Investors Clamor for a Peek Behind the Private Markets Curtain

Selling data on private equity and private credit is becoming big business on Wall Street. In a market where opacity is the whole point, it is also a tricky feat.

S&P Global last month became the latest Wall Street behemoth to shell out for a private-asset data provider when it announced plans to buy With Intelligence for $1.8 billion. BlackRock paid $3.2 billion for Preqin in March, MSCI acquired Burgiss for $900 million in 2023 and Morningstar nabbed PitchBook for $200 million in 2016.