S&P Global to buy private markets data firm for $1.8bn

Founded in 1998, With Intelligence offers clients proprietary, actionable intelligence sourced directly from limited partners/investment allocators and general partners/fund managers. In 2023 it secured majority investment from Motive Partners, and now serves 3000 customers globally, with revenue set to hit $130 million in 2025.

The acquisition considerably expands S&P Global’s data coverage and capabilities across private markets — and enhances its value proposition for general partners, limited partners, intermediaries and advisors.

With alternative assets expected to approach $40 trillion by the end of the decade, S&P says the deal accelerates its strategy of driving innovation and transparency throughout the private markets value chain by delivering end-to-end data, intelligence and connectivity.

Martina Cheung, CEO, S&P Global, says: “Private markets is one of the most dynamic and fast-growing areas of global finance and providing innovative and differentiated data, benchmarks and workflow solutions in this space is a key strategic priority for S&P Global.

“With the addition of With Intelligence, we are expanding the trusted legacy of S&P Global into private markets — bringing the same rigor, data quality and analytical depth that have defined our leadership.”