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

BlackRock will buy private credit firm HPS Investment Partners for about $12 billion in an all-stock deal, the companies said on Tuesday, as the world's largest asset manager seeks to expand in a red-hot market.

BlackRock has agreed to acquire private credit firm HPS Investment Partners in a deal valuing the company at about $12 billion, as BlackRock continues its push into the growing sector.