HPS Corporate Lending Fund Pays $610.8M in Q1 Tender, Accepting 54% of Tendered Shares
HPS Corporate Lending Fund paid approximately $610.8 million on or about April 30 to repurchase shares tendered in its first-quarter 2026 share repurchase offer, accepting roughly 54% of the shares investors sought to redeem.
The nontraded business development company, advised by HPS, a part of BlackRock, accepted 24,646,802 shares for repurchase out of 45,605,292 shares validly tendered, the company disclosed in a regulatory filing. The accepted shares represented 5% of shares outstanding as of Dec. 31, 2025 — the fund’s standard quarterly repurchase cap.
Shares were repurchased at a net asset value of $24.79 as of March 31, 2026, the offer’s valuation date. Payment was made through non-interest-bearing, nontransferable promissory notes issued at expiration and paid out roughly eight weeks later.
The offer expired March 4, 2026.
The final figures formalize a redemption event first reported by AltsWire in early March, when the fund — commonly known as HLEND — disclosed in a shareholder letter that repurchase requests had reached 9.3% of outstanding shares, nearly double the 5% quarterly cap. It was the first time HLEND had capped redemptions since its January 2022 launch.
HLEND’s roughly 54% proration rate places it among the more constrained nontraded BDC tender outcomes for the quarter. Apollo Debt Solutions BDC fulfilled approximately 45% of Q1 2026 redemption requests after demand reached 11.2% of outstanding shares. Vista Credit Strategic Lending Corp. returned roughly 50% of tendered shares in its first oversubscribed quarter. By contrast, Blackstone Private Credit Fund fulfilled 100% of record Q1 2026 requests totaling 7.9% of NAV by upsizing its repurchase cap to 7% and deploying $400 million in firm and employee capital.
According to investment banking firm Robert A. Stanger & Company Inc., nontraded NAV BDC sponsors collectively returned more than $7.4 billion to investors during the first quarter of 2026, with several large funds prorating for the first time. Combined publicly registered and private placement BDC sales totaled $8.9 billion in the first quarter, down 45% from the same period in 2025.
The BDC had reported aggregate net asset value of more than $12.62 billion as of Nov. 30, 2025, with portfolio investments at fair value of approximately $24.87 billion.
BlackRock completed its $12 billion acquisition of HPS Investment Partners in July 2025. HPS retained its branding under the combined Private Financing Solutions platform, with HLEND remaining among the firm’s flagship strategies.
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