BlackRock Sets Out for Private Credit Glory After Year of Upheaval

At the party, hosted on a hot day last July at HPS business development head John Christmas’ New Jersey beach house, bandana-clad colleagues across his teams mingled poolside with the wind at their backs. With the addition of HPS, one of the biggest names in private credit, it seemed BlackRock was set to break through in the market in a way that had eluded the asset manager for years.

By Olivia Fishlow, Davide Scigliuzzo, Silla Brush