beyea@dechert.com; Vadim Avdeychik, Esq., Debevoise & Plimpton LLP, Vavdeychik@debevoise.com.

FOR FURTHER INFORMATION CONTACT:

Adam Large, Senior Special Counsel, Deepak T. Pai, Senior Counsel, or Daniele Marchesani, Assistant Chief Counsel, at (202) 551-6825 (Division of Investment Management, Chief Counsel's Office).