HPS Investment Partners closed HPS Strategic Investment Partners V at $17 billion in investible capital, which includes $12 billion in equity commitments.
The total well exceeds the original equity fundraising target of $9.5 billion, the credit manager announced in a news release Tuesday.
The manager's fifth flagship junior debt fund focuses on financing solutions for large, established firms in North America and Western Europe.
"We believe the current market environment presents a rich set of opportunities for us to pursue as companies continue to seek strategic partners and scaled platforms that can develop and execute bespoke financing solutions with speed and certainty," said Scot French, HPS' governing partner and portfolio manager of the fund, in the news release.
Thus far, HPS Strategic Investment Partners V has deployed about $6 billion of its investible capital, toward 24 investments, according to the news release.
Investors in the fifth fund include the $123.6 billion Minnesota State Board of Investment, St. Paul; $98.9 billion Virginia Retirement System, Richmond; and $24.5 billion Louisiana Teachers' Retirement System, Baton Rouge.