Listen to the latest episode of Credit Exchange with Lisa Lee
Published in London & New York
10 Queen Street Place, London
1345 Avenue of the Americas, New York
Creditflux is an
company
© Creditflux Ltd 2025. All rights reserved. Available by subscription only.
Analysis CLOs
BlackRock rockets up after HPS buyout
by Shant Fabricatorian
After its acquisition of HPS, BlackRock has risen from 18th place to seventh in the US BSL AUM table. The highest-profile faller is UBS, which dropped out of the top 10. It was top in 2024
With the third quarter now in the rear-view mirror, and managers and investors focused on a strong finish to a volatile year, the latest quarterly rankings show the transformative effect of a large acquisition.
After BlackRock’s USD 12bn purchase of HPS Investment Partners, this quarter’s tables see the combined entity leap into the global top five managers for year-to-date issuance. The deal, which closed on 1 July after being announced in December last year, dramatically upscaled BlackRock’s capabilities and reach in both private credit and CLOs.
Global CLO issuance, 1Q-3Q 2025 ($bn)
Source: Creditflux
At the end of 3Q, the new BlackRock/HPS entity ranked seventh in overall US BSL issuance year-to-date. By comparison, in the previous quarter, BlackRock and HPS respectively ranked 18th and 31st in Creditflux’s rankings.
The deal has also created a powerhouse in Europe, with the firm now ranking fourth in European issuance, ahead of Palmer Square, and pushing Blackstone out of the top five.
Blackstone regains top spot globally
There was good news for Blackstone though — it reclaimed its top global position for the year-to-date, after being dislodged earlier this year by Golub. That was off the back of a strong third quarter, which saw it print 14 deals, valued at just under USD 7bn. Blackstone also remains the leading manager by total liabilities.
119
bn
$
US BSL issuance in 3Q almost matched the USD 120bn from 1Q
By contrast, last year’s top US BSL issuer, UBS, has had a relatively slow year. It has fallen to 13 in the YTD rankings.
In Europe, CVC reclaimed the top spot from Apollo Global. Still, Apollo has had a strong year in Europe, rising up to a leading position from sixth at the end of 2024. Meanwhile, last year’s top dog in European issuance, Palmer Square, has slipped to fourth place, behind KKR and BlackRock/HPS.
In the mid-market tables, Golub continues to dominate, with a remarkable 19.4% market share. That figure has been boosted by USD 7bn in resets so far this year, including two transactions each valued at over USD 2bn.
Overall, US issuance in 3Q rebounded to the roaring levels seen in the first quarter, with just over USD 119bn worth of US BSL deals being printed, against a little over USD 120bn in 1Q. European issuance scored its strongest quarter of the year to date, with EUR 38.58bn of issuance.
Private credit CLO issuance remained some way from its first-quarter high, at some USD 17.29bn for 3Q, USD 8bn down on 1Q.
Arini tracks upwards in CLOs
Further down the tables, Arini continues to make gains. The growing manager, which priced its first deal in November 2023, has issued some EUR 1.8bn worth of deals so far this year, putting it just outside the top 10.
In the US, AGL has made strides, rising from 15th in our full-year US BSL 2024 tables, to rank sixth. It is now snapping at the heels of fifth-placed CIFC.
In the arranger tables, Bank of America has further consolidated its lead in the global ranking overall tables ahead of Citi. BofA has been particularly active with new issuance, pricing some USD 28.2bn of new CLOs globally this year, USD 6.7bn ahead of JPMorgan’s tally. JPMorgan, which was last year’s top arranger, has fallen to third place for 2025, behind Citi, around USD 1bn in issuance ahead of BNP Paribas.
Total issuance 1Q-3Q 2025, top 5 arrangers ($bn)
Source: Creditflux
Methodology
- All data used for these rankings is as of 30 September 2025.
- Our issuance totals exclude double-counting due to jointly arranged deals. In jointly arranged deals, credit is split between the lead and co-arranger.
- For queries and corrections please contact data@creditflux.com.
