HPS Investment Partners closed direct lending fund HPS Specialty Loan Fund V and its parallel funds at $11.7 billion, a news release said Wednesday.
The previous fund, HPS Specialty Loan Fund 2016, closed at $4.5 billion in 2017.
The new fund has already deployed almost 60% of its investable capital to 58 investments, the news release said. The manager's direct lending platform has a total of $9.3 billion in deployable dry powder including leverage.
Investors in the new fund include the Rhode Island State Investment Commission, Providence, which oversees the $10.3 billion Rhode Island Employees' Retirement System, and the $10.1 billion Alameda County Employees' Retirement Association, Oakland, Calif.
HPS Investment Partners has about $75 billion in assets under management.
A spokesman for HPS could not be immediately reached for further information.