Rest marks milestone with first private equity co-investment exit

By Newsdesk

December 18 2025
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In a significant development for Rest, one of Australia’s largest profit-to-member superannuation funds, the organisation has announced the successful completion of its first private equity co-investment exit. This milestone marks a pivotal moment in the evolution of Rest’s private equity program, showcasing its strategic investment capabilities and commitment to delivering value to its members.

Rest marks milestone with first private equity co-investment exit

Rest had initially invested US$50 million in 2023, partnering with Motive Partners, a renowned private investment manager, to co-invest in With Intelligence. This London-based firm specialises in data and analytics for both private and public markets, serving the global investment industry. The strategic investment has now culminated in a successful exit, following the acquisition of With Intelligence by S&P Global. This exit has resulted in a significant return on Rest’s initial investment, benefiting the fund’s more than 2 million members.

Marina Pasika, Rest’s Interim Head of Private Markets, highlighted the importance of this achievement. “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,” she said. This strategic approach underscores Rest’s commitment to providing its members with access to high-value investment opportunities.

Pasika elaborated on the transformation facilitated by the investment. “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,” she explained. This transformation not only enhanced With Intelligence’s market position but also contributed to the substantial returns realised through the exit.

The acquisition of With Intelligence by S&P Global, a leading provider of financial information and analytics, was agreed upon in October 2025 and completed in November 2025. This acquisition underscores the value and potential of With Intelligence in the global asset management industry, which serves around 3,000 global clients. The firm’s growth and success were significantly bolstered by the strategic investment and support from Rest and Motive Partners.

Pasika emphasised the broader implications of this successful exit for Rest’s investment strategy. “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,” she stated. The successful exit not only validates Rest’s investment strategy but also opens up new opportunities for future investments.

“Thanks to the strong return on this investment, we have the opportunity to redeploy this capital and generate further long-term value,” Pasika added. This reinvestment potential aligns with Rest’s overarching goal of enhancing retirement outcomes for its members through strategic and high-value investments.

Motive Partners, known for its focus on financial technology and technology-enabled business services, played a crucial role in the success of this investment. The partnership with Rest exemplifies how collaboration between leading investment managers can yield substantial benefits for investors and stakeholders alike. The sale of With Intelligence to S&P Global not only highlights the firm’s success but also reflects the strategic acumen of both Rest and Motive Partners.

The successful exit of this co-investment marks a significant achievement for Rest, reinforcing its position as a forward-thinking superannuation fund committed to delivering value and strong returns for its members. As Rest continues to evolve its private equity program, the fund remains focused on identifying and capitalising on high-quality investment opportunities that align with its long-term goals.

Rest’s first private equity co-investment exit is a testament to the fund’s strategic capabilities and commitment to its members. By leveraging partnerships with leading investment managers and focusing on high-value opportunities, Rest continues to enhance its investment portfolio and deliver strong returns for its members’ retirement futures.

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