BlackRock, a US-based asset management firm, has completed its acquisition of London-based Preqin, an independent provider of private markets data.
The acquisition aims to enhance BlackRock’s ability to serve clients across public and private markets by integrating investment, technology, and data solutions.
Private markets are a growing segment of global investing, with alternative assets projected to reach US$30 trillion by 2030, according to Preqin.
Institutional and wealth investors are increasing allocations to private markets but face transparency challenges.
BlackRock’s acquisition of Preqin seeks to address this issue by integrating private markets data with its existing investment and technology platforms.
Rob Goldstein, BlackRock’s Chief Operating Officer, stated,
“BlackRock is a perpetual reinvention machine, evolving continuously to stay ahead of our clients’ rapidly changing needs. Today clients are seeking a ‘common language’ for investing that requires better data to drive investment decisions, manage risk, and construct portfolios.”
“With Preqin, a part of BlackRock, we will seek to meet this need, accelerating clients’ ability to allocate to the growth of private markets and furthering our aspirations to deliver greater value across their whole portfolios.”
Mark O’Hare, Preqin’s Founder, said,
“For decades, investors in private markets have lacked the robust data they need to make fully informed decisions and incorporate private assets into their portfolios at scale. By marrying Preqin with BlackRock’s technology offering, we are even better placed to tackle this challenge and help clients build more diverse, resilient portfolios by delivering the transparency and insights they seek.”
Preqin will continue to operate as a standalone service while integrating its data and research tools into BlackRock’s Aladdin and eFront platforms.
Preqin, which has been operating for over 20 years, provides data and insights covering 210,000 funds and serves over 220,000 users, including asset managers, insurers, pensions, wealth managers, and banks.
Following the acquisition, Mark O’Hare has joined BlackRock as a Vice Chair.
Barclays served as lead financial advisor to BlackRock, with Skadden, Arps, Slate, Meagher & Flom providing legal counsel.
Featured image credit: edited from freepik
