Private Credit | HPS Corporate Lending Fund

NAV: $26.88 as of October 31, 2025

Total Assets¹: $2.0B as of October 31, 2025

NAV: $26.88 as of October 31, 2025

Total Assets¹: $2.0B as of October 31, 2025

NAV: $26.88 as of October 31, 2025

Total Assets¹: $2.0B as of October 31, 2025

Objective

HCAP’s investment objective is to produce attractive, risk-adjusted returns in the form of current income and long-term capital appreciation. We intend to achieve our investment objective by investing primarily in newly originated, privately negotiated senior secured debt and, to a lesser extent, junior capital of upper middle market and larger scale companies predominantly in the U.S.

Structure

HCAP is a Delaware statutory trust and a non-diversified, closed-end management investment company that has elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended. We intend to elect to be treated for federal income tax purposes as a regulated investment company ("RIC") under the Internal Revenue Code of 1986, as amended, and we intend to operate in a manner so as to continue to qualify as a RIC in each taxable year. We are a non-traded perpetual life BDC, which is a BDC with indefinite duration, whose common shares are intended to be sold on a continuous basis at regular frequency at a price generally equal to our Net Asset Value ("NAV") per share and are not listed for trading on a stock exchange or securities market. We intend to rely on exemptive relief granted by the SEC to offer multiple classes of our common shares.

Footnotes

All statistics based on the aggregate fair value of the investment portfolio as of October 31, 2025 unless otherwise noted. HPS and its affiliates do not provide legal, regulatory or tax advice. Investors should consult with their own advisers when considering an investment in any investment strategy.

Important Disclosure Information

Summary of Risk Factors

HPS Corporate Capital Solutions Fund (“HCAP”) is a privately placed, perpetual-life BDC, which is a BDC whose shares are not listed for trading on a stock exchange or other securities market. We use the term “perpetual-life BDC” to describe an investment vehicle of indefinite duration, whose Common Shares are intended to be sold on an ongoing basis at regular frequency by the BDC at a price generally equal to the BDC’s net asset value (“NAV”) per share. We do not intend to list our Common Shares on any securities exchange and our Common Shares will not be publicly traded.

This investment involves a high degree of risk. You should purchase these securities only if you can afford the complete loss of your investment. You should read the Memorandum carefully for a description of the risks associated with an investment in HCAP. Please note the following Risks: Investors are strongly urged to carefully review the sections in the Memorandum titled “Risk Factors” and “Conflicts of Interest.”

These risks include, but are not limited to, the following:

