The industry super fund has reported its first private equity co-investment exit, delivering a strong return following the sale of data and analytics provider With Intelligence.
Rest has completed its first private equity co-investment exit, marking what it describes as a significant milestone in the evolution of its private equity program and its broader investment strategy.
The fund contributed US$50 million in 2023 alongside Motive Partners to back London-based data and analytics provider With Intelligence.
The exit followed S&P Global’s acquisition of With Intelligence, enabling Rest to realise what it called a significant return on the initial investment.
The fund said the outcome supports its focus on delivering long-term value for its more than 2 million members through targeted, fee-efficient access to private markets.
Interim head of private markets Marina Pasika said the successful exit demonstrated the strength of Rest’s approach to private equity, which aims to provide members with exposure to select opportunities that can deliver strong returns while managing costs.
“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 said.
She said Rest’s capital helped With Intelligence accelerate its transition from an information services provider into a scaled analytics platform operating at the forefront of both public and private market data.
“Our investment alongside Motive Partners supported With Intelligence in transforming from an information services provider into a scaled analytics platform at the forefront of the industry,” Pasika said.
“This is a key moment for our private equity co-investment program, which is designed to leverage fee-efficient access to high-quality investment opportunities that contribute to stronger retirement outcomes for our members.
“Thanks to the strong return on this investment, we have the opportunity to redeploy this capital and generate further long-term value.”
Rest said its co-investment program is an increasingly important component of its private markets strategy, enabling it to invest directly alongside established managers in transactions that may otherwise be difficult to access at scale.
The structure is also intended to minimise costs through lower fees relative to traditional fund commitments.
With Intelligence provides data, insights and analytics across global public and private markets and serves around 3,000 clients in the asset management industry.
Motive Partners agreed to sell the firm to S&P Global in October 2025, with completion occurring in November 2025.
