Withdrawal requests in BlackRock's non-traded private credit fund have breached its quarterly cap for the first time since inception.
The $25 billion HPS Corporate Lending Fund has once again limited withdrawals after repurchase requests hit ~11.5% of outstanding shares.
The non-traded BDC accepted all valid tenders, representing about 3.6% of outstanding shares as of June, with payment to be made through State Street-held promissory notes.
Cox Capital currently has outstanding cash offers for five private debt vehicles, with discounts to NAV ranging from 14% to 37%.
The ~$30 million transaction will provide liquidity to shareholders in private debt funds managed by BlackRock, Apollo, and Ares at 15-30% discounts.
Mark Goldberg of Alternative Investments Market Intelligence analyzes why redemption queues across non-traded BDCs could take years to clear despite easing withdrawal demand.
HPS Corporate Lending Fund is the latest private debt vehicle in Q2 to gate redemptions at 5%, after investors sought to withdraw 13.3% of outstanding shares.
HPS Corporate Lending Fund recently raised $600 million through an offering of 6.3% unsecured notes due 2031.
The $26 billion HPS Corporate Lending Fund recently capped its Q1 share repurchase offer to 5% of NAV after being met with 9.3% in redemptions.
The firm recently restricted redemptions in its $26 billion non-traded BDC, HPS Corporate Lending Fund (HLEND).
