Crypto News: How secretive HPS is making billions

Thursday, November 30, 2023

How secretive HPS is making billions

HPS Founders Scott Kapnick, Scot French, and Michael Patterson in New York on Oct. 6, 2023. Photographer: Sarah Blesener/Bloomberg

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For more than a decade, private credit firm HPS has been the vanguard of turning a niche area of finance — where "nonbank" funds lend money to riskier companies — into a $1.6 trillion juggernaut. It bought itself out of JPMorgan Chase & Co. in a deal valuing it at close to $1 billion back in 2016, and today wrestles with the idea of a public listing, which could make it worth $8 billion. The company, like its fellow direct lenders, is now busy cutting off former Wall Street comrades from one of their favorite historic money spinners: corporate loans.

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