HPS Corporate Lending Fund
- Company typePrivate
- Founded2022
- HeadquartersNew York, United States
- Headcount—
- GTM typeB2C
- OfferingServices
HPS Corporate Lending Fund firmographics
Firmographics- Name
- HPS Corporate Lending Fund
- Legal name
- HPS Corporate Lending Fund
- Website
- https://hlend.com
- Company type
- Private
- Founded year
- 2022
- Operating status
- Operating
- Ownership category
- akta.pro rank
HPS Corporate Lending Fund industry classification
Industry- Product category
- Private Credit / Business Development Company (BDC)
- NAICS
- Funds, Trusts, and Other Financial Vehicles (525), Open-End Investment Funds (525910), Other Financial Vehicles (525990)
- SIC
- Finance Services (6199)
- akta.pro primary industry
- Mezzanine / Subordinated Debt (FSANADAC)
Keywords
Where HPS Corporate Lending Fund is headquartered
LocationHeadquarters
- HQ city
- New York
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
HPS Corporate Lending Fund business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D
Revenue model
- Management Fees: 1.25% per annum on NAV paid monthly. This is the primary recurring revenue stream from managing the fund's investment portfolio.
- Incentive Fees - Income: 12.5% of income, subject to a 5% hurdle rate with catch up, paid quarterly. Tied to investment performance.
- Incentive Fees - Capital Gains: 12.5% of realized capital gains net of realized and unrealized losses, paid annually.
- Shareholder Servicing/Distribution Fees: Annual fees ranging from 0.25% to 0.85% depending on share class (Class D: 0.25%, Class F: 0.50%, Class S: 0.85%, Class I: none). These fees compensate distributors and service providers.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Monthly | Class I Shares - $1,000,000 minimum initial investment |
| Subscription | Monthly | Class D Shares - $2,500 minimum initial investment |
| Subscription | Monthly | Class F Shares - $2,500 minimum initial investment |
| Subscription | Monthly | Class S Shares - $2,500 minimum initial investment |
Go-to-market motion2 records
Distribution channels3 records
Marketing channels5 records
HPS Corporate Lending Fund product offering
Product offeringCore offering
HLEND is a perpetually non-traded business development company that invests in a diversified portfolio of predominantly senior secured, floating-rate, privately originated loans to upper-middle market companies. The fund delivers targeted monthly distributions, targeted quarterly liquidity through share repurchases, and simplified tax reporting through RIC pass-through treatment. It is offered to qualified investors across four share classes with varying fee structures.
Product overview
HPS Corporate Lending Fund (HLEND) is a single, unified investment product structured as a public, perpetually non-traded business development company (BDC). The fund offers four share classes (Class I, D, F, and S) with different fee structures, and provides targeted monthly distributions, a quarterly share repurchase program, and a distribution reinvestment plan. The core product is complemented by investor education materials including the Overview Presentation, Quarterly Portfolio Updates, Prospectus, and Fact Sheet. The fund's primary investment focus is on senior secured, floating-rate, privately originated loans to upper-middle market companies, with distributions composed of monthly base distributions and variable supplemental distributions.
Differentiator
Problem solved
Functional benefit
Products and services
- HPS Corporate Lending Fund (HLEND) A public, perpetually non-traded business development company (BDC) that invests in a diversified portfolio of predominantly senior secured, floating-rate, privately originated loans to upper-middle market companies, seeking to deliver attractive risk-adjusted returns primarily in the form of current income. Offered to qualified investors with targeted monthly distributions, targeted quarterly liquidity, and pass-through tax treatment.
- Distribution Reinvestment Plan Allows shareholders to reinvest declared distributions in additional shares of the Fund, enabling compound growth of their investment at NAV without upfront placement fees on the reinvested shares.
- Quarterly Share Repurchase Program Targeted quarterly repurchases of up to 5% of fund shares at NAV, subject to board discretion and available liquidity. Shares held less than one year are subject to a 2.0% early repurchase deduction. Provides targeted quarterly liquidity to shareholders.
Quantifiable outcome
- 9.8% annualized distribution yield (Class I as of July 2026)
- +4 more outcomes
Companies that use HPS Corporate Lending Fund
Customer profileNamed customers4 records
Segments4 records
Ideal customer profiles2 records
HPS Corporate Lending Fund technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
HPS Corporate Lending Fund partnerships and signals
Strategic signalPartnerships
Five partnerships are on record, tiered core and supporting.
- Capital One Member (ULTRA III, LLC Joint Venture)coreHLEND has a joint venture investment in ULTRA III, LLC (Unitranche Holdings III, LLC) with Capital One Member. This represents HLEND's largest single investment at $415.4M fair value (1.72% of portfolio as of June 30, 2026). The joint venture enables co-investment in unitranche lending opportunities.
- HPS Securities, LLCcoreHPS Securities, LLC is an affiliate of HPS Investment Partners and HPS Advisors, LLC. It serves as the managing dealer/distributor for HLEND securities and is a registered broker-dealer and member of FINRA/SIPC.
- SS&C Global Investor and Distribution SolutionssupportingTransfer agent for HLEND shares. Can be contacted at HPS Corporate Lending Fund c/o SS&C GIDS INC, P.O. Box 219025, Kansas City, MO 64121-9025 or at 1-844-700-1479.
