BlackRock to acquire HPS Investment Partners for ~$12B in equity; combined private credit franchise ~$220B

BlackRock TCP Capital Corp.

Acquisition for 12.1M SubCo Units exchangeable into BlackRock common; ~$12B total consideration.
HPS has ~$148B client assets; combined private credit AUM expected to reach ~$220B.
Deal expected to increase private markets fee-paying AUM by 40% and management fees by ~35%.
Expected to close mid-2025 subject to regulatory approvals; modestly accretive to EPS in first full year post-close.
HPS leadership (Kapnick, French, Patterson) to lead new unit and join BlackRock executive committee.

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