HPS Investment Partners could hardly be more different than its suitor, BlackRock. Whereas BlackRock, an $11.5tn powerhouse, is best known for investing clients’ funds across huge swaths of public markets, HPS has earned a windfall on targeted bets in the private lending sector.
They are the kind of deals that attracted BlackRock, which wants to turbocharge its own direct lending franchise — it manages roughly $90bn of private debt already. BlackRock paid what some analysts and investors in the space saw as a high price for the group, underscoring the importance the company saw in private markets. Goldman estimates the price, including future potential payouts, was worth roughly 34.
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