<SEC-DOCUMENT>0001104659-25-046220.txt : 20250508
<SEC-HEADER>0001104659-25-046220.hdr.sgml : 20250508
<ACCEPTANCE-DATETIME>20250508170557
ACCESSION NUMBER:		0001104659-25-046220
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20250331
FILED AS OF DATE:		20250508
DATE AS OF CHANGE:		20250508
EFFECTIVENESS DATE:		20250508

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SUN LIFE FINANCIAL INC
		CENTRAL INDEX KEY:			0001097362
		STANDARD INDUSTRIAL CLASSIFICATION:	LIFE INSURANCE [6311]
		ORGANIZATION NAME:           	02 Finance
		EIN:				000000000
		STATE OF INCORPORATION:			Z4
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		13F-HR
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	028-05799
		FILM NUMBER:		25927271

	BUSINESS ADDRESS:	
		STREET 1:		SUN LIFE ASSURANCE CO OF CANADA
		STREET 2:		ONE YORK STREET
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5J 0B6
		BUSINESS PHONE:		4169794800

	MAIL ADDRESS:	
		STREET 1:		SUN LIFE ASSURANCE CO OF CANADA
		STREET 2:		ONE YORK STREET
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5J 0B6

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SUN LIFE FINANCIAL SERVICES INC
		DATE OF NAME CHANGE:	20030702

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SUN LIFE FINANCIAL SERVICES OF CANADA INC
		DATE OF NAME CHANGE:	20000224
</SEC-HEADER>
<DOCUMENT>
<TYPE>13F-HR
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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      <liveTestFlag>LIVE</liveTestFlag>
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        <overrideInternetFlag>false</overrideInternetFlag>
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      <filer>
        <credentials>
          <cik>0001097362</cik>
          <ccc>XXXXXXXX</ccc>
        </credentials>
      </filer>
      <periodOfReport>03-31-2025</periodOfReport>
    </filerInfo>
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  <formData>
    <coverPage>
      <reportCalendarOrQuarter>03-31-2025</reportCalendarOrQuarter>
      <isAmendment>false</isAmendment>
      <filingManager>
        <name>SUN LIFE FINANCIAL INC</name>
        <address>
          <ns1:street1>Sun Life Assurance CO of Canada</ns1:street1>
          <ns1:street2>One York Street</ns1:street2>
          <ns1:city>Toronto</ns1:city>
          <ns1:stateOrCountry>A6</ns1:stateOrCountry>
          <ns1:zipCode>M5J 0B6</ns1:zipCode>
        </address>
      </filingManager>
      <reportType>13F COMBINATION REPORT</reportType>
      <form13FFileNumber>028-05799</form13FFileNumber>
      <otherManagersInfo>
        <otherManager>
          <cik>0000912938</cik>
          <form13FFileNumber>028-04968</form13FFileNumber>
          <name>MASSACHUSETTS FINANCIAL SERVICES CO /MA/</name>
        </otherManager>
      </otherManagersInfo>
      <provideInfoForInstruction5>N</provideInfoForInstruction5>
    </coverPage>
    <signatureBlock>
      <name>Randolph Brown</name>
      <title>CIO, Sun Life</title>
      <phone>781-416-2297</phone>
      <signature>/s/ Randolph Brown</signature>
      <city>Wellesley Hills</city>
      <stateOrCountry>MA</stateOrCountry>
      <signatureDate>05-08-2025</signatureDate>
    </signatureBlock>
    <summaryPage>
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      <tableEntryTotal>36</tableEntryTotal>
      <tableValueTotal>1579919</tableValueTotal>
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          <sequenceNumber>1</sequenceNumber>
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            <form13FFileNumber>028-12046</form13FFileNumber>
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            <name>Sun Life Assurance Co of Canada</name>
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        </otherManager2>
        <otherManager2>
          <sequenceNumber>3</sequenceNumber>
          <otherManager>
            <cik>0001513857</cik>
            <form13FFileNumber>028-15882</form13FFileNumber>
            <name>Crescent Capital Group LP</name>
          </otherManager>
        </otherManager2>
      </otherManagers2Info>
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<DOCUMENT>
<TYPE>INFORMATION TABLE
<SEQUENCE>2
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<TEXT>
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    <nameOfIssuer>ISHARES MSCI EAFE INDEX FUND</nameOfIssuer>
    <titleOfClass>* ISHARES TR MSCI EAFE ETF</titleOfClass>
    <cusip>464287465</cusip>
    <value>87</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1062</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <votingAuthority>
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      <Shared>0</Shared>
      <None>0</None>
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  <infoTable>
    <nameOfIssuer>ISHARES MSCI FRANCE ETF</nameOfIssuer>
    <titleOfClass>* ISHARES INC MSCI FRANCE ETF</titleOfClass>
    <cusip>464286707</cusip>
    <value>2267</value>
    <shrsOrPrnAmt>
      <sshPrnamt>56950</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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      <Shared>0</Shared>
      <None>0</None>
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  <infoTable>
    <nameOfIssuer>ISHARES MSCI GERMANY ETF</nameOfIssuer>
    <titleOfClass>* ISHARES INC MSCI GERMANY ETF</titleOfClass>
