HPS Corporate Capital Solutions Fund
DE
Private creditNon-traded BDC
Compared against Private credit non-traded bdcs.
1Y return
+12.4%
97th pctile · ahead of most peersas of 2026-03-24
Since inception
not stated in filings
Distribution rate
not stated in filings
Net assets
$1.33B
as of 2026-03-24
Net expenses
8.4%
41th pctile · cheaper than median
Repurchase
5% quarterly
14 of 118 peers matchLevel 3
85.6%
30th pctile · less model-priced than peersLast offer
no offer yet
What owning this fund costs per year
Hold period3 yrs
Net expense ratio (includes the 1.25% management fee)8.40%
Minus interest on borrowings, the cost of portfolio leverage4.28%
Minus incentive fees accrued this period, which vary with returns1.85%
Ongoing cost, determined from the filings2.10%
Investors pay a 1.25% management fee plus roughly 0.85% of fund running costs such as administration, audit, legal, trustee and offering amortization, giving an ongoing 2.10% on the cheapest Class I shares. Class D adds 0.25% and Class S adds 0.85% in servicing fees. Borrowing costs of 4.28% and performance fees of 1.85% are excluded.
Sales loadnone
Total drag per year2.10%
This is the cost for class I.
Based on Full year 2025 (Form 10-K), Class I basis. Built from dollar expenses divided by $986 million average net assets implied by the 1.25% management fee a.
This fund's cost was determined by reading its filings in full, because the figures in its expense table do not decompose cleanly. Parts were derived from dollar amounts the filing states.
Drag is the fixed cost of ownership: paid regardless of performance. The incentive terms (15% of pre-incentive fee net investment income over a 1.5% quarterly (6.0% annualized) hurdle with 100% catch-up to 1.76% quarterly (7.06% annualized), plus 15% of cumulative realized capital gains net of losses and unrealized depreciation, paid annually) apply only to returns earned. Net expenses reflect a fee waiver expiring June 30, 2025; the gross ratio is 8.58%. How this is calculated
Against Private credit non-traded bdcs
Total drag
54th pctile · pricier than most
1Y return
97th pctile · ahead of most
Gray mark is the peer median. The drag comparison uses the same 3-year hold for every fund.
Every figure below was read from this fund's filing. Hover any number to see the sentence it came from. Figures cover Full year 2025 (Form 10-K), Class I basis. Built from dollar expenses divided by $986 million average net assets implied by the 1.25% management fee accrual; the resulting 8.58% total matches the filing's own Class I gross expense ratio. Adjusted to exclude the management fee and income incentive fee waivers that expired June 30, 2025 and the servicing fee waiver that expired March 31, 2025, so the figure reflects the fully loaded fee schedule now in force, confirmed by the June 30, 2026 interim report. Figures are annual, not annualized from a stub..
Open the filing on sec.gov (0001628280-26-020820)Size and leverage
Net assets$1.33B?
Borrowings$925.3M?
Leveragedebt to equity0.70x?
Asset coverage243.30%?
Investments held188?
Started2024-04-08?
What the manager charges
Management feeof net assets1.25%?
Performance fee15% of Pre-Incentive Fee Net Investment Income Returns above a 1.5% quarterly hurdle, with a 100% catch-up between 1.5% and 1.76% quarterly, paid quarterly in arrears; plus a separate 15% capital gains incentive fee on cumulative realized gains net of realized losses and unrealized depreciation, paid annually in arrears.?
Hurdle6.00%?
High water markNo?
Adviser is subsidising costsYes?
Getting your money back
Repurchase offersquarterly?
Share of the fund offered5.00%?
Early repurchase fee2.00%?
Last offer filled in fullYes?
Where distributions come from
Paid out of income100.00%?
Return of your own capital0.00%?
What it holds
Floating rate94.30%?
Not paying interestloans on non-accrual0.29%?
Priced by the managerno market price available85.60%?
MostlySoftware (13.87% of investments at fair value)?
Who is involved
AdviserHPS Advisors, LLC?
AuditorPricewaterhouseCoopers LLP?
Valuedmonthly NAV, with a full quarterly valuation process?
Independent valuation agentYes?
Deals with affiliatesYes?
