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

BlackRock Inc. agreed to buy HPS Investment Partners in an all-stock deal valued at roughly $12 billion, a purchase that will propel the world’s largest asset manager into the highest ranks of private credit.

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.