HPS Investment Partners

What HPS Investment Partners does

HPS Investment Partners is a global alternative credit investment manager founded in 2007 within J.P. Morgan Asset Management, focused on non-investment grade credit and longer-dated liquid investment opportunities. The firm's principals completed a management buyout from J.P. Morgan in 2016, making it one of the largest independent, employee-owned alternative credit managers, and in mid-2024 HPS was acquired by BlackRock, Inc. for approximately $12 billion, with the HPS management team assuming leadership of a newly formed Private Financing Solutions business unit. HPS reports $193 billion in assets under management as of March 31, 2026, operating across three core product pillars: Corporate-Focused Private Credit (Specialty Direct Lending, Core Senior Lending, Strategic Investment Partners), Asset-Based Finance (~$37B AUM spanning private high grade, real estate, asset value, sustainability, and GP-LP solutions), and Liquid Credit (~$27B AUM across broadly syndicated loans, multi-asset credit, and CLOs covering 700+ corporate credits). The platform also includes the HLEND non-traded BDC for individual investors, a $1B+ anchored joint platform with Lunate, and a €15B Private Capital Program with Citigroup for EMEA direct lending.

The firm's business model combines asset-based management fees with performance-based incentive compensation across commingled funds, customized separately managed accounts, and BDC vehicles, supplemented by co-investment income from employees and operating partners committing capital alongside fund investors. HPS serves three primary customer segments: institutional investors (pension funds, insurance companies, sovereign wealth funds, foundations, and endowments), insurance companies (~$60B AUM, with advisory relationships covering ~40% of insurers with $100B+ AUM globally) via a dedicated Insurance Solutions Group formed in 2020, and financial advisors/individual investors via the Private Wealth Solutions team. The firm operates from 14 offices across the US, UK, Luxembourg, Germany, UAE, Hong Kong, Singapore, and Australia, supported by a 255-person private credit investment team and a 39-person liquid credit team. Distribution is relationship-led (Co-Heads of Business Development and Investor Relations: Nick White and John Christmas) and supported by thought-leadership content (Insights & News, The HPScast podcast, LinkedIn), with no public API or productized technology offering — HPS Securities, LLC is a SEC/FINRA-registered broker-dealer for capital markets activity.

Name

HPS Investment Partners

Legal name

HPS Investment Partners, LLC

Website

https://hpspartners.com

Company type

Private

Founded year

2007

Operating status

Acquired

Headcount range

501–1,000 employees

Short description

HPS Investment Partners is a global alternative credit investment manager with $193B in AUM, operating as the Private Financing Solutions unit of BlackRock. The firm invests across the capital structure in private and liquid credit for institutional investors, insurance companies, and individual investors.

Ownership category

akta.pro rank

Product category

Alternative Credit Investment Management

NAICS

Other Investment Pools and Funds (5259), Other Financial Vehicles (52599), Other Financial Vehicles (525990)

SIC

Investment Advice (6282), Miscellaneous Business Credit Institution (6159), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Private Credit / Direct Lending (FSAAAHAG)

akta.pro secondary industries

Infrastructure & Project Finance Private Debt (FSANADAH), Venture Growth / Recurring Revenue Credit Funds (FSANAIAG), Real Estate Credit / Debt Funds (FSANAEAJ)

Keywords

• Alternative credit management
• Private credit lending
• Asset-based finance
• Liquid credit strategies
• Institutional investment management

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices14 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Management Fees: Recurring asset-based fees calculated on assets under management across private credit, asset-based finance, and liquid credit strategies; aligned with long-term investor mandates and customized separately managed accounts.
2. Performance / Incentive Fees: Performance-based incentive fees on investment outcomes across commingled funds and tailored mandates, contingent upon fund performance above agreed hurdles.
3. Co-Investment Income: Investment returns earned when HPS employees and operating partners commit significant capital alongside fund investors in HPS strategies, aligning firm and investor interests.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels6 records

Core offering

HPS Investment Partners manages approximately $193 billion in alternative credit assets across three pillars: Corporate-Focused Private Credit (direct lending strategies), Asset-Based Finance (privately negotiated asset-backed financings across real estate, infrastructure, equipment, and investment fund assets), and Liquid Credit (broadly syndicated loans, multi-asset credit, and CLOs). The firm delivers these strategies to institutional investors (pension funds, insurance companies, sovereign wealth funds, endowments) and, via the Private Wealth Solutions team and HLEND BDC, to financial advisors and individual investors.

Product overview

HPS Investment Partners operates as a global alternative credit investment platform with approximately $193 billion in assets under management (as of March 31, 2026), now part of BlackRock and operating as the Private Financing Solutions business unit. The platform is organized as a unified multi-strategy credit franchise with three primary solution pillars: Corporate-Focused Private Credit (featuring Specialty Direct Lending, Core Senior Lending, and Strategic Investment Partners sub-strategies), Asset-Based Finance (approximately $37B AUM, including Private High Grade Asset-Based, Real Estate, Asset Value, Sustainability and Energy Transition, and GP-LP Solutions), and Liquid Credit (approximately $27B AUM, including Broadly Syndicated Loans and Multi-Asset Credit). The platform additionally offers the HLEND non-traded business development company (BDC) for individual investors, the HPS Strategic Solutions Partners Platform (a $1 billion+ anchor partnership with Lunate), and the Citi/HPS €15 billion Private Capital Program for EMEA direct lending. Together, these offerings allow HPS to invest flexibly across the capital structure in both private and liquid markets for institutional investors, financial advisors, and individual investors globally.

