BlackRock is buying credit investment manager HPS Investment Partners in a stock deal valued at about $12 billion, giving it more ways to service its insurance clients.

BlackRock, the world's largest asset manager, has entered an all-stock transaction valued at approximately $12bn to acquire private credit manager HPS Investment Partners. This move is set to create an integrated private credit franchise with $220bn in client assets.

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 in assets,