BlackRock HPS Credit Strategies Fund: directors' dealings · United States · SEC (Form 4)

About BlackRock HPS Credit Strategies Fund

BlackRock HPS Credit Strategies Fund is a credit-focused alternative fund managed by BlackRock and designed to give investors a single access point to both private credit and public credit markets. The fund sits within BlackRock’s U.S. product universe and is tied to the broader U.S. listed-fund ecosystem, with market exposure relevant to NYSE/NASDAQ-based distribution and trading channels in the United States. Its positioning is clearly income-oriented and multi-strategy: it aims to dynamically allocate across the credit spectrum, spanning direct lending, broadly syndicated loans, high yield bonds, opportunistic credit and structured credit. The economic and operating center of the HPS platform is New York, United States, reinforcing the fund’s deep linkage to the North American credit market. The fund’s history is relatively recent in its current form, but it reflects a significant strategic evolution. According to SEC filings, the board approved on October 1, 2025 a change of the fund’s name from BlackRock Credit Strategies Fund to BlackRock HPS Credit Strategies Fund, alongside changes to the investment objective, investment strategy and portfolio management framework, with the new structure expected to become effective on or around December 1, 2025. That transformation was intended to better reflect the integration of HPS expertise. HPS Investment Partners itself was founded in 2007 within J.P. Morgan before developing into a major standalone alternative credit platform. It is headquartered in New York and has an international footprint across Europe and Asia, which strengthens its origination network and cross-border reach. From a business standpoint, the fund seeks to generate attractive risk-adjusted returns, primarily through current income. Its strategy combines private and public credit capabilities, with a strong emphasis on senior secured debt, direct lending and disciplined credit selection. The fund can move flexibly between illiquid and liquid markets depending on relative value, market volatility and financing conditions. That makes it a hybrid vehicle for investors seeking exposure to private debt economics while retaining access to public credit opportunities. For French, Belgian and Swiss investors, it is best understood as an alternative income strategy sitting between traditional fixed income and private market credit. The fund’s competitive edge comes from the pairing of two complementary franchises. BlackRock contributes scale, distribution, operational infrastructure and a global fund platform, while HPS brings specialist sourcing, underwriting and structuring expertise in non-investment-grade credit. In a crowded market that includes private credit managers, leveraged loan specialists, CLO platforms and opportunistic credit funds, this combination matters. It supports broad sourcing, deeper market access and the ability to underwrite across different segments of the capital structure. The strategy also benefits from the ability to source both sponsor-backed and non-sponsor transactions, helping improve diversification and potentially enhance risk-adjusted returns. Recent developments have been important. In 2025, BlackRock confirmed the fund’s rebranding, strategic repositioning and updated SEC documentation. Public BlackRock materials describe the fund as an income-focused, multi-strategy alternative credit fund with access to both private and public markets, monthly distributions and limited quarterly liquidity through share repurchase offers. In the current macro backdrop of still-elevated rates and investor demand for cash-generating assets, the fund is positioned to benefit from sustained interest in alternative credit solutions.