HPS Funding Companions is in talks with BlackRock and others a few potential sale, weeks after the non-public credit score supervisor was reported to be contemplating an IPO.
Based on the Monetary Instances, HPS is looking for a sale which might worth the enterprise at greater than $10bn (£7.65bn).
In September, it was reported that the corporate was mulling a public itemizing which might worth it at an analogous quantity.
Final 12 months, HPS confidentially filed paperwork with the US Securities and Change Fee in expectation of an IPO, however the agency now seems to be exploring different choices.
Learn extra: HPS raises $21.1bn for personal credit score fund
HPS has greater than $117bn in non-public credit score belongings underneath administration, and has grown its enterprise considerably lately. In Could, HPS began waitlisting new buyers with a purpose to restrict inflows into its company lending fund to handle a surge in demand.
The next month, the agency raised $21.1bn for its largest ever non-public credit score fund, Specialty Mortgage Fund VI.
Learn extra: HPS raises $10bn for second Core Senior Lending Fund
In the meantime, BlackRock has been making inroads into the non-public credit score house because the sector attracts extra consideration from buyers.
Final month, BlackRock launched a brand new unit – International Direct Lending – with Wealthy Kushel, head of BlackRock’s portfolio administration group, stating that “non-public credit score is among the agency’s high priorities.”
BlackRock is the world’s largest cash supervisor with roughly $10.6tn in belongings. It at present manages round $85bn in non-public credit score belongings.
BlackRock’s chief government Larry Fink has beforehand stated that personal credit score will likely be a “main development” driver, whereas the agency’s evaluation has forecasted fast development in direct lending.
Learn extra: BlackRock launches eFront Supplier tech resolution