Preqin, an alternative investment industry data provider, has acquired private markets technology, services and administration business Colmore for an unknown sum.
The transaction was closed on 5 August 2021.
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Colmore specialises in portfolio monitoring, analytics, fee tracking and validation, and fund administration services for its LP and allocator clients.
It monitors over 3,000 private market funds and more than 40,000 holdings.
The acquisition is in line with Preqin’s efforts to enhance transparency in alternative assets and will enable it to support the clients through the private market investment lifecycle.
The company provides alternative assets data and insights to more than 110,000 professionals globally, to help them raise capital, source deals and investments and understand performance.
With the acquisition, both companies will be able to serve their clients across the entire private market investment lifecycle.
It will also help clients of both companies to compare their performance against the industry’s most accurate, timely and transparent benchmarks.
Colmore CEO Ben Cook said: “We’re delighted to announce our partnership with Preqin. Clients will get the best of our administration, monitoring and fee validation services, enhanced by Preqin’s global private markets data.
“Clients will be able to see their invested fund information, together with wider industry data, all in one place. We’re really excited about the future.”
Under the agreement, Cook will continue to lead the business as CEO and will join Preqin’s executive committee.
Colmore, which is now fully owned by Preqin, will operate as an independent and standalone business.
Both companies plan to increase their workforce and focus on expanding their technology and product offerings.
Commenting on the deal, Preqin founder and CEO Mark O’Hare added: “Preqin is delighted to have Colmore join the Preqin family. We have big plans for the future as we continue to enhance our solutions, and we cannot wait to get started.”
In 2017, Preqin launched a new division, dubbed Preqin Solutions, to streamline the portfolio management process for private capital fund managers and investors.
In 2016, the company bought a controlling stake in Baxon Solutions, a UK-based provider of cloud-based monitoring solutions for the private equity sector.
