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”), closed-end management investment companies, and open-end management investment companies to co-invest in portfolio companies with each other and with certain affiliated investment entities.

APPLICANTS:

KKR Real Estate Select Trust Inc.; FS KKR Capital Corp.; KKR FS Income Trust; KKR FS Income Trust Select; KKR Asset-Based Finance Fund; KKR Income Opportunities Fund; KKR Asset-Based Income Fund; KKR US Direct Lending Fund-U Inc.; KKR Enhanced US Direct Lending Fund-L Inc.; Capital Group KKR Core Plus+; Capital Group KKR Multi-Sector+; FS/KKR Advisor, LLC; KKR Registered Advisor LLC; KKR Credit Advisors (US) LLC; certain of their wholly-owned subsidiaries and joint ventures as described in Appendix A to the application, and certain of their affiliated entities as described in Appendix B to the application.

FILING DATES:

The application was filed on June 16, 2025, and amended on November 4, 2025, January 27, 2026, and April 27, 2026.

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. The email should include the file number referenced above. Hearing requests should be received by the Commission by 5:30 p.m., Eastern time, on June 8, 2026, 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: Noah Greenhill, Esq., KKR Credit Advisors (US) LLC, 555 California Street, 50th Floor, San Francisco, CA 94104; with copies to Kenneth E. Young, Dechert LLP, 1095 6th Avenue, New York, NY 10036; and William J. Bielefeld and Paul S. Stevens, Dechert LLP, 1900 K Street NW, Washington, DC 20006.

FOR FURTHER INFORMATION CONTACT:

Kieran G. Brown, Senior Counsel, or Adam Large, Senior Special Counsel, at (202) 551-6825 (Division of Investment Management, Chief Counsel's Office).