HPS co-founders Scott Kapnick, Scot French, and Michael Patterson are joining BlackRock’s global executive committee while Kapnick will also be an observer on BlackRock’s boar

The deal, which is expected to close in mid-2025, comes during a boom for the private credit space. The transaction also creates "an integrated private credit franchise" with about $220 billion in assets,

BlackRock, the world's largest asset manager, has entered an all-stock transaction valued at approximately $12bn to acquire private credit manager HPS Investment Partners. This move is set to create an integrated private credit franchise with $220bn in client assets.