    <cusip>464286806</cusip>
    <value>552</value>
    <shrsOrPrnAmt>
      <sshPrnamt>14895</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>14895</Sole>
      <Shared>0</Shared>
      <None>0</None>
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  <infoTable>
    <nameOfIssuer>ISHARES MSCI MEXICO CAPPED ETF</nameOfIssuer>
    <titleOfClass>* ISHARES INC MSCI MEXICO ETF</titleOfClass>
    <cusip>464286822</cusip>
    <value>702</value>
    <shrsOrPrnAmt>
      <sshPrnamt>13775</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>13775</Sole>
      <Shared>0</Shared>
      <None>0</None>
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  <infoTable>
    <nameOfIssuer>ISHARES MSCI UNITED KINGDOM INDEX FUND</nameOfIssuer>
    <titleOfClass>* ISHARES TR MSCI UK ETF NEW</titleOfClass>
    <cusip>46435G334</cusip>
    <value>2075</value>
    <shrsOrPrnAmt>
      <sshPrnamt>55365</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>55365</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR S&amp;P 500 ETF TRUST</nameOfIssuer>
    <titleOfClass>* SPDR S&amp;P 500 ETF TR TR UNIT</titleOfClass>
    <cusip>78462F103</cusip>
    <value>332266</value>
    <shrsOrPrnAmt>
      <sshPrnamt>593980</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>593980</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>SPDR S&amp;P 500 ETF TRUST</nameOfIssuer>
    <titleOfClass>* SPDR S&amp;P 500 ETF TR TR UNIT</titleOfClass>
    <cusip>78462F103</cusip>
    <value>20836</value>
    <shrsOrPrnAmt>
      <sshPrnamt>37248</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>37248</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR S&amp;P 500 ETF TRUST</nameOfIssuer>
    <titleOfClass>* SPDR S&amp;P 500 ETF TR TR UNIT</titleOfClass>
    <cusip>78462F103</cusip>
    <value>4084</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7301</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>7301</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES MSCI JAPAN UCITS ETF</nameOfIssuer>
    <titleOfClass>* ISHARES INC MSCI JPN ETF NEW</titleOfClass>
    <cusip>46434G822</cusip>
    <value>3920</value>
    <shrsOrPrnAmt>
      <sshPrnamt>57182</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>57182</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>AVALONBAY COMMUNITIES INC</nameOfIssuer>
    <titleOfClass>* AVALONBAY CMNTYS INC COM</titleOfClass>
    <cusip>053484101</cusip>
    <value>32285</value>
    <shrsOrPrnAmt>
      <sshPrnamt>150427</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>150427</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>BOSTON PROPERTIES INC</nameOfIssuer>
    <titleOfClass>* BXP INC COM</titleOfClass>
    <cusip>101121101</cusip>
    <value>8079</value>
    <shrsOrPrnAmt>
      <sshPrnamt>120239</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>120239</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>DIGITAL REALTY TRUST INC</nameOfIssuer>
    <titleOfClass>* DIGITAL RLTY TR INC COM</titleOfClass>
    <cusip>253868103</cusip>
    <value>30594</value>
    <shrsOrPrnAmt>
      <sshPrnamt>213509</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>213509</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>EQUINIX INC</nameOfIssuer>
    <titleOfClass>* EQUINIX INC COM</titleOfClass>
    <cusip>29444U700</cusip>
    <value>9178</value>
    <shrsOrPrnAmt>
      <sshPrnamt>11256</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <votingAuthority>
      <Sole>11256</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <titleOfClass>* PROLOGIS INC. COM</titleOfClass>
    <cusip>74340W103</cusip>
    <value>24652</value>
    <shrsOrPrnAmt>
      <sshPrnamt>220524</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>220524</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <titleOfClass>* SIMON PPTY GROUP INC NEW COM</titleOfClass>
    <cusip>828806109</cusip>
    <value>9823</value>
    <shrsOrPrnAmt>
      <sshPrnamt>59145</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <votingAuthority>
      <Sole>59145</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>INVESCO QQQ TRUST SERIES 1</nameOfIssuer>
    <titleOfClass>* INVESCO QQQ TR UNIT SER 1</titleOfClass>
    <cusip>46090E103</cusip>
    <value>76359</value>
    <shrsOrPrnAmt>
      <sshPrnamt>162840</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>162840</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CAMDEN PROPERTY TRUST</nameOfIssuer>
    <titleOfClass>* CAMDEN PPTY TR SH BEN INT</titleOfClass>
    <cusip>133131102</cusip>
    <value>19510</value>
    <shrsOrPrnAmt>
      <sshPrnamt>159528</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>159528</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
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    <nameOfIssuer>ISHARES MSCI SOUTH KOREA ETF</nameOfIssuer>
    <titleOfClass>* ISHARES INC MSCI STH KOR ETF</titleOfClass>
    <cusip>464286772</cusip>
    <value>83750</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1549773</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1549773</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <titleOfClass>* ISHARES TR ESG SELECT SCRE</titleOfClass>
    <cusip>46436E569</cusip>
    <value>35212</value>
    <shrsOrPrnAmt>
      <sshPrnamt>823040</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>823040</Sole>
