BlackRock’s private credit arm HPS Investment Partners has closed its first Asia deal since the asset manager’s $12 billion acquisition of the firm last year. The $50 million investment backs Malaysian logistics group Teleport, valuing the company at $500 million. HPS funds will subscribe to redeemable convertible perpetual securities.

The transaction marks a strategic reset for BlackRock’s Asian private credit efforts, which have faced leadership turnover and missteps. HPS now oversees the combined global strategy. Teleport, Southeast Asia’s largest logistics operator by volume, plans to double daily parcel deliveries to 2 million by 2026 from around 1 million.

Teleport’s chief executive Pete Chareonwongsak said the fundraising took nearly a year, representing the company’s first institutional equity round. An IPO could materialize within five years. The deal underscores how global asset managers are leveraging established platforms to capture growth in Asia’s expanding logistics and infrastructure markets.