HPS Investment Partners has raised one of the largest private credit funds on record, confirming its spot as one of the leaders in the industry as the firm debates a possible public listing or merger.
HPS amassed $21.1bn for its flagship Specialty Loan Fund VI, its largest fundraising since the firm was founded in 2007. The mammoth fund received $14.3bn of commitments from investors, one of the largest sums ever raised by a traditional direct lending fund, according to data provider Preqin. The $21.1bn figure also includes billions of dollars of bank loans, which increase its ability to invest.
The fundraising, following on the heels of a string of large hauls last year, comes as leaders at HPS consider options that could see the firm go public or merge with a rival private investment group, according to people briefed on the matter. The firm manages $114bn, more than double its size from the start of 2020.