Ipreo, which is backed by Blackstone and Goldman Sachs Merchant Banking Division, has acquired iLEVEL, a portfolio monitoring, analytics and transparency platform for private capital markets. No financial terms were disclosed. Macquarie Capital is serving as financial advisor to Ipreo while Barclays Bank PLC is doing likewise for iLEVEL. As a result of the transaction, iLEVEL will merge with Ipreo’s alternative assets group to launch a new private capital markets unit. Kevin Black, current CEO of iLEVEL, will lead this new division within Ipreo.
NEW YORK, July 23, 2015 /PRNewswire/ — Ipreo, a global leader of data, market intelligence and productivity solutions to capital markets and corporate professionals, today announced the acquisition of iLEVEL, a leading portfolio monitoring, analytics and transparency platform for global private capital markets. iLEVEL will be merged with Ipreo’s Alternative Assets group to form a new Private Capital Markets division within Ipreo.
The newly formed Private Capital Markets division will be dedicated to driving new levels of data flexibility, quality, control and efficiency, while enabling private market participants to generate deeper insights, create more value, demonstrate performance and – ultimately – increase allocations. In the immediate term, the new division’s suite of solutions will include the iLEVEL platform, CapControls, QVAL and ClearMomentum, with plans to integrate data and technology into a comprehensive and cutting-edge platform.
“We have long seen a need for greater transparency in the alternative assets space. The acquisition and integration of a company of iLEVEL’s caliber is a clear demonstration of our commitment to deliver high-quality, innovative solutions to the private capital markets,” said Kevin Marcus, President and COO of Ipreo. “Ipreo will provide a combination of platforms, content and expertise, empowering us to bring unique solutions to market.”
“As a leader in providing world-class data solutions for the private markets, we are excited to become part of Ipreo and to further grow the company’s participation in this asset class,” said Kevin Black, CEO of iLEVEL. “Ipreo has deep expertise in capital-raising solutions, global scale and a strong leadership team. The merger of these solutions will bring long-term benefits to iLEVEL and all Ipreo Private Capital Markets clients across multiple work streams through a single integrated platform.”
Erik Hirsch, chief investment officer of Hamilton Lane and a member of the iLEVEL board of directors added, “iLEVEL has been at the forefront of linking GPs and LPs through greater communication, improved connectivity and enhanced data transparency. We view this strategic alliance as the next positive step in furthering those initiatives and believe the new Private Capital Markets division will greatly benefit from iLEVEL’s sophisticated technology, scaled commercial infrastructure and strong client presence in the private markets.”
Hamilton Lane as well as Duff & Phelps – a leading global valuation and corporate finance advisor – have agreed to roll significant portions of their iLEVEL ownership into an investment stake in Ipreo. Beyond this vested interest, both Hamilton Lane and Duff & Phelps will remain closely aligned with Ipreo’s Private Capital Markets division as critical strategic partners.
Ipreo is a leading provider of primary new-issuance solutions and investor data to all participants in the global capital markets, enabling clients to execute deals more efficiently. Ipreo was acquired in August 2014 by private equity funds managed by Blackstone and Goldman Sachs Merchant Banking Division, and shortly thereafter expanded into the Alternative Assets space with the acquisitions of Shareholder InSite and ClearMomentum.
Originated from within the Blackstone Group in 2006 and spun off as an independent entity in 2010, iLEVEL has changed the way the industry manages, communicates and delivers private capital data. The iLEVEL platform streamlines data collection, analysis and reporting, allowing private capital firms, their LPs and service providers to manage the overall data flow across their respective asset classes. Today, iLEVEL is a leader in private market portfolio management solutions, and counts many of the world’s top private capital firms, fund managers and institutional investors as its clients.
The Ipreo Private Capital Markets Division will be led by Kevin Black, current CEO of iLEVEL. Black is a proven leader in the financial data and analytics space and has successfully led and scaled some of the largest and most successful products and teams in the industry. His deep experience includes serving as an early member of the Capital IQ executive team where he built their global operations and helped drive growth from start-up stage to over 4,000 clients and $400mm in revenue. Prior to that he served as President of Nelson Information, and – following its sale to Thomson Financial – led Thomson’s global data product management and operations.
Macquarie Capital is acting as financial advisor to Ipreo, and Locke Lord LLP is acting as Ipreo’s legal counsel in respect to the transaction. Barclays Bank PLC is acting as financial advisor to iLEVEL Solutions Holdings LLC, and Goodwin Procter LLP is acting as iLEVEL’s legal counsel in respect to the transaction. Financial details of the transaction were not disclosed.
Ipreo is a leading global provider of financial services technology, data and analytical services, supporting all participants in the capital-raising process, including sell-side professionals, finance officers at private and public companies, institutional investors, and asset managers. Our unique, cross-asset class solutions equip our clients with the information and tools they need for more effective decision-making and more efficient workflow. Ipreo is the only financial services provider to offer solutions across all asset classes for the Equity, Fixed Income, Municipal, Syndicated Loans, and Alternative Assets markets. Ipreo is private-equity held by Blackstone and Goldman Sachs Merchant Banking Division, and has more than 800 employees supporting clients in every major financial center around the world. For more information, please go to www.ipreo.com.
iLEVEL enables increased allocation of capital to alternatives by empowering private capital market participants to more effectively control their data. Whether it is for portfolio assessment, valuations, investor reporting, on-demand insight into the operating metrics of a specific asset, or cash transaction monitoring, iLEVEL is the platform of choice for the private capital industry. The number of firms on iLEVEL has doubled in the past year and includes alternative investment firms of varying sizes that employ a wide range of investment strategies including Private Equity, Real Estate, Credit and Venture Capital. GP clients use iLEVEL to track over 11,500 assets while leading LPs track over 62,000 assets across more than 7,000 fund investments. In aggregate, iLEVEL users track over 1 billion data points across their investment portfolios. Visit www.ilevelsolutions.com.