Clearwater Analytics will acquire Beacon, a provider of cross-asset class risk analytics for derivatives, private credit, structured products, and alternatives, to enhance its portfolio modelling and risk management capabilities.
Integrated with Wilshire’s expertise in equities and fixed income, the platform addresses the growing need for solutions focused on private and alternative assets, with institutional investors now allocating nearly 20% of portfolios to alternatives.
Clearwater will also acquire Bistro, Blackstone’s proprietary portfolio visualisation tool, which supports Blackstone’s Credit & Insurance business with private credit portfolio insights.
Both Beacon and Bistro are built on Clearwater’s core platforms, enabling tighter integration. Clearwater aims to eliminate inefficiencies in legacy systems that hinder decision-making and increase operational risk by offering a unified platform that combines Beacon’s modelling, Bistro’s asset intelligence, and Enfusion’s front-office capabilities.
The new platform will streamline data flow, provide real-time insights, and improve decision-making, scenario analysis, and benchmarking. For asset owners and insurers, it simplifies portfolio management, reduces costs, and eliminates manual processes and system upgrades.
Clearwater’s broader vision is to create a unified data engine for portfolio management across all platforms, using a single security master and data plane to provide real-time insights and efficient risk management.
The acquisitions, valued at $560m for Beacon and $125m for Bistro, will be funded through a term loan, cash on hand, and a revolving credit line.
