Co-Investment Exemptive Relief Application for BDCs and Affiliated Investment Entities

Content

April 1, 2026.

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:

Cypress Creek Private Strategies Master Fund, L.P., Endowment Advisers, L.P., d/b/a Cypress Creek Partners, and certain of
their affiliated entities as described in Appendix A to the application.

FILING DATES:

The application was filed on September 16, 2025 and amended on March 5, 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 April 27, 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: Cal J. Gilmartin, K&L Gates LLP, cal.gilmartin@klgates.com, with a copy to Cypress Creek Private Strategies Master Fund L.P., c/o William P. Prather III, 712 W 34th Street, Suite 201,
Austin, TX 78705.

FOR FURTHER INFORMATION CONTACT:

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

SUPPLEMENTARY INFORMATION:

For Applicants' representations, legal analysis, and conditions, please refer to Applicants' amended application, filed March
5, 2026, which may be obtained via the Commission's website by searching for the file number at the top of this document,
or for an Applicant using the Company name search field, on the SEC's EDGAR system. The SEC's EDGAR system may be searched
at https://www.sec.gov/search-filings. You may also call the SEC's Office of Investor Education and Advocacy at (202) 551-8090.

For the Commission, by the Division of Investment Management, under delegated authority.

Sherry R. Haywood, Assistant Secretary. [FR Doc. 2026-06546 Filed 4-2-26; 8:45 am] BILLING CODE 8011-01-P

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