S&P Global Pays $1.8 Billion for With Intelligence, Enters Private Markets Data

S&P Global agreed to acquire With Intelligence from Motive Partners for $1.8 billion, establishing immediate scale in private markets intelligence as allocators double their exposure to alternatives. The target operates subscription platforms tracking fund performance, LP commitments, and manager rankings across private equity, credit, and real assets. Motive Partners bought the London-based firm in 2020 for an undisclosed amount, consolidated seven acquisitions under the With Intelligence brand, and now exits at a multiple that values recurring revenue in private markets data above public equity benchmarks.

The deal gives S&P Global 12,000 institutional clients and 450 employees who maintain relationships with GPs that don't file public disclosures. With Intelligence runs Eurekahedge for hedge fund data, Private Equity Wire for fundraising intelligence, and Real Estate Capital for property debt markets. The platforms compete directly with Preqin and PitchBook, both controlled by private equity themselves—Preqin by BlackRock after a $3.2 billion acquisition in 2024, PitchBook by Morningstar since 2016. S&P Global now holds the only major private markets data provider not owned by an asset manager or buyout firm, a positioning that matters when LPs question data independence.

The move reflects structural change in capital allocation. Pension funds, sovereign wealth managers, and family offices now target 25-35% alternatives exposure, up from 15-20% a decade ago, but private markets lack the standardized reporting that equity indices provide. Fund managers report performance quarterly with six-week lags, valuations rely on manager discretion, and fee structures vary enough that net returns require translation. S&P Global already sells credit ratings and index data to these allocators; adding private markets intelligence lets the firm sell a unified view of public and private portfolios to the same CFO. The company hasn't disclosed revenue for With Intelligence, but comparable platforms generate $200-300 million annually at 60-70% EBITDA margins once scaled.

Regulatory pressure adds urgency. The SEC's private fund rules, even after legal challenges, push toward more consistent disclosure. European regulations already require detailed reporting from alternative managers. As compliance costs rise, fund managers will pay for platforms that automate data collection and benchmarking rather than build internal systems. With Intelligence positions itself as compliance infrastructure, not optional research, which defends pricing during downturns.

Operators should watch for S&P Global's integration moves through mid-2025, especially whether it merges With Intelligence data into existing index products or runs it as a separate subscription. Competitor reactions matter more—if Preqin under BlackRock raises prices or restricts data to non-clients, or if PitchBook accelerates its own M&A, the private markets data landscape consolidates faster than the three-year timeline most allocators expect. The deal closes in Q2 2025 subject to regulatory approval, which matters because UK and EU reviews now scrutinize financial data consolidation with the same intensity previously reserved for trading infrastructure.

Motive Partners generated a 4-5x return in four years by buying subscale data providers, centralizing technology, and selling into a market structure shift that won't reverse.