London-based data company Preqin is considering a sale at a valuation of over £1 billion

Financial data group Preqin is reportedly exploring a sale that could value the company above £1 billion, the latest sign of consolidation in the industry.

The Financial Times, citing unnamed people familiar with the matter, reported that the London-based private markets data provider had brought in Wall Street giant Goldman Sachs as an adviser on a deal.

Preqin was said to be primarily interested in completing a deal with a larger competitor or strategic buyer rather than with a private equity group.

Interested parties reportedly include US giants Blackrock and S&P Global, the latter of which is a particularly active buyer of companies that provide niche but closely watched financial data, having bought IHS Markit for $44 billion (£34.4 billion) in 2020.

Preqin, Goldman, S&P Global and Blackrock all declined to comment on the possible sale.

Founded in 2002 by entrepreneur Mark O’Hare, Preqin provides data on the private capital industry, including the performance of private equity and hedge funds, to clients such as banks, asset managers and investment firms.

The sector has traded at a premium in recent years as the size of the private market industry has swelled to over $14 trillion (£11 trillion) in assets, the FT said.

Preqin’s website says the company has the “largest and most robust private equity performance dataset in the world,” has 48,000 clients, a 500-strong research team and offices in 15 cities, including London, New York, Beijing and Dubai.

Preqin’s latest accounts show revenue of £134 million for 2022, up from £92 million the previous year. Its chairman is Bradley Fried, who is also chairman of Preqin’s bank Goldman Sachs International.