The $25 billion HPS Corporate Lending Fund has once again limited withdrawals after repurchase requests hit ~11.5% of outstanding shares.
The firm also provided updates on its private equity evergreen fund and non-traded BDC, as well as plans to launch new products targeting the wealth segment.
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).
Withdrawal requests in BlackRock's non-traded private credit fund have breached its quarterly cap for the first time since inception.
