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HPS Targets $9.5 Billion for Fifth Junior Debt Fund

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Private markets investment firm HPS Investment Partners, which spun out of J.P. Morgan Asset Management in 2016, is pitching a new junior debt fund to investors, weeks after collecting $11.7 billion for a separate fund focused on specialty loans.

The New York-based firm’s latest fund, HPS Strategic Investment Partners V LP, which invests in junior debt in North American and European companies, has a target of $9.5 billion, according to documents from Teachers’ Retirement System of Louisiana, which committed $100 million to…