Credit Firm HPS Founders Set to Reap Billions as Suitors Circle

BlackRock, Lunate and CVC Capital showed interest in firm
HPS also considering IPO that may value it at $10 billion

HPS founders Scott Kapnick, from left, Scot French and Michael Patterson.Photographer: Sarah Blesener/Bloomberg

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By Tom Maloney

October 11, 2024 at 11:42 AM UTC

This article is for subscribers only.

A potential bidding war for HPS Investment Partners is set to swell the fortunes of its three founders as rival groups vie for a piece of the red-hot private credit market.

HPS has been weighing the possibility of an initial public offering that may value it at $10 billion or more, and several suitors have considered an investment or acquisition that could yield an even higher payout for the firm’s founders. Those suitors include BlackRock Inc., Abu Dhabi-based asset manager Lunate and private equity firm CVC Capital Partners.