SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person* Investcorp BDC Holdings Ltd (Last) (First) (Middle) CENTURY YARD, CRICKET SQUARE PO BOX 1111 (Street) GRAND CAYMAN. KY1-1102 E9 BWI (City) (State) (Zip)	2. Date of Event Requiring Statement (Month/Day/Year) 05/05/2022	3. Issuer Name and Ticker or Trading Symbol Investcorp Credit Management BDC, Inc. [ ICMB ]
		4. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director X 10% Owner Officer (give title below) Other (specify below)	5. If Amendment, Date of Original Filed (Month/Day/Year)
			6. Individual or Joint/Group Filing (Check Applicable Line) Form filed by One Reporting Person X Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock, $0.001 par value per share(1)	3,582,354	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person* Investcorp BDC Holdings Ltd (Last) (First) (Middle) CENTURY YARD, CRICKET SQUARE PO BOX 1111 (Street) GRAND CAYMAN. KY1-1102 E9 BWI (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* Investcorp Credit Management US LLC (Last) (First) (Middle) 280 PARK AVENUE 36TH FLOOR (Street) NEW YORK NY 10017 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* SIPCO HOLDINGS LTD (Last) (First) (Middle) CENTURY YARD, CRICKET SQUARE PO BOX 1111 (Street) GRAND CAYMAN KY1-1102 E9 BWI (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* Investcorp S.A. (Last) (First) (Middle) CENTURY YARD, CRICKET SQUARE PO BOX 1111 (Street) GRAND CAYMAN KY1-1102 E9 BWI (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

Explanation of Responses:

1. These shares of Common Stock are owned directly by Investcorp BDC Holdings Limited ("IBDC"). The same shares of Common Stock are reported herein as being beneficially owned by Investcorp S.A. ("Investcorp"), SIPCO Holdings Limited ("SIPCO") and Investcorp Credit Management US LLC ("ICM"). Investcorp and ICM each disclaim beneficial ownership of the shares held by IBDC, except to the extent, if any, that they have a pecuniary interest in such shares and such pecuniary interest is ultimately realized. SIPCO may be deemed to control Investcorp through its ownership of a majority of the stock of a company that indirectly owns a majority of Investcorp. SIPCO Limited disclaims beneficial ownership of the shares reported on this Form 3.

Remarks:

Exhibit 24 - Power of Attorney (incorporated by reference to Exhibit 24 to the Form 3 filed by Investcorp BDC Holdings Limited on October 17, 2019)

	Investcorp BDC Holdings Limited By: /s/ Patrick Maloney Title: Attorney-in-fact	05/10/2022
	Investcorp Credit Management US LLC By: /s/ Patrick Maloney Title: General Counsel	05/10/2022
	SIPCO Holdings Limited By:/s/ Patrick Maloney Title: Attorney-in-fact	05/10/2022
	Investcorp S.A. By:/s/ Patrick Maloney Title: Attorney-in-fact	05/10/2022
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
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