HPS Corporate Lending Fund Pays $603 Million in Third Straight Oversubscribed Tender

Shareholders tendered about 56.4 million shares, down from 66.7 million in the June offer, while the fund’s per-share net asset value edged up to $24.45.

November 3, 2026

HPS Corporate Lending Fund repurchased 24,668,750 shares in its third-quarter tender offer after shareholders tendered 56,440,057. It was the third consecutive quarter in which tenders exceeded the number of shares the non-traded business development company offered to buy.

The fund accepted shares on a pro rata basis, limiting purchases to 5% of shares outstanding as of June 30, 2026. The offer expired September 4, and shares were repurchased at net asset value as of September 30, which was $24.45 for each share class. Accepted shareholders received non-interest-bearing, non-transferable promissory notes, and the fund paid $603,043,556 under those notes on or about October 30.

The offer terms let the fund buy up to an additional 2.0% of its outstanding shares without amending or extending the offer. The number it accepted matched the original offer size. The unaccepted portion of a tender is not carried forward or given priority in a later offer, so shareholders who still want to exit must tender again when the fund next makes one.

Three quarters above the limit

In the offer that closed December 2, 2025, shareholders tendered 18,925,513 shares, fewer than the 23,184,506 the fund had offered to buy, and the fund paid for all of them at a net asset value of $25.22 per share as of December 31. Each of the three offers since has been prorated.

• First quarter (expired March 4): 45,605,292 shares tendered, 24,646,802 accepted, $610,842,766 paid, net asset value of $24.79 per share at March 31
• Second quarter (expired June 8): 66,718,586 shares tendered, 25,076,907 accepted, $612,126,006 paid, net asset value of $24.42 per share at June 30
• Third quarter (expired September 4): 56,440,057 shares tendered, 24,668,750 accepted, $603,043,556 paid, net asset value of $24.45 per share at September 30

Fund size and offering

The fund reported aggregate net asset value of $11,797.9 million as of September 30. It continues to sell shares monthly in its continuous offering of up to $15.0 billion, which had taken in $14,414.1 million through the October 1, 2026 subscription date. A registration of additional shares has been pending since December 2025, and the fund has pushed back its effective date nine times, most recently to November 6.