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HPS Corporate Lending Fund (HLEND)
Key Statistics
Fund Size
$12,151M
Target Return
N/A
Annualized Return
9.9%
Launch Year
2022
Min. Investment
€2,500
Availability
Open through selected distributors
Structure
Non-Traded BDC
Product Category
Open-end
Domicile
United States
GP Type
Single
Liquidity Level
Semi-liquid
Management Fee
1.25%
Carry
12.5% incentive fee on income over 5% annualized hurdle (100% catch-up to 5.72%), plus 12.5% of realized capital gains net of realized and unrealized losses
Hurdle Rate
5%
Catch-Up Mechanism
100% catch-up (to 1.43% quarterly / 5.72% annualized)
Ticker
HLEND
CUSIP
40440V303
Currencies
USD
Investor Eligibility
Retail
Liquidity Options
Quarterly tender offers up to 5% of shares outstanding
Highlights
US Fund Metrics
NAV per Share
$24.45
Market Yield
9.80%
Expense Ratio
9.67%
Distribution Frequency
Monthly
Redemption Notice
Quarterly tender deadline roughly 3-4 weeks before the quarter-end pricing date (e.g. 4 Sep 2026 for the 30 Sep 2026 repurchase)
Tax Form
1099-DIV
Liquidity Terms
Shares are not listed. The fund conducts quarterly tender offers for up to 5% of shares outstanding as of the prior quarter-end (the board may repurchase up to 2% more without amending an offer), priced at the quarter-end NAV per share; shares held less than one year are repurchased at 98% of NAV (2% early repurchase deduction, waived for death, divorce or qualified disability and not applied to DRIP shares). Requests above the cap are prorated and do not carry over. All 2025 requests were met in full; Q1 2026 requests of 9.25% and Q2 2026 requests of 13.30% of shares were prorated at the 5% cap (~$611M and ~$612M repurchased). The programme can be amended or suspended by the board at any time.
Allocations
Geographic Focus
Investment Strategy
Industry Focus
Historical Performance
Performance Summary
Class I — Performance from 2022-02-03 to 2026-07-31
NAV: $24.45
Performance Comparison
MTD
0.94%
Year to Date
2.79%
1-Year Return
7.15%
3-Year Return
10.45%
Annualized Since Inception
9.91%
Annual Total Returns
| Year | Total Return |
|---|---|
| 2026 | 2.79% |
| 2025 | 9.08% |
| 2024 | 12.95% |
| 2023 | 17.28% |
| 2022 | 2.93% |
Quarterly NAV Per Share
| Year | Q1 (Mar) | Q2 (Jun) | Q3 (Sep) | Q4 (Dec) |
|---|---|---|---|---|
| 2026 | $24.79 | $24.42 | — | — |
| 2025 | — | $25.22 | — | $25.22 |
| 2024 | — | — | — | $25.59 |
| 2023 | — | — | — | $25.06 |
| 2022 | — | — | — | $23.88 |
Class D (0.25% shareholder servicing fee) — Performance from 2022-02-03 to 2026-07-31
NAV: $24.45
Performance Comparison
MTD
0.92%
Year to Date
2.64%
1-Year Return
6.89%
3-Year Return
10.17%
Annualized Since Inception
9.68%
Annual Total Returns
| Year | Total Return |
|---|---|
| 2026 | 2.64% |
| 2025 | 8.81% |
| 2024 | 12.67% |
| 2023 | 16.99% |
| 2022 | 2.89% |
Quarterly NAV Per Share
| Year | Q1 (Mar) | Q2 (Jun) | Q3 (Sep) | Q4 (Dec) |
|---|---|---|---|---|
| 2026 | $24.79 | $24.42 | — | — |
| 2025 | — | $25.22 | — | $25.22 |
| 2024 | — | — | — | $25.59 |
| 2023 | — | — | — | $25.06 |
| 2022 | — | — | — | $23.88 |
Class F (0.50% shareholder servicing/distribution fee) — Performance from 2022-02-03 to 2026-07-31
NAV: $24.45
Performance Comparison
MTD
0.90%
Year to Date
2.49%
1-Year Return
6.62%
3-Year Return
9.90%
Annualized Since Inception
9.45%
Annual Total Returns
| Year | Total Return |
|---|---|
| 2026 | 2.49% |
| 2025 | 8.54% |
| 2024 | 12.39% |
| 2023 | 16.70% |
| 2022 | 2.85% |
Quarterly NAV Per Share
| Year | Q1 (Mar) | Q2 (Jun) | Q3 (Sep) | Q4 (Dec) |
