HPS Investment Partners raised $500 million in equity proceeds for its non-traded business development company HPS Corporate Lending Fund (HLEND).
The $80 billion firm’s first business development company will ultimately have more than $1 billion n investable capital as the fund issued and sold over 20 million shares to investors and currently has additional submitted orders in place for “multiple months of subscription capacity.”
HLEND launched with $1.2 billion in investable capital, including leverage and has already made funded and unfunded investment commitments totaling more than $660 million across a diversified base of corporate credits. The offering is part of the firm’s strategic initiative to expand the availability of its investment solutions to qualified individual investors and their financial advisors.
“We have been fortunate to partner with many of the world’s most sophisticated institutional investors to help them build their private credit portfolios,” said Scott Kapnick, CEO of New York-based HPS. “As the industry continues to mature, we believe providing a broader universe of investors with aa product that accesses our scale and the benefits of our highly disciplined approach to direct lending, can play a valuable role in their fixed-income portfolios. We are pleased to have the opportunity to put our breadth of experience to work for them in support of their investment objectives.”