World Largest $10 Trillion Asset Manager BlackRock to Buy Private Markets Data Provider Preqin for $3.2 Billion in Cash, Preqin Founded in 2003 by ex-Boston Consulting Group Manager Mark O’Hare Who Founded Equity Shareholdings Information Service Citywatch (Now Part of Refinitiv), Preqin Owned by Mark O’Hare Family Holding Company, Valhalla Ventures, Preqin Management & Employees, Mark O’Hare to Join BlackRock as a Vice-Chair
1st July 2024 | Hong Kong
The world’s largest asset manager BlackRock with $10 trillion AUM has announced to buy private markets data provider Preqin for $3.2 billion in cash. Preqin was founded in 2003 by ex-Boston Consulting Group (BCG) manager Mark O’Hare, who founded equity shareholdings information service Citywatch prior to founding Preqin (Now part of Refinitiv). Preqin is currently owned by Mark O’Hare family holding company, Valhalla Ventures, Preqin management & employees. Mark O’Hare will be joining BlackRock as a Vice-Chair after the close of transaction (year-end 2024). BlackRock (30/6/24): “BlackRock, Inc. (NYSE: BLK) has agreed to acquire Preqin, a leading independent provider of private markets data for £2.55 billion or approximately $3.2 billion in cash. Bringing together Preqin’s data and research tools with Aladdin’s complementary workflow capabilities in a unified platform will create a preeminent private markets technology and data provider. The acquisition adds a highly complementary data business to BlackRock’s investment technology, marking a strategic expansion into the fast-growing private markets data segment. Private markets are the fastest growing segment of asset management, with alternative assets expected to reach nearly $40 trillion by the end of the decade. As institutional and wealth investors increase allocations to alternatives, BlackRock has built a leading private markets franchise to meet this client demand. There is an even greater need for standardized data, benchmarks, and analytics that enable investors to better incorporate private asset classes into portfolios and provide fund managers with better data and tools to deliver outcomes for clients. Private markets data is estimated to be an $8 billion total addressable market and growing 12% per year, reaching $18 billion by 2030. Preqin empowers investors to make better decisions by providing data and insights that increase transparency and access across the global alternatives market. With a 20-year history, Preqin is a leading independent data solutions provider in private markets with global coverage of 190,000 funds, 60,000 fund managers and 30,000 private markets investors, reaching more than 200,000 users, including asset managers, insurers, pensions, wealth managers, banks, and other service providers. In 2024, Preqin is expected to generate ~$240 million of highly recurring revenue and has grown approximately 20% per year in the last three years. Through the Aladdin platform, BlackRock provides technology solutions to over 1,000 clients. The combination of Preqin with eFront, Aladdin’s private markets solution, brings together the data, research, and investment process for fund managers and investors across fundraising, deal sourcing, portfolio management, accounting, and performance. Preqin will also continue to be offered as a standalone solution. Preqin founder Mark O’Hare will join BlackRock as a Vice Chair after the close of the transaction.” Terms of the Transaction – Under the terms of the transaction, BlackRock will acquire 100% of the business and assets of Preqin for total consideration of £2.55 billion or approximately $3.2 billion in cash. The transaction is expected to close before year-end 2024, subject to regulatory approvals and other customary closing conditions. Barclays served as lead financial advisor to BlackRock, with Skadden, Arps, Slate, Meagher & Flom acting as legal counsel. Goldman Sachs International served as the sole financial advisor, and Macfarlanes acted as legal counsel, to Preqin.
“ World Largest $10 Trillion Asset Manager BlackRock to Buy Private Markets Data Provider Preqin for $3.2 Billion in Cash, Preqin Founded in 2003 by ex-Boston Consulting Group Manager Mark O’Hare Who Founded Equity Shareholdings Information Service Citywatch (Now Part of Refinitiv), Preqin Owned by Mark O’Hare Family Holding Company, Valhalla Ventures, Preqin Management & Employees, Mark O’Hare to Join BlackRock as a Vice-Chair “
Rob Goldstein, BlackRock COO: “BlackRock’s vision has always been to bring together investments, technology, and data to offer solutions that meet our clients’ needs across their whole portfolio. As clients increasingly evolve their focus from choosing products to constructing portfolios, this shift requires technology, data, and analytics that create a ‘common language’ for investing across both public and private markets. We see data powering the industry across technology, capital formation, investing, and risk management. Every acquisition has been an opportunity to strengthen our capabilities for clients—and in fact, we have been a client of Preqin for many years, and we look forward to welcoming the talented Preqin team to BlackRock.”
Sudhir Nair, Global Head of Aladdin: “Together with Preqin, we can make private markets investing easier and more accessible while building a better-connected platform for investors and fund managers. This presents a substantial opportunity for Aladdin to bridge the transparency gap between public and private markets through data and analytics.”
Mark O’Hare, Founder of Preqin: “BlackRock is known for excellence in both investment management and financial technology, and together we can accelerate our efforts to deliver better private markets data and analytics to all of our clients at scale. I look forward to joining BlackRock and continuing to play a role in the continued growth and success of Preqin and our customers.”
Christoph Knaack, CEO of Preqin: “Private markets continue to evolve and so is Preqin. I am incredibly excited about the opportunities this next phase of growth, together with BlackRock, promises our customers and our employees.”
About BlackRock – BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable.
About Preqin – Preqin, the Home of Alternatives™, empowers financial professionals who invest in or allocate to alternatives with essential data and insight to make confident decisions. It supports them throughout the entire investment lifecycle with critical information and leading analytics solutions. The company has pioneered rigorous methods of collecting private data for over 20 years, enabling more than 200,000 professionals globally to streamline how they raise capital, source deals and investments, understand performance, and stay informed. Preqin is owned by its management and employees together with Valhalla Ventures, Founder Mark O’Hare’s family holding company.
Mark O’Hare, Founder & Former CEO of Preqin – Mark O’Hare is the co-founder of Preqin and steered the company as CEO until December 2021, when he handed over the mantle to Christoph Knaack, Preqin’s Chief Strategy & Product Officer at that time. Mark is well known within the alternatives industry; he regularly visits clients, frequently speaks at industry conferences and events, and is a sought-after media commentator. Prior to founding Preqin, Mark was a Manager with Boston Consulting Group, and founder of Citywatch, the equity shareholdings information service that is now part of Refinitiv.
World Largest $10 Trillion Asset Manager BlackRock to Buy Private Markets Data Provider Preqin for $3.2 Billion in Cash, Preqin Founded in 2003 by ex-Boston Consulting Group Manager Mark O’Hare Who Founded Equity Shareholdings Information Service Citywatch (Now Part of Refinitiv), Preqin Owned by Mark O’Hare Family Holding Company, Valhalla Ventures, Preqin Management & Employees, Mark O’Hare to Join BlackRock as a Vice-Chair
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