Fund database › Private Credit
HPS Investment Partners, LLCLU3114385571Class IA EUR
The HPS fund brings the European direct lending of the credit specialist — now part of BlackRock — into evergreen format: almost exclusively first-lien secured, floating-rate loans, as a Luxembourg Part II SICAV, launched in 2026.
Monthly subscription, fully paid in; quarterly redemption with just under one month's notice, the limit measured across all parallel vehicles. No hard lock-up — redemptions within the first eighteen months incur a substantial charge.
Subscription from EUR 25,000, differentiated between professional and — depending on the country — non-professional investors; not registered for distribution in Germany.
One of the purest senior-secured approaches in the field, almost entirely floating-rate — and at the same time the youngest building block of consolidation: with the HPS acquisition, BlackRock now runs several credit strategies in parallel in the semi-liquid market.
Figures for class IA EUR (LU3114385571) · product data 12 Oct 2026 · sources: prospectus (as at October 2025), PRIIPs-KID, Factsheet — full list under 08 documents.
No documented NAV series in the database.
What the prospectus permits: Senior Secured Direct Lending (Specialty Direct Lending and Core Senior Lending); HPS leads or co-leads more than 90% of transactions; focus on robust covenant packages and structural protection
Taxonomy of semiliquid.info; only published values are used, nothing is estimated. The actual portfolio breakdown is in 03 Portfolio.
26 holdings; the largest are Arrive, Certania.
How the reserve is invested: J.P. Morgan U.S. Government Fund, Institutional Shares (HLEND US) 2.8% · Cash (HLEND US) 2.4%.
Among the largest positions: 2 loans.
Arrive, known as EasyPark Group until 2025, is a Stockholm-based digital mobility platform for mobile parking and payments, parking information …
Certania is a pan-European TIC platform providing testing, inspection and certification as well as regulatory, compliance and sustainability services.
Provider figures for the credit portfolio, not calculated by semiliquid.info. Providers report yield, remaining life and credit ratings under differing definitions — the basis of calculation is therefore shown with every figure. A comparison across funds only holds where the basis is the same.
Positions and shares according to the provider; weights of the holdings are not reported; short descriptions by semiliquid.info from public sources; Allocation according to the uniform semiliquid taxonomy; only published values are used, nothing is estimated.
With ongoing costs of 1.80%, class IA EUR is below the median of the asset class (2.05%). On top comes a performance fee of 12.50% above a hurdle of 5% — without a high-water mark.
For 25,000 EUR this means roughly 450 EUR per year.
For 25,000 EUR, no charge on purchase and up to 1,250 EUR on redemption.
Based on the PRIIPs key information document of class IA EUR, hence comparable across providers. Median: 32 Private Credit funds in this database, data run 16 Oct 2026.
Units can be subscribed monthly. The price is the NAV at the end of the previous month — it is not known when the order is placed.
a complete Application Form, KYC/AML and tax forms are a condition of acceptance by the …
The cut-off may be waived by the Board or its delegate, and late requests may be accepted …
Price = NAV at the end of the previous month.
Valuation Date = last calendar day of each month.
pre-funding: 3 business days after cut-off
An order placed today is invested in — days (—); the money is due on —. Miss the cut-off and you move to the next dealing day: cut-off —, invested from —.
| Frequency | monthly |
|---|---|
| Procedure | fully paid-in |
| Dealing day | 1st business day of the month |
| Cut-off | 5 business days before dealing day · 17:00 CET · (before the anchor date) |
| Price | previous month-end |
| NAV publication | Valuation Date = last calendar day of each month; NAV Release Date = generally the 20th business day of the following month. |
| Payment | pre-funding: 3 business days after cut-off |
| Minimum investment | EUR/CHF/USD 25,000; GBP 50,000; SGD 35,000; AUD 40,000; ILS 100,000; HKD 200,000; M,N 500,000; JPY 4,000,000 |
| Subscription limit | The Board may accept subscriptions, delay or reject acceptance, including all subscriptions of a month; the sub-fund may be closed to new subscriptions or subscriptions may be limited. |
| KYC / documents | a complete Application Form, KYC/AML and tax forms are a condition of acceptance by the cut-off, 5 business days before the dealing day |
| Revocation | orders received late may be withdrawn up to the cut-off of the next dealing day; otherwise not addressed |
| Business day | banks normally open for business in each of Luxembourg, the United Kingdom and the United States (p. 53) |
Dates calculated from the prospectus rules (bank holidays: GB, LU, US); only the transfer agent’s confirmation is binding. Data as at 12 Oct 2026 · Documents: 08.
