The move positions the asset manager more directly against Blackstone and Apollo in direct lending, opening a new competitive front in alternative assets.
BlackRock is expanding further into private credit following its HPS acquisition, moving more decisively into direct lending, a market segment long dominated by Blackstone and Apollo. The development signals a broader escalation in competition among large asset managers as firms race to build scale in alternative assets, where private credit has become a major battleground for institutional capital.