Key Takeaways
- • Rest, an Australian industry superannuation fund with over 2 million members, has successfully exited its first private equity co-investment following S&P Global's acquisition of data and analytics provider With Intelligence, delivering a "significant return" on its US$50 million initial investment made in 2023.
- • The exit was executed alongside Motive Partners, Rest's co-investment partner, demonstrating the fund's ability to leverage relationships with leading private equity managers to access select opportunities while maintaining cost efficiency for members.
- • With Intelligence was transformed from an information services provider into a scaled analytics platform during the investment period, positioning the company at the forefront of public and private market data before its acquisition by S&P Global.
- • The milestone marks an evolution in Rest's private equity program strategy, validating its approach of providing members targeted access to private markets through fee-efficient co-investments rather than direct fund investments.
- • Marina Pasika, interim head of private markets at Rest, emphasized that the successful exit demonstrates the fund's ability to deliver long-term value for members while maintaining disciplined capital deployment and cost management.
Summary
Rest, one of Australia's largest profit-to-member superannuation funds, has completed its first private equity co-investment exit, marking a significant milestone in the maturation of its alternative investment strategy. The exit was triggered by S&P Global's acquisition of With Intelligence, a London-based data and analytics provider in which Rest had invested US$50 million in 2023 alongside private equity firm Motive Partners. The transaction enabled Rest to realize what the fund characterized as a substantial return on its initial capital deployment.
The investment thesis centered on With Intelligence's transformation into a scaled analytics platform operating at the forefront of both public and private market data. Rest's capital, deployed alongside Motive Partners' commitment, supported this operational evolution, transitioning the company from a traditional information services provider into a more differentiated analytics business. This value creation trajectory culminated in the strategic acquisition by S&P Global, a transaction that validated the investment's market positioning and growth narrative.
According to Marina Pasika, interim head of private markets at Rest, the successful exit underscores the fund's co-investment strategy, which prioritizes long-term value creation for its 2.1 million members while managing fee structures. "By leveraging our close relationships with leading private equity managers, such as Motive Partners, Rest is able to deploy capital into select opportunities that aim to deliver strong long-term returns while keeping costs low for members," Pasika stated. This approach contrasts with traditional superannuation fund models that may rely more heavily on fund-of-funds structures or direct fund commitments, potentially offering superior economics at scale.
The milestone reflects Rest's strategic pivot toward direct co-investment participation in private equity opportunities rather than exclusive reliance on limited partnership commitments. This operational model aligns with institutional investor trends toward in-house private markets capabilities, enabling the fund to maintain tighter control over deal sourcing, underwriting, and cost management. The exit provides institutional investors and alternative investment professionals with evidence that superannuation funds can successfully execute private equity co-investment strategies while delivering outcomes that justify the capital allocation and operational complexity involved.
The investment thesis centered on With Intelligence's transformation into a scaled analytics platform operating at the forefront of both public and private market data. Rest's capital, deployed alongside Motive Partners' commitment, supported this operational evolution, transitioning the company from a traditional information services provider into a more differentiated analytics business. This value creation trajectory culminated in the strategic acquisition by S&P Global, a transaction that validated the investment's market positioning and growth narrative.
According to Marina Pasika, interim head of private markets at Rest, the successful exit underscores the fund's co-investment strategy, which prioritizes long-term value creation for its 2.1 million members while managing fee structures. "By leveraging our close relationships with leading private equity managers, such as Motive Partners, Rest is able to deploy capital into select opportunities that aim to deliver strong long-term returns while keeping costs low for members," Pasika stated. This approach contrasts with traditional superannuation fund models that may rely more heavily on fund-of-funds structures or direct fund commitments, potentially offering superior economics at scale.
The milestone reflects Rest's strategic pivot toward direct co-investment participation in private equity opportunities rather than exclusive reliance on limited partnership commitments. This operational model aligns with institutional investor trends toward in-house private markets capabilities, enabling the fund to maintain tighter control over deal sourcing, underwriting, and cost management. The exit provides institutional investors and alternative investment professionals with evidence that superannuation funds can successfully execute private equity co-investment strategies while delivering outcomes that justify the capital allocation and operational complexity involved.
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