The fund launched at a fixed £1 ($1.25, €1.18) price, after raising £168m during the offer period.
This represents the biggest ever launch of an HL fund, and the second biggest ever to take place on HL Vantage behind the 2014 launch of CF Woodford Equity Income.
The HL Multi-Manager UK Growth Fund, which raised £162m in 2015 is in third place.
Hargreaves Lansdown said that at launch the HL Select UK Shares fund will already be bigger than two thirds of the retail funds already out there.
Hargreaves Lansdown claims the new offering will provide all investors with a level of communication normally only available to the wealthy.
Manager of the new fund Steve Clayton said: “The new type of investor experience and unique level of fund manager communication available from HL Select UK Shares has clearly struck a chord with investors.
“Against a backdrop of poor investor sentiment, the success of this launch shows the confidence investors have in Hargreaves Lansdown’s fund management and highlights the attraction of an expertly managed portfolio of shares, in the convenience of a fund, with a new level of investor information and insight.”