- ACA GroupsupportingEric Smith, Chief Compliance Officer of HLEND, serves as a Senior Principal Consultant at ACA Group. He provides outsourced chief compliance officer services to various registered investment advisers, registered investment companies, and business development companies.
- Academy Securities, Inc.supportingRandall Lauer, Independent Trustee of HLEND, serves as Head of Institutional Sales and Business Development at Academy Securities, Inc. Prior to joining Academy Securities in 2022, he was a Managing Director at Citigroup.
Scale indicators17 records
Recent moves6 records
Expansion highlights5 records
HPS Corporate Lending Fund competitors and assessment
Company assessmentDirect peers
- Blue Owl Capital Corp (OBDC): Publicly traded BDC formed from the merger of Owl Rock Capital Corp and TriplePoint, managed by Blue Owl Capital. Directly comparable senior secured direct lending strategy with overlapping target market.
- Golub Capital BDC: Public BDC focused on senior secured one-stop loans to upper-middle market companies. Directly competes with HLEND on deal sourcing, pricing, and target company profile.
- BlackRock Capital Investment Corp (BKCC): Public BDC affiliated with BlackRock focused on senior secured loans to middle market companies. Affiliated through BlackRock's relationship with HPS, providing a comparable investment vehicle within the same parent ecosystem.
- FS KKR Capital Corp (FSK): Public BDC jointly sponsored by FS Investments and KKR Credit. Provides senior secured loans to large-cap U.S. private companies with comparable fee structure and yield profile.
- Blackstone Private Credit Fund: Largest competitor perpetual non-traded BDC managed by Blackstone Credit, offering similar senior secured direct lending exposure to upper-middle market companies with comparable fee structure and retail distribution model.
- Sixth Street Specialty Lending (TSLX): Public BDC managed by Sixth Street providing senior secured loans to upper-middle market companies. Competes with HLEND on direct lending deals and serves as a benchmark for similar perpetual structures.
- Ares Capital Corp (ARCC): Largest publicly traded BDC managed by Ares Management, providing senior secured loans to upper-middle market companies. Benchmarks HLEND's investment strategy and distribution approach.
- Oaktree Specialty Lending (OCSL): Public BDC managed by Oaktree Capital focused on senior secured loans to middle market companies. Comparable investment mandate and distribution through retail broker-dealers and RIAs.
- Carlyle Credit Income Fund (CCIF): Perpetually offered non-traded BDC managed by Carlyle Global Credit, providing direct lending to U.S. middle market companies. Closest structural peer to HLEND with similar retail broker-dealer distribution model.
- KKR Private Credit Fund: Non-traded BDC managed by KKR Credit offering direct lending to upper-middle market companies. Competes directly with HLEND for retail/HNW capital and similar senior secured investment opportunities.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights7 records
Customer concentration
HPS Corporate Lending Fund social profiles
Digital presenceHPS Corporate Lending Fund financial estimates
Financial estimateRevenue estimate
Valuation estimate
HPS Corporate Lending Fund leadership team
Management profileNumber of profiles
Profiles13 records
HPS Corporate Lending Fund funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
HPS Corporate Lending Fund M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about HPS Corporate Lending Fund
What does HPS Corporate Lending Fund do?
HLEND is a perpetually non-traded business development company that invests in a diversified portfolio of predominantly senior secured, floating-rate, privately originated loans to upper-middle market companies. The fund delivers targeted monthly distributions, targeted quarterly liquidity through share repurchases, and simplified tax reporting through RIC pass-through treatment. It is offered to qualified investors across four share classes with varying fee structures.
Is HPS Corporate Lending Fund a public or private company?
HPS Corporate Lending Fund is a private company. It is classified as public and is currently operating.
When was HPS Corporate Lending Fund founded?
HPS Corporate Lending Fund was founded in 2022.
Where is HPS Corporate Lending Fund based?
HPS Corporate Lending Fund is headquartered in New York, United States, in the North America region.
How does HPS Corporate Lending Fund make money?
Four revenue lines are on record. Management Fees are the primary driver. The others are incentive Fees - Income, incentive Fees - Capital Gains and shareholder Servicing/Distribution Fees.
Who are HPS Corporate Lending Fund's main competitors?
Direct peers on record are Blue Owl Capital Corp (OBDC), Golub Capital BDC, BlackRock Capital Investment Corp (BKCC), FS KKR Capital Corp (FSK), Blackstone Private Credit Fund, Sixth Street Specialty Lending (TSLX), Ares Capital Corp (ARCC), Oaktree Specialty Lending (OCSL), Carlyle Credit Income Fund (CCIF) and KKR Private Credit Fund.
Does HPS Corporate Lending Fund have an API?
No public API is recorded for HPS Corporate Lending Fund.
What industry is HPS Corporate Lending Fund in?
HPS Corporate Lending Fund's product category is Private Credit / Business Development Company (BDC). Its primary akta.pro industry code is FSANADAC, Mezzanine / Subordinated Debt. Its NAICS code is 525 and its SIC code is 6199.