Cox Capital Announces Tender Offers for Class I Shares of Blackstone Private Credit Fund and HPS Corporate Lending Fund

CONSHOHOCKEN, Pa. — Cox Capital Partners (“Cox Capital”) announced today that Cox Capital Retail Secondaries Fund I, LP (the “Purchaser”), a private investment fund managed by an affiliate of Cox Capital, has commenced two separate cash tender offers to purchase Class I shares of Blackstone Private Credit Fund (“BCRED”) and HPS Corporate Lending Fund (“HLEND”).

Both funds recently reported that their Q3 2026 repurchase programs were substantially oversubscribed. BCRED and HLEND received repurchase requests representing an estimated 10% and 11.5%, respectively, of shares outstanding. The funds’ established frameworks generally target quarterly repurchases of 5% of shares outstanding, although the amount may be increased at the discretion of the applicable fund.

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Cox Capital developed its secondary program to provide shareholders with an additional path to liquidity when a fund’s own quarterly repurchase program does not satisfy their full request. The offers are independent of the target funds and do not modify or replace either fund’s repurchase program.

The BCRED offer also responds to direct interest from specific shareholders seeking to sell their shares. Cox Capital is making the offer available more broadly to eligible Class I shareholders.

The Purchaser is offering to acquire BCRED shares at $20.65 per share, representing a 12.5% discount to the fund’s reported Class I NAV of $23.60 as of Aug. 31, 2026, and HLEND shares at $20.17 per share, representing a 17.5% discount to the fund’s reported Class I NAV of $24.45 as of July 31, 2026. Both offers are scheduled to expire at 5:00 p.m. Eastern Time on Nov. 3, 2026, unless extended or earlier terminated, and are subject to the terms and conditions contained in the Purchaser’s applicable Offer to Purchase and Assignment Form. Cox Capital and the Purchaser are not affiliated with BCRED, HLEND or their respective advisers.

The Purchaser is initially offering to purchase up to $20 million in aggregate value of Class I shares of each fund, for a total aggregate consideration of approximately $40 million. The Purchaser has reserved the right, but not the obligation, to accept up to an additional 2% of each fund’s outstanding Class I shares as of Aug. 10, 2026, without extending the offers, as permitted by Rule 14e-1(b) under the Securities Exchange Act of 1934 and subject to the applicable offer terms. At the offer prices, that reserve represents approximately $514 million of additional BCRED shares and approximately $80 million of additional HLEND shares.

Class I shareholders of BCRED and HLEND can review the applicable tender-offer materials and submit tender documents through CoxCapitalPortal.com.

“Retail shareholders deserve access to the kinds of secondary liquidity options for their private-market exposure that institutional investors have enjoyed for years,” said John Cox, Chief Executive Officer and Chief Investment Officer of Cox Capital Partners.