Navigating Internship Opportunities at HPS Investment Partners

HPS Investment Partners, now a part of BlackRock, stands as a prominent global, credit-focused alternative investment manager. The firm is known for providing creative capital solutions and aiming to deliver attractive risk-adjusted returns for its clients. With a broad range of strategies across the capital structure, including privately negotiated senior debt, junior capital solutions, liquid credit, asset-based finance, and real estate, HPS offers a comprehensive platform for investment. This article delves into the world of HPS Investment Partners, its integration with BlackRock, and what aspiring candidates can expect regarding internship opportunities.

HPS Investment Partners: An Overview

Established in 2007, HPS began as a unit of Highbridge Capital Management, LLC (HCM), a subsidiary of JPMorgan Asset Management (JPMAM). In a significant move on March 31, 2016, the senior executives of HPS acquired the company from JPMAM and HCM. While JPMAM initially retained a passive minority investment, it was later redeemed in April 2022. Further investments followed, with affiliates of Dyal Capital Partners making a passive minority investment in June 2018, and an affiliate of The Guardian Life Insurance Company of America investing in February 2022, with an increased investment in August 2024.

The BlackRock Integration

The integration of HPS into BlackRock marks a significant development, combining BlackRock’s corporate and asset owner relationships with HPS’s diversified origination and capital flexibility. Effective July 1, 2025, HPS officially became part of BlackRock. This union has led to the formation of a new Private Financing Solutions business unit (PFS), spearheaded by Scott Kapnick, Scot French, and Michael Patterson. The integrated franchise boasts approximately $370 billion in client assets, including $205 billion of private credit assets. With a global team of over 590 investment professionals and around 1,300 employees, the platform offers extensive capabilities across senior and junior credit solutions, asset-based finance, real estate, CLOs, and GP-LP solutions.

AUM Details

As of September 2, 2025, the Assets Under Management (AUM) for PFS reflects the combined strength of HPS and BlackRock. The AUM calculation methodology varies across different fund types. For heritage HPS private credit funds, related managed accounts, and certain closed-ended liquid credit funds, AUM represents capital commitments during the investment periods and the cost of investment or latest available net asset value post-investment periods, capped at capital commitments. Liquid credit open-ended funds and related managed accounts (excluding CLOs) use the latest available net asset value. CLOs and warehouses calculate AUM based on the par value of collateral assets and cash in the portfolio. Business development companies use net asset value plus leverage, while ElmTree Funds (integrated into BLK as of September 2, 2025) represent gross assets plus uncalled commitments.

HPS Culture and Values

HPS prides itself on a culture of analytical rigor and creative thinking, aiming to generate attractive, risk-adjusted returns for clients. The firm offers scaled investment solutions across the capital structure in both private and liquid markets, primarily investing in non-investment grade and investment grade corporate and real asset-backed credit in developed markets. The breadth and flexibility of its platform enable HPS to tailor solutions to clients' unique risk/return, liquidity, and structuring objectives.

The firm emphasizes a commitment to performance and service excellence, with a global team that values giving back to the communities in which they work and live. Promoting diversity and inclusivity is also a key aspect of the firm’s values.

Employee Perspectives

Several HPS employees have shared their perspectives on working at the firm:

Amanuel Kiros, Managing Director, Legal: Highlights the growth mindset and the opportunity to learn and improve continuously.
Sean O’Donnell, Executive Director, Corporate Strategy: Emphasizes the encouraging leadership and the opportunity to make decisions and solve problems independently.
Grishma Parekh, Managing Director, Core Senior Lending: Notes the deep care for the work, respect among colleagues, and the ability to be the best version of oneself.
Jubreel Hason, Associate, Private High Grade: Points out the investment in employee success and the entrepreneurial environment where ideas are welcomed.
David Stempler, Managing Director, European Private Credit: Appreciates the opportunity to build an international platform.
Karen Cha, Managing Director, Business Development: Highlights the opportunities to grow and explore new things.

HPS’s Approach to Investment

HPS specializes in alternative credit, leveraging the tenure and expertise of its investment team to provide deep insights. The firm embraces complexity, seeking to uncover often-overlooked possibilities and delivering solutions that unlock value from situational, transactional, and business complexity. Consistency, long-term partnerships, and intellectual rigor are core to their approach.

Internship Opportunities

While specific internship requirements can vary depending on the department and the nature of the role, some general expectations can be inferred based on HPS’s profile and values:

Academic Excellence

HPS seeks individuals with strong academic backgrounds. Interns are typically expected to be enrolled in a relevant undergraduate or graduate program, such as finance, economics, business administration, or a related field. A high GPA and relevant coursework are often considered favorably.

Analytical and Quantitative Skills

Given the firm’s focus on analytical rigor, strong quantitative skills are essential. Interns should be comfortable with financial modeling, data analysis, and interpreting market data. Proficiency in tools like Excel, as well as knowledge of statistical software, can be beneficial.

Communication and Interpersonal Skills

Effective communication is crucial in a collaborative environment. Interns should be able to articulate their ideas clearly, both verbally and in writing. Strong interpersonal skills are also important for building relationships with colleagues and clients.

Initiative and Problem-Solving Abilities

HPS values individuals who are proactive and can take initiative. Interns should be able to identify problems, analyze potential solutions, and implement effective strategies. A willingness to embrace complexity and tackle nuanced challenges is highly valued.

Adaptability and Learning Agility

The financial industry is constantly evolving, so adaptability and a willingness to learn are essential. Interns should be open to new ideas, able to quickly grasp complex concepts, and willing to take on new challenges.

Teamwork and Collaboration

HPS emphasizes teamwork and collaboration. Interns should be able to work effectively as part of a team, contributing their skills and insights to achieve common goals. Respect for colleagues and a willingness to support others are also important.

Ethical Standards and Integrity

Maintaining the highest ethical standards and integrity is paramount in the financial industry. Interns should demonstrate a strong commitment to ethical conduct and adhere to the firm’s values and principles.

Specific Internship Roles

Internship opportunities at HPS can span various departments and functions, including:

Investment Analysis: Supporting investment teams in conducting research, analyzing financial data, and developing investment recommendations.
Portfolio Management: Assisting portfolio managers in monitoring portfolio performance, managing risk, and implementing investment strategies.
Legal and Compliance: Working with legal and compliance teams to ensure regulatory compliance and provide legal support for investment activities.
Corporate Strategy: Assisting in strategic planning, market analysis, and business development initiatives.
Business Development: Supporting business development teams in client relationship management, marketing, and new business development efforts.

Application Process

The application process for internships at HPS Investment Partners typically involves submitting a resume and cover letter online. Candidates who meet the initial screening criteria may be invited for interviews, which can include phone interviews, video interviews, and in-person interviews. The interview process may also include case studies or technical assessments to evaluate candidates' skills and knowledge.

Preparing for an Internship at HPS

To increase your chances of securing an internship at HPS Investment Partners, consider the following tips:

Build a Strong Resume: Highlight your academic achievements, relevant coursework, and any previous internship or work experience.
Develop Your Skills: Focus on developing your analytical, quantitative, and communication skills.
Network: Attend industry events, connect with HPS employees on LinkedIn, and seek out networking opportunities.
Research HPS: Familiarize yourself with HPS’s investment strategies, values, and culture.
Prepare for Interviews: Practice answering common interview questions, and be prepared to discuss your skills, experiences, and career goals.

tags: #hps #investment #partners #internship #requirements