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.

BlackRock (BLK) is close to making a $12 billion bet that would take it deeper into the hottest trade on Wall Street: private credit. The world’s largest money manager is discussing a deal to buy HPS Investment Partners,

BlackRock has clinched its third big acquisition this year. The world’s largest asset manager is buying HPS Investment Partners in a $12 billion all stock bid to create a leading global credit manager.