AI, Execution, and Expansion: Canoe’s 2025 Year in Review

2025 was a year defined by relentless execution and purpose-driven growth here at Canoe Intelligence. Building on the incredible momentum from our Series C funding in 2024, we continued to elevate the industry standard for alts data management. But the real story isn’t about our milestones—it’s about what they’ve enabled you to do. The data, the technology, and the innovation all serve a single, simple purpose: to validate your decision to partner with Canoe and to redefine how you work and what success means.

We know that the real force behind Canoe’s transformation in 2025 was our community of clients, partners, and colleagues. Our results are your results, and it’s all proof that you’re in the right market, at the right time, with the right platform and team behind you. Entering into the new year, we’re reflecting not only on our progress, but on the trust you’ve placed in us and the outcomes you’ve delivered as a result.

Let’s start with a high-level overview. Over the past year, our community has been able to move faster, make more confident decisions, and scale their alts operations with less manual work. Our clients’ decisions to partner with and invest in Canoe have translated into tangible milestones across several areas:

• Reliable AI built for alts workflows: Launched Canoe AI, the industry’s first purpose-built AI for alternative investments, trained on hundreds of millions of data points from over 44,000 funds (and counting). Cleaner, more complete information from complex documents means investment and operations teams spend less time chasing missing fields and more time on analysis.
• New ways to unlock rapid insight: Introduced two major solutions: Canoe Labs and Canoe x PrimePlus®. In Canoe Labs, clients can directly test-drive Canoe AI by rapidly summarizing large document sets with AI built for alts, and, with Canoe x PrimePlus®, our unified offering with Prime Buchholz, move from documents to portfolio analytics without additional administrative burden.
• Stronger, more connected infrastructure: Enhancements to our core platform have helped clients utilize Canoe as a secure data exchange layer for alternatives, making it easier to deliver validated data to downstream systems and stakeholders. 
• Growing global community = more shared learning: With more than 150 new clients joining this year—including over 35 in EMEA and 6 in APAC—the Canoe community benefits from a broader network of peer use cases, feedback, and best practices that shape how the platform evolves.
• Outcome-oriented leadership: Appointed new executive leaders with deep domain expertise to concentrate on how to turn private markets data into better, faster decisions for clients.
• Richer ecosystem, fewer manual touchpoints: Five new partners joined the Canoe Partner Program, expanding the set of integrated tools investors have available to automate their full alts lifecycle—from document collection to reporting.
• Setting new standards: Recognition across 42 shortlists and 15 industry award wins underscores that the workflows our clients run on Canoe meet a high bar for data quality, security, and operational excellence.

These headlines only begin to capture our progress. 

Reliable AI Built for Alts Operations: A Pathway to Experimentation and Innovation 

This past year, we shared more about Canoe AI, the culmination of more than ten years of machine learning work, now moving even faster with help from our team, partners, and clients. Our AI journey started in 2013, before we launched, when we used machine learning to automate Portage Partners’ alternative investment workflows. Our models are trained only on alternatives data and run entirely on our own systems. The result is data you can trust when you need it, without having to chase missing fields.

Canoe AI now powers all our applications and is built on a security- and privacy-first architecture. What makes Canoe AI different? The best outcomes and data quality in the alts industry require tuning AI models with deep, nuanced domain expertise, since off-the-shelf AI solutions simply do not meet our high standards for accuracy and quality. Our industry is flooded with generic AI tools that can easily misread or totally fabricate information associated with a capital call. We built something that actually understands the documents. For a deep dive into this topic, I highly recommend downloading our AI eBook.

With Canoe AI, we launched two major products in 2025: Canoe Labs and the expanded Canoe x PrimePlus® partnership.

