State Street has agreed to acquire Mercatus, a solutions and data management provider for private market managers with over $1 trillion in invested capital.
The transaction, which was set to be completed in September, would subsequently see State Street launch its solution to private markets State Street Alpha for institutional investors.
This would allow them to manage the lifecycle of their infrastructure, private equity, real estate, private debt and fund of fund investments through a single platform. It would also give them more visibility into asset and fund level data, better transparency and improved client service levels.
Paul Fleming, executive vice president and global head of State Street’s alternatives segment, said: “Institutional investors are turning to the private markets as the hunt for alpha intensifies. Expanding our alternative offerings will help us meet the multi-faceted needs of these investors and provide our clients with even more solutions”.
"Investors in both public and private markets are realising the risk and inefficiencies created across their bespoke front, middle, and back-office solutions," said Haresh Patel, chief executive of Mercatus.
"We are excited to join forces with State Street and Charles River Development to achieve a new one office vision and deliver a fully integrated front to back; public to private; technology, data, and services offering all under one platform."