Statement of Changes in Beneficial Ownership (4)

FORM 4

[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

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3235-0287

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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

1. Name and Address of Reporting Person * Investcorp BDC Holdings Ltd	2. Issuer Name and Ticker or Trading Symbol Investcorp Credit Management BDC, Inc. [ ICMB ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director                    __X__ 10% Owner _____ Officer (give title below)    _____ Other (specify below)
(Last)          (First)          (Middle) CENTURY YARD, CRICKET SQUARE PO BOX 1111,	3. Date of Earliest Transaction (MM/DD/YYYY) 10/30/2019
(Street) GRAND CAYMAN. KY1-1102, E9 BWI (City)        (State)        (Zip)	4. If Amendment, Date Original Filed (MM/DD/YYYY)	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 Acquired, Disposed of, or Beneficially Owned
1.Title of Security (Instr. 3)	2. Trans. Date	2A. Deemed Execution Date, if any	3. Trans. Code (Instr. 8)		4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock, $0.001 par value per share	10/30/2019		P		100	A	$6.7 (1)	26476	D (2)
Common Stock, $0.001 par value per share	10/31/2019		P		1000	A	$6.717 (3)	27476	D (2)
Common Stock, $0.001 par value per share	11/1/2019		P		1941	A	$6.7086 (4)	29417	D (2)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	4. Trans. Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:
(1)	The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $6.70 to $6.70. The reporting person undertakes to provide to the Investcorp Credit Management BDC, Inc. (the "Company"), any security holder of the Company, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares bought at each separate price within the ranges set forth in this Form 4.
(2)	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.
(3)	The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $6.64 to $6.77.
(4)	The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $6.67 to $6.72.

Reporting Owners
Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
Investcorp BDC Holdings Ltd CENTURY YARD, CRICKET SQUARE PO BOX 1111 GRAND CAYMAN. KY1-1102, E9 BWI		X
Investcorp Credit Management US LLC 280 PARK AVENUE 36TH FLOOR NEW YORK, NY 10017		X
SIPCO HOLDINGS LTD CENTURY YARD, CRICKET SQUARE PO BOX 1111 GRAND CAYMAN KY1-1102, E9 BWI		X
Investcorp S.A. CENTURY YARD, CRICKET SQUARE PO BOX 1111 GRAND CAYMAN KY1-1102, E9 BWI		X

Signatures
Investcorp BDC Holdings Limited, by Patrick Maloney, attorney-in-fact /s/ Patrick Maloney		11/1/2019
**Signature of Reporting Person		Date
Investcorp Credit Management US LLC, by Patrick Maloney, General Counsel /s/ Patrick Maloney		11/1/2019
**Signature of Reporting Person		Date
SIPCO Holdings Limited, by Patrick Maloney, attorney-in-fact /s/ Patrick Maloney		11/1/2019
**Signature of Reporting Person		Date
Investcorp S.A., by Patrick Maloney, attorney-in-fact /s/ Patrick Maloney		11/1/2019
**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 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note:	File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.

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