Rest completes first co-investment exit following S&P deal

Binaya Dahal

Journalist

19 December 2025

Two years after investing US$50 million alongside private equity firm Motive Partners, Rest has exited its stake in London-based data and analytics firm With Intelligence following its acquisition by S&P Global.

The deal to sell the data firm, which holds around 3,000 global clients, was agreed by Motive Partners in October but it took one more month to finalise.

Upon withdrawal, Rest has hailed the transaction as historical for the fund as it was the first exit from its private equity co-investment program.

The profit-to-member superannuation fund has also announced the deal delivered a return on its initial investment for its two million members.

Interim Head of Private Markets at Rest, Marina Pasika said the transaction showed how the fund provides members access to investment opportunities.

“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.

Pasika added that the investment alongside Motive Partners supported With Intelligence in transforming from an information services provider into a scaled analytics platform.

“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,” she said.

She said the program aims to contribute to stronger outcomes for Rest members while maintaining flexibility to redeploy capital.

“Thanks to the strong return on this investment, we have the opportunity to redeploy this capital and generate further long-term value,” Pasika said.

Rest has said it will now review options to redeploy the capital into additional private equity co-investments or other alternative opportunities.