MSCI Inc. announced on Tuesday the acquisition of specialist private markets analytics firm PM Insights Inc., which provides daily secondaries market reference data on private company securities pricing, valuation, transaction pricing and liquidity.
PM Insights provides data on companies that represent $5.5 trillion in private company equity market value, according to MSCI’s announcement. Terms of the deal were not disclosed.
“High-quality data, indexes and analytics are essential tools for investors navigating any asset class,” said Luke Flemmer, MSCI’s head of private assets, in a statement. “Through the acquisition of PM Insights, we are bringing objective secondary-market pricing, liquidity and reference data to our clients to support more robust portfolio construction and the development of indexes and analytics solutions.”
Institutional investors have increasingly tapped the secondaries market to access liquidity for their limited partner stakes in private funds. The market in recent years has grown significantly due to both LP-led and general partner-led secondary transactions. According to a secondaries update from the year’s first quarter from law firm Ropes & Gray, 2025 deal volume for secondary private market fund stakes hit a record $240 billion.
Investment bank Jefferies, in its 2025 global secondary market review, estimated global market volume will approach $300 billion over the next 12 to 24 months. Jefferies also noted that the average limited partner portfolio pricing averaged of 87% of net asset value at the end of last year.
Secondary stakes in buyout funds, on average, had the smallest discounts in 2025, trading at 92% of NAV, according to Jefferies. Credit secondaries followed at 91%. Venture capital and growth equity fund prices lagged behind, trading at 78% of NAV, while real estate secondaries continued to trade at their lowest levels in the last seven years, 70% of NAV.
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Tags: MSCI, Private Markets, secondaries