S&P Global has begun integrating data assets from its recent acquisition of With Intelligence into its flagship S&P Capital IQ Pro platform. The initial rollout introduces investor allocation and commitment data, fund performance records, fund-level screening across private market asset classes, and editorial commentary from ‘The Deal’.
This integration represents the first concrete product output following the new Market Intelligence operating model unveiled on 6 July. Under this framework, the division is split into two verticals: Enterprise Solutions, and Kensho Data & Platforms. The Platforms unit combines Capital IQ, Ratings Direct, Visible Alpha, and With Intelligence to simplify and consolidate client interfaces while expanding AI-powered workflow tools.Unified Platform Experience
“By connecting public and private markets in one place, we’re delivering a more unified platform experience that advances our broader strategy of bringing together differentiated data and workflow capabilities,” says Whit McGraw, Head of Platforms at S&P Global Market Intelligence, who describes the integration as a transformative moment for S&P Capital IQ Pro.
With Intelligence tracks investors, fund managers, and funds across private equity, private credit, hedge funds, real assets, and the wealth segment. A key asset is its direct-from-allocator commitment data, which records capital commitments directly from LPs rather than relying on manager reporting.
In contrast, the performance analytics datasets S&P Global launched in April alongside Cambridge Associates and Mercer draw on a different source. Those datasets are derived from GP-to-LP reporting packets collected via iLEVEL’s managed data services operation, which are then normalised under a dedicated taxonomy and published with GP consent. Consequently, S&P Global now holds two distinct private markets datasets from opposite ends of the LP-GP relationship: allocator commitments and manager reports.
Highlighting the practical application of this combined data, Cornelia Andersson, Head of With Intelligence at S&P Global, notes: “We’re delivering the end-to-end intelligence that private markets participants need to understand fundraising dynamics, evaluate manager performance and identify the right investment opportunities across the entire lifecycle.”
Industry Precedents and Platform Consolidation
S&P Global completed its $1.8bn purchase of With Intelligence from a Motive Partners-led investor group in November 2025, expecting the business to generate roughly $130m in revenue that year.
The transaction fits a broader trend of standalone private markets data firms being absorbed by larger platforms, including Burgiss into MSCI, Preqin into BlackRock, and PitchBook into Morningstar. When BlackRock debuted its first major Preqin output in May, it anchored its private credit analytics strictly in firm-owned data and kept fund wrapper types separate, setting out its methodology in detail.
Further releases promised in the coming months will add investor allocation strategies, live mandates, professional contact details, and broader wealth segment coverage. These follow the recent integration of energy insights into the platform, with additional enhancements planned for later in the summer.
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