The Fund is a non-diversified, closed-end management investment company that has elected to be regulated as a BDC with limited operating history. As a result, prospective investors have limited track record or history on which to base their investment decision. There can be no assurance that the results achieved by similar strategies managed by HPS or its affiliates will be achieved for the Fund. Past performance should not be relied upon as an indication of future results. Moreover, the Fund is subject to all of the business risks and uncertainties associated with any new business, including the risk that it will not achieve its investment objective and that the value of an investor’s investment could decline substantially or that the investor will suffer a complete loss of its investment in the Fund.
The Adviser and the members of the Investment Team have limited experience managing a BDC, and the investment philosophy and techniques used by the Adviser to manage a BDC may differ from the investment philosophy and techniques previously employed by the Adviser, its affiliates, and the members of the Investment Team in identifying and managing past investments. In addition, the 1940 Act and the Code impose numerous constraints on the operations of BDCs and RICs that do not apply to the other types of investment vehicles. For example, under the 1940 Act, BDCs are required to invest at least 70% of their total assets primarily in securities of qualifying U.S. private companies or thinly traded public companies, cash, cash equivalents, U.S government securities and other high-quality debt investments that mature in one year or less from the time of investment. The Adviser’s and the members of the Investment Team’s limited experience in managing a portfolio of assets under such constraints may hinder their respective ability to take advantage of attractive investment opportunities and, as a result, achieve the Fund’s investment objective.
The fund manager has total trading authority over the Fund. The use of a single advisor could result in lack of diversification and consequently, higher risk. Decisions made by the fund manager may cause the Fund to incur losses or to miss profit opportunities on which it would otherwise have capitalized.
The payment of a performance based fee to the fund manager may create an incentive for the fund manager to cause the Fund to make riskier or more speculative investments than it would in the absence of such incentive.
The Fund is managed exclusively by the Adviser. Investors will not make decisions with respect to the management, disposition or other realization of any investment, the day-to-day operations of the Fund, or any other decisions regarding the Fund’s business and affairs, except for limited circumstances. Specifically, investors will not have an opportunity to evaluate for themselves the relevant economic, financial and other information regarding investments by the Fund or receive any financial information issued directly by the portfolio companies that is available to the Adviser. Investors should expect to rely solely on the ability of the Adviser with respect to the Fund’s operations.
You should not expect to be able to sell your shares regardless of how we perform. An investment in the Fund provides limited liquidity since withdrawal rights are limited and interests are not freely transferable or redeemable. There is no secondary market for the interests in the Fund and none is expected to develop.
An investment in the Fund involves a high degree of risk. There can be no assurance that the Fund’s return objectives will be realized and investors in the Fund could lose up to the full amount of their invested capital. The Fund’s fees and expenses may offset the Fund’s trading profits.
You should consider that you may not have access to the money you invest for an extended period of time.
Because you may be unable to sell your shares, you will be unable to reduce your exposure in any market downturn.
We have implemented a share repurchase program, but only a limited number of shares will be eligible for repurchase and repurchases will be subject to available liquidity and other significant restrictions.
Because of overall size or concentration in particular markets of positions held by the Fund or other reasons, the value at which its investments can be liquidated may differ, sometimes significantly, from the interim valuations arrived at by the Fund.
An investment in our Common Shares is not suitable for you if you need access to the money you invest. See “Share Repurchase Program” in the Memorandum.
You will bear substantial fees and expenses in connection with your investment. See “Compensation of Advisor” and “Payment of Expenses Under the Investment Advisory and Administration Agreements” in the Memorandum.
We cannot guarantee that we will make distributions, and if we do, we may fund such distributions from sources other than cash flow from operations, including, without limitation, the sale of assets, borrowings, return of capital or offering proceeds, and we have no limits on the amounts we may pay from such sources. A return of capital (1) is a return of the original amount invested, (2) does not constitute earnings or profits and (3) will have the effect of reducing the basis such that when a shareholder sells its shares the sale may be subject to taxes even if the shares are sold for less than the original purchase price.
Distributions may also be funded in significant part, directly or indirectly, from temporary fee waivers or expense reimbursements borne by the Adviser or its affiliates, that may be subject to reimbursement to the Adviser or its affiliates. The repayment of any amounts owed to our affiliates will reduce future distributions to which you would otherwise be entitled.
We expect to use leverage, which will magnify the potential for loss on amounts invested and may increase the risk of investing in us. Investment techniques used may include the use of derivative instruments such as futures, options and short sales, which amplify the possibilities for both profits and losses and may add volatility to the Fund’s performance. The risks of investment in a highly leveraged fund include volatility and possible distribution restrictions.
We qualify as an “emerging growth company” as defined in the Jumpstart Our Business Startups Act and we cannot be certain if the reduced disclosure requirement applicable to emerging growth companies will make our Common Shares less attractive to investors.
We intend to invest primarily in securities that are rated below investment grade by rating agencies or that would be rated below investment grade if they were rated. Below investment grade securities, which are often referred to as “junk,” have predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal. They may also be illiquid and difficult to value.
The Fund will invest in foreign securities, which may include exposure to currency fluctuation, reduced access to reliable information, less stringent accounting standards, illiquidity of securities and markets, higher commissions and fees and local economic or political instability.
We do not own the HPS name, but we are permitted to use it as part of our corporate name pursuant to the investment advisory agreement between HCAP and HPS Advisors, LLC, a wholly owned subsidiary of HPS. Use of the name by other parties or the termination of the use of the HPS name under the investment advisory agreement may harm our business.
Absence of regulatory oversight. The Fund will not register as an investment company under the U.S. Investment Company Act of 1940 or similar laws or regulations. Accordingly, the provisions of such laws and regulations will not be applicable.

This sales material must be read in conjunction with the HCAP Memorandum in order to fully understand all the implications and risks of an investment in HCAP. This sales material is neither an offer to sell nor a solicitation of an offer to buy securities. An offering is made only by means of the Memorandum, which must be made available to you prior to making a purchase of shares. Investors are advised to carefully consider the investment objectives, risks and charges and expenses of HCAP before investing. You are advised to obtain a copy of the Memorandum and to carefully review the information contained or incorporated by reference therein before making any investment decision, including the “Risk Factors” section therein, which contains a discussion of the risks and uncertainties that we believe are material to our business, operating results, prospects and financial condition. The information in the Memorandum may be changed.

