Rest completes first private equity co-investment exit

Rest, one of Australia’s largest profit-to-member superannuation funds, is marking a significant milestone in the evolution of its private equity program, with the completion of its first private equity co-investment exit.

In 2023, Rest contributed US$50 million alongside Motive Partners in a co-investment structure in With Intelligence, a London‑based data and analytics firm specialising in private and public markets for the global investment industry.

Rest has now successfully exited the co-investment following the acquisition of With Intelligence by S&P Global, delivering a significant return on the initial investment for the benefit of the fund’s more than 2 million members.

Rest’s Interim Head of Private Markets, Marina Pasika, says the successful transaction demonstrates how Rest’s investment strategy provides members with access to investment opportunities that deliver high value.

"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," says Ms Pasika.

"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.

"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."

With Intelligence provides public and private markets data, insights and analytics to the asset management industry, with around 3,000 global clients.

Motive Partners is a private investment manager that focuses on financial technology and technology-enabled business services companies. Motive Partners agreed to sell With Intelligence to S&P Global in October 2025, with the acquisition completed in November 2025.