HPS holds final close on fundraising at $11.7bn

The credit firm now has $15.4bn of investible capital following the raising of its fifth fund and parallel vehicles.

Private credit firm HPS Investment Partners has announced a final close on its fifth specialty loan fund, along with parallel investment funds, at $11.7 billion, according to a news release. The credit firm now has $15.4 billion of investible capital.

The Specialty Loan Fund V has deployed $9.1 billion, roughly 60 percent of the fund’s investible capital, towards 58 investments, including a lead investment in the $1.2 billion financing for Canadian plane maker Bombardier last year.

“The incredibly strong reception SLF V has received from a diverse group of institutions around the world reinforces the leadership position we have forged within the global private credit marketplace,” said Scott Kapnick, chief executive officer of HPS, in the release.

The SLF V fund’s commitments include $125 million from the New Mexico State Investment Council, a sovereign wealth fund, $100 million from the Indiana Public Retirement System, a public pension fund, and $75 million from the Alameda County Employees’ Retirement Association, a public pension fund, according to PDI research.

HPS’s other investment vehicles include its specialty direct lending platform and core senior lending platform, which have invested more than $55 billion in 375 portfolio companies, the firm says, and have $9.3 billion in deployable dry powder, including leverage.

HPS now has $75 billion in assets under management as of September 2021 and is based in New York.