BlackRock Inc. is nearing a deal to buy HPS Investment Partners, a purchase that would vault the firm into the top ranks of private credit as it seeks to become a major force in alternative assets.An agreement could be announced as early as this week and value HPS at $12 billion or more,

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BlackRock, the world's largest asset manager overseeing more than $10 trillion, is seeking to capitalize on a boom in investor demand for alternative assets, ranging from private equity to infra

BlackRock Inc. is close to an agreement to buy private credit group HPS Investment Partners, as the world’s largest asset manager tries to compete in the fast-growing alternatives space, the Financial Times reported.

BlackRock had a verbal agreement to acquire a private credit manager, HPS Investment Partners. The deal was first reported by the Financial Times, stating that the value of the deal would be closer to $12 billion. This would give HPS a higher premium as compared to a post-IPO scenario, which would only give it a valuation of $10 billion.

BlackRock, the world’s largest asset manager, is reportedly on the cusp of a deal to acquire HPS Investment Partners for more than $12 billion