CION Grosvenor Infrastructure Fund, et al., 72454-72455 [2024-19904]

Download as PDF 72454 Federal Register / Vol. 89, No. 172 / Thursday, September 5, 2024 / Notices khammond on DSKJM1Z7X2PROD with NOTICES in the table above, unregistered money market funds also will incur external costs to preserve records, as required under rule 2a–7. These costs will vary significantly for individual funds, depending on the amount of assets under fund management and whether the fund preserves its records in a storage facility in hard copy or has developed and maintains a computer system to create and preserve compliance records. In the 2022 rule 2a–7 PRA extension, Commission staff estimated that the amount an individual money market fund may spend ranges from $100 per year to $300,000. We have no reason to believe the range is different for unregistered money market funds. Based on Form PF data as of the third calendar quarter 2023, liquidity funds have $361 billion in gross asset value.26 The Commission does not have specific information about the proportion of assets held in small, medium-sized, or large unregistered money market funds. Because liquidity funds are often used as cash management vehicles, the staff estimates that each private liquidity fund is a ‘‘large’’ fund (i.e., more than $1 billion in assets under management). Based on a cost of $0.0000009 per dollar of assets under management (for large funds),27 the staff estimates compliance with the record storage requirements of rule 2a– 7 for these unregistered money market funds costs approximately $324,900 annually.28 Consistent with estimates made in the rule 2a–7 submission, Commission staff estimates that unregistered money market funds also incur capital costs to create computer programs for maintaining and preserving compliance records for rule 2a–7 of $0.0000132 per dollar of assets under management. Based on the assets under management figures described above, staff estimates annual capital costs for all unregistered money market funds of $4.76 million.29 Commission staff further estimates that, even absent the requirements of rule 2a–7, money market funds would spend at least half of the amounts 26 See U.S Securities and Exchange Commission, Division of Investment Management, Analytics Office, Private Fund Statistics, Fourth Quarter 2019 (Oct. 2, 2020), Table 3. 27 The recordkeeping cost estimates are $0.0051295 per dollar of assets under management for small funds, and $0.0005041 per dollar of assets under management for medium-sized funds; the cost estimates are the same as those used in the most recently approved rule 2a–7 submission. 28 This estimate is based on the following calculation: ($294 billion × $0.0000009) = $264,600 for large funds. 29 This estimate is based on the following calculation: ($294 billion × 0.0000132) = $3.88 million. VerDate Sep<11>2014 22:19 Sep 04, 2024 Jkt 262001 described above for record preservation ($162,450) and for capital costs ($2.38 million). Commission staff concludes that the aggregate annual costs of compliance with the rule are $162,450 for record preservation and $2.38 million for capital costs, or a total of $2.54 million. The collections of information required for unregistered money market funds by rule 12d1–1 are necessary in order for acquiring funds to able to obtain the benefits described above. Notices to the Commission will not be kept confidential. An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless it displays a currently valid control OMB number. The public may view background documentation for this information collection at the following website: www.reginfo.gov. Find this particular information collection by selecting ‘‘Currently under 30-day Review—Open for Public Comments’’ or by using the search function. Written comments and recommendations for the proposed information collection should be sent within 30 days of publication of this notice by October 7, 2024 to (i) MBX.OMB.OIRA.SEC_desk_officer@ omb.eop.gov and (ii) Austin Gerig, Director/Chief Data Officer, Securities and Exchange Commission, c/o Oluwaseun Ajayi, 100 F Street NE, Washington, DC 20549, or by sending an email to: PRA_Mailbox@sec.gov. Dated: August 