BlackRock HPS Backs Teleport in $50M Deal

BlackRock’s private credit business, HPS, has made its first Asia investment since BlackRock acquired HPS Investment Partners, backing Malaysian logistics group Teleport in a $50m deal that values the company at $500m. HPS funds will subscribe to redeemable convertible perpetual securities issued by Teleport, which is part of Capital A.

Teleport’s CEO Pete Chareonwongsak said the fundraising took almost a year and represents Teleport’s first institutional equity round. Founded in 2018, Teleport became fully profitable last year and plans to double daily parcel deliveries to 2 million in 2026 from around 1 million. The company said an IPO could take place within five years, potentially sooner.