Diamond Member Pelican Press 0 Posted December 3 Diamond Member Share Posted December 3 This is the hidden content, please Sign In or Sign Up BlackRock expanding in private credit, buys HPS Investment Partners for $12 billion Andrew Ross Sorkin speaks with BlackRock CEO Larry Fink during the New York Times DealBook Summit in the Appel Room at the Jazz At Lincoln Center on November 30, 2022 in New York City. Michael M. Santiago | Getty Images BlackRock said Tuesday it will acquire HPS Investment Partners for $12 billion in stock, as the world’s largest asset manager looks to grow its presence in the highly popular private credit space. “We have always sought to position ourselves ahead of our clients’ needs. Together with the scale, capabilities, and expertise of the HPS team, BlackRock will deliver clients solutions that seamlessly blend public and private,” CEO Larry Fink This is the hidden content, please Sign In or Sign Up . The deal, which is expected to close in mid-2025, comes during a ***** for the private credit space. Comparable publicly traded companies to HPS such as Blue Owl Capital and Ares are up 54.6% and 46%, respectively, for 2024. Those gains are well ahead of BlackRock’s 25.7% year-to-date gain. The transaction also creates “an integrated private credit franchise” with about $220 billion assets, per BlackRock. HPS manages about $148 billion in assets. BlackRock oversees $11.5 trillion as of the third quarter. Sources told CNBC that HPS first sought to go public, which caught BlackRock’s attention as it looks to grow its alternative assets business. BlackRock earlier this year announced it would acquire Global Infrastructure Partners and private market data provider Preqin for $12.5 billion and $3.2 billion, respectively. The deal is also expected to raise BlackRock’s private market AUM and management fees by 40% and roughly 35%, respectively. Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world. This is the hidden content, please Sign In or Sign Up #BlackRock #expanding #private #credit #buys #HPS #Investment #Partners #billion This is the hidden content, please Sign In or Sign Up This is the hidden content, please Sign In or Sign Up Link to comment https://hopzone.eu/forums/topic/180047-blackrock-expanding-in-private-credit-buys-hps-investment-partners-for-12-billion/ Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now