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 , oddly enough, is looking a lot more like a streaming service. The index-fund goliath agreed to buy private lender HPS for $12 billion, to get its hands on the hottest new content to push through its formidable pipes.