Bloomberg acquires Canoe Intelligence to enhance data solutions for private markets

Bloomberg LP is buying Canoe Intelligence, the AI-driven platform that automates private markets data collection and delivery. The acquisition, announced on July 29, was not exactly a surprise given the two companies had already been working together through a certified integration that went live back in April. Here’s the thing: private markets are massive, estimated somewhere between $15 trillion and $22 trillion in total value, and yet the data infrastructure supporting them looks like it belongs in the early 2000s. Bloomberg is betting that bolting Canoe’s automation capabilities onto its existing terminal empire will change that. What Bloomberg is actually buying Canoe Intelligence is not some scrappy startup operating out of a garage. The platform processes more than 1.5 million documents every month across over 44,000 funds. Its client roster includes more than 500 institutional investors that collectively manage over $11 trillion in assets. Think pension funds, endowments, and asset managers who currently deal with private fund reporting the way most people deal with tax season: grudgingly and with a lot of manual data entry. Canoe’s AI does the tedious part, extracting and ...