BlackRock (BLK) -Backed HPS Corporate Lending Fund plans to repurchase $600 million of shares after receiving Q3 repurchase requests representing about 11.5% of shares outstanding as of June 30, down from 13.3% in Q2, the company said Friday.

The fund will repurchase 5% of shares outstanding, the company said.

HPS said its class I shares generated a 9.9% annualized total net return since inception through July 31, while its August annualized distribution rate was 9.8%.

Meanwhile, BlackRock Private Credit Fund estimated that 3.19 million common shares, or about 4.58% of shares outstanding as of June 30, were validly tendered and not withdrawn in its offer to repurchase up to 5% of shares outstanding.

The tender offer expired Sept. 4, with the purchase price based on the fund's Sept. 30 net asset value per share, it added.

BlackRock shares were up more than 1% in recent Friday trading.

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