HPS co-founders Scott Kapnick, Scot French, and Michael Patterson are joining BlackRock’s global executive committee while Kapnick will also be an observer on BlackRock’s boar

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.

BlackRock , oddly enough, is looking a lot more like a streaming service. The index-fund goliath agreed to buy private lender HPS for $12 billion, to get its hands on the hottest new content to push through its formidable pipes.