Category: Investing

S&P Global Expands Private Markets Data

Posted on by scott.hodges

S&P Global has completed the acquisition of With Intelligence for $1.8 billion, marking another step in its expansion into private markets data and analytics. The deal closed in late November 2025, about a month after it was announced. It reflects S&P Global’s ongoing effort to expand in areas where investor demand for detailed and specialized information is growing.

With Intelligence provides data, analytics, and workflow tools for alternative investment managers and investors. Its offerings cover private equity, hedge funds, private credit, real assets, and related strategies. The company tracks information on funds, investors, capital flows, and performance, which clients use to compare results, support fundraising, and follow portfolio developments. The company is projected to generate around $130 million in revenue in 2025, with management forecasting continued growth.

S&P Global plans to combine this data with its existing indices, ratings, and analytics platforms. The aim is to give clients a more complete picture of private markets over time. This spans everything from capital raising and asset allocation to ongoing performance review and reporting.

The acquisition highlights how important data providers have become within financial markets. Private assets now make up a larger share of global investment, yet information in these markets remains uneven and less transparent than in public markets. That gap has pushed investors to rely on specialised data products for valuation, benchmarking, and assessing risk, typically through subscription services.

The deal also reflects continued consolidation in the financial information sector. Large providers are buying smaller, focused firms to expand their product range and strengthen client relationships. S&P Global expects the transaction to start contributing to earnings in 2027, provided the integration goes smoothly and demand for private markets data continues.

Venture Capital Sees Growth in Specialization

Posted on by scott.hodges

For decades, large venture capital firms played a central role in supporting startup growth across the United States. Recently, however, many senior partners at these firms have chosen to pursue new opportunities, often by launching smaller funds of their own.

What began as occasional moves has become more common since 2023. While junior turnover has always been part of the industry, senior partners leaving long-established firms marks a meaningful change. Their decisions reflect an evolving venture capital landscape, where the focus at bigger funds is often on managing large portfolios rather than working directly with entrepreneurs.

In many cases, those departing are creating their own investment platforms. These new ventures are designed to focus on early-stage opportunities, allowing experienced investors to work closely with founders and return to the core of venture investing—identifying promising young companies and supporting their growth.

This trend has been shaped by the rapid expansion of large VC funds during the post-pandemic period. According to Pitchbook, just nine U.S. funds accounted for nearly half of the $35 billion raised in 2024. That concentration has made bigger firms less nimble and less focused on early-stage opportunities.

For entrepreneurs, the shift brings new possibilities. Smaller funds are emerging with focused strategies and more direct partner involvement. While they may manage less capital than industry giants, these new firms often prioritize close relationships with founders and flexible investment approaches. The result is a broader range of funding options for startups entering the market.