Share classes
| Class | Ongoing fee | Entry charge | Expense ratio | Minimum |
|---|---|---|---|---|
| Class I | 0.00% | 0.00% | 8.40% | - |
| Class D | 0.25% | 0.00% | 6.53% | - |
| Class S | 0.85% | 0.00% | 9.22% | - |
Also worth knowing
- Unfunded investment commitments: 247,400,000 USD (Undrawn revolvers and delayed draws must be funded on demand and are covered by credit facility capacity, so they constrain how much leverage headroom is genuinely free.)
- Credit facility upsized and extended after period end: $1,125m to $1,150m; maturity extended to August 4, 2031 (Extending the facility five years out and removing the 0.10% SOFR credit spread adjustment lowers refinancing risk and slightly reduces borrowing cost, which flows through to net investment income.)
- Payment-in-kind income share of total investment income: 12.9 percent (PIK is non-cash income that must still be distributed to keep RIC status, so a high share can force borrowing or share sales to fund dividends.)
- Repurchase demand approaching the quarterly cap: 4.67% of shares repurchased in the quarter ended June 30, 2026 (Redemption requests filled 4.67% against a 5% cap, so a further increase would trigger proration and delay liquidity for investors.)
- Unreimbursed expense support subject to future recoupment: 9,462,000 USD (The Adviser can claw back these advanced expenses within three years if distribution rates and the expense ratio permit, which would add to future reported costs and reduce distributions.)
- Weighted average stated interest rate on debt: 6.12 percent (The portfolio must earn above this to make leverage accretive; the filing states the required breakeven return.)
- Fee waiver expiry: Management fee and income incentive fee waived only through June 30, 2025; servicing fee waived through March 31, 2025 (Reported 2025 expense ratios understate the go-forward cost because roughly $12.4 million of fees were waived in the first half of the year and will not be waived again.)
- Unsecured notes swapped to floating: $350 million fixed-rate notes swapped to SOFR plus 2.27% and 2.58% (The swaps align liability rates with the mostly floating-rate asset book, reducing the mismatch if base rates fall, but create mark-to-market swings recorded in interest expense.)
Fees
Liquidity terms
Valuation
Fair value determined byunchanged, 4 filingsAdviser as valuation designee
Independent valuation firmunchanged, 4 filingsEngaged, name in filing
Valuation frequencymonthly
Structure
Legal structureDelaware statutory trust
Share classesClass I, Class D, Class S
Every value links to the SEC filing it came from. A chip marks a change against the prior filing of the same type; hover a green-dotted value for what changed and why, as stated in the filing.
What the fund reported over time, each point sourced to its filing. Series deepen as older shareholder reports are read.
2024-12-312026-06-30
Each point is a value from one SEC filing, dated as reported. Hover a point for its value.
No repurchase offer filings on record yet.
2026-08-1310-QQuarterly report2026-08-10SC TO-IIssuer tender offer2026-08-04SC TO-I/AAmended issuer tender offer2026-05-1510-QQuarterly report2026-05-11SC TO-IIssuer tender offer2026-05-01SC TO-I/AAmended issuer tender offer2026-03-2410-KAnnual report2026-02-02SC TO-I/AAmended issuer tender offer2026-02-02SC TO-IIssuer tender offer2025-11-03SC TO-I/AAmended issuer tender offer2025-11-03SC TO-IIssuer tender offer2025-08-01SC TO-IIssuer tender offer2025-08-01SC TO-I/AAmended issuer tender offer2025-05-01SC TO-I/AAmended issuer tender offer2025-05-01SC TO-IIssuer tender offer2025-03-2810-KAnnual report2025-02-03SC TO-I/AAmended issuer tender offer2025-02-03SC TO-IIssuer tender offer2024-11-01SC TO-IIssuer tender offer2024-11-01SC TO-I/AAmended issuer tender offer2024-08-01SC TO-IIssuer tender offer
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Data from public SEC filings. Argus is not a broker-dealer. Nothing here is an offer or investment advice. Every value shows the filing it came from and the date of that filing. Peer percentiles describe where a value sits in the comparison set, never fund quality. "Not stated in filings" is a fact about a document, never a verdict about this fund.