(HedgeCo.Net) S&P Global has agreed to acquire private-markets data specialist With Intelligence for $1.8 billion in cash, marking one of its largest technology and analytics deals to date.
The London-based company provides research, data, and workflow tools to more than 3,000 clients across hedge funds, private equity, credit, and real-estate investing. The deal, expected to close in early 2026, will deepen S&P’s footprint in private-market analytics — a fast-growing but fragmented sector.
“This acquisition advances our goal of providing comprehensive transparency across both public and private capital markets,” said Douglas Peterson, CEO of S&P Global, in a statement.
Analysts say the move mirrors S&P’s earlier purchase of Preqin and reflects surging demand for private-asset benchmarks as alternative investments mature. “Data is becoming the new currency of private markets,” noted Bernstein analyst Sarah Kwon. “Managers need standardized performance and risk metrics to attract institutional capital.”
With Intelligence is forecast to generate about $130 million in 2025 revenue. The transaction should enhance S&P’s adjusted earnings by 2027, according to company projections.
Industry experts view the deal as part of a broader consolidation wave reshaping the data and technology infrastructure underpinning alternative finance.
“As private-market AUM climbs toward $30 trillion, whoever controls the information layer will control the ecosystem,” said one private-equity CTO who asked not to be named.
S&P shares rose 1.3 % in early trading following the announcement.