BlackRock Explores $10 Billion Purchase of HPS, Eyes Top Spot in Private Credit

Oct 9, 2024, 06:12 PM

BlackRock Inc., the world's largest asset manager overseeing $10.6 trillion in assets, is among firms exploring the purchase of HPS Investment Partners, a private credit lender valued at approximately $10 billion. The potential acquisition would propel BlackRock into the top ranks of the private credit market and reflects its strategic move to expand its presence in alternative investments. HPS Investment Partners is also considering an initial public offering (IPO), which some investors view as a way to test its valuation for a potential sale. This move also raises discussions about the concentration of power within the asset management industry, considering BlackRock owns stock in 95% of Fortune 500 companies.