Guardian Life Nabs Minority Stake in HPS as Lending Booms (1)

The Guardian Life Insurance Co. of America has acquired a minority stake in private credit firm HPS Investment Partners in the latest move by insurers to increase their footprint in the direct lending market.

Guardian will provide capital for HPS, which oversaw $80 billion in assets at year-end, to invest across all its private-credit strategies, from senior and junior debt to real estate and energy, according to a statement seen by Bloomberg that didn’t disclose the terms. The New York-based firms will also work together in developing new fixed-income trades.

It’s the latest push from insurers into the booming world ...