HLEND faces continued redemption stress in Q3

Weekly Liquidity Roundup

Invesco Real Estate Income Trust Launches Investor Incentive Program
Invesco Real Estate Income Trust (INREIT) launched an “Investor Incentive Program” under which new subscribers from Oct 1–Dec 1, 2026 will receive 5% bonus shares on their subscription amount, and new subscribers from Jan 1–Mar 1, 2027 will receive 3% bonus shares on their subscription amount. Additionally, investors who already subscribed on Sept 1, 2026 will be retroactively offered the 5% bonus. The program applies across Class T, S, D, and I shares (Class E excluded, that class is reserved for insiders/affiliates/officers). Notably, Invesco (The Advisor) will fund the bonus shares from its own assets, so this isn’t dilutive to existing shareholders or the fund’s balance sheet.

KKR Real Estate Select Trust (KREST) Reports 3Q26 Redemption Demand Slowed
KKR Real Estate Select Trust (KREST) reported in its July 21, 2026 investor letter that Q3 redemption demand has moderated, with the fund fully satisfying $72.0 million in requests, about 4.9% of NAV, just below its standard 5% cap. This follows a package of investor-support measures put in place in May 2026: a distribution reset to roughly 5.5% annualized and based on NAV, a waiver of the 12.5% incentive fee through June 2027, and a standing Shareholder Priority Plan under which a KKR affiliate has committed to contribute ~7.7 million shares by June 2027 to help support a $27.00 NAV per share target. Together, these actions suggest a fund that faced real redemption pressure earlier in the year and has since stabilized through a combination of distribution discipline, fee support, and a sponsor-backed NAV backstop.
HPS Corporate Lending Fund (HLEND) to Fulfill 43% of 3Q26 Redemption Requests
HPS Corporate Lending Fund (HLEND) reported that third quarter repurchase requests totaled approximately 11.5% of shares outstanding as of June 30, 2026. While this result is down from ~13.3% requested in the second quarter, it is still above their 5% cap. HLEND will repurchase 5.0% of shares outstanding, or approximately $600 million.

BlackRock Private Credit Fund (BDEBT) Q3 2026 Redemptions Under 5% Cap
BlackRock Private Credit Fund reported that third quarter repurchase requests came in at 4.58%, and under the 5% cap. The fund is expected to repurchase all shares without proration. This result is an improvement from last quarter when the fund received requests for ~5.25% of net assets and fulfilled up to the 5% cap.

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First Eagle Private Credit Fund | $0 tendered, $0 repurchased

Liquidity Roundup is a 5-minute briefing created by Sekond and designed to keep you current on liquidity events across evergreen funds. For full details on deadlines, caps, and more, sign into your Sekond account.