BlackRock Buys Preqin for $3.2B in Private Assets Push

BlackRock, with $10.5 trillion in client assets at the end of March, also acquired Kreos Capital last year to expand in private debt. In recent years, the firm has been building out its technology and risk-management businesses.

In 2019, BlackRock acquired eFront, a software provider enabling investors to assess private market assets.

Preqin covers 190,000 funds, 60,000 fund managers and 30,000 private markets investors, according to the statement. It’s used by money managers, insurers, pensions and wealth managers, among others, and has grown approximately 20% per year in the past three years.

The transaction is expected to close before the end of the year, subject to regulatory and other necessary approvals.

Barclays Plc served as lead financial adviser to BlackRock, with Skadden, Arps, Slate, Meagher & Flom acting as legal counsel. Goldman Sachs Group Inc. served as the sole financial adviser to Preqin and Macfarlanes acted as legal counsel.

Preqin competes with Bloomberg LP, the parent of Bloomberg News.

Credit: Bloomberg