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:

Bain Capital Credit, LP, Bain Capital Private Credit, BCPC Advisors, LP, Bain Capital Specialty Finance, Inc., BCSF Advisors, LP (f/k/a Sankaty Capital Advisors, LP), Lincoln Bain Capital Total Credit Fund, and certain Joint Ventures, certain Existing Advisers, and certain Existing Affiliated Funds as described in, respectively, Appendixes A, B, and C to the application.

Filing Dates:

The application was filed on May 29, 2025, and amended on ( printed page 55326) September 22, 2025 and November 26, 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 December 22, 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: Sabrina Rusnak-Carlson, Esq., Bain Capital Credit, LP, srusnakcarlson@baincapital.com, Rajib Chanda, Esq., rajib.chanda@stblaw.com, and Jonathan H. Gaines, Esq, jonathan.gaines@stblaw.com, both of Simpson Thacher & Bartlett LLP.

FOR FURTHER INFORMATION CONTACT:

Thomas Amadifar, Branch Chief, or Stephan N. Packs, Senior Counsel, at (202) 551-6825 (Division of Investment Management, Chief Counsel's Office).