The foregoing risk factors do not purport to be a complete explanation of the risks involved in an investment in the Fund. Investors should read the entire Memorandum before making investment determinations with respect to the Fund.

Numerical data is approximate and as of August 31, 2025, unless otherwise noted. The words "we," "us" and "our" refer to HCAP, unless the context requires otherwise.

Additional Important Disclosures

Investments mentioned may not be suitable for all investors. Any product discussed herein may be purchased only after an investor has carefully reviewed the Memorandum and executed the subscription documents.

Alternative investments often are speculative, typically have higher fees than traditional investments, often include a high degree of risk and are suitable only for eligible, long-term investors who are willing to forgo liquidity and put capital at risk for an indefinite period of time. They may be highly illiquid and can engage in leverage and other speculative practices that may increase volatility and risk of loss.

Opinions expressed herein reflect the current opinions of HPS as of the date set forth on the cover page (unless otherwise specified) and are based on HPS’s opinions of the current market environment, which is subject to change. In addition, this material contains information about funds managed by HPS. Recipients of this material should not view information related to the past performance of HPS managed funds, information about the market, or any of the opinions expressed herein as indicative of future results, the achievement of which cannot be assured.

Shareholders, financial professionals and prospective investors should not rely solely upon the information presented when making an investment decision and should review the most recent Memorandum.

Certain information contained in the materials discusses general market activity, industry or sector trends, or other broad based economic, market or political conditions and should not be construed as research or investment advice.

Further, opinions expressed herein may differ from the opinions expressed by a Dealer and/or other businesses affiliates of a Dealer. This is not a “research report” as defined by FINRA Rule 2241 and was not prepared by the research departments of a Dealer or its affiliates.

Past performance is not a guarantee of future results. Actual results may vary. Diversification of an investor’s portfolio does not assure a profit or protect against loss in a declining market.

Alternative investments may involve complex tax structures, tax inefficient investing and delays in distributing important tax information. Individual funds have specific risks related to their investment programs that will vary from fund to fund. Prospective investors in HCAP should carefully read HCAP 's Memorandum for more information. HCAP does not provide any tax or legal advice and none of the data provided herein should be construed as investment, tax, accounting or legal advice.

Prospective investors should consult their own tax, legal and accounting advisors with respect to the tax consequences to them of investing in HCAP in light of their particular circumstances.

Interests in alternative investment products are distributed by the applicable Dealer and (1) are not FDIC insured, (2) are not deposits or other obligations of such Dealer or any of its affiliates, and (3) are not guaranteed by such Dealer and its affiliates. Each Dealer is a registered broker dealer or investment adviser, not a bank.

Certain countries have been susceptible to epidemics or pandemics, most recently COVID 19. The outbreak of such epidemics or pandemics, together with any resulting restrictions on travel or quarantines imposed, could have a negative impact on the economy and business activity globally (including in the countries in which HCAP invests), and thereby could adversely affect the performance of HCAP’s investments. Furthermore, the rapid development of epidemics or pandemics could preclude prediction as to their ultimate adverse impact on economic and market conditions, and, as a result, present material uncertainty and risk with respect to HCAP and the performance of its investments or operations.

The contents of this communication: (i) do not constitute an offer of securities or a solicitation of an offer to buy securities, (ii) offers can be made only by the respective offering documents which are available upon request, (iii) do not and cannot replace the offering documents and is qualified in its entirety by the offering documents, and (iv) may not be relied upon in making an investment decision related to any investment offering by HCAP. All potential investors must read the offering documents and no person may invest without acknowledging receipt and complete review of the offering documents. There is no assurance that the investment objectives of any program will be attained. All investments carry the risk of loss of some or all of the principal invested. Consult the offering documents for investment conditions, risk factors, minimum requirements, fees and expenses and other pertinent information with respect to any investment. Past performance is no guarantee of future results. All information is subject to change. You should always consult a tax and/or finance professional prior to investing. HCAP does not warrant the accuracy or completeness of the information contained herein.

Securities offered through HPS Securities, LLC, Member: FINRA/SIPC. HPS Securities, LLC is an affiliate of HPS Investment Partners, LLC and HPS Advisors, LLC.