HPS Investment Partners
HPS Investment Partners is a private credit specialist that BlackRock acquired in an all-stock deal that closed July 1, 2025 at a price of approximately $12 billion. HPS alone managed about $148 billion at the time of the deal announcement.
Following the acquisition, HPS anchors BlackRock’s combined private-financing platform of roughly $190 billion in assets under management. It is a direct competitor to Apollo Global Management, Ares Management, Blackstone and Goldman Sachs Asset Management for direct-lending and structured-credit deal flow.
In May 2026, HPS announced a €15 billion EMEA Private Capital Program with Citigroup — its first marquee bank-origination tie-up since joining BlackRock.