BlackRock Inc. has announced its acquisition of British data and analytics company Preqin for $3.2 billion. The deal, which is seen as a strategic move to bolster BlackRock's presence in the private markets, will see Preqin combined with eFront, another data provider acquired by BlackRock. This acquisition is expected to enhance BlackRock's capabilities in providing data on private funds, a sector where higher fees can be charged. Preqin’s founder, Mark O’Hare, stands to gain significantly from the deal, potentially becoming richer than BlackRock’s CEO, Larry Fink. The acquisition price is more than double what Preqin was expected to fetch, and BlackRock is paying 13 times Preqin’s expected 2024 revenue of $240 million. Larry Fink has stated that the acquisition aims to democratize access to alternative investments and bring the principles of indexing to the private markets. The deal also highlights the growing interest in private markets and includes plans for the ETFization of private markets and the creation of new indexes.