Bloomberg to acquire Canoe Intelligence for private data

Bloomberg has agreed to acquire Canoe Intelligence, expanding its push into private markets data and portfolio tools.

Terms were not disclosed. Canoe's products will be integrated with Bloomberg's data, analytics and workflow systems used by institutional investors across public and private assets.

Canoe focuses on automating the collection and delivery of private markets data, an area where investors have long relied on fragmented reporting and manual processes. The acquisition is intended to bring pre-investment research, fund analysis and post-investment oversight into a single workflow.

Bloomberg already supplies information on more than three million private companies, 50,000 private funds and 16,000 private direct loans. Earlier this year, the companies launched an integration that connected permissioned private fund data from Canoe to Bloomberg PORT Enterprise for cross-asset portfolio analysis.

That link previewed a broader combination. Under the proposed acquisition, Bloomberg plans to use Canoe's data-ingestion and reporting infrastructure to deepen analysis of exposures, risk, cash movements and underlying holdings across mixed public and private portfolios.

Canoe processes more than 1.5 million documents a month across more than 44,000 funds, according to Bloomberg. It serves more than 500 institutional clients representing over $11 trillion in assets under service, including large institutional investors, fund servicers, wealth managers and family offices.

The deal reflects a broader effort by market data providers to address one of private markets' most persistent problems: the lack of standardised, timely and easily comparable information. While public market investors have long had access to structured data and established benchmarks, private asset investors often work with documents that arrive in different formats and at uneven intervals.

Private markets

The acquisition is expected to support a fuller portfolio view by automating the flow of private fund information into systems used for exposure and risk analysis. It would also extend fund screening, benchmarking and comparative analysis further into private markets.

Another part of the plan is to align private fund data with Bloomberg's identifier framework, including the Financial Instrument Global Identifier. That would allow private assets and funds to sit more consistently within enterprise data systems used for investment operations and reporting.

Bloomberg also plans to make the combined data available through ASKB, its conversational artificial intelligence interface. That would allow investors to search and analyse information from public and private holdings through a single interface rather than switching between separate tools and datasets.

Vlad Kliatchko, Chief Executive Officer at Bloomberg, framed the deal as part of a broader shift in investor demand for more structured information in alternatives markets.

"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," Kliatchko said.

Earlier link

For Canoe, the transaction follows a period of closer operational ties with Bloomberg. The companies had already worked together on the PORT integration, which aimed to place private fund reporting alongside public market positions for a broader portfolio view.

Jason Eiswerth, Chief Executive Officer at Canoe Intelligence, said that work helped shape the rationale for the transaction.

"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," Eiswerth said.

Canoe was incubated by principals of 10East and 22C Capital. Its institutional investors include Blackstone Innovations Investments, Carlyle AlpInvest, Eight Roads, F-Prime, Growth Equity at Goldman Sachs Alternatives, Hamilton Lane and Nasdaq Ventures.

The acquisition underlines how competition in financial information is spreading beyond listed securities into private equity, private credit and other alternative assets. As institutional investors seek a total portfolio view across public and private holdings, vendors are racing to close the data gap between the two worlds.