S&P Global has agreed to acquire With Intelligence, a leading private markets data and analytics provider, as the financial information giant accelerates its expansion into one of the fastest-growing segments of global finance.
The deal, announced Wednesday, marks a strategic shift toward alternative asset data at a time when investors are increasingly turning to private markets amid volatility in public equities.
S&P Global did not disclose financial terms of the transaction, but said the acquisition is expected to close in late 2025 or early 2026, pending regulatory approvals. The company also noted that the purchase will be accretive to adjusted earnings per share by 2027, signaling confidence that private market intelligence will become a crucial growth driver in the years ahead.
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Citi served as financial advisor to S&P Global, while Centerview Partners advised With Intelligence on the deal.
A Push into the Fast-Growing Private Markets Segment
Private markets — encompassing private equity, private credit, venture capital, real estate, and infrastructure investments — have been gaining traction among institutional and high-net-worth investors who seek higher yields and portfolio diversification. Yet the sector’s historical opacity and lack of standardized data have long made valuation, benchmarking, and risk assessment difficult.
That gap has created enormous demand for reliable intelligence — an opportunity S&P Global appears determined to seize. Founded in 1998, With Intelligence provides data and analytics on alternative investments to roughly 3,000 clients globally, including asset managers, hedge funds, and institutional investors.
The London-based firm is expected to generate about $130 million in revenue in 2025, with its annual contract value projected to grow in the high teens, according to S&P Global. Integrating the company’s data and analytical tools into S&P’s portfolio is expected to enhance the latter’s offerings across asset management, research, and risk assessment.
In a statement, S&P Global said the acquisition would “strengthen its data and technology ecosystem for private markets,” aligning with the company’s long-term plan to serve investors across both public and private capital markets.
A Wave of Consolidation and Investment in Private Data
The S&P Global deal comes amid a broader surge of acquisitions in the private markets data space, as financial institutions race to gain insights into a sector that remains less transparent than public markets.
In the past year alone, BlackRock, the world’s largest asset manager, has spent more than $28 billion expanding into alternative assets. That includes its $12.5 billion purchase of Global Infrastructure Partners in 2024, $3.5 billion acquisition of private markets data provider Preqin in February 2025, and a $12 billion deal for private credit firm HPS Investment Partners in July.
Some analysts have noted that these moves highlight how data, analytics, and infrastructure intelligence are becoming the backbone of investment decisions as capital flows increasingly toward private markets.
Policy Tailwinds from Washington
The deal also follows a major policy shift by the Trump administration in August, when the president signed an executive order easing access to nontraditional assets like private equity and private credit in 401(k) retirement plans. The move opened the door for millions of American workers to gain indirect exposure to private markets — a development expected to significantly expand the investor base for such assets over time.
Analysts say that policy momentum, combined with steady institutional inflows, will continue to lift demand for specialized data services that can help investors evaluate private market opportunities and risks.
S&P Global’s Expanding Strategy
For S&P Global, best known for its credit ratings, indices, and market intelligence divisions, the acquisition marks another step in diversifying its product base beyond traditional public market data. The company has spent the past several years modernizing its data infrastructure and deepening its presence in the financial analytics sector through acquisitions and partnerships.
The deal with With Intelligence complements S&P’s 2022 merger with IHS Markit, which expanded its reach into sectors like energy, technology, and transportation data. Integrating With Intelligence’s datasets could position S&P as a comprehensive data provider for both public and private markets — an edge that may help it compete with peers such as Bloomberg and MSCI, which have also been expanding their alternative asset data offerings.
Investor Appetite Amid Shifting Market Dynamics
Private markets have become an area of heightened interest as persistent high interest rates and muted exit opportunities pressure valuations across public markets. Many asset managers view alternative assets as a hedge against market volatility and inflation.
However, the lack of consistent pricing data has made these investments difficult to evaluate — a challenge that firms like With Intelligence specialize in addressing. Its datasets and analytical products provide comparables, benchmarks, and performance insights that help investors measure returns and risks more effectively.
The acquisition also reflects broader concerns about potential asset bubbles in public markets, where valuations have soared despite uncertain macroeconomic conditions. As a result, institutional investors have been seeking refuge in private credit, infrastructure, and other illiquid asset classes that promise more stable long-term returns.
Once completed, the acquisition will give S&P Global a new foothold in the private markets ecosystem, bolstering its position as one of the most diversified financial data providers in the world. By pairing With Intelligence’s analytics with S&P’s existing credit, ESG, and market intelligence platforms, the company aims to deliver a comprehensive suite of tools for the full spectrum of investors.
While the integration process is expected to unfold gradually through 2026, S&P executives say the payoff could be significant. With private markets projected to exceed $25 trillion in assets under management by 2030, the demand for data transparency and analytical precision is only expected to grow.
In that landscape, S&P Global’s bet on With Intelligence looks like more than just a data play — it is a strategic move to cement its place in the evolving future of finance, where private capital, digital analytics, and regulatory clarity increasingly converge.