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HPS Investment Partners
HPS Investment Partners, LLC (HPS) is an American investment firm headquartered in New York City. The firm focuses on investments in private credit, public credit, private equity and real assets. In 2022, HPS was ranked by Private Debt Investor as the third largest private debt investment company based on total fundraising over the most recent five-year period. In 2025, HPS became a subsidiary of BlackRock.
In 2007, Scott Kapnick, Scot French and Michael Patterson founded Highbridge Principal Strategies after leaving Goldman Sachs. It was formed as the private equity and credit investment division of Highbridge Capital Management (Highbridge) within J.P. Morgan Asset Management. Its strategies included mezzanine capital, bonds, direct lending and growth capital.
In 2009, due to the 2008 financial crisis, many hedge funds received redemption requests. However, Highbridge Principal Strategies grew significantly during this period.
In February 2011, Highbridge Principal Strategies was expanded after Highbridge acquired Gávea Investimentos and had let go of its event-driven trading team.
In December 2014, Institutional Investor reported that Kapnick and the management team of Highbridge were in discussions with JPMorgan Chase to lead a management buyout of the firm. The talks were focused mostly on Highbridge Principal Strategies. One of the main reasons for the buyout was the Volcker Rule which put strict limits on how much banks can invest in alternative investments which would be detrimental to Highbridge. Another reason was how Highbridge staff were compensated with bank stock which put the firm at a disadvantage when hiring and retaining staff compared to privately held hedge funds since the bank was a highly regulated entity. Finally, Jes Staley who headed J.P. Morgan Asset Management and was instrumental in Highbridge's acquisition back in 2004 had left the firm in 2013 and was replaced by Mary Callahan Erdoes. In fact by this period, Highbridge co-founders Glenn Dubin and Henry Swieca and former Highbridge President Todd Builione had all left Highbridge.
By 2015, Highbridge Principal Strategies became the larger more dominant part of Highbridge due to its performance and popularity among investors. It managed $22 billion in assets under management while the hedge fund side managed $6 billion. It was one of Highbridge's most successful ventures.
In October 2015, it was reported that only Highbridge Principal Strategies would be separating from JPMorgan Chase. JPMorgan Chase would keep the Highbridge and its hedge funds operations as well as a minority stake of Highbridge Principal Strategies. In March 2016, the buyout was completed from Highbridge and JPMorgan Chase. This led to an independent firm being spun out as HPS Investment Partners.
In July 2018, Dyal Capital acquired a minority investment in HPS.
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HPS Investment Partners
HPS Investment Partners, LLC (HPS) is an American investment firm headquartered in New York City. The firm focuses on investments in private credit, public credit, private equity and real assets. In 2022, HPS was ranked by Private Debt Investor as the third largest private debt investment company based on total fundraising over the most recent five-year period. In 2025, HPS became a subsidiary of BlackRock.
In 2007, Scott Kapnick, Scot French and Michael Patterson founded Highbridge Principal Strategies after leaving Goldman Sachs. It was formed as the private equity and credit investment division of Highbridge Capital Management (Highbridge) within J.P. Morgan Asset Management. Its strategies included mezzanine capital, bonds, direct lending and growth capital.
In 2009, due to the 2008 financial crisis, many hedge funds received redemption requests. However, Highbridge Principal Strategies grew significantly during this period.
In February 2011, Highbridge Principal Strategies was expanded after Highbridge acquired Gávea Investimentos and had let go of its event-driven trading team.
In December 2014, Institutional Investor reported that Kapnick and the management team of Highbridge were in discussions with JPMorgan Chase to lead a management buyout of the firm. The talks were focused mostly on Highbridge Principal Strategies. One of the main reasons for the buyout was the Volcker Rule which put strict limits on how much banks can invest in alternative investments which would be detrimental to Highbridge. Another reason was how Highbridge staff were compensated with bank stock which put the firm at a disadvantage when hiring and retaining staff compared to privately held hedge funds since the bank was a highly regulated entity. Finally, Jes Staley who headed J.P. Morgan Asset Management and was instrumental in Highbridge's acquisition back in 2004 had left the firm in 2013 and was replaced by Mary Callahan Erdoes. In fact by this period, Highbridge co-founders Glenn Dubin and Henry Swieca and former Highbridge President Todd Builione had all left Highbridge.
By 2015, Highbridge Principal Strategies became the larger more dominant part of Highbridge due to its performance and popularity among investors. It managed $22 billion in assets under management while the hedge fund side managed $6 billion. It was one of Highbridge's most successful ventures.
In October 2015, it was reported that only Highbridge Principal Strategies would be separating from JPMorgan Chase. JPMorgan Chase would keep the Highbridge and its hedge funds operations as well as a minority stake of Highbridge Principal Strategies. In March 2016, the buyout was completed from Highbridge and JPMorgan Chase. This led to an independent firm being spun out as HPS Investment Partners.
In July 2018, Dyal Capital acquired a minority investment in HPS.