S&P Global, the financial information behemoth, makes a market-shattering deal to establish the firm as a market leader in private markets insight. Motive Partners sells WithIntelligence to S&P Global for $1.8 billion, and it is a strategic move to tap into the fast-growing alternative assets space worth 40 trillion in the coming decade.
How With Intelligence upends S&P Global’s market standing
The acquisition of With Intelligence by S&P Global provides one of the most extensive collections of data for alternatives and private markets participants globally. The transaction brings With Intelligence’s proprietary data sets together with S&P Global’s rating profile, benchmarks, and analytics to serve as many as 3,000 clients, including Limited Partners, General Partners, and advisors by asset class.
Intelligence offers huge pools of data assets across the private markets’ fastest-growing spaces, such as on about 30,000 investors, 30,000 managers, 70,000 funds, and 350,000 transactions. Established by Charlie Kerr in 1998, the firm has established an unmatched network of investors and managers, producing proprietary intelligence directly from fund managers and investment allocators across the alternatives universe.
Major data assets obtained in the transaction
- Investor Coverage: ~30,000 private equity, credit, infrastructure, hedge funds, family offices
- Manager Database: ~30,000 fund managers covering alternative asset classes
- Fund Intelligence: ~70,000 funds covering the largest global funds
- Deal Analytics: ~350,000 deals tracked on private markets
Why private markets intelligence is a strategic priority
The acquisition complements S&P Global’s strategy in one of the most dynamic and fast-evolving segments of global finance, where delivering innovative data and workflow solutions has become a highest-priority strategy. Intelligence will bring in an estimated $130 million in revenue in 2025, with organic annual contract value growth in the high teens, reflecting the increased need for bespoke private market intelligence. Alternative assets are projected to reach nearly 40 trillion by the end of the decade, unlocking vast potential for those firms that can provide transparency and depth of analysis to previously opaque markets.
S&P Global President and CEO Martina Cheung reiterated that the deal brings the company’s cherished legacy to private markets with the same discipline and quality of information that has characterized its leadership in public markets. The deal follows other recent moves, including collaborations with Cambridge Associates and Mercer for holistic private markets performance analysis and collaborations with NewVest to introduce private equity benchmarks.
“Private markets is one of the fastest-developing and most active segments of world finance and delivering innovative and differentiated data, benchmarks and workflow solutions across this sector is a core strategic focus of S&P Global” – Martina Cheung
What the development of heightened capabilities means to market participants
The deal provides more profound insights, closer relationships, and more transparency throughout the private markets ecosystem by making S&P Global the global leader in private markets data and solutions. Customers will gain access to With Intelligence’s proprietary fund data as well as relationship intelligence, augmented with S&P Global’s private company and transaction data for front-office applications.
The deal is anticipated to close in 2025 or early 2026 on regular closing conditions, such as regulatory clearances. S&P Global anticipates the acquisition to be somewhat dilative to GAAP diluted earnings per share but accretive to adjusted diluted earnings per share in 2027, excluding amortization of acquired intangibles and transaction-related costs.
Integration timeline and financial impact
| Metric | 2025 Projection | 2027 Target |
|---|---|---|
| Revenue Contribution | ~$130 million | Enhanced growth |
| Contract Value Growth | High teens annually | Sustained expansion |
| EPS Impact | Slightly dilutive (GAAP) | Accretive (adjusted) |
S&P Global’s purchase of With Intelligence is a milestone in the expansion of private markets, combining decades of data acumen with innovative analytics to meet the increasing need for transparency in alternatives. The combined companies are poised to take advantage of the consistent expansion in private markets while bringing unparalleled value to global institutional investors.