• Canoe Labs: Be the first to define the future of alts workflows. We embrace the belief that true progress happens in partnership with our clients—so much so that it’s one of our core values. We created Canoe Labs to serve as an exclusive community shaping the future of alts. Canoe Labs invites you to explore what we’ve built and interact with Canoe AI directly. Processes that took hours of analyst time, like manager selection or checking for style drift, are now a Canoe AI query away.
  • Canoe Labs is currently testing two capabilities: Multi-Document Summarization, which lets you gather insights from many documents across managers and time periods using Canoe’s AI trained on over 200 million data points, and Foreign Language Translation, which allows real-time extraction from documents in languages you may not speak.
•  Canoe x PrimePlus®: Documents to decisions, zero admin. We expanded our Canoe x PrimePlus® partnership into a comprehensive private markets intelligence solution, giving alternative investors rapid insight into their portfolios. By connecting our strengths in document collection and data management with Prime Buchholz’s expertise in data enrichment and analytics, we’ve removed the manual steps that slow down alts workflows. Investment, research, and data teams use this unified solution to track performance metrics, analyze and project cash flows, and identify exposures across their alternative investments. 
  • Our unified offering with PrimePlus® points to where we’re headed: seamless journeys from document to insight, with Canoe as the connective tissue.

Stronger, More Connected Core Infrastructure

And while launches are always exciting, we’ve also made significant investments to enhance our existing products, with a special focus on expanding how we deliver intelligence. One of our main objectives in 2025 has been to shape the core Canoe experience, and I want to share a few highlights:

• Canoe Connect: We’ve expanded to 600+ connected portals, including enhanced automation with Northern Trust and Carta. We also added new delivery pathways, such as Holland Mountain ATLAS and enhanced Addepar connectivity with OAuth, making data delivery to other systems faster and more reliable.
• Canoe Intelligence: We upgraded our core extraction engine in the Hybrid Extraction release, deploying pattern-based and LLM approaches together and calibrating them at the field level. We added dozens of fields to our library. Users now have preview capabilities for validated data and Excel files, so they can inspect exactly what’s being extracted. This leads to fewer surprises, cleaner handoffs, and less time spent reconciling.
• Canoe Asset Data: We extended Canoe AI to extract holdings, launched Snowflake delivery, added more operating metrics fields, and delivered meaningfully improved data transparency. The transparency and automation clients have come to expect from Canoe Intelligence now extends to every level of the portfolio.

As we move into 2026, we’ll keep investing in our core capabilities. Our unique AI infrastructure foundation will enable us to pursue document intelligence capabilities that weren’t feasible even a year ago. And, just as new launches are inspiring, evolving existing capabilities to meet client needs and exceed market expectations ensures Canoe can eliminate friction and deliver complete and accurate intelligence with unmatched speed and precision. 

A Richer Ecosystem, Fewer Manual Touchpoints

Our Canoe Partner Program continues to flourish, enhancing our ability to automate every alts workflow for our clients. Throughout 2025, we welcomed five new partners: Altvia, Asora, Atomic Insights, Envestnet, and Masttro. Through our partner ecosystem, we deliver integrations that remove workflow friction and create scalable, operationally excellent processes that replace generic solutions. If you would like to learn more about the impact of the Canoe Partner Program, check some of the examples from this year:

• Our strategic partnership with iPaladin, which has produced scalable, repeatable processes that have enabled family offices such as Third Lake Capital and Third Lake Solutions to save an estimated $250,000 annually.
• How, in collaboration with Apliqo, we created a solution tailored specifically to the needs of private markets reporting and analysis for family offices.
• How we eliminated operational inefficiencies for our 30+ mutual clients with Bipsync, allowing them to focus on higher-impact activities like investment analysis.

These aren’t just success stories—they prove a fundamental truth that our partner-driven, client-specific approach really works. Expanding our partner ecosystem is a critical component to elevating our alts solutions, and we look forward to continued collaboration next year.

A Growing Global Community & Outcome-Oriented Leadership

Our vision is global, and in 2025, we expanded our ability to serve clients in new regions while also building an international team to support this growth. Strategically, this approach ensures we develop our work on a foundation of diverse perspectives and skills.

