BlackRock Inc. is said to be close to purchasing HPS Investment Partners, a private credit group, for around $12 billion. This move is part of BlackRock's strategy to strengthen its presence in the growing alternatives market.

According to sources familiar with the matter, the two parties have reached a broad agreement and aim to finalize the general terms of the deal shortly after the Thanksgiving holiday. This acquisition would be a significant step for BlackRock as it looks to expand its investment offerings and compete more effectively in the private credit sector.