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Financial data and analytics group Bloomberg has entered into a definitive agreement to acquire Canoe Intelligence, an AI-powered data management platform used to automate the collection and delivery of private markets data.
The deal, announced today extends Bloomberg's multi-year push into private markets and is intended to connect data, analytics and workflow tools across both public and private assets. Financial terms were not disclosed.
Canoe sits between general partners and limited partners, handling post-investment reporting and turning unstructured fund documents into portfolio-ready data. The platform processes more than 1.5 million documents a month across upwards of 44,000 funds, and serves over 500 institutional clients representing more than $11 trillion in assets under service. Its client base covers large institutional investors, fund servicers, wealth managers and family offices.
The two companies are already connected. A certified integration launched earlier this year linked permissioned private fund data directly into Bloomberg PORT Enterprise for cross-asset portfolio analysis, and Bloomberg has cited that work as the basis for the acquisition.
Bloomberg currently carries data on more than three million private companies, 50,000 private funds and 16,000 private direct loans, alongside analytics, news, research and enterprise products.
Bloomberg has set out four areas it expects the acquisition to address:
• A fully integrated total portfolio view, covering exposure and risk analysis, cash management and look-through to underlying holdings, supported by an investment book of record spanning public and private assets.
• Pre-investment intelligence, extending fund screening, benchmarking and comparative analysis into private markets so allocators can move from discovery through to capital allocation.
• Converged data infrastructure, with broader fund coverage and performance data normalised against consistent identifiers including the Financial Instrument Global Identifier (FIGI).
• AI-powered access through ASKB, Bloomberg's agentic conversational interface, which will surface the combined public and private markets data set.
"Over four decades ago, Bloomberg revolutionized the finance industry by bringing transparency and efficiency to public markets. Today, private markets are primed to undergo a similar transformation as investors seek the same kind of structured, timely insights across private assets. Canoe gives us access to the data, technology, and community to respond to that shift, and positions Bloomberg to deliver an experience that will define the next era of investing: connecting data, analytics, and tools to support the full investment lifecycle across both public and private markets." - Vlad Kliatchko, CEO, Bloomberg
"Alternative investors manage billions in private capital without the visibility and insights that public markets take for granted. We've built Canoe around a fundamental belief: that shouldn't be the case. When we partnered with Bloomberg earlier this year on our PORT integration, we saw firsthand what becomes possible when Canoe's data automation meets Bloomberg's portfolio infrastructure. Joining Bloomberg lets us build on that foundation at scale, with more resources, more reach, and more data behind Canoe, giving investors the clarity to analyze their complete portfolios and the confidence to act on what they see. This is how the world invests in alternatives going forward." - Jason Eiswerth, CEO, Canoe Intelligence
Canoe was incubated by principals of investment firms 10East and 22C Capital. Its institutional backers included Blackstone Innovations Investments, Carlyle AlpInvest, Eight Roads, F-Prime, Growth Equity at Goldman Sachs Alternatives, Hamilton Lane, and Nasdaq Ventures.
Investment bank Jefferies LLC acted as exclusive financial adviser to Canoe, with law firm Cooley LLP serving as legal adviser.
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