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:

Bluerock Private Real Estate Fund, Bluerock High Income Institutional Credit Fund, Bluerock Fund Advisor, LLC and Bluerock Credit Fund Advisor, LLC.

FILING DATES:

The application was filed on May 20, 2025, and amended on August 29, 2025, April 28, 2026, May 28, 2026, and June 8, 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 July 6, 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: Jason Emala, Esq. Bluerock Asset Management, LLC, jemala@bluerock.com; and Nicole Simon, Stradley Ronon Stevens & Young, LLP, nsimon@stradley.com.

FOR FURTHER INFORMATION CONTACT:

Adam Large, Senior Special Counsel, or Laura L. Solomon, Senior Counsel at (202) 551-6825 (Division of Investment Management, Chief Counsel's Office).