Redemption requests at BlackRock’s HPS Corporate Lending Fund fell in the third quarter as withdrawal pressure on the private credit fund eased from the previous three months.

Investors tendered around 11.5 per cent of the fund’s shares for repurchase, down from 13.3 per cent in Q2, according to a regulatory filing.

The fund will repurchase around 5 per cent of its outstanding shares, or approximately $600m (£442m), in line with the limit set under its quarterly tender offer.

The HPS Corporate Lending Fund, a non-traded business development company, had offered to buy back up to 24.7 million shares in its third-quarter tender offer, representing approximately 5 per cent of shares outstanding at the end of June. The purchase price will be based on net asset value as of 30 September.

The latest figures mark an improvement from the second quarter, when investors tendered 66.7 million shares. However, the fund only accepted around 25.1 million, equivalent to 5 per cent of shares outstanding.

The decline in redemption requests suggests that pressure across non-traded private credit funds may be beginning to ease following a period of elevated withdrawal requests earlier this year.

Read more: BlackRock shares slide after $26bn private credit fund caps withdrawals