Why BlackRock is shelling out $12bn for private credit shop HPS

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Financial Times 4d ago

Why BlackRock is shelling out $12bn for private credit shop HPS - Financial Times

Quick Summary:

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.

The New York-based private credit firm, which was carved out of JPMorgan Chase in 2016, has minted billions of dollars by stumping up funds for private equity buyouts.

Last year, Madison Dearborn struck a deal to sell NFP to Aon for $13.4bn, with investors in the common stock earning nearly 3 times their investments and an internal rate of return after fees above 30 per cent between 2021 and 2024 alone, according to documents seen by the FT.