30, 2024. Sherry R. Haywood, Assistant Secretary. [FR Doc. 2024–19960 Filed 9–4–24; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Investment Company Act Release No. 35310; File No. 812–15523] CION Grosvenor Infrastructure Fund, et al. August 30, 2024. Securities and Exchange Commission (‘‘Commission’’ or ‘‘SEC’’). ACTION: Notice. AGENCY: 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 PO 00000 Frm 00091 Fmt 4703 Sfmt 4703 business development companies and closed-end management investment companies to co-invest in portfolio companies with each other and with certain affiliated investment entities. APPLICANTS: CION Grosvenor Infrastructure Fund, CION Grosvenor Infrastructure Master Fund, LLC, CION Grosvenor Management, LLC, Grosvenor Capital Management, L.P., GCM Customized Fund Investment Group, L.P., GCM—Asga Infra Investment Holdings, L.P., GCM Blue Sails Infrastructure Offshore Opportunities Master Fund, L.P., GCM Grosvenor Cedar Infrastructure Investment Fund 2021 (Master), L.P., Alpha Z Infrastructure VI (Master), L.P., Electrical Workers Infrastructure Fund, L.P., GCM Grosvenor J Infrastructure Investment Fund 2024 (EURO) (Master), L.P., GCM Grosvenor J Infrastructure Investment Fund 2024 (USD) (Master), L.P., GCM Grosvenor J Infrastructure Investment Fund 2023 (EURO) (Master), L.P., GCM Grosvenor J Infrastructure Investment Fund 2023 (USD) (Master), L.P., 2021 Infrastructure Compartment (Master), a Sub-Fund of Vertuo (Master) S.C.Sp SICAV–RAIF, GCM Grosvenor— NPS Infrastructure Asia, L.P., GCM Grosvenor—NPS Infrastructure III, L.P (2022–1 Investment Series), GCM Grosvenor KB Infra Investments, L.P., GCM U.S. Partnership Opportunities, L.P., GCM Grosvenor Pacific, L.P. (2020–1 Investment Series), LTV Infrastructure (GCM) (Master), L.P. (2022–1 Investment Series), GCM Grosvenor Infrastructure Investment Program, L.P. (2022–1 Investment Series), Texas Emerging Managers Private Markets Program, L.P., GCM WPP Global Infrastructure, L.P., GCM Grosvenor Multi-Asset Class Master Fund III, L.P., GCM Grosvenor Infrastructure Opportunities Fund, SCSp, GCM Grosvenor—Osool Investments, L.P., GCM Grosvenor Nest Sammelstiftung II, L.P. (2023–1 Investment Series), GCM Grosvenor Customized Infrastructure Strategies III, L.P, and GCM Grosvenor Infrastructure Advantage Fund II, L.P. FILING DATES: The application was filed on November 17, 2023, and amended on April 17, 2024 and July 25, 2024. 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 E:\FR\FM\05SEN1.SGM 05SEN1 Federal Register / Vol. 89, No. 172 / Thursday, September 5, 2024 / Notices address is listed for the relevant Applicant below. Hearing requests should be received by the Commission by 5:30 p.m. on September 24, 2024, and should be accompanied by proof of service on 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 SecretarysOffice@sec.gov. The Commission: Secretarys-Office@sec.gov. Applicants: Aaron Gilbride, Aaron.Gilbride@lw.com, Laura Ferrell, Laura.Ferrell@lw.com, Joel Cavanaugh, Joel.Cavanaugh@ lw.com, Girish S. Kashyap, GKashyap@ gcmlp.com. ADDRESSES: FOR FURTHER INFORMATION CONTACT: Deepak T. Pai, Senior Counsel, or Thomas Ahmadifar, Branch Chief, at (202) 551–6825 (Division of Investment Management, Chief Counsel’s Office). For Applicants’ representations, legal analysis, and conditions, please refer to Applicants’ second amended and restated application, dated July 25, 2024, 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, at https://www.sec.gov/ edgar/searchedgar/legacy/ companysearch.html. You may also call the SEC’s Public Reference Room at (202) 551–8090. SUPPLEMENTARY INFORMATION: For the Commission, by the Division of Investment Management, under delegated authority. Sherry R. Haywood, Assistant Secretary. SECURITIES AND EXCHANGE COMMISSION [Release No. 34–100870; File No. SR–MRX– 2024–32] Self-Regulatory Organizations; Nasdaq MRX, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Establish Fees Related to Certain Prospective Costs of the National Market System Plan Governing the Consolidated Audit Trail August 29, 2024. Pursuant to Section 19(b)(1) under the Securities Exchange Act of 1934 (the ‘‘Act’’) 1 and Rule 19b–4 thereunder,2 notice is hereby given that on August 15, 2024, Nasdaq MRX, LLC (‘‘MRX’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘SEC’’ or ‘‘Commission’’) the proposed rule change as described in Items I and II below, which Items have been prepared by the self-regulatory organization. