Private Markets’ Retail Expansion Spurs Demand for Data, Transparency

The expansion of private markets into the retail channel is increasing demand for broader data availability, clearer reporting, and more robust transparency, according to new research from Cerulli Associates.

“As asset classes and strategies mature from niche offerings into mainstream investment options, investors increasingly demand stronger transparency, better benchmarking, and more robust data to support their decisions,” said Tayfun Icten, senior analyst at Cerulli Associates.

According to Cerulli’s latest research, this expansion of private markets has been accompanied by an intense battle for data dominance, as firms race to define the standards, control the pipes, and own the information flows that will shape the next decade of private market investing.

The growth of the private market investor base beyond institutional investors – supported by the buildout of semi-liquid products, such as interval and tender offer funds – and eventually even more liquid products, creates an increased revenue opportunity for private markets data and benchmark providers. These firms are expanding their efforts into the advisory channel by providing datasets and indices for such vehicles.

While the opportunity is significant, Cerulli noted that key questions remain surrounding the retail investor and adviser experience.

“Education alone is no longer sufficient for professional decision making in private markets,” said Icten. According to Cerulli’s research, 39% of financial advisers cite the need for greater transparency as a key driver for expanding their allocations to alternatives.

As private market managers reach a wider audience, they will find that offering more granular data can be a key differentiator, if not an outright requirement. This dynamic has prompted many benchmarking and data‑focused companies to form partnerships, strike strategic alliances, or position themselves for acquisition, according to Cerulli.

Examples include BlackRock’s acquisition of Preqin for $3.2 billion in early 2025 and the strategic collaboration of S&P Global, Cambridge Associates, and Mercer to cultivate a private markets data and analytics ecosystem.

According to Cerulli, the race is not merely about who has the data in this rapidly shifting landscape, but who can integrate it, interpret it, and transform it into actionable investment products.

“As private markets continue their march toward retail, the firms that succeed will be those that best connect these pieces into a seamless, transparent, and scalable ecosystem,” concluded Icten.

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