By Fabiana Negrin Ochoa


BlackRock Inc. and financial-services provider Apex Group Ltd. are partnering up to tap the rising need for environmental, social and governance data in private markets.

Apex said Tuesday that it is collaborating with eFront, a specialized business unit within BlackRock Solutions, to provide ESG data-consulting services. The partnership aims to "help bolster the creation of a private-market benchmark for ESG metrics," and further ESG data standardization, Apex said in a release.

The move comes as others also look to address the challenge--and opportunity--of improving sustainability data in the private-equity space, where a lack of standardized collection and reporting frameworks has made it hard for general partners to ensure that portfolio companies are advancing ESG goals, BCG analysts say.

S&P Global Market Intelligence last month teamed up with ESG platform Novata to offer data solutions for private-market investors, while Carlyle Group Inc. last year co-founded an initiative aimed at creating standardization in data reporting. The ESG Data Convergence Initiative now has more than 200 members representing over $24 trillion in assets.


Write to Fabiana Negrin Ochoa at fabiana.negrinochoa@wsj.com


(END) Dow Jones Newswires

10-18-22 0603ET