BlackRock to Acquire Data Provider Preqin

Jul 2, 2024 thejournalbiz

BlackRock agreed to acquire U.K. data provider Preqin in a $3.22 billion deal

The New York-based company said late Sunday that it had agreed to acquire privately held Preqin for 2.55 billion pounds, or $3.22 billion, in cash. It expects the deal to close before the end of the year pending regulatory approvals.

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BlackRock agreed to acquire U.K. data provider Preqin in a $3.22 billion deal, part of efforts by the world’s largest asset manager to bolster data capabilities as it expands into private-market investments, via @WSJ #data #investment https://t.co/fg5s4LQrtO

— The_Journalbiz (@the_journalbiz) July 2, 2024

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BlackRock intends to continue to offer Preqin as a stand-alone service while also using it with the asset manager’s Aladdin proprietary software to “create a preeminent private markets technology and data provider.”

“Private markets are the fastest growing segment of asset management,” BlackRock said in a statement, adding that alternative assets are expected to reach nearly $40 trillion by the end of the decade.

Preqin, founded in 2003, focuses on the global alternatives market, offering data on private capital, hedge funds, infrastructure, real estate and natural resources asset classes, as well as publishing rankings of top-performing private equity and venture capital fund managers, among others. The company employs around 500 researchers globally, the majority of whom are based in the Asia-Pacific region.

BlackRock said Preqin is forecast to generate about $240 million in revenue in 2024, after having posted growth of about 20% a year over the past three years.

BlackRock’s assets under management climbed to $10.47 trillion in the first quarter, up 15% from a year earlier, boosted by $57 billion of net inflows to its investment products.