Associate, Private Credit Middle Office, PFS - Delaware
BlackRock · Wilmington, United States · 6d ago
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 internal groups such as accounting, product control, valuations, investment data, etc. to resolve open queries and perform additional responsibilities as required to support team objectives
Engage in cross-functional initiatives and group-level projects.
Manage transactional data for alternative products by sourcing from legal documents and third-party notices, and inputting into internal systems.
Act as a Point of Contact for all external investment managers with regards to life cycle of our deals.
Ensure relevant controls are in place and are being diligently adhered to by the team members to operate in a risk-controlled environment.
Provide requisite oversight on daily and Adhoc process and assist the team in dealing with issues, escalations and complicated scenarios.
Collaborate with external service providers and internal teams to exchange product and asset data and resolve operational issues.
Maintain and regularly update process documentation and control frameworks.
Candidate Profile
Graduate with a Bachelor’s degree in Finance or Accounting
3-7 years of experience in middle office/operations, data management, accounting, or administration, with a focus on alternative investment funds
Deep understanding of alternative investment products (hedge funds, structured products, SMAs)
Trading and settlement
Life-cycle events: coupons, factors, amendments, tenders, maturity
Cash and position reconciliation
Strong Excel and Outlook Management Skills:
Use of lookups, pivot tables, and extensive formulas – with the ability to build from scratch at any time
Ability to sort through high number of emails per day without missing anything important, responding in a timely manner, and escalating when necessary
Enjoys problem solving and critical thinking
Ability to resolve complex issues efficiently and independently by leveraging knowledge obtained via training as well as past experiences
Curiosity; need to not just be willing but wanting to learn and build upon existing knowledge every single day
Experience using trade/accounting/security master systems; FIS VPM, Aladdin, Digitize, IVP Products and S&P Loan products
Our benefits
To help you stay energized, engaged and inspired, we offer a wide range of benefits including a strong retirement plan, tuition reimbursement, comprehensive healthcare, support for working parents and Flexible Time Off (FTO) so you can relax, recharge and be there for the people you care about.
Our hybrid work model
BlackRock’s hybrid work model is designed to enable a culture of collaboration and apprenticeship that enriches the experience of our employees, while supporting flexibility for all. Employees are currently required to work at least 4 days in the office per week, with the flexibility to work from home 1 day a week. Some business groups may require more time in the office due to their roles and responsibilities. We remain focused on increasing the impactful moments that arise when we work together in person – aligned with our commitment to performance and innovation. As a new joiner, you can count on this hybrid model to accelerate your learning and onboarding experience here at BlackRock.
Guidance on AI use for candidates
At BlackRock, AI has long been part of how we work – enhancing decision-making, improving operations, and helping us deliver better outcomes for clients. We encourage candidates to use AI thoughtfully to learn, prepare, and work more effectively; but during our interview process, we want to focus on getting to know you through your own experiences, thinking, and judgment. To support you, we’ve provided guidance on when and how to use AI during our hiring process so you can approach each step with confidence and showcase your best self.
About BlackRock
At BlackRock, we are all connected by one mission: to help more and more people experience financial well-being. Our clients, and the people they serve, are saving for retirement, paying for their children’s educations, buying homes and starting businesses. Their investments also help to strengthen the global economy: support businesses small and large; finance infrastructure projects that connect and power cities; and facilitate innovations that drive progress.
This mission would not be possible without our smartest investment – the one we make in our employees. It’s why we’re dedicated to creating an environment where our colleagues feel welcomed, valued and supported with networks, benefits and development opportunities to help them thrive.
To learn more about BlackRock, please visit Careers.BlackRock.com. We also encourage you to get to know us on LinkedIn, Instagram, YouTube, X, and TikTok.
BlackRock is proud to be an equal opportunity workplace. We are committed to equal employment opportunity to all applicants and existing employees, and we evaluate qualified applicants without regard to race, creed, color, national origin, sex (including pregnancy and gender identity/expression), sexual orientation, age, ancestry, physical or mental disability, marital status, political affiliation, religion, citizenship status, genetic information, veteran status, or any other basis protected under applicable federal, state, or local law. View the EEOC’s Know Your Rights poster and its supplement and the pay transparency statement.
BlackRock is committed to full inclusion of all qualified individuals and to providing reasonable accommodations or job modifications for individuals with disabilities. If reasonable accommodation/adjustments are needed throughout the employment process, please email Disability.Assistance@blackrock.com. All requests are treated in line with our privacy policy.
BlackRock will consider for employment qualified applicants with arrest or conviction records in a manner consistent with the requirements of the law, including any applicable fair chance law.