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HPS Investment Partners, LLC Industry Financial Services, Asset Management Founded 2007 Headquarters New York, NY Strategies Mezzanine Capital Direct Lending Real Estate Credit European Asset Value Public Credit Asia Long / Short Credit Large Cap Liquid Loans and Collateralized Loan Obligations AUM US$34 billion (December 2016) Website www.hpspartners.com
HPS Investment Partners, LLC is a global investment firm with a focus on non-investment grade credit. Investment strategies include mezzanine capital, direct lending, real estate credit, asset-based leasing, leveraged loans, high yield bonds and collateralized loan obligations. The firm is headquartered in New York with additional offices in London, Houston, Chicago, Hong Kong, Sydney, Dallas, Los Angeles, Miami and Luxembourg (office of funds managed by HPS Investment Partners, LLC).
HPS, which was formerly known as Highbridge Principal Strategies, was originally formed in 2007 as a unit of Highbridge Capital Management, a subsidiary of J.P. Morgan Asset Management. In March 2016, the principals of HPS acquired the firm from J.P. Morgan, which retained Highbridge’s hedge fund strategies. As of December 2016, HPS had approximately $34 billion of assets under management. Contents ● 1 History ● 2 Investments ● 3 References ● 4 External links History HPS was founded in 2007, originally formed as a unit of Highbridge Capital Management, to focus on global credit and private investments[1]. In 2008, HPS launched its mezzanine investment strategy which focused on investing in junior debt and equity capital of large corporate enterprises. HPS also initiated its public credit strategy in the same year, which focused on using fundamental credit analysis to invest in syndicated loans through a mid-term closed-end vehicle utilizing leverage. In 2010, HPS launched its direct lending strategy, which provided senior debt to middle market companies and borrowers in special situations. In the same year, it added a team to manage large cap liquid loans and collateralized loan obligations.
In 2012−2013, HPS successfully closed on successor funds in its mezzanine capital and specialty financing strategies[2][3]. In 2013, HPS entered into an investment management agreement to manage the assets of Watford Re, a newly formed, Bermuda-based multi-line reinsurer, which is managed by Arch Underwriters Ltd. [4].
In 2015, HPS launched its first European dedicated fund, European Asset Value Fund, which focused on providing asset-based financing solutions to European small and medium enterprises by acquiring performing non-core asset portfolios.
In March 2016, the principals of HPS acquired the firm from J.P. Morgan, which retained Highbridge’s hedge fund investment strategies[5]. Investment Strategies HPS invests primarily in non-investment grade credit strategies. • Mezzanine Capital – The strategy focuses on investing in junior debt and equity capital of large corporate enterprises. • Direct Lending –The strategy focuses on providing senior debt capital to middle market corporate enterprises and borrowers in special situations. • Real Estate Credit – The strategy focuses on investing in privately negotiated financing solutions to value-add and transitional real estate assets in the US and Europe. • European Asset Value – The strategy focuses on providing asset-based financing solutions to European small and medium enterprises by acquiring performing non-core asset portfolios with an emphasis on leasing. • Public Credit – This strategy is an actively managed portfolio of broadly syndicated non-investment grade corporate high yield bonds and leveraged loans. • Asia Long / Short Credit – This strategy seeks to maintain low volatility with outperformance in periods of dislocation and credit dispersion through an emphasis on idiosyncratic long and short single name credits primarily in Asia. • Large Cap Liquid Loans and Collateralized Loan Obligations – This strategy seeks to generate attractive risk-adjusted returns through an actively managed diversified portfolio of broadly syndicated senior secured loans. References 1. "Highbridge taps Kapnick to start private equity arm". Reuters. June 4, 2007. Retrieved 2016-08-04. 2. “Highbridge Principal Strategies Closes HPS Mezzanine Partners Fund II”. BusinessWire. March 18, 2013. Retrieved 2016-09-30. 3. “Highbridge Raises over $3 Bln for Specialty Loan Fund”. PE Hub Network. June 20, 2013. Retrieved 2016-09-30. 4. “Watford Re Ltd. Completes a $1.3 Billion Capital Raise.” BusinessWire. March 31, 2014. Retrieved 2016-09-30. 5. “Ex-Highbridge PE Team Projects $6.5 billion Close For Third Mezz Fund.” Buyouts. October 10, 2016. Retrieved 2016-10-28.