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BlackRock paused fundraising for its third Asia-Pacific private credit fund after announcing its merger with HPS Investment Partners. The pause adds to challenges for the firm's private credit ambitions in the region, including disappointing performance and senior departures. BlackRock had targeted $1 billion for the fund, which started fundraising in Q4 2023. The firm's merger with HPS is part of a larger push to cement its future in private markets, with a firmwide target of $400 billion by 2030.

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