Associate, Private Credit Middle Office, PFS - New York

About this role

About this role

Company Description

HPS Investment Partners, a part of BlackRock, is a leading global, credit-focused alternative investment manager that seeks to provide creative capital solutions and generate attractive risk-adjusted returns for our clients. We manage various strategies across the capital structure, including privately negotiated senior debt; privately negotiated junior capital solutions in debt, preferred and equity formats; liquid credit including syndicated leveraged loans, collateralized loan obligations and high yield bonds; asset-based finance and real estate. The scale and breadth of our platform offers the flexibility to invest in companies large and small, through standard or customized solutions. At our core, we share a common thread of intellectual rigor and discipline that enables us to create value for our clients.

HPS was established in 2007 as a unit of Highbridge Capital Management, LLC (“HCM”), a subsidiary of JPMorgan Asset Management (“JPMAM”). On March 31, 2016, the senior executives of HPS acquired HPS and its subsidiaries from JPMAM and HCM (the “Transaction”). [i] Following the Transaction, JPMAM retained a passive minority investment in HPS, which was subsequently redeemed in April 2022. In June 2018, affiliates of Dyal Capital Partners made a passive minority investment in HPS. In February 2022, an affiliate of The Guardian Life Insurance Company of America made a passive minority investment in HPS, which was subsequently increased in August 2024. On July 1, 2025, BlackRock acquired the business and assets of HPS, with 100% of consideration paid in BlackRock equity (the “HPS/BlackRock Transaction”).

The HPS/BlackRock Transaction brings together BlackRock’s corporate and asset owner relationships with HPS’s diversified origination and capital flexibility. BlackRock and HPS have formed a new private financing solutions business unit (“PFS”) led by Scott Kapnick, Scot French, and Michael Patterson, creating an integrated franchise with approximately $370 billion in client assets, including $205 billion of private credit assets. [ii] This combined platform, which has more than 590 investment professionals and approximately 1,300 employees globally, [iii] offers broad capabilities across senior and junior credit solutions, asset-based finance, real estate, CLOs and GP-LP solutions. As part of the HPS/BlackRock Transaction, Scott Kapnick, Scot French, and Michael Patterson have joined BlackRock’s Global Executive Committee, and Scott Kapnick has been appointed as an observer to the BlackRock Board. 

Department Description The Middle Office team (MO) within Private Financing Solutions (PFS) – Blackrock’s private credit platform – is responsible for ensuring the Fund’s positions and cash balances are accurate. They manage the lifecycle of all trades/investments. They are responsible for trade capture, trade settlement, loan administration, daily cash and position reconciliations, corporate action elections/recordings, audit requests, new mandate onboarding, and PnL break analysis and resolution with fund administrators. MO handles ad-hoc requests that come from the deal team and/or separately managed account clients. The team interacts closely with the Deal Execution, Treasury, Fund Accounting, Fund Finance, Cash Management, Portfolio Analytics, Data Analytics, Valuations and the Deal Teams daily.

Position Description                                             HPS is seeking an Associate to join the Middle Office Operations team. The individual should be highly organized with strong attention to detail, written and verbal communication skills. They should have the ability to meet strict deadlines, work independently and as part of a team, as well as possess excellent critical thinking/problem-solving skills.   The platform is scaling very rapidly, so the desire for a fast-paced environment is crucial.

Responsibilities                                                                                                                     Specific responsibilities will include but not be limited to the following: • Researching and resolving cash breaks vs. custodians

• Researching and resolving position breaks vs. custodians/clients/administrators/other systems

• Perform cash and asset reconciliations between internal systems (e.g., Aladdin) and custodians.

• Play a key role in the daily reconciliation between HPS & BlackRock’s accounting systems

• Daily oversight of loan and security administration in the firm’s accounting system to support internal post close loan administration: tracking delayed fundings, contracts, coupon payments, factor payments, and maturities

• Investigate any transactional or accrual discrepancies that may arise

• Assist with settlement of secondary loan trades and direct lending

• Collaborate closely with Administrative Agents, Borrowers and Legal with regards to KYC documentation, including administrative details, tax and fund formation documents

• Provide full trade life cycle operational support for products including but not limited to Bonds (Fixed & Floating Rate), ABS, Cross-Currency Swaps, Term Loans, Delayed Draw Term Loans, and Revolvers

• Work closely with custodians daily – fielding questions on how to apply cash, and position discrepancies

• Assist with confirming positions and providing support where needed for both internal and SMA auditors

• Daily interaction with internal and external groups to troubleshoot any booking and/or position discrepancies (Front Office/Fund Accounting/Fund Administrators/SMA Clients/Auditors)

• Perform daily transaction reconciliation with accounting administrator, and monthly position/cost/market value reconciliation during the monthly lockdown process

• Collaborate with technology teams on automation and workflow enhancements; Execute User Acceptance Testing (UAT), including scenario testing and error resolution before production release

• Liaise with multiple intern

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