Units can be redeemed quarterly — with a volume limit (Gate) and without a lock-up. How quickly the money arrives and what happens if many want out at once is set out below.
Redemption day = last calendar day of each calendar quarter, the price is the NAV of that day.
NAV per unit less redemption fee (up to 5%)
NAV at previous quarter-end (—)
NAV publication
A request made today is paid out on — — — days; from the cut-off to cash it is — days.
Money typically within half a year — on average 114 days from decision to cash.
Rank 79 of 112 · rank 29 of 31 in Private Credit · no lock-up · exit costs of 5.0% included
Money typically within half a year — on average 114 days from decision to cash.
no lock-up · no fixed redemption fee
Confidence high — prospectus complete, dates calculated, no assumptions in the value · prospectus as at 15 Oct 2025 · score run 16 Oct 2026 · How 114 days become 10 pointsThe score measures how quickly and reliably you can get your money out according to the prospectus — not whether the fund is good.
| Character | redemption right |
|---|---|
| Frequency | quarterly |
| Valuation day | quarter-end |
| Notice | 20 business days before redemption day · 17:00 CET |
| Price | quarter-end |
| Payout | 5 business days after NAV publication |
| Gate | 5% gross of NAV at the previous quarter-end per quarter |
| Scaled-back portion | carried forward automatically to the next dealing day |
| Redemption fee (max.) | up to 5% (18 months, cliff (lapses after the period)) |
| Lock-up | none |
| Suspension | Force majeure or emergency with impossibility of valuation or disposal; price sources not available; suspension at the level of the master. |
| Liquidity tools | Redemption limitation of 5% per quarter, capable of being raised or lifted by the Board; pro-rata scale-back with automatic carry-forward. |
| Switch / transfer | permitted; the transferee must submit the application form and AML/KYC documentation 5 business days before the dealing day of the relevant month |
| Compulsory redemption | Prohibited Person (non-eligible investor or holding to the detriment of the other investors); falling below the minimum investment after a one-month period. |
Redemptions are in principle capped at 5% of the Aggregate NAV as at the end of the immediately preceding quarter; the relevant figure is the aggregated NAV of all Parallel Entities and of the HLEND-E Aggregator, without double counting and without taking account of the redemption discount.
The 5% gate is measured not against the NAV of the sub-fund alone but against the “Aggregate NAV” at the end of the immediately preceding quarter, taken across all parallel entities and the HLEND-E aggregator without double counting.
Dates calculated from the prospectus rules (bank holidays: GB, LU, US); only the transfer agent’s confirmation is binding. Data as at 12 Oct 2026 · Documents: 08.
1 class. All cost and risk figures on this page refer to the basis class IA EUR.
PRIIPs KID ✓: a key information document exists and is the source of the costs. —: no KID documented — the class is distributed outside the EEA or to investors not covered by the KID requirement, or the document is not available.
Who is behind the fund, where it may be distributed — and which documents were evaluated.
| Document | As at | Used for |
|---|---|---|
| Prospectus | Oct 2025 | — |
| Key information document (PRIIPs KID) | Sep 2025 | — |
| Factsheet / monthly report | 30 Jun 2026 | — |
| Annual / semi-annual report | 31 Dec 2025 | — |
| Positions and reserve | 30 Jun 2026 | Portfolio (03) |
All figures are taken from provider documents (product data as at 16 Oct 2026, distribution data as at 5 Oct 2026) and have not been conclusively verified.
Redemption quarterly, notice period 20 business days before redemption day, with 5% gate per quarter. Subscribing today, it takes on average 114 days from decision to cash under the prospectus deadlines; a gate is not factored in.
Ongoing costs of 1.80% p.a. according to the PRIIPs KID for class IA EUR; the median of the Private Credit funds in this database is 2.05%; plus a performance fee of 12.50%.
25,000 EUR in class IA EUR.
Not as a retail investor. According to our evidence, in Germany it is open only to professional and institutional investors (as at 5 Oct 2026). The Access check shows the details.
As at 16 Oct 2026, no redemption restriction is documented for the HPS European Corporate Lending Fund. Under the prospectus a gate of 5% per quarter applies.
Same asset class, similar sub-strategy.
Apollo Global Management · Part II SICAV · quarterly
Apollo Global Management · ELTIF 2.0 · quarterly
Apollo Global Management · ELTIF 2.0 · quarterly
Apollo Global Management · Part II SICAV · quarterly
Liquidity score in the “as of today” view with average days to cash. No recommendation, no ranking.