Differentiator

Problem solved

Functional benefit

Brands

• HLEND (HPS Corporate Lending Fund): Non-traded business development company (BDC) launched in 2022 to bring HPS's institutional direct lending offering to individual investors.
• HPS Strategic Solutions Partners Platform

Products and services

• Corporate-Focused Private Credit
• Asset-Based Finance
• Liquid Credit
• HPS Corporate Lending Fund (HLEND)
• Insurance Solutions Group
• BlackRock Private Credit Fund (BDEBT)

Quantifiable outcome

• $193B in assets under management across private and liquid credit as of March 31, 2026
• +5 more outcomes

Named customers5 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Nine partnerships are on record, tiered flagship and moderate.

• Citigroup Inc.flagshipStrategic or Co-development Partner · 18 May 2026Citi and HPS announced a €15 billion Private Capital Program to expand direct lending and private financing solutions across EMEA over an initial five-year term. Citi will leverage its origination capabilities and client network, while HPS contributes capital and structuring expertise; sub-investment grade debt for corporate and sponsor-owned borrowers across Continental Europe, the UK, and eventually the Middle East.
• Audax Private DebtmoderateStrategic or Co-development Partner · 2 March 2026Audax Private Debt served as joint lead arranger alongside HPS Investment Partners' Direct Lending platform to finance J.F. Lehman & Company's acquisition of Forged Solutions Group.
• J.F. Lehman & CompanymoderateStrategic or Co-development Partner · 2 March 2026HPS's Direct Lending platform led the financing of J.F. Lehman & Company's acquisition of Forged Solutions Group, a leading provider of high-specification forgings for aerospace, defense, and space markets, which operates seven manufacturing facilities across the UK and US with ~840 employees.
• Sixth StreetmoderateStrategic or Co-development Partner · 18 February 2026HPS led a roughly $700 million private credit deal for Elara Caring (a home healthcare provider), with Sixth Street participating as co-lender. The financing accompanies a strategic investment from Ares' private equity arm and DaVita.
• Goldman Sachs AlternativesmoderateStrategic or Co-development Partner · 12 February 2026Goldman Sachs Alternatives joined HPS, Blue Owl Capital, Golub Capital, and Blackstone in providing a $1.4 billion loan to Hg Capital for the take-private acquisition of OneStream, valued at approximately $6.4 billion. The financing included an $850 million revolving credit facility and delayed-draw term loan.
• Blue Owl Capital Inc.moderateStrategic or Co-development Partner · 12 February 2026Blue Owl Capital led a $1.4 billion private credit loan for Hg Capital's take-private of OneStream, with HPS, Goldman Sachs Alternatives, Golub Capital, and Blackstone participating as co-lenders.
• Golub CapitalmoderateStrategic or Co-development Partner · 12 February 2026Golub Capital participated alongside HPS in a $1.4 billion private credit financing for Hg Capital's take-private of OneStream, including an $850 million revolving credit facility and delayed-draw term loan.
• Blackstone Inc.moderateStrategic or Co-development Partner · 12 February 2026Blackstone Inc. participated in the $1.4 billion private credit financing for Hg Capital's take-private of OneStream alongside HPS and other lenders; HPS also participates more broadly in Blackstone-led transactions such as Enverus.
• Vistina (a subsidiary of Hoplon Capital)moderateGTM or Marketing Partner · 12 October 2025Vistina and HPS Investment Partners announced a collaboration to expand asset-based financing origination to borrowers, combining HPS's asset-based finance platform with Vistina's origination capabilities.

Scale indicators9 records

Recent moves10 records

Expansion highlights6 records

Broad incumbents

• Brookfield Asset Management: Global alternative asset manager with a sizable private credit and asset-based finance platform (including real estate credit). Competes for institutional insurance and pension mandates, with comparable scale and global distribution.
• Oaktree Capital Management: Pioneer in alternative credit and distressed investing; direct overlap with HPS in liquid credit, junior private credit, and special situations, but with a broader multi-asset alternative mandate as a publicly listed affiliate of Brookfield.

Direct peers

• Ares Management: Major global alternative credit manager with direct lending, asset-based finance, and liquid credit strategies overlapping directly with HPS's three-pillar platform. Both serve insurance, pension, and wealth clients with senior-secured private credit and have BDC vehicles.
• Apollo Global Management: Large alternative credit manager with Athene-anchored insurance balance sheet, direct lending, asset-based finance, and structured credit capabilities. Competes with HPS in the senior-secured, large-ticket middle-market direct lending and insurance SMA markets.
• Golub Capital: Large middle-market direct lending franchise, co-lender on the OneStream $1.4B financing. Highly comparable on senior-secured, sponsor-backed direct lending, and competes in the same mid-cap unitranche market as HPS Specialty Direct Lending.
• Blackstone Credit: Blackstone's direct lending and credit franchise, which now houses HPS within the combined Private Financing Solutions platform. Direct competitor in the same lead-arranger league tables for large take-private and refinancing transactions (e.g., OneStream).
• Blue Owl Capital: Direct lending and GP-LP solutions manager with strong lead-arranger credentials (led the OneStream financing alongside HPS). Competes head-to-head in mid-to-large-cap direct lending and capital solutions for sponsors.
• Carlyle Credit: Carlyle's global credit business spanning direct lending, asset-based finance, opportunistic credit, and liquid credit. Competes with HPS across multiple sub-strategies and for institutional insurance/pension capital.
• Sixth Street: Global investment firm with significant direct lending, asset-based finance, and capital solutions capabilities. Co-lender with HPS on Elara Caring and a frequent participant on large take-private financings, competing for similar insurance and pension mandates.
• KKR Credit: Global direct lending and credit franchise inside KKR. Overlaps with HPS in direct lending, asset-based finance, and multi-asset credit, and competes for the same institutional insurance and pension mandates.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat7 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/hps-investment-partners-llc

Compliance10 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles19 records

Subsidiaries2 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A7 records

Investments57 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about HPS Investment Partners