HPS Corporate Lending Fund Nears $15 Billion Offering Cap With $14.2 Billion Raised
Net assets, portfolio value and borrowings all came in lower than three months ago, even as monthly subscriptions kept flowing.
August 27, 2026
HPS Corporate Lending Fund‘s continuous offering is closing in on the limit of what it is registered to sell. Through the August 1, 2026 subscription date, the fund had issued 564,099,490 common shares for total consideration of $14,167.7 million against a registered offering of up to $15.0 billion — and it says it intends to keep selling shares monthly.
That is a decision the fund will have to make before long rather than a problem today. A registered continuous offering can sell only up to the amount registered, so sustaining monthly subscriptions past the current ceiling means registering additional shares. For advisors with allocations queued into the fund, the practical question is whether a follow-on registration arrives before the existing capacity is exhausted.
Where the capital has come from
Two classes dominate the raise, with Class F narrowly ahead of Class I on both shares issued and dollars raised:
- Class F — 239,489,936 shares, $5,991.3 million
- Class I — 236,840,769 shares, $5,968.2 million
- Class D — 52,469,287 shares, $1,313.8 million
- Class S — 35,299,498 shares, $894.4 million
August distributions
On August 25, 2026, the fund declared regular and variable supplemental distributions across all four classes. The gross regular distribution was $0.1600 per share and the variable supplemental component $0.0390 per share for every class; class-level shareholder servicing and distribution fees account for the spread in what shareholders actually receive.
- Class I — $0.1990 total, no servicing or distribution fee
- Class D — $0.1938 total, after a $0.0052 fee
- Class F — $0.1886 total, after a $0.0104 fee
- Class S — $0.1813 total, after a $0.0177 fee
The distributions go to holders of record as of August 31, 2026 and are payable on or about September 30, 2026, in cash or in additional shares for participants in the reinvestment plan.
A smaller balance sheet
Net asset value stood at $24.45 per share across all four classes as of July 31, 2026. Aggregate net asset value was $12,150.8 million, the investment portfolio was carried at a fair value of $23,138.1 million, and principal debt outstanding totaled $11,415.7 million. Average debt-to-equity for the month came in at approximately 0.96 times.
Those figures sit below the ones the fund reported three months earlier, when per-share value was $24.73 as of April 30, the portfolio was carried near $24.85 billion and debt outstanding stood at roughly $12.8 billion. Both the asset side and the borrowing side have come down over the interval even as subscriptions continued.
The bank financing behind the portfolio was recently enlarged and extended, with lender commitments on the fund’s senior secured revolver taken to $3.325 billion and final maturity pushed to 2031.
Robert Busch, chief financial officer and principal accounting officer, signed the report on August 26, 2026.