|---|---|---|---|---|
| 2026 | $24.79 | $24.42 | — | — |
| 2025 | — | $25.22 | — | $25.22 |
| 2024 | — | — | — | $25.59 |
| 2023 | — | — | — | $25.06 |
| 2022 | — | — | — | $23.88 |
Class S (0.85% shareholder servicing/distribution fee) — Performance from 2023-10-01 to 2026-07-31
NAV: $24.45
Performance Comparison
MTD
0.87%
Year to Date
2.28%
1-Year Return
6.25%
Annualized Since Inception
8.90%
Annual Total Returns
| Year | Total Return |
|---|---|
| 2026 | 2.28% |
| 2025 | 8.16% |
| 2024 | 12.01% |
| 2023 | 2.78% |
Quarterly NAV Per Share
| Year | Q1 (Mar) | Q2 (Jun) | Q3 (Sep) | Q4 (Dec) |
|---|---|---|---|---|
| 2026 | $24.79 | $24.42 | — | — |
| 2025 | — | $25.22 | — | $25.22 |
| 2024 | — | — | — | $25.59 |
| 2023 | — | — | — | $25.06 |
Information about fund
HPS Corporate Lending Fund at a Glance
HPS Corporate Lending Fund (HLEND) is a perpetual-life, non-exchange-traded business development company that began operating on 3 February 2022. It is externally managed by HPS Advisors, a subsidiary of HPS Investment Partners, which has been part of BlackRock since July 2025. HLEND originates senior secured, floating-rate loans to upper-middle-market companies with EBITDA of $75 million to $1 billion, mainly in the United States, and held a $23.1 billion portfolio across 359 companies against $12.15 billion of net assets at 31 July 2026.
Key Figures (31 July 2026)
Net Assets
$12.15B
NAV $24.45 per share; portfolio $23.1B at fair value
Since Inception
9.91%
Class I annualized; 3-year 10.45%, 1-year 7.15%
2025 Return
9.08%
Class I; 2024: 12.95%, 2023: 17.28%; 2026 YTD 2.79%
Distribution Rate
9.8%
Class I annualized, August 2026: $0.16 base plus $0.039 supplemental
Management Fee
1.25%
Plus 12.5% incentive fee over a 5% hurdle and 12.5% of gains
Leverage
0.96x
Debt to equity; target 0.8–1.25x; asset coverage 198.5%
Terms & Liquidity
| Structure | Non-traded BDC under the 1940 Act, taxed as a RIC; rated Baa2 (Moody's) and BBB- (S&P); $14.17 billion of a $15 billion offering raised; distributions on Form 1099-DIV |
| Portfolio | 359 companies in 53 industries; 95.2% first lien; 98.6% floating rate; non-accruals 0.70% at fair value; PIK about 5.1% of income |
| Minimum | $2,500 for Class S, D and F; $1,000,000 for Class I (waivable to $10,000 or less) |
| Class fees | Servicing/distribution fee 0.85% (S), 0.50% (F), 0.25% (D), none (I); placement fees up to 3.5% (S) and 2.0% (others) |
| Subscriptions | Monthly at NAV |
| Repurchases | Quarterly tenders capped at 5% of shares; 2% early repurchase deduction under one year; requests of 9.25% (Q1 2026) and 13.30% (Q2 2026) were prorated at the cap |
| Suitability | US investors with $70,000 income plus $70,000 net worth, or $250,000 net worth; higher in some states; not accredited-only |
| CUSIP | 40440V303 (Class I) |
HLEND Leadership
Michael Patterson
Chairman & CEO of HLEND; Governing Partner, HPS
Grishma Parekh
President of HLEND; Co-Head of North American Core Senior Lending
Vikas Keswani
Managing Director, Head of Direct Lending
Michael Fenstermacher
Managing Director, Co-Head of North American Core Senior Lending
Points to weigh: repurchase requests exceeded the 5% cap in both 2026 quarters and were prorated; NAV per share slipped from $25.22 at end-2025 to $24.45; total annual expenses of 9.67% for Class I include 6.15% of interest on borrowings; PIK income is about 5% of investment income; and the shares are unlisted, US-only and suitable only as a long-term holding.
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