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SEC Company Response from TCW Direct Lending LLC (CIK 0001603480) — Sep 20, 2022

TCW Direct Lending LLC (CIK 0001603480)
Date: Sept. 20, 2022 · CIK: 0001603480 · Accession: 0001193125-22-247575

AI Filing Summary & Sentiment

File numbers found in text: 814-01069

Date
September 20, 2022
Author
/s/ David A. Hearth
Form
CORRESP
Company
TCW Direct Lending LLC (CIK 0001603480)

Letter

Comment Response Letter

Paul Hastings LLP

101 California Street, Forty-Eighth Floor

San Francisco, CA 94111

telephone (415) 856-7000

facsimile (415) 856-7100

www.paulhastings.com

September 20, 2022

VIA EDGAR CORRESPONDENCE

Securities and Exchange Commission

100 F Street, NE

Washington, DC 20549

Re: TCW Direct Lending LLC - File No. 814-01069

Ladies and Gentlemen:

On behalf of TCW Direct Lending LLC (the “Registrant”), we hereby respond to the oral comments provided on September 16, 2022 to the undersigned by Ms. Valerie J. Lithotomos of the staff (the “Staff”) of the Securities and Exchange Commission with respect to the Registrant’s preliminary proxy soliciting materials, which contained disclosure with respect to the planned solicitation of consents from unitholders of the Registrant.

The Registrant’s responses to those comments are provided below. We have restated the substance of those comments to the best of our understanding. Capitalized terms have the same meanings as in the proxy statement, unless otherwise indicated. We have consulted with the Registrant in preparing and submitting this response letter.

The Registrant also acknowledges the Staff’s standard disclaimer as expressed as part of the oral comments.

1. Comment: The consent solicitation disclosure states that follow-on investments may be made in the identified five portfolio companies as well as “the subsidiaries, successors or other affiliates of those portfolio companies.” Please supplementally confirm that the Registrant’s Second Amended and Restated Limited Liability Company Agreement, dated September 19, 2014 (the “Agreement”), would allow investments in those other entities as well as the portfolio companies themselves.

Response: Comment accepted. The Registrant hereby confirms that Section 6.1.4(b) of the Agreement allows follow-on investments after the third anniversary based on the consent of Common Unitholders. The consent solicited here and the related disclosure is clear about the scope of the authority sought to include those related entities and is consistent with that Section 6.1.4(b). Additionally, including those other related entities with respect to further investments is within the customary range of authority provided in the LLC agreement such as seen in Section 9.5 of the Agreement, which includes successors and subsidiaries when referring to additional investments in portfolio companies.

2. Comment: Please supplementally confirm that the conflicts of interest disclosed on page 9 with respect to members of senior management and the investment teams and the investment committee exist currently regardless whether the proposal is approved and is not specific to the proposal.

Response: Comment accepted. The Registrant hereby confirms that the conflicts of interest disclosed in the consent solicitation statement are not specifically related to the proposal and currently potentially exist with respect to all investments made by the Registrant.

* * * * *

Please contact the undersigned at (415) 856-7007 with comments and questions.

Very truly yours,
/s/ David A. Hearth

Show Raw Text
CORRESP
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Comment Response Letter

 Paul Hastings LLP

101 California Street, Forty-Eighth Floor

San Francisco, CA 94111

 telephone
(415) 856-7000

 facsimile (415) 856-7100

www.paulhastings.com

September 20, 2022

 VIA EDGAR CORRESPONDENCE

Securities and Exchange Commission

 100 F Street, NE

Washington, DC 20549

Re:
 TCW Direct Lending LLC - File No. 814-01069

 Ladies and Gentlemen:

 On behalf of TCW
Direct Lending LLC (the “Registrant”), we hereby respond to the oral comments provided on September 16, 2022 to the undersigned by Ms. Valerie J. Lithotomos of the staff (the “Staff”) of the Securities and Exchange
Commission with respect to the Registrant’s preliminary proxy soliciting materials, which contained disclosure with respect to the planned solicitation of consents from unitholders of the Registrant.

The Registrant’s responses to those comments are provided below. We have restated the substance of those comments to the best of our understanding.
Capitalized terms have the same meanings as in the proxy statement, unless otherwise indicated. We have consulted with the Registrant in preparing and submitting this response letter.

The Registrant also acknowledges the Staff’s standard disclaimer as expressed as part of the oral comments.

1.
 Comment: The consent solicitation disclosure states that
follow-on investments may be made in the identified five portfolio companies as well as “the subsidiaries, successors or other affiliates of those portfolio companies.” Please supplementally confirm
that the Registrant’s Second Amended and Restated Limited Liability Company Agreement, dated September 19, 2014 (the “Agreement”), would allow investments in those other entities as well as the portfolio companies themselves.

 Response: Comment accepted. The Registrant hereby confirms that Section 6.1.4(b) of the Agreement allows follow-on investments after the third anniversary based on the consent of Common Unitholders. The consent solicited here and the related disclosure is clear about the scope of the authority sought to include those
related entities and is consistent with that Section 6.1.4(b). Additionally, including those other related entities with respect to further investments is within the customary range of authority provided in the LLC agreement such as seen in
Section 9.5 of the Agreement, which includes successors and subsidiaries when referring to additional investments in portfolio companies.

2.
 Comment: Please supplementally confirm that the conflicts of interest disclosed on page 9 with
respect to members of senior management and the investment teams and the investment committee exist currently regardless whether the proposal is approved and is not specific to the proposal.

Response: Comment accepted. The Registrant hereby confirms that the conflicts of interest disclosed in the consent solicitation statement are not
specifically related to the proposal and currently potentially exist with respect to all investments made by the Registrant.

*    *    *    *    *

Please contact the undersigned at (415) 856-7007 with comments and questions.

 Very truly yours,

 /s/ David A. Hearth

 David A. Hearth

for PAUL HASTINGS LLP

 cc: TCW Investment Management Company LLC

 2