World’s biggest fund manager seeks to elbow its way into industry dominated by the likes of Apollo and Blackstone
HPS Investment Partners could hardly be more different than its suitor, BlackRock. Whereas BlackRock, an $11.5tn powerhouse, is best known for investing clients’ funds across huge swaths of public markets, HPS has earned a windfall on targeted bets in the private lending sector.
They are the kind of deals that attracted BlackRock, which wants to turbocharge its own direct lending franchise — it manages roughly $90bn of private debt already. BlackRock paid what some analysts and investors in the space saw as a high price for the group, underscoring the importance the company saw in private markets. Goldman estimates the price, including future potential payouts, was worth roughly 34.
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