HPS Funding Companions, a credit score funding agency with $101bn (£80bn) in belongings below administration, has closed its second Core Senior Lending Fund (CSL II) and parallel funding funds with round $10bn raised.

This consists of $7.3bn in fairness commitments.

CSL II will spend money on floating charge, senior secured loans to well-established companies throughout North America, Western Europe, Australia and New Zealand.

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The fund has dedicated round 57 per cent of its capital throughout 54 investments so far.

“As markets proceed to grapple with sustained volatility and the retreat of some conventional lenders, we’re seeing a strong funding alternative set and imagine it will show to be an particularly enticing interval for classy, well-capitalised and resourced non-public credit score suppliers, comparable to HPS and our traders,” mentioned Michael Patterson, a governing accomplice of HPS and the portfolio supervisor for HPS’s direct lending funds.

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HPS manages numerous methods together with senior and junior debt, liquid credit score, collateralised mortgage obligations, excessive yield bonds, asset-based finance and actual property.