BlackRock investors seek to redeem 13% of private-credit fund shares in Q2

Investors in BlackRock’s flagship private credit fund want out, and the exits are getting crowded.

Redemption requests for BlackRock’s HPS Corporate Lending Fund, known as HLEND, hit 13.3% of outstanding shares in the second quarter of 2026. That’s a sharp jump from 9.3% in Q1, and it’s far more than the fund is willing, or structurally able, to accommodate.

The math doesn’t work in investors’ favor

HLEND caps quarterly share repurchases at 5% of outstanding shares. When investors request nearly three times that amount, someone’s getting left at the door.

For every dollar investors asked to pull out, the fund will return roughly 38 cents. The rest stays put.