HPS Investment Partners closed its private credit fund, Specialty Loan Fund VI, at $21.1 billion of investable capital, which includes $14.3 billion in equity commitments from investors, according to a news release.
The HPS fund close makes it among the largest in the booming private credit space.
Of the $14.3 billion in commitments from investors, about $10.4 billion was raised in a commingled fund, exceeding its original target of $7.5 billion, according to the news release.
So far, the fund has invested over $2.5 billion of its investable capital across 29 investments, according to the release. The fund is focused on investing “in a range of capital solutions for borrowers across sectors and geographies,” according to the news release.
“As one of the largest and longest-tenured direct-lending platforms, we are well-positioned to capitalize on the rapidly growing demand for bespoke capital solutions from companies as they execute on their business strategies through evolving market cycles,” Mike Patterson, a governing partner at HPS and the portfolio manager for HPS’ direct-lending funds, said in a news release.
Investors in the fund include the $29 billion Los Angeles Fire & Police Pensions and the over $10 billion Rhode Island Employees' Retirement System.
The close comes after HPS had two record fund closes in 2023, including $17 billion of investable capital for its HPS Strategic Investment Partners V.
Private credit has seen rapid growth as an industry, with over $1.7 trillion in assets, according to a 2023 figure from Preqin.
HPS had an estimated $114 billion in assets under management as of April and was founded in 2007.