The all-stock deal adds New York-based HPS, which manages approximately $148 billion in client assets, bolsters BlackRock's position in the private credit market.

BlackRock , oddly enough, is looking a lot more like a streaming service. The index-fund goliath agreed to buy private lender HPS for $12 billion, to get its hands on the hottest new content to push through its formidable pipes.

In a widely anticipated announcement, BlackRock said it had reached an agreement to buy HPS Investment Partners for $12 billion in stock.