BlackRock has agreed to acquire UK data provider Preqin in a deal worth US$3.22 billion. BlackRock intends to continue to offer Preqin as a standalone service as well as using it with its own Aladdin software.

Founded in 2003, Preqin specializes in the global alternative market and provides data on private equity, hedge funds, infrastructure, real estate and more. The company also publishes rankings of top performing PE and VC fund managers. Preqin employs approximately 500 people globally.

According to BlackRock, private markets are the fastest growing sector in asset management, with alternative assets expected to reach nearly $40 trillion by the end of the decade. This growth is driving increased demand for relevant data, with the size of this market projected to grow to $18 billion by 2030 from around $8 billion today.

Recent significant transactions in the data providers sector include S&P Global's $44 billion acquisition of IHS Markit in 2020 and London Stock Exchange Group's $27 billion purchase of Refinitiv. Buyout groups have also targeted smaller players, with Permira acquiring a majority stake in Reorg for around USD 1.3 billion.