The Fund lends to upper middle market and larger companies, mainly in the U.S. with some exposure to Europe and Australia. Most capital goes to newly originated, privately negotiated first lien senior secured loans that pay current income, paired with a smaller, flexible sleeve of junior capital (preferred equity, junior debt) aimed at capital appreciation and selective special situations. A smaller sleeve of more liquid credit, such as broadly syndicated loans and bonds, supports the share repurchase program and holds cash awaiting deployment. HPS sources deals from both private equity sponsors and non-sponsor channels and uses moderate fund-level leverage.