The firm’s $26 billion HPS Corporate Lending Fund, one of the industry’s largest non-traded business development companies, said shareholders requested 9.3% of their shares, but management decided to cap the repurchase at 5%, the company said in a statement on Friday. The total amount of shares would have been around $1.2 billion, according to Bloomberg calculations. The firm said the step is in line with its existing management of liquidity for the fund and a “foundational” feature of the fund.

https://archive.is/NHZjj#selection-1519.0-1527.130

 

Not giving 4.3% of your clients their money back is not a good look. Reminds me of the new bank “bail in ptogram” whereby your account is confiscated because they need the cash elsewhere to prop up the institution. The “spins” will be different but in both cases the depositor doesn’t get access to his own money. (rules conveniently changed over past decade so that legally it’s the banks money not the account holders – am sure everyone already knows this).