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BlackRock Buys HPS to Muscle into Private Credit Market

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BLACKROCK,HPS Investment Partners,PRIVATE CREDIT

BlackRock is acquiring HPS Investment Partners for over $12 billion, seeking to compete with firms like Blackstone and Apollo in the rapidly growing private credit market. HPS specializes in high-risk, high-reward investments in private lending, often providing funding for leveraged buyouts. This deal signifies BlackRock's ambition to become a major player in this sector, previously dominated by traditional banks.

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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