HPS Targets $3 Billion for Third Fund Focused on Senior Lending

HPS Investment Partners is seeking to raise $3 billion of equity commitments for its third private credit fund that invests in senior corporate loans, according to people familiar with the matter.

The HPS Core Senior Lending Fund III will provide senior secured debt to businesses that generate $75 million to $350 million earnings before interest, taxes, depreciation and amortization, said the people, who asked not to be named. A spokesperson for HPS declined to comment.

HPS is looking to attract capital at a time when fundraising in the $1.6 trillion private credit industry is slowing down as investors become more ...