Preqin's founder bags £2.5 billion in BlackRock deal

In a significant business deal, the British data and analytics company Preqin, founded 21 years ago, has been acquired by BlackRock for £2.55 billion. The O'Hare family, who reside in a Grade-II listed farmhouse on the Suffolk coast, will retain 80% of the business, leading to a substantial financial windfall. Following the completion of the deal, Mr. O'Hare, a Cambridge-educated businessman, and his South African-born wife will ascend into the ranks of the top 100 wealthiest individuals in Britain, surpassing the net worth of BlackRock founder Larry Fink. This acquisition marks a pivotal moment for Mr. O'Hare, who has a history of building and selling successful businesses. Notably, he previously founded Citywatch, a financial information provider, and e-Acorn.com, a venture supporting internet start-ups. The sale of Preqin to BlackRock underscores Mr. O'Hare's entrepreneurial acumen and strategic business decisions over the years, propelling him into a new role as vice chairman at BlackRock. The purchase of Preqin by BlackRock signifies a strategic move into the burgeoning private markets sector, aligning with the evolving investment landscape. Rob Goldstein, BlackRock's chief operating officer, highlighted the importance of technology, data, and analytics in navigating both public and private markets. The acquisition of Preqin enhances BlackRock's capabilities in providing comprehensive investment solutions to clients across various asset classes. Additionally, the O'Hares' diverse interests extend beyond business, as evidenced by their ownership of Thorington Theatre, a 350-seat venue that opened its doors in June 2021. This venture reflects the O'Hares' entrepreneurial spirit and commitment to cultural enrichment within their community. As Mr. O'Hare transitions to his new role at BlackRock, the success of Preqin's acquisition underscores his entrepreneurial journey and the enduring legacy of his business ventures.