Bloomberg to Acquire Canoe Intelligence in Push into Private Markets | LeapRate
Bloomberg said Wednesday that it has agreed to acquire Canoe Intelligence, an AI-powered data management platform that automates the collection and delivery of private markets data, in what the company described as a defining step in its effort to transform private markets investing.
The acquisition builds on Bloomberg’s multi-year push to extend the public markets intelligence long delivered through its Terminal into private assets.
It already provides data on more than three million private companies, 50,000 private funds and 16,000 private direct loans, and launched a certified integration with Canoe earlier this year that connected permissioned private fund data to Bloomberg PORT Enterprise.
Canoe acts as a link between general partners and limited partners, processing more than 1.5 million documents a month across over 44,000 funds. It delivers structured insights to more than 500 institutional clients representing over $11 trillion in assets under service, spanning large institutional investors, fund servicers, wealth managers and family offices.
Bloomberg believes the deal will help address the long-standing fragmentation of data across the private markets investment journey, unlocking capabilities such as a fully integrated total portfolio view, enhanced pre-investment intelligence, and a converged data infrastructure.
“Today, private markets are primed to undergo a similar transformation as investors seek the same kind of structured, timely insights across private assets,” said Bloomberg Chief Executive Vlad Kliatchko.
Canoe Chief Executive Jason Eiswerth said joining Bloomberg would let the firm build on its earlier PORT integration “at scale, with more resources, more reach, and more data behind Canoe.” Jefferies acted as exclusive financial adviser to Canoe, with Cooley as legal adviser.
