- BlackRock bought Preqin for $3.22B, highlighting the growing importance of data-driven decision-making.
- Preqin will remain a stand-alone service, complementing BlackRock’s Aladdin to create a leading private markets data provider.
- The deal is the latest in a series of acquisitions that highlight Blackrock’s expansion into private markets.
In a strategic move to bolster its data capabilities and continue expanding into alternative investments, BlackRock (BX) acquired leading data provider Preqin for $3.22B, as reported on Globest.
Deal Details
The deal, expected to close by EOY 2024 pending approvals, highlights BlackRock’s interest in data-driven investment decisions. “We see data powering the industry across technology, capital formation, investing, and risk management,” said Rob Goldstein, BlackRock’s COO.
Preqin, known for its comprehensive data on private equity and alternative assets, will continue to operate as a stand-alone service under BlackRock’s ownership. However, its services will also be integrated into BlackRock’s Aladdin solution, aiming to create a leading private markets data provider.
Recent Acquisitions
The Preqin acquisition follows other strategic private market acquisitions. In January, BlackRock snapped up Global Infrastructure Partners for around $12.5B. Last year, the firm acquired Kreos Capital to enhance its private debt capabilities. And back in 2019, BlackRock bought eFront, a software provider that enables investors to assess private market assets.
What’s Next/Why It Matters
Companies like BlackRock are increasingly relying on advanced data analytics and artificial intelligence to make informed investment decisions. In fact, private markets are the fastest-growing segment of asset management, with alternative assets projected to reach nearly $40T by the end of the decade.
