BlackRock Acquires HPS in $12 Billion Private Credit Expansion

The deal positions BlackRock as a leader in the rapidly growing private credit market, with expectations for significant industry growth by 2030.

BlackRock is acquiring HPS Investment Partners in an all-stock deal valued at $12 billion, increasing its alternative assets under management by 25%.
The acquisition creates a combined private credit franchise managing approximately $220 billion in assets, enhancing BlackRock’s offerings for institutional clients.
Private credit, which involves non-bank lending to businesses, has grown rapidly due to stricter banking regulations and is projected to reach $4.5 trillion by 2030.
HPS, founded in 2007 by former Goldman Sachs executives, was previously considering an IPO but opted for the acquisition to leverage BlackRock's scale and resources.
The deal aligns with BlackRock's broader strategy to expand in private markets, following earlier acquisitions of Global Infrastructure Partners and Preqin in 2024.