Over 150 new institutional investors, capital allocators, wealth managers, asset servicing firms, and family offices joined the Canoe community this past year. This community now includes over 500 firms and more than 18,000 LPs worldwide. Each new addition creates a richer network of peer-driven case studies and a stronger continuous feedback loop. As clients across regions and strategies bring new documents, scenarios, and workflows into Canoe, they help train and refine the platform for everyone, continuously shaping how our AI, data models, and best practices evolve.

Following our official entry into the APAC market in 2024, we expanded our footprint in the region by welcoming new firms across Australia, Singapore, Hong Kong, and Japan. In a record year for the region, our EMEA client community grew by more than 35 firms, including Multiplicity Partners, BarmeniaGothaer, and Titanbay, as we expand our capabilities to serve the nuances of the European private markets landscape (see the note above about Foreign Language Translation). In North America, more than 100 new clients, including Global Kandor Advisors, Pin Oak Investment Advisors, Indiana University Foundation, and Summit Asset Management (our first Caribbean client), are now bringing greater consistency, transparency, and scale to their alts operations with Canoe.

Several experienced professionals became Paddlers this year, each bringing valuable expertise. Christopher Jones became Chief Revenue Officer, Zack Helgeson joined as Head of Product, and Jim Eliason was appointed Chief Financial Officer. Mike Muniz transitioned to Chief Strategy Officer, focusing on long-term growth, strategic partnerships, and product innovation. I am proud of their contributions and confident they will continue to advance our mission.

In 2025, a major internal focus for all of us has been the use of AI in our own roles and operations. We’re committed to leading the private markets industry with AI, so we encourage every Paddler to explore new tools that can change how they work. With 67 new paddlers joining us from around the world, I’m positive their curiosity, creativity, and drive for innovation will help keep Canoe at the forefront of the alts industry.

Setting New Standards

Our unwavering commitment to pioneering new standards in the alts industry continues to be recognized. Canoe has established itself as an industry leader, as reflected by our inclusion on 42 finalist lists and receipt of 15 awards. Notable recognitions include:

• A double win, Best Data Management Solution – Back/Middle Office” and Best Cloud-based Back/Middle-Office Solution, at With Intelligence’s Fund Operations and Services Awards
• Best Alternative Investment Platform at the FinTech Breakthrough Awards, 
• Change Management Process/Best Implementation of a Technology Solution at The WealthBriefing European Awards
• Best AI Solution for Document & Data Extraction at A-Team Insight’s AI in Capital Markets Awards
• Firm Award – Digital Marketing Campaigns at the ThinkAdvisor’s Luminaries Awards
• FinTech Global’s WealthTech100 and DataTech50 lists

We appreciate the recognition from industry organizations and value that these awards highlight the contributions of all our teams, from product and engineering to relationship management, support, and marketing. Undoubtedly, in 2026, we will set our sights on cementing that we’re here to lead the future of smarter alts.

The Path Forward

On behalf of the entire Canoe team, thank you for trusting us with your data, your workflows, and your ambitions. We’re honored to be part of the way you serve your clients and grow your organization. The way you push us, challenge us, and share what you’re seeing in the market is what makes Canoe better for everyone in this community.

As of the writing of this letter, Canoe proudly operates in eight countries and 30 US states, serving the Canoe community in over two dozen countries. Our diverse workforce brings a wide range of skills, languages, and backgrounds, and enables us to serve our clients around the clock. Today, we support over 18,000 LPs, 44,000 funds, 750,000 commitments, and more than $11T in AUM/AUA across our client base—figures that highlight our central role in the private markets ecosystem. Each month, we process over 1,600,000 documents and, to date, we have extracted more than 200 million data points, transforming raw information into reliable, decision-ready intelligence for you.

As we kick off 2026, our commitment is simple: deliver the reliable, AI-powered infrastructure you need so you can spend more time investing in ideas and relationships, and less time wrestling with documents and data.

Keep paddling,
Jason Eiswerth
CEO, Canoe Intelligence