Associate, Private Credit Middle Office, PFS

HPS Investment Partners, now part of BlackRock, is a leading global, credit-focused alternative investment manager. The platform offers creative capital solutions and attractive risk-adjusted returns across privately negotiated senior and junior debt, liquid credit, asset-based finance, and real estate. Following BlackRock’s acquisition in July 2025, HPS and BlackRock formed a new Private Financing Solutions (PFS) business unit with approximately $370 billion in client assets, including $205 billion of private credit assets, supported by over 590 investment professionals and 1,300 employees globally.

About the role

The Middle Office team within Private Financing Solutions (PFS) ensures the accuracy of fund positions and cash balances, manages the lifecycle of all trades and investments, and handles trade capture, settlement, loan administration, reconciliations, corporate actions, audit requests, and new mandate onboarding. The team collaborates closely with Deal Execution, Treasury, Fund Accounting, Fund Finance, Cash Management, Portfolio Analytics, Data Analytics, Valuations, and Deal Teams.

HPS is seeking an Associate to join the Middle Office Operations team. The ideal candidate is highly organized, detail-oriented, and possesses strong written and verbal communication skills, with the ability to meet strict deadlines, work independently or as part of a team, and excel in critical thinking and problem-solving. The role is fast-paced and requires adaptability as the platform scales rapidly.

Responsibilities

• Research and resolve cash and position breaks vs. custodians, clients, administrators, and other systems.
• Perform daily cash and asset reconciliations between internal systems (e.g., Aladdin) and custodians.
• Play a key role in daily reconciliation between HPS and BlackRock’s accounting systems.
• Oversee loan and security administration in the firm’s accounting system, including tracking delayed fundings, contracts, coupon payments, factor payments, and maturities.
• Investigate transactional or accrual discrepancies.
• Assist with settlement of secondary loan trades and direct lending.
• Collaborate with Administrative Agents, Borrowers, and Legal on KYC documentation, administrative details, tax, and fund formation documents.
• Provide full trade life cycle operational support for products including Bonds (Fixed & Floating Rate), ABS, Cross-Currency Swaps, Term Loans, Delayed Draw Term Loans, and Revolvers.
• Work closely with custodians daily to address cash application and position discrepancies.
• Assist with confirming positions and providing support for internal and SMA auditors.
• Troubleshoot booking and position discrepancies with internal and external groups (Front Office, Fund Accounting, Fund Administrators, SMA Clients, Auditors).
• Perform daily transaction reconciliation with accounting administrators and monthly position/cost/market value reconciliation during the monthly lockdown process.
• Collaborate with technology teams on automation and workflow enhancements; execute User Acceptance Testing (UAT), including scenario testing and error resolution.
• Liaise with multiple internal groups (accounting, product control, valuations, investment data) to resolve open queries and support team objectives.
• Engage in cross-functional initiatives and group-level projects.
• Manage transactional data for alternative products by sourcing from legal documents and third-party notices and inputting into internal systems.
• Act as a Point of Contact for external investment managers regarding the life cycle of deals.
• Ensure relevant controls are in place and adhered to by team members to operate in a risk-controlled environment.
• Provide oversight on daily and ad-hoc processes and assist the team in dealing with issues, escalations, and complicated 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.

Requirements

• Bachelor’s degree in Finance or Accounting.
• 3-7 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 (hedge funds, structured products, SMAs), trading and settlement, life-cycle events (coupons, factors, amendments, tenders, maturity), and cash and position reconciliation.
• Strong Excel and Outlook management skills, including the use of lookups, pivot tables, and extensive formulas, with the ability to build from scratch.
• Ability to manage a high volume of emails, respond in a timely manner, and escalate when necessary.
• Enjoys problem-solving and critical thinking; ability to resolve complex issues efficiently and independently.
• Curiosity and a desire to learn and build upon existing knowledge daily.
• Experience using trade/accounting/security master systems such as FIS VPM, Aladdin, Digitize, IVP Products, and S&P Loan products.

Pay

For Wilmington, DE, the salary range for this position is USD $85,000.00 - USD $117,000.00. Employees are also eligible for an annual discretionary bonus and benefits including healthcare, leave benefits, and retirement benefits. BlackRock operates a pay-for-performance compensation philosophy, and total compensation may vary based on role, location, firm, department, and individual performance.

Benefits

• Strong retirement plan.
• Tuition reimbursement.
• Comprehensive healthcare.
• Support for working parents.
• Flexible Time Off (FTO) to relax, recharge, and be there for the people you care about.

Schedule

BlackRock’s hybrid work model requires employees 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. New joiners can expect this hybrid model to accelerate their learning and onboarding experience.