      <Shared>0</Shared>
      <None>0</None>
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    <titleOfClass>* ISHARES TR MSCI INDIA ETF</titleOfClass>
    <cusip>46429B598</cusip>
    <value>15758</value>
    <shrsOrPrnAmt>
      <sshPrnamt>306100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>306100</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <titleOfClass>* ISHARES INC MSCI TAIWAN ETF</titleOfClass>
    <cusip>46434G772</cusip>
    <value>91026</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1917150</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1917150</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <titleOfClass>* CRESCENT CAP BDC INC COM</titleOfClass>
    <cusip>225655109</cusip>
    <value>38114</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2226308</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>2226308</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <titleOfClass>* FIRST INDL RLTY TR INC COM</titleOfClass>
    <cusip>32054K103</cusip>
    <value>8168</value>
    <shrsOrPrnAmt>
      <sshPrnamt>151376</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>151376</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
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    <titleOfClass>* REXFORD INDL RLTY INC COM</titleOfClass>
    <cusip>76169C100</cusip>
    <value>6282</value>
    <shrsOrPrnAmt>
      <sshPrnamt>160448</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>160448</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
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    <cusip>922908363</cusip>
    <value>254429</value>
    <shrsOrPrnAmt>
      <sshPrnamt>495084</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>495084</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
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    <titleOfClass>* ISHARES TR CORE S&amp;P500 ETF</titleOfClass>
    <cusip>464287200</cusip>
    <value>7080</value>
    <shrsOrPrnAmt>
      <sshPrnamt>12600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>12600</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES CORE S&amp;P 500 ETF</nameOfIssuer>
    <titleOfClass>* ISHARES TR CORE S&amp;P500 ETF</titleOfClass>
    <cusip>464287200</cusip>
    <value>253911</value>
    <shrsOrPrnAmt>
      <sshPrnamt>451879</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>451879</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GRAFTECH INTERNATIONAL LTD</nameOfIssuer>
    <titleOfClass>* GRAFTECH INTL LTD COM</titleOfClass>
    <cusip>384313508</cusip>
    <value>285</value>
    <shrsOrPrnAmt>
      <sshPrnamt>841528</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>841528</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES MSCI INDONESIA ETF</nameOfIssuer>
    <titleOfClass>* ISHARES TR MSCI INDONIA ETF</titleOfClass>
    <cusip>46429B309</cusip>
    <value>11817</value>
    <shrsOrPrnAmt>
      <sshPrnamt>725000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>725000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES MSCI SINGAPORE ETF</nameOfIssuer>
    <titleOfClass>* ISHARES INC MSCI SINGPOR ETF</titleOfClass>
    <cusip>46434G780</cusip>
    <value>36355</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1530100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1530100</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>AAM SLC LOW DURATION INCOME ETF</nameOfIssuer>
    <titleOfClass>ETF SER SOLUTIONS AAM SLC LOW DUR</titleOfClass>
    <cusip>26922B428</cusip>
    <value>50141</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2000000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>2000000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES MSCI JAPAN VALUE ETF</nameOfIssuer>
    <titleOfClass>ISHARES TR MSCI JP VALUE</titleOfClass>
    <cusip>46435U374</cusip>
    <value>9672</value>
    <shrsOrPrnAmt>
      <sshPrnamt>290700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>290700</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR PORTFOLIO S&amp;P 400 MID CAP ETF</nameOfIssuer>
    <titleOfClass>* SPDR SER TR PORTFOLIO S&amp;P400</titleOfClass>
    <cusip>78464A847</cusip>
    <value>25119</value>
    <shrsOrPrnAmt>
      <sshPrnamt>490800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>490800</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>BEASLEY BROADCAST GROUP INC</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>074014200</cusip>
    <value>8</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1524</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1524</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MISTER CAR WASH INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>60646V105</cusip>
    <value>22841</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2894938</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>2894938</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>INVESCO EXCH TRADED FD TR II SR LN ETF</nameOfIssuer>
    <titleOfClass>SR LN ETF</titleOfClass>
    <cusip>46138G508</cusip>
    <value>52682</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2545000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>2545000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
</informationTable>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
