BlackRock’s HPS Executes First Asia Private Credit Deal Since Acquisition with $50 Million Teleport Investment

The investment aligns with HPS’s post-acquisition strategy to leverage BlackRock’s $11.5 trillion platform for **Asia-Pacific private credit growth**. Since the $1.2 billion HPS buyout in September 2023, HPS has prioritized high-conviction markets like Asia, where traditional bank lending lags amid regulatory tightening.[1][2] McKinsey reports private credit assets under management in Asia-Pacific reached $250 billion in 2025, up 25% year-over-year, driven by sovereign wealth funds and insurers seeking yield in **emerging market private credit diversification**.[1]

Broader Asia Private Credit Trends

This debut underscores a surge in **cross-border private credit deals in Asia 2026**, with Malaysia emerging as a hub due to its stable regulatory environment and digital economy push. Citigroup forecasts strong deal activity in Asia-Pacific for 2026, emphasizing fintech and infrastructure.[4] Comparable transactions include Bain Capital’s binding bid for Japan’s FineToday Holdings, highlighting **Asia beauty sector M&A acceleration**, and CVC’s $3.5 billion AIG partnership for private credit scaling.[1]

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Market Implications and Risks

Private credit faces headwinds from valuation pressures, with MSCI noting a return to fundamentals for buyout firms in 2026 as funding costs rise.[2][5] Goldman Sachs highlights **private credit secondaries** as a liquidity tool, with PGIM targeting $1 billion deployments amid record $226 billion secondary volumes in 2025.[1] For C-level executives eyeing **private equity exit strategies in Asia SaaS and fintech**, HPS’s entry intensifies competition, potentially compressing yields but unlocking co-investment opportunities.

Kirkland & Ellis partners observe that Asia deals like Teleport benefit from favorable tax regimes in Malaysia, though geopolitical tensions and currency volatility pose risks. Sovereign wealth funds’ pivot to **emerging-market private credit**—as seen in CalPERS’ PE overhaul—further fuels capital inflows.[1]

Outlook for Investors

HPS’s Asia foray positions BlackRock to capture a larger share of the $1 trillion global private credit market by 2030, per BCG estimates. Deal advisors should monitor Malaysia’s trade surplus—RM3.1 trillion in 2025—for logistics tailwinds, while preparing for tighter credit spreads in a higher-rate environment.[1][3]