Clearwater Analytics  today announced two strategic acquisitions, marking a major step toward transforming investment management technology.

Clearwater has entered into a definitive agreement to acquire Beacon, a next-generation leader for cross-asset class modeling and risk analytics for derivatives, private credit and debt, structured products and other alternative assets. Integrated with Wilshire’s equities and fixed income risk capabilities, this powerful engine enables portfolio modeling and risk management, addressing the growing focus on private and alternative assets. With institutional investors now allocating nearly 20% of their portfolios to alternatives, the need for sophisticated risk solutions has never been greater. Beacon’s platform provides complete transparency, openness and extensibility and is used by some of the most sophisticated financial firms including PIMCO, Blackstone, multi-strategy hedge funds, insurance asset managers, banks and energy traders.

Clearwater also announced a definitive asset purchase agreement to acquire Bistro, Blackstone’s proprietary portfolio visualization software platform built for Blackstone’s Credit & Insurance business. As the world’s largest alternative asset manager, Blackstone developed Bistro to support the growth of its insurance clients and provide a comprehensive view of private credit portfolios, including asset analytics, client reporting, and risk management insights. Two key foundational pillars of the Bistro platform are Clearwater and Beacon, and tight integration with these platforms has been—and continues to be—a core architectural construct.

“With this combination, Chief Investment and Chief Risk Officers will have a unified, real-time view of their entire portfolio—from public equities and private credit to structured products and alternatives—all in a single, cloud-native platform. The Clearwater platform will allow them to drill down and comprehensively understand their exposure to a company, industry or geography across all their investments, public and private. That will, in turn, allow them to model their entire portfolio, evaluate cash flows and understand risk. Add to that the industry-leading pre-trade capabilities of the Enfusion platform, and the industry will have a true front-to-back platform, enhancing their ability to make better investment decisions,” said Sandeep Sahai, CEO at Clearwater Analytics.

“This is an incredible moment—not just for Beacon, but for the entire industry,” said Kirat Singh, CEO of Beacon. “Our platform is already integrated with Clearwater and Enfusion at many of our shared clients, delivering best-in-class risk, performance and pre-trade functionality. By bringing these platforms together, along with Blackstone’s Bistro, we’re creating something truly industry-leading—giving institutional investors complete transparency across front office, pre-trade, risk and accounting. We believe no one else can offer this level of depth, and I couldn’t be more excited for what’s ahead.”

“Technology is critical to everything we do, including how we interface with key investors who are broadening their exposure to private credit assets. We built the Bistro platform to address a need we saw in the market both for ourselves and our clients to have a more advanced credit portfolio insights platform. Clearwater has an exciting opportunity to continue evolving this core infrastructure platform for the credit asset management industry and we look forward to helping them build something that creates enduring value,” said John Stecher, Chief Technology Officer of Blackstone.