BlackRock has agreed to buy private credit manager HPS Investment Partners in a roughly $12 billion all-stock deal that would substantially add to its coveted private asset pile. The deal would give Chief Executive Larry Fink a significant foothold in what is now one of the hottest markets on Wall Street.

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

BlackRock has agreed to acquire private credit firm HPS Investment Partners in a deal valuing the company at about $12 billion, as BlackRock continues its push into the growing sector.