The all-stock deal will create a private-credit business with about US$220 billion in client assets. HPS Investment Partners currently manages about US$148 billion assets, mainly in private credit. (The Logic)

Talking point: The acquisition gives BlackRock more exposure to an asset class that has become increasingly popular on Wall Street. Publicly traded companies in the space have seen their stocks soar in 2024, including Blue Owl Capital and Ares Management, which are up 54.6 per cent and 46 per cent, respectively, this year, compared to BlackRock’s 25.7 per cent gain. The private-credit market is expected to double to about US$3 trillion by 2028, according to Moody’s Ratings, as firms in the space move beyond corporate lending to target consumer financing on everything from car loans to credit-card debt to mortgages.