HPS Investment Partners, LLC: Manager File

Insurance-dedicated funds managed by HPS

Funds and platform series in our database that file a Form D under an insurance-dedicated name and are managed by this adviser. Gross assets are as reported in the latest Form ADV that lists each fund.

The rating of HPS Investment Partners, LLC

The rating looks only at the areas below, which matter to a family holding this manager's funds through a private placement policy. Past returns play no part: these funds do not report them in their SEC filings, and they say little about what a policy will earn.

Conduct and regulatory record

What regulators and courts have recorded against the manager, and for platform series against the platform, as the advisers report it to the SEC. Several proceedings on one set of facts count as one matter. Recent and serious matters count most, matters of other companies in the group count for less, matters of individuals are weighed by the person's role and their bearing on the business, and the size of the firm is taken into account.

Reported controls

What the adviser reports to the SEC for the fund: whether the accounts are audited every year by an accountant registered with the PCAOB and subject to its regular inspection, whether audited statements go to investors and what the audit opinion says, whether the administrator and custodian are outside the adviser's group, and what share of the assets was valued last year by a person not related to the adviser.

Depth and experience of the manager

The assets the manager runs, its investment staff and how long it has been registered with the SEC.

Investor experience. What policyholders, insurers and advisers tell us is shown separately and never changes the stars. A factual point they raise is checked against the filings, and if it holds, the data is corrected. We never publish names. Tell us about yours

The rating expresses the opinion of PPLI.com on the date shown. It is not a statement of fact about the fund or its manager, not a credit rating, not a forecast of returns and not investment advice. Read about the rating.

Registration and size

Identity

Legal nameHPS Investment Partners, LLC

SEC registrationRegistered investment adviser, 801-107234 IAPD

CRD number282125

Latest Form ADV20 May 2026 ADV

Registered with the SEC since11 March 2016

Assets and staff, as filed

Regulatory assets under managementUSD 175,724,000,000

Of which discretionaryUSD 170,648,000,000

Employees826

Of which investment advisory staff402

Private funds listed in Schedule D253

Regulatory assets are calculated under the SEC's Form ADV instructions and include all funds and accounts the adviser manages, not only those open to insurers. Figures come from the SEC's adviser files of November 2026.

Regulatory and legal record

What the adviser itself discloses in Item 11 of its Form ADV, summarised from the disclosure pages, with a link to the filing. Item 11 is filed for the adviser as a whole, so under each matter the fund it concerns is read from the disclosure itself.

202427 November 2024

Civil action by Texas Attorney General and the attorneys general of ten other states: other sanction

Fund concerned: public ESG and non-ESG funds. None of the insurance-dedicated funds in this file is named.

On November 27, 2024, the Texas Attorney General and the attorneys general from 10 other States (Alabama, Arkansas, Indiana, Iowa, Kansas, Missouri, Montana, Nebraska, West Virginia, and Wyoming) filed a complaint against BlackRock, Vanguard, and State Street (the "managers") alleging that the managers used their ownership stakes in coal companies to artificially reduce coal output in violation of various State and Federal antitrust laws. Texas also claims BlackRock made false and deceptive statements in connection with the marketing of its non-ESG ETFS. GIP was not named as a defendant in the complaint.

Texas Attorney General and the attorneys general of ten other states · Pending, as filed · No monetary sanction reported · Concerns another company in the group · Form ADV, Item 11 disclosure

202422 August 2024

Regulatory action by State of Indiana Securities Commissioner: cease and desist

Fund concerned: public ESG and non-ESG funds. None of the insurance-dedicated funds in this file is named.

On August 22, 2024, the Indiana Securities Commissioner (the "Commissioner") issued a cease and desist order (the "order") against BlackRock, Inc. and several of its advisory affiliates, (collectively, "BlackRock"). The order alleges that BlackRock has made misleading statements about how we manage our non-ESG and ESG Funds. With respect to non-ESG Funds, the order cites to our participation in climate organizations and our statements regarding ESG integration and stewardship activities, among other things, as evidence that our non-ESG Funds actually pursue an ESG strategy. With respect to ESG Funds, the order asserts that BlackRock falsely claims that sustainable investing will generate ...

State of Indiana Securities Commissioner · Pending, as filed · No monetary sanction reported · Concerns another company in the group · Form ADV, Item 11 disclosure

202427 March 2024