Analyst/Associate Middle Office Operations (Public Credit)

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 clients. The firm manages 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 the platform provide flexibility to invest in companies large and small through standard or customized solutions. Intellectual rigor and discipline are central to creating value for 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. 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 brings together BlackRocks corporate and asset-owner relationships with HPSs diversified origination and capital flexibility. BlackRock and HPS 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. The combined platform includes more than 590 investment professionals and approximately 1,300 employees globally and offers capabilities across senior and junior credit solutions, asset-based finance, real estate, CLOs and GP-LP solutions. Scott Kapnick, Scot French and Michael Patterson joined BlackRocks Global Executive Committee, and Scott Kapnick was appointed as an observer to the BlackRock Board.

Team Description

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

Position Description

HPS is seeking an Analyst to join the Public Credit Middle Office, a subgroup within the broader Middle Office team that focuses on the liquid credit business within PFS.

The individual should be highly organized, with strong attention to detail and effective written and verbal communication skills. The role requires the ability to meet strict deadlines, work independently and collaboratively, and demonstrate excellent critical-thinking and problem-solving skills. The platform is scaling rapidly, making comfort in a fast-paced environment essential.

Responsibilities

• Research and resolve cash breaks versus custodians.
• Research and resolve position breaks versus custodians, clients, administrators and other systems.
• Perform cash and asset reconciliations between internal systems, including Aladdin, and custodians.
• Play a key role in the daily reconciliation between HPS and BlackRock accounting systems.
• Provide daily oversight of loan and security administration in the firms accounting system, including delayed fundings, contracts, coupon payments, factor payments and maturities.
• Investigate transactional or accrual discrepancies.
• Provide full trade-lifecycle operational support for products including fixed- and floating-rate bonds, private placements, ABS, cross-currency swaps, term loans, delayed-draw term loans and revolvers.
• Contribute to the design and implementation of onboarding processes for new investments, including trade lifecycle, cash management, valuation, PnL recognition and reconciliation.
• Work closely with custodians, including responding to questions on how to apply cash.
• Assist with position confirmation and provide support to internal and SMA auditors.
• Interact daily with internal and external groups to troubleshoot booking and position discrepancies, including Front Office, Fund Accounting, Fund Administrators, SMA clients and auditors.
• Collaborate with technology teams on automation and workflow enhancements and execute User Acceptance Testing (UAT), including scenario testing and error resolution before production release.
• Liaise with accounting, product control, valuations, investment data and other internal groups to resolve open queries and support team objectives.
• Participate in cross-functional initiatives and group-level projects.
• Manage transactional data for alternative products by sourcing information from legal documents and third-party notices and entering it into internal systems.
• Assist in trade execution.
• Ensure relevant controls are in place and diligently followed to maintain a risk-controlled environment.
• Provide oversight of daily and ad hoc processes and assist with issues, escalations and complex 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.

• Masters degree in Finance or Accounting or relevant field.
• 2+ 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, including hedge funds, structured products and private equity.
• Knowledge of trading and settlement.
• Understanding of lifecycle events, including coupons, factors, amendments, tenders and maturity.
• Experience with cash and position reconciliation.
• Strong Excel and Outlook management skills.
• Enjoys problem solving and critical thinking.
• Ability to resolve complex issues efficiently and independently by applying knowledge from training and past experience.
• Curiosity and a strong desire to learn and build knowledge continuously.
• Ability to use lookups, pivot tables and extensive formulas and to build them from scratch.
• Ability to manage a high volume of email without missing important items, respond promptly and escalate when necessary.

2- 11 PM

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

BlackRocks 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, weve 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 childrens 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. Its why were 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 Employer. We evaluate qualified applicants without regard to age, disability, family status, gender identity, race, religion, sex, sexual orientation and other protected attributes at law.