BlackRock is to acquire private market data firm Preqin for £2.55 billion in an all-cash deal expected to close before year end.
With a 20-year history, Preqin is a leading independent data provider in private markets with global coverage of 190,000 funds, 60,000 fund managers and 30,000 private markets investors, reaching more than 200,000 users, including asset managers, insurers, pensions, wealth managers, banks, and other service providers.
In 2024, Preqin is expected to generate ~$240 million of recurring revenue and has grown approximately 20% per year in the last three years.
The deal will see Preqin's data and research tools combined with BlackRock's Aladdin workflow platform, adding additional scale to BlackRock's technology offering.
The acquisition improves BlackRock's ability to oversee risk management and analytics across its discretionary private markets presence and assets overseen via Aladdin. The combination of Preqin with Aladdin will allow BlackRock to integrate private markets investment workflows with proprietary data that touches all aspects of private markets including fundraising, deal sourcing, portfolio monitoring, accounting, and performance.
Rob Goldstein, BlackRock, chief operating officer, says: "The acquisition improves BlackRock's ability to oversee risk management and analytics across its discretionary private markets presence and assets overseen via Aladdin. The combination of Preqin with Aladdin will allow BlackRock to integrate private markets investment workflows with proprietary data that touches all aspects of private markets including fundraising, deal sourcing, portfolio monitoring, accounting, and performance."