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to establish fees for Industry Members 3 related to reasonably budgeted CAT costs of the National Market System Plan Governing the Consolidated Audit Trail (the ‘‘CAT NMS Plan’’ or ‘‘Plan’’) for the period from July 16, 2024 through December 31, 2024, as described further below. The text of the proposed rule change is available on the Exchange’s website at https://listingcenter.nasdaq.com/ rulebook/nasdaq/rules, at the principal office of the Exchange, and at the Commission’s Public Reference Room. II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the self-regulatory organization included statements concerning the purpose of, and basis for, the proposed rule change and discussed any comments it received on the proposed rule change. The text [FR Doc. 2024–19904 Filed 9–4–24; 8:45 am] 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 An ‘‘Industry Member’’ is defined as ‘‘a member of a national securities exchange or a member of a national securities association.’’ See Nasdaq Rule General 7(u) (MRX General 7 incorporates The Nasdaq Stock Market LLC Rule General 7 by reference); see also Section 1.1 of the CAT NMS Plan. Unless otherwise specified, capitalized terms used in this rule filing are defined as set forth in the CAT NMS Plan and/or the CAT Compliance Rule. Nasdaq Rule General 7 (Consolidated Audit Trail Compliance). khammond on DSKJM1Z7X2PROD with NOTICES BILLING CODE 8011–01–P VerDate Sep<11>2014 22:19 Sep 04, 2024 2 17 Jkt 262001 PO 00000 Frm 00092 Fmt 4703 Sfmt 4703 72455 of those statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant parts of such statements. A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose On July 11, 2012, the Commission adopted Rule 613 of Regulation NMS, which required the self-regulatory organizations (‘‘SROs’’) to submit a national market system (‘‘NMS’’) plan to create, implement and maintain a consolidated audit trail that would capture customer and order event information for orders in NMS securities across all markets, from the time of order inception through routing, cancellation, modification or execution.4 On November 15, 2016, the Commission approved the CAT NMS Plan.5 Under the CAT NMS Plan, the Operating Committee has the discretion to establish funding for CAT LLC to operate the CAT, including establishing fees for Industry Members to be assessed by CAT LLC that would be implemented on behalf of CAT LLC by the Participants.6 The Operating Committee adopted a revised funding model to fund the CAT (‘‘CAT Funding Model’’). On September 6, 2023, the Commission approved the CAT Funding Model after concluding that the model was reasonable and that it satisfied the requirements of Section 11A of the Exchange Act and Rule 608 thereunder.7 The CAT Funding Model provides a framework for the recovery of the costs to create, develop and maintain the CAT, including providing a method for allocating costs to fund the CAT among Participants and Industry Members. The CAT Funding Model establishes two categories of fees: (1) CAT fees assessed by CAT LLC and payable by certain Industry Members to recover a portion of historical CAT costs previously paid by the Participants (‘‘Historical CAT Assessment’’ fees); and (2) CAT fees assessed by CAT LLC and payable by Participants and Industry Members to 4 Securities Exchange Act Rel. No. 67457 (July 18, 2012), 77 FR 45722 (Aug. 1, 2012). 5 Securities Exchange Act Rel. No. 79318 (Nov. 15, 2016), 81 FR 84696 (Nov. 23, 2016) (‘‘CAT NMS Plan Approval Order’’). 6 Section 11.1(b) of the CAT NMS Plan. 7 Securities Exchange Act Rel. No. 98290 (Sept. 6, 2023), 88 FR 62628 (Sept. 12, 2023) (‘‘CAT Funding Model Approval Order’’). E:\FR\FM\05SEN1.SGM 05SEN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 89, Number 172 (Thursday, September 5, 2024)]
[Notices]
[Pages 72454-72455]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-19904]


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SECURITIES AND EXCHANGE COMMISSION

[Investment Company Act Release No. 35310; File No. 812-15523]


CION Grosvenor Infrastructure Fund, et al.

August 30, 2024.
AGENCY: Securities and Exchange Commission (``Commission'' or ``SEC'').

ACTION: Notice.

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

Applicants:  CION Grosvenor Infrastructure Fund, CION Grosvenor 
Infrastructure Master Fund, LLC, CION Grosvenor Management, LLC, 
Grosvenor Capital Management, L.P., GCM Customized Fund Investment 
Group, L.P., GCM--Asga Infra Investment Holdings, L.P., GCM Blue Sails 
Infrastructure Offshore Opportunities Master Fund, L.P., GCM Grosvenor 
Cedar Infrastructure Investment Fund 2021 (Master), L.P., Alpha Z 
Infrastructure VI (Master), L.P., Electrical Workers Infrastructure 
Fund, L.P., GCM Grosvenor J Infrastructure Investment Fund 2024 (EURO) 
(Master), L.P., GCM Grosvenor J Infrastructure Investment Fund 2024 
(USD) (Master), L.P., GCM Grosvenor J Infrastructure Investment Fund 
2023 (EURO) (Master), L.P., GCM Grosvenor J Infrastructure Investment 
Fund 2023 (USD) (Master), L.P., 2021 Infrastructure Compartment 
(Master), a Sub-Fund of Vertuo (Master) S.C.Sp SICAV-RAIF, GCM 
Grosvenor--NPS Infrastructure Asia, L.P., GCM Grosvenor--NPS 
Infrastructure III, L.P (2022-1 Investment Series), GCM Grosvenor KB 
Infra Investments, L.P., GCM U.S. Partnership Opportunities, L.P., GCM 
Grosvenor Pacific, L.P. (2020-1 Investment Series), LTV Infrastructure 
(GCM) (Master), L.P. (2022-1 Investment Series), GCM Grosvenor 
Infrastructure Investment Program, L.P. (2022-1 Investment Series), 
Texas Emerging Managers Private Markets Program, L.P., GCM WPP Global 
Infrastructure, L.P., GCM Grosvenor Multi-Asset Class Master Fund III, 
L.P., GCM Grosvenor Infrastructure Opportunities Fund, SCSp, GCM 
Grosvenor--Osool Investments, L.P., GCM Grosvenor Nest Sammelstiftung 
II, L.P. (2023-1 Investment Series), GCM Grosvenor Customized 
Infrastructure Strategies III, L.P, and GCM Grosvenor Infrastructure 
Advantage Fund II, L.P.

Filing Dates:  The application was filed on November 17, 2023, and 
amended on April 17, 2024 and July 25, 2024.

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 [email protected] 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

[[Page 72455]]

address is listed for the relevant Applicant below.
    Hearing requests should be received by the Commission by 5:30 p.m. 
on September 24, 2024, and should be accompanied by proof of service on 
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 
[email protected].

ADDRESSES: The Commission: [email protected]. Applicants: Aaron 
Gilbride, [email protected], Laura Ferrell, [email protected], 
Joel Cavanaugh, [email protected], Girish S. Kashyap, 
[email protected].

FOR FURTHER INFORMATION CONTACT: Deepak T. Pai, Senior Counsel, or 
Thomas Ahmadifar, Branch Chief, 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' second amended 
and restated application, dated July 25, 2024, 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, at https://www.sec.gov/edgar/searchedgar/legacy/companysearch.html. You may also call the 
SEC's Public Reference Room at (202) 551-8090.

    For the Commission, by the Division of Investment Management, 
under delegated authority.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024-19904 Filed 9-4-24; 8:45 am]
BILLING CODE 8011-01-P

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