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

Key Takeaways BlackRock is acquiring HPS Investment Partners in a deal valued at roughly $12 billion.The move to buy HPS is the asset management giant's latest push into the growing world of private credit.

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.