Demand for private markets data turns users into providers
Buy-side firms seeking standardized, user-friendly datasets are turning toward a new section of the alternatives market to get their fix—each other.
BlackRock’s acquisition of private markets data provider Preqin last year attracted significant attention not because of the deal itself—a large institution buying a boutique data provider is hardly novel—but for its price. At $3.2 billion, the deal was 13 times the vendor’s forecasted 2024 revenue, $240 million, but the premium was handwaved away by BlackRock CEO Larry Fink as a small price to pay.
Fink said on an earnings call in July of last year that the combination of Preqin and the company
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