Investments in private markets are still characterized by limited information and imperfect transparency, particularly when compared with public assets. Asset managers increasingly see economic value in addressing that gap, turning greater transparency into a business model in its own right.
As private assets account for a larger share of institutional portfolios, the emphasis is shifting from exclusive access to measurability and comparability. Asset managers are building technology platforms where data, benchmarking, and monitoring converge. In doing so, they are generating revenue by structuring what was previously opaque.
The recent integration of Preqin, long one of the largest independent data sources for private markets, into Blackrock’s Aladdin platform illustrates how this plays out in practice. For Blackrock, last year’s 3.2 billion dollar acquisition of Preqin was primarily an investment in infrastructure.
“We are on the journey to close the gap between how an investment process works for public and private markets.”
Sloane Collins, Blackrock
The data platform now takes a fixed place in the daily workflow of institutional investors. Performance data on more than 14,000 private capital funds is integrated directly into the portfolio environment, allowing selection and monitoring to take place within a single system. The step narrows operational differences between public and private markets. That infrastructure is offered as a paid service.
“We are on the journey to close the gap between how an investment process works for public and private markets,” Sloane Collins, head of product for Aladdin private markets at Blackrock, told Investment Officer. “Do we think it will ever be exactly the same? Most likely not.”
Limited transparency was long considered inherent to private investments. Model-based valuations and uneven reporting standards were part of the market’s structure. What is changing is the way that information is organized and integrated into portfolio tools.
Competition
Control over data flows and investment workflows strengthens a firm’s position in the value chain. That shift is visible in earnings. In the fourth quarter of 2025, Blackrock reported that technology services and subscription revenue rose 103 million dollars year over year. Preqin contributed approximately 65 million dollars, more than half of that increase. Annual contract value in technology services grew 31 percent including Preqin and 16 percent excluding the acquisition.
Blackrock is not alone. Amundi has expanded its investment platform Alto in recent years and now offers private market modules to third-party clients. The acquisition of German wealth technology specialist Aixigo for 149 million euros in 2024 laid part of that foundation. In 2025, Alto generated 116 million euros in technology revenue, up 45 percent from a year earlier. Ten new clients were added, including Van Lanschot Kempen.
Private allocations seen growing
A structural reallocation of capital is reinforcing asset managers’ push into private market data platforms. Nuveen’s Equilibrium Global Institutional Investor Survey, conducted among 800 institutions representing approximately 17,000 billion dollars in assets under management, shows that 81 percent plan to increase exposure to private markets over the next five years. In the Benelux, 36 percent are actively raising allocations and 39 percent intend to increase exposure to private credit.
The same pattern is visible among wealthy families. J.P. Morgan Private Bank’s 2026 Global Family Office Report shows that private investments now account for 31 percent of average portfolios, with 37 percent planning to increase private equity allocations further.
Regulatory scrutiny
At the same time, regulatory scrutiny is increasing. In Luxembourg, a major European private markets hub, the CSSF recently warned that valuation practices remain uneven and that data sourcing and oversight require improvement.
Against that backdrop, large asset managers see structuring information around opaque assets as a distinct line of business. Collins said the data information journey for private markets at Blackrock is far from complete. “I would say we are still in early innings,” she said.