BlackRock is set to acquire private market data firm Preqin for £2.55 billion in an all-cash deal, which is anticipated to close by the end of the year.
With two decades of experience, Preqin is a prominent independent data provider in private markets, offering global coverage of 190,000 funds, 60,000 fund managers, and 30,000 private market investors. The firm’s reach extends to over 200,000 users, including asset managers, insurers, pension funds, wealth managers, banks, and various service providers.
In 2024, Preqin is projected to generate approximately $240 million in recurring revenue, having experienced an annual growth rate of around 20% over the past three years.
The acquisition will see Preqin’s data and research tools integrated with BlackRock’s Aladdin workflow platform, enhancing the scale of BlackRock’s technological offerings. This partnership will bolster BlackRock’s capabilities in risk management and analytics across its discretionary private markets portfolio and the assets managed through Aladdin. The integration will allow for a seamless connection between private markets investment workflows and proprietary data, addressing all facets of private equity, including fundraising, deal sourcing, portfolio monitoring, accounting, and performance tracking.
Rob Goldstein, Chief Operating Officer at BlackRock, stated: “The acquisition enhances BlackRock’s ability to manage risk and analytics across its discretionary private markets presence and assets overseen via Aladdin. By combining Preqin with Aladdin, we can integrate private markets investment processes with proprietary data that encompasses all areas of private equity.”