S&P Global's Strategic Expansion into Private Markets: How the With Intelligence Acquisition Accelerates Dominance in Alternative Asset Intelligence

The private markets sector is undergoing a seismic shift, driven by a surge in institutional and retail demand for alternative assets. As these markets expand-projected to reach nearly $40 trillion by 2030-S&P Global has positioned itself at the forefront of this transformation through its $1.8 billion acquisition of With Intelligence, a leader in private markets data and analytics. This strategic move not only solidifies S&P Global's dominance in alternative asset intelligence but also underscores its commitment to delivering end-to-end solutions for investors navigating increasingly complex capital markets according to financial analysis.

Strategic Rationale: Bridging Data Gaps in Private Markets

S&P Global's acquisition of With Intelligence addresses a critical challenge in private markets: the lack of transparency and standardized analytics. With Intelligence, which serves approximately 3,000 clients-including limited partners, general partners, and advisors-brings proprietary data across private equity, private credit, hedge funds, real estate, and infrastructure. By integrating With Intelligence's workflow solutions with S&P Global's established expertise in ratings and benchmarks, the combined entity now offers a comprehensive suite of tools to support investors at every stage of the investment lifecycle according to press release.

This acquisition aligns with S&P Global's long-term strategy to expand its footprint in private markets, a sector where data quality and analytical depth have historically lagged behind public markets. As Martina Cheung, President and CEO of S&P Global, emphasized, the deal "enhances our ability to help customers make informed decisions" by applying the same rigor and trust that define S&'s public market offerings according to company statement.

Moreover, the acquisition complements S&P Global's existing tools, such as S&P Capital IQ Pro, by enhancing connectivity between private and public market data. For instance, private equity managers can now leverage With Intelligence's benchmarks alongside S&P's public market analytics to evaluate hybrid strategies or liquid alternatives, addressing investor demand for yield and diversification according to With Intelligence insights. This integration also supports the growing use of offshore funds and evergreen structures, which are reshaping fundraising dynamics in 2025 according to market analysis.

Financial and Market Implications

The acquisition's financial impact is equally compelling. S&P Global expects the deal to add approximately $130 million in revenue for 2025, with high teens organic annual contract value growth according to financial analysis. This revenue boost is not merely a short-term gain but a strategic investment in a sector poised for exponential growth. As alternative assets continue to attract capital-global AUM has surged from $7.2 trillion in 2014 to over $20 trillion in 2025-S&P Global's expanded capabilities position it to capture a larger share of the market.

The acquisition also strengthens S&P Global's ability to address liquidity challenges in private markets. By providing real-time analytics and workflow automation, the firm empowers investors to optimize portfolio management and risk assessment in an environment where traditional fundraising is becoming increasingly complex according to data analysis.

Future Outlook: A Leader in a $40 Trillion Ecosystem

The With Intelligence acquisition is a masterstroke in S&P Global's quest to dominate alternative asset intelligence. As private markets mature, the demand for transparency and standardized analytics will only intensify. S&P Global's integration of With Intelligence's data infrastructure with its own trusted brand positions it as a one-stop shop for investors seeking to navigate this evolving landscape according to company announcement.

Industry experts note that the deal reflects a broader trend: the consolidation of data providers to meet the needs of a fragmented market. With Intelligence's unique dataset, combined with S&P Global's global reach, creates a formidable barrier to entry for competitors. As the private markets sector continues to grow, S&P Global's leadership in this space will likely translate into sustained revenue growth and market influence according to industry analysis.

Conclusion

S&P Global's acquisition of With Intelligence is more than a financial transaction-it is a strategic repositioning in the $40 trillion private markets ecosystem. By bridging data gaps, enhancing analytical capabilities, and addressing liquidity challenges, the firm has cemented its role as a leader in alternative asset intelligence. As the demand for transparency and innovation in private markets accelerates, S&P Global's expanded offerings will be pivotal in shaping the future of this dynamic sector.