The all-stock deal adds New York-based HPS, which manages approximately $148 billion in client assets, bolsters BlackRock's position in the private credit market.

The deal, which is expected to close in mid-2025, comes during a boom for the private credit space. The transaction also creates "an integrated private credit franchise" with about $220 billion assets,

BlackRock is reportedly nearing a deal to buy HPS Investment Partners, a private credit behemoth managing $145 billion. A deal could come this week.