BlackRock’s $12 billion purchase of HPS gives firm a bigger chunk of red-hot private credit market

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BlackRock has clinched its third big acquisition this year. The world’s largest asset manager is buying HPS Investment Partners in a $12 billion all stock bid to create a leading global credit manager.

Private credit, which refers to non-bank firms offering loans to businesses, is one of the hottest sectors on Wall Street. BlackRock had previously said it expected the global private debt market to hit $3.5 trillion in AUM by the end of 2028. The firm updated that projection Tuesday, and now anticipates traditional private credit to more than double to over $4.5 trillion by 2030, according to an investor presentation announcing the acquisition.