Why BlackRock isn't worried about rising defaults as it dives into private credit

BlackRock isn't seeing any cockroaches scurrying out of its private credit portfolio yet. The $14 trillion asset manager has become a major player in the private lending space after it acquired HPS at the end of 2024. The firm has been focused on fundraising for private markets, and CEO Larry Fink said Thursday during BlackRock's earnings call that the firm's distribution team was pitching HPS offerings to advisors for wealthy people at wirehouses like Morgan Stanley and Merrill Lynch.Private credit has se ...