S&P Global has agreed to acquire With Intelligence from a Motive Partners-led group in a $1.8bn deal that will establish it as one of the leading providers of private markets intelligence.

The transaction, expected to close in late 2025 or early 2026 pending regulatory approval, will integrate With Intelligence’s data, benchmarks, and analytics with S&P Global’s extensive suite of ratings, indices, and workflow solutions.

Founded by Charlie Kerr in 1998, With Intelligence serves nearly 3,000 clients, including LPs, GPs, and advisors, across private equity, private credit, hedge funds, real estate, and infrastructure. The firm is projected to generate around $130m in 2025 revenue, with annual contract value growth in the high teens.

“Private markets is one of the most dynamic and fast-growing areas of global finance,” said Martina Cheung, President and CEO of S&P Global. “With the addition of With Intelligence, we are expanding the trusted legacy of S&P Global into private markets, bringing the same rigor, data quality, and analytical depth that have defined our leadership.”

Charlie Kerr, Founder and CEO of With Intelligence, said joining S&P Global marks “a key milestone” for the firm’s expansion. “It allows us to accelerate our strategy on a global scale by combining our proprietary datasets, benchmarks, and relationships across GPs and LPs with S&P Global’s legacy, trust, and reach.”

The acquisition underscores S&P Global’s continued investment in alternative assets data. In recent months, the firm has expanded its private markets portfolio through collaborations with Cambridge Associates, Mercer, and NewVest, initiatives aimed at creating new performance benchmarks and analytics for private equity and credit markets.

Clifford Chance and Citi advised S&P Global, while Centerview Partners and Proskauer represented With Intelligence.

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