On Tuesday, BlackRock announced an agreement to acquire private credit firm HPS Investment Partners for $12 billion in an all-stock deal.
HPS manages around $150 billion and is one of the few private credit managers with enough scale to move the needle for BlackRock. If completed, the deal would grow BlackRock’s alternative assets by more than 25 percent to nearly $600 billion ($220 billion in private credit), placing the firm’s alternatives business on level footing with private markets specialists like KKR and Apollo Global Management.