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 has agreed to buy private credit manager HPS Investment Partners in a roughly $12 billion all-stock deal that would substantially add to its coveted private asset pile. The deal would give Chief Executive Larry Fink a significant foothold in what is now one of the hottest markets on Wall Street.

In a widely anticipated announcement, BlackRock said it had reached an agreement to buy HPS Investment Partners for $12 billion in stock.