According to sources, the world's largest asset management company BlackRock is in deep negotiations to acquire HPS Investment Partners and has become the only active bidder negotiating with the company, seeking to compete in the fast-growing private credit industry.

Sources revealed that both parties are seeking to reach an agreement by the end of this year. Due to the involvement of confidential matters, these sources have requested anonymity. Some sources have indicated that if the two parties fail to reach a consensus on valuation, HPS may still opt for a public listing or selling minority stakes.

Sources say that HPS aims for a post-IPO valuation of $11 billion, and if for sale, it will seek a premium above this valuation. If the deal goes through, BlackRock will own over $500 billion in alternative assets. As of the end of the third quarter, BlackRock manages $11.5 trillion in assets.

Some sources say that while negotiations are progressing, an agreement has not yet been reached, and the negotiations may end without reaching an agreement.