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

The all-stock deal adds New York-based HPS, which manages approximately $148 billion in client assets, bolsters BlackRock's position in the private credit market.

But this year, BlackRock has been aggressively claiming a major foothold in the private markets. On Tuesday, it made its latest push, announcing a deal to buy HPS Investment Partners — a firm that specializes in making private loans to companies — for roughly $12 billion.