ISTANBUL: US-based investment company BlackRock will acquire UK-based private markets data firm Preqin for approximately $3.2 billion in cash. "Private markets are the fastest growing segment of asset management, with alternative assets expected to reach nearly $40 trillion by the end of the decade," BlackRock said late Sunday in a statement. Private markets data is estimated to be an $8 billion market, growing 12% per year and expected to reach $18 billion by 2030, it added. Preqin's global coverage includes 190,000 funds, 60,000 fund managers and 30,000 private markets investors, with more than 200,000 users, including asset managers, insurers, pensions, wealth managers, banks and other service providers, according to the statement. "As clients increasingly evolve their focus from choosing products to constructing portfolios, this shift requires technology, data and analytics that create a 'common language' for investing across both public and private markets," said Rob Goldstein, BlackRock's chief oper ating officer. "We see data powering the industry across technology, capital formation, investing and risk management." Preqin is expected to generate around $240 million of recurring revenue this year, while it has grown approximately 20% per year in the last three years, according to the statement